A group of certified public accountants is criticizing their association for expanding eligibility for a prominent credential to include people who are not CPAs. The group claims the move was made largely behind closed doors, the Wall Street Journal reported Monday.

At issue is the growing demand by businesses to find specialists who can assess hard-to-value assets such as brand names and customer relationships, according to the newspaper. To meet that demand, the American Institute of CPAs recently expended eligibility for its Accredited in Business Valuation credential to include non-CPAs.

Thirty-two CPAs joined together to object to the decision, saying the move devalues the credential and was made without consulting financial professionals who would be affected. They claim their own survey of the association's membership found most were opposed to the change.

"It's going to reduce the value of that brand in the marketplace," Harold Martin, a Virginia CPA and former chair of the AICPA's conference on business valuation, told the newspaper.

AICPA argues just the opposite, saying the expansion of credential to non-CPAs will enhance its value. Susan Coffey, executive vice president of public practice at AICPA, said that to be eligible, a person must first be a "qualified finance professional" who meets many of the same requirements as CPAs, such as 75 hours of valuation-related education.

"We're not going to offer it to anyone who's not qualified," she told the newspaper.

About 3,000 CPAs in the U.S. have the credential, Coffey said. https://on.wsj.com/2nRfEA8

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