A report by the AAA, the American Institute of CPAs, the Institute of Management Accountants, and the Big Five was released to conference attendees that argued accounting education faces "a perilous future."

The plan calls on colleges to drastically overhaul the content and methods of teaching accounting. "There are threats to the future of accounting education," AAA president Jan Williams told SmartPros.

"There have been changes in accounting practice that we have not yet responded to," he said, calling on educators to "go back to school."

See photos from the AAA convention:

• Photo Page 1: AAA executive director Craig Polhemus, Mike Diamond, Jan Williams; Educators James Don Edwards, Charlie Taylor, Chuck Horngren.

• Photo Page 2: Curt Verschoor and Lorraine Sachs; John Hunnicutt and Tracey Sutherland;  Bud Kulesza and Dan Thurman.