Background
The Association of Insolvency and Restructuring Advisors (AIRA) is a nationwide not-for-profit organization serving the needs of insolvency and reorganization accounting practitioners and is the recognized leading organization in this field. The AIRA was organized fifteen years ago and the membership has grown to approximately 1,700+ accountants, attorneys, turnaround specialists, workout consultants, trustees, and others involved in insolvency and bankruptcy matters. The goals of the organization are to foster an understanding of the insolvency and reorganization practice area, to gain recognition for our specialized services, to sponsor relevant education programs and to administer a certification program.
In 1992 the AIRA developed the Certified Insolvency and Reorganization Accountant (CIRA) certification program. This program is designed specifically for those who possess a high degree of specialized, professional financial and operational expertise in the area of underperforming and insolvent businesses. Such areas include, but are not limited to accounting, operational, managerial strategies, taxation, law and finance. It is highly challenging and educational and covers a wide range of subjects. The successful completion of the written examination in combination with a comprehensive experience requirement of at least 4000 hours of insolvency experience leads to certification as a CIRA.
The CIRA program was established to encourage a consistently high level of expertise by accounting and tax practitioners and to recognize those with the requisite skills and experience who exemplify our chosen field of specialization. These individuals also are well versed on the provisions of the Bankruptcy Code and are dedicated to the efficient and effective administration of the financial aspects of bankruptcy cases. Currently, there are 725+ members who are either Certified Insolvency and Reorganization Accountants (CIRAs) or have completed the examination, and an additional 517+ individuals are currently in the process of completing the course and examination.
The AIRA also has active committees continually working on legislative issues that affect the bankruptcy practice field. Over the past years we have proposed Bankruptcy Code amendments, testified on Treasury Regulations, and submitted to the Bankruptcy Review Committee recommended changes on bankruptcy and tax issues. Currently we are working on the fresh start reporting for tax purposes that will reduce some of the tax loss as a result of the repeal of the stock-for-debt exception and suggested changes for the operating reports required by the U.S. trustee and other tax issues to submit for consideration in the 106th Congress.
The AIRA is one of the leading bankruptcy and reorganization associations for accounting and financial advisors and offers members the most comprehensive bankruptcy certification program in the country. Our board of directors remain steadfastly committed to providing our members with relevant education programs and to taking a leadership role on legislative issues affecting the insolvency practice field.