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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