When I became chairman
of the AICPA Board of Directors a year ago, my first blog post addressed several key issues for the
profession. But mainly I talked about the accounting profession as a path to
the American Dream. That’s my life experience – humble beginnings and following
my role-model neighbor who was the first CPA I ever knew. Having represented
the United States accounting profession at a Brazilian conference in August, I
now fully understand that the American Dream is a universal desire and our
profession is a way to achieve it.
Continue reading "The American Dream Extends Beyond Our Borders" »
I take great pride in being a CPA, and I know you do too. Earning the
credential is something that gives us tremendous confidence and opportunities
in our professional lives. The self-assurance comes from having passed the
rigorous CPA exam and maintaining lifelong learning. The endless possibilities
stem from our experience, expertise and skills that are highly regarded and
necessary in any organization.
Of course, I am able to stay current and
knowledgeable about both professional and technical issues through my
membership in the AICPA. As fellow members, you know the Institute gives us a
professional edge by providing 24/7
access to trusted information and reliable tools.
In an increasingly complicated and competitive business world, it’s good to
know that I can turn to the AICPA to tap into the information I need when and
where I need it.
addition to technical information, I rely on many other member
benefits that make my work more efficient or more profitable.
They also may save my firm, my family or me money and some members find the
discounts more than pay for membership. Below are some of the member benefits
Continue reading "Gaining a Professional Edge with AICPA Membership Benefits" »
As CPAs, we get so consumed with our
day-to-day challenges of serving clients and employers that we can neglect some
of the big-picture issues that are going to impact the not-so-distant future of
our profession. That’s what was behind the AICPA’s Vision 2011 project, and
more recently our CPA Horizons 2025, but it’s also the subject of a series
of panels we’ve convened to bring thought leaders together. Last month’s
topic was value versus valuation, which is not a new issue, but one that has
intensified in recent years. This video is just a snippet of that conversation.
You can view the full
video on AICPA TV.
Continue reading "What Does It Take to Value a Business?" »
Get ready to tackle some major revisions in accounting standards.
After years of consideration, the Financial Accounting Standards Board is
finalizing its approaches on three major issues: revenue recognition, leases
and financial instruments. Each of these accounting areas affects virtually all
companies in the United States no matter what their size or whether they are
public or nonpublic. And that means virtually all CPA firms are affected too.
From an advocacy standpoint, the AICPA continues
to monitor the progress of these important standards and to comment on the
exposure drafts on members’ behalf. Our goal is to help make sure the standards
are effective and can be implemented with as much ease as possible. Moreover, the
AICPA will help members understand and implement the new standards so they can
continue to provide high-quality services and comply appropriately with the
Continue reading "Be Prepared for Major Changes in Key GAAP Standards" »
My heart is heavy given the
horrific events that occurred during the Boston Marathon on Monday. I grew up
just a few minutes outside of Boston and have spent my entire CPA career
working in our great city. I also have attended the Boston Marathon many times,
both as a spectator cheering for my daughter and as a participant. The spirit
and character of Boston, and the patriotic pride of its residents, go back to
the earliest days of our country. To see the streets of Boston, particularly
those of which I have so many fond celebratory memories, attacked in such a way
and during such a joyous moment of civic unity saddens me deeply. My heart goes
out to the victims and their families as they try to find calm after this
Continue reading "Boston: My City in Mourning" »
Like me, I’m sure most of you are relieved the “fiscal
cliff” debate is behind us, at least for the moment. While Congress and President
Obama still have plenty of work to do, I’m hopeful both political parties can
work together on compromises that will begin to reduce the deficit and
simultaneously stimulate economic growth.
What’s frustrating for me and for many Americans is that
most of us recognize what has to be done. We need a balanced solution that
includes new revenue and serious deficit cutting, with a look to the long-term
economic vibrancy of our economy. We need tax
reform and tax simplification, and we need to set national policies that incentivize private-sector workers,
jumpstart new businesses, spur entrepreneurship and encourage innovation. If we
can take steps toward realizing these goals, I believe we can see
positive economic results in 2013.
Continue reading "Economic Growth in 2013: A Blend of Optimism with Realism" »
I was a kid from a
blue-collar immigrant background, growing up in a neighborhood where most adults
cobbled together a living from two or three jobs. When I turned 12, our
community got its first CPA resident. That’s when I learned what a CPA was, and
that it could lead to a better life. Thanks to the CPA profession, I grew up to
be able to live the great American Dream.
I am honored and
excited to write to you as the new
AICPA Chairman of the Board of Directors. I believe the CPA
profession is full of even more promise today than it was when I first started
my career. For those with determination, adaptability and persistence, the
profession offers extraordinary possibilities. I’ve learned the key to
achieving that success: embracing change and seeing the opportunities in it.
Continue reading "The Extraordinary Possibilities of the Accounting Profession" »
Like many of you, I’ve seen hundreds of images – gut wrenching,
heartbreaking images – of the devastation and destruction unleashed by
superstorm Sandy. But let me tell you about this one.
It was taken outside a home in Hoboken, N.J. A tangle of white and
black cords snake from two power strips on an iron fence holding a small sign:
“We have power. Please feel free to charge your phone!”
Think about the importance of that simple gesture. Those
homeowners gave their neighbors far more than free electricity. They gave them
connection — a link to the outside world, a way to tap into their community of
family and friends, find information and begin to move forward.
Continue reading "AICPA Here to Help in Aftermath of Sandy" »
At the final day of the AICPA governing Council Fall 2012 meeting, the AICPA elected a new chairman of the board of directors, Richard J. Caturano, CPA, CGMA. Follow the "read more" link for a look at the day through the eyes of social media. (If you're viewing this post through our email subscription, please click through to read the entire story.)
Continue reading "Day 3 of AICPA Governing Council Fall 2012 Meeting" »