News

The Uniform CPA Examination is about to change significantly under the CPA Evolution Initiative, a joint effort by the National Association of State Boards of Accountancy (NASBA) and the AICPA. Set to launch in a little over a year (January 2024), it is important for those preparing to become CPAs to understand the new CPA Exam structure and how it might impact their journey. By getting a handle on the new process now, those taking the exam in the 2023-2024 time frame have an opportunity to be strategic in their planning.

What do nutrition, astronomy, and physical education have to do with becoming a CPA? These are the types of courses some accounting majors take to earn the requisite 150 credits needed to obtain a CPA license. When the 150-credit-hour rule was established, the expectation was that CPA candidates would pursue a master’s degree after completing the 120 hours required for most undergraduate degrees. Today, however, many are pursuing lower-cost, less-intensive options to complete the credit-hour requirement.

Investors, creditors, and other users of financial information are increasingly looking beyond audited financial statements when making investment decisions. The culture in the United States and around the globe is shifting towards environmental and social issues, and reexamining how corporations are addressing these priorities. This and other non-GAAP reporting is expanding, with virtually no generally accepted guidance and little assurance. The reports are not comparable, are prepared using multiple guiding frameworks, and are generally un-audited. The accounting profession must address the relevance of these reports and the reliability of this new information.

Financial oversight is a key responsibility of nonprofit boards, but many members lack the understanding of finance or nonprofit accounting to effectively perform this duty. As their trusted advisor, a CPA is perfectly positioned to equip board members for this critical task and ensure that their nonprofit maintains strong governance. Here are six ways to get them there:

Over the years, the question about buying a wealth management practice has been posed to me by many CPA firms. If you've got a longer time horizon, acquiring a wealth management practice could be a great idea. But the difference between finding a good acquisition versus just any acquisition can be a make-or-break decision. Here are the things to look for in your due diligence process.

Economists warn that a fiscal storm is brewing, with prolonged recession the likely result. Bankruptcy filings seem imminent, and there will be a growing need for CPAs to assist their clients in financial distress. CPAs should be aware of the following key issues and opportunities when their clients face Chapter 11.

As more baby boomers retire, more professional CPAs are needed to take over firm leadership nationwide. By 2030, all baby boomers will be over 65. It's been dubbed the Great Retirement and the Silver Tsunami, and it gives up-and-coming CPAs an opportunity for new partners to buy into existing firms. But how?

According to the U.S. Census Bureau, the 65-and-older population has grown rapidly since 2010, and, according to forecasts, by 2040 the older population in the United States will reach almost 81 million. Subsequently, elder fraud and abuse will increase with the growing demographic. It’s up to all of us to try and stem the tide of exploitation.

Mental health is top of mind for everyone. That’s why you shouldn’t shy away from asking potential employers what mental health benefits they have in place for staff.

The Montana Society of CPAs (MTCPA) has named University of Montana College of Business Professor Emeritus Dr. Kent Swift as the winner of the George D. Anderson Distinguished Service Award for 2022.

If I leave public accounting and let my CPA license lapse, will that compromise my pursuit of future opportunities in accounting?

How is the state applying their Red Tape Reduction efforts to licensure? MTCPA met with leaders to find out!

Diagnosed cases of attention-deficit/hyperactivity disorder rose during the pandemic, and may have an effect on your remote employees’ productivity. Taking an active interest in their success, while offering flexibility, can help.

The last of the baby boomers will reach retirement age in 2030. (When — and whether — they will actually retire is a different question entirely, particularly in the accounting profession, but for now, let’s focus on that cutoff.) That’s eight years away, so it may seem like it’s not worth worrying about, but given that the accelerated rate at which boomers retired over 2020 may well have played a big role in the Great Resignation, it’s worth thinking about the potential implications.

Work-related stress is at an all-time high, and adults with diagnosed mental health disorders may be having a particularly hard time managing their symptoms and maintaining a well-run firm. Although articles on handling stress and burnout abound, it's crucial to make sure wellness initiatives also include those who battle mental health issues and provide a safe space for them.

Here’s how to get CPA firm partners destined to hold on until the bitter end to loosen their grip and successfully hand off their firms to the next generation.

After we celebrate our nation's independence we should all check on our professional independence.

In a recent 1889 Institute blog, one of my colleagues discussed one suggested cure for occupational licensing: universal recognition. Its shortcomings became obvious with a bit of thought: it only helps some consumers (those close enough to the state border to be worth traveling to) and it only helps them a little bit – allowing out of state practitioners to practice in the state doesn’t boost the supply of practitioners to anything like the same degree eliminating the licensing requirements would. Sure, universal recognition makes a certain kind of sense, if you don’t think too hard about the immorality of requiring government permission to sell your labor. After all, why would a hair stylist trained in Oklahoma be lower quality than a hair stylist trained in Kansas?

Put a good idea in the hands of CPAs, and they’ll find innovative ways to make it even better. That’s exactly what’s happening right now with the new .cpa web domain.

A lot of asset blood, liability sweat and equity tears are shed during every professional’s CPA Exam journey. No journey is the same, but every person is trying to reach the same destination: Pass all four sections of the Exam and become a certified public accountant. There are many methods to the madness, so here are five tips to keep you progressing forward: