A lot has changed over the last 100 years with the evolution of the CPA profession. Old fashioned calculators gave rise to Microsoft Excel. Stacks of financial statements have morphed into data in the Cloud. And many CPAs have expanded beyond auditing or tax services through the growth of specializations such as IT assurance, financial planning and business valuation.
Despite all the change, one notable constant has remained – the Uniform CPA Examination’s alignment with professional practice and the work of newly licensed CPAs. This alignment has continuously ensured that those earning licensure have demonstrated the requisite knowledge and skills vital to protecting the public interest.
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School’s out and many high schoolers and college students are taking summer jobs. Seasonal work can provide extra spending money for many teens or much needed funds for school expenses. But summer jobs aren’t just about earning a paycheck and learning how to manage the money you’ve made. These jobs provide valuable work experience and help youth develop professional skills and discover their talents. It’s an opportunity to take responsibility, learn time management skills and figure out how to get along with co-workers. Summer jobs also provide future employment references, mentorship and can even help teens succeed in school, according to Stanford researcher Jacob Leos Urbel.
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Those fun, light-hearted GEICO commercials that ask if you are tired of paying too much for car insurance hone in on the idea of wasting your money –– paying too much for something or not getting enough.
As a CPA who is passionate about making my hard-earned money work for me, it’s important to take time to critically analyze what my cash is doing. Busy lives often lend themselves to costly complacency in one’s personal finances. Basically, we want bill paying done and our retirement planning intact with as minimal effort as possible.
At least once per year, I do a serious deep-cleaning scrub on my family’s finances. I look at what we’re paying and why, and I see where we need to do better. This “scrub” saves us thousands of dollars and I suggest each of you take a few hours each year to review your finances critically. Don’t let your money run itself; it needs you to keep it on track.
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Under current financial reporting standards, not-for-profits are not required to illuminate clearly restrictions that affect the availability of liquid resources in their financial statements. But this is all about to change with the Financial Accounting Standards Board’s (FASB) new financial reporting standard (Accounting Standards Update (ASU) 2016-14), effective for fiscal years beginning after December 15, 2017.
In this update, FASB clarifies that the nature of an asset isn’t the only quality that affects its availability. Specifically, liquid resources are quickly converted to cash and available to fund general expenditures within one year following the balance sheet date. Internal (board-designated) and external (donor-imposed) restrictions could mean certain sums of cash and cash equivalents may not be used for general expenditures. If a board designates an amount of cash to be set aside for a building renovation, for example, it cannot be used to buy office supplies.
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Technology is creating opportunities for the accounting profession, but the human factor is still key– that was the message at IdeaAcct, a session at the AICPA Engage Conference highlighting thought leadership and innovation in the profession.
Practical & Immediate Opportunities for CPAs in Artificial Intelligence - Dan Giffiths, CPA, CGMA
Because accounting is highly structured, it lends itself nicely to machine learning. Therefore, many people think that accounting and tax services are likely to be automated. Software already exists that can populate tax-ready financial documents just from an individual’s bank login information, and such services are available for as little as $100 a month. However, clients are willing to pay far more for advisory services drawn from that information. The value, Griffiths says, lies in the relationships and the advice that CPAs can provide. To take advantage of the opportunities, CPAs need to become friends with their tech colleagues. Good friends.
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