The AICPA recently released the 2019 Trends in the Supply of Accounting Graduates and Demand for Public Accounting Recruits report. The report shows that the accounting profession requires new skill sets because of the rapid advancement of emerging technology, especially in data science and analytics. This is changing who we do business with and how we do it. As a result, non-accounting graduates make up about 31% of all new graduate hires in public accounting — an increase of 11 percentage points from 2016 to 2018.
Accounting graduates and newly licensed CPAs must have the skills and expertise to support the growing technology needs. One of the ways the AICPA seeks to address this trend is through the CPA Evolution project, in partnership with the National Association of State Boards of Accountancy. This project strives to ensure that CPAs can support an accounting profession that plays a critical role in protecting the public interest.
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Many factors have contributed to vast changes in the corporate reporting landscape in recent years. These include accounting standards changes such as revenue recognition, leases, and credit losses. However, it’s widely recognized that financial statements and financial information alone may not tell the whole story when evaluating businesses. What do these changes mean and how can CPAs take a leadership role?
Surveying the landscape
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Five years ago, could you have predicted the challenges you and your team would face in 2019? And if you had a crystal ball, what challenges would you see approaching over the next five years? The AICPA’s Private Companies Practice Section (PCPS) team asked firms of all sizes to predict their top challenges between now and 2024 in the 2019 PCPS Firm Top Issues Survey. They say they’d be most affected by staffing, emerging technologies, competition, changing client needs and the regulatory environment within the next half-decade.
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You know a lot about your tax clients — their jobs, their kids’ names, what kind of cars they drive — and you know even more about their finances. Most of the time, your clients are happy to share their complete financial lives with you. But, occasionally, when delving into the numbers, you’ll uncover financial moves you didn’t know about. Often, those moves involve their investments.
You may be hesitant to talk to your clients about their investments. But remember, proactive conversations about all the financial issues affecting them are part of a CPA’s job. In addition, talking about investments as a part of their entire financial picture is a great way to start planning conversations — especially as we head into year-end. Not to mention, this is an added chance to cement your relationship as their trusted adviser.
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Ron Elving is a senior editor and correspondent for NPR’s Washington Desk. Ron delivered the keynote address at this year’s AICPA Governmental Accounting and Auditing Conference. We sat down with him to get his insights on what’s going on in Washington and how it affects CPAs.
What would you say are some of the legislative and political issues that CPAs should be following? What issues will most affect them?
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