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The Relevance and Reliability of ESG Reporting: What Are the Roles of the ISSB, the SEC, and the Accounting Profession?

September 27, 2022

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.

  • econnect

6 Ways CPAs Can Strengthen the Financial Outlook for Nonprofits

September 26, 2022

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:

  • econnect

Looking to buy a wealth management practice?

September 26, 2022

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.

Risks and Opportunities for the CPA in Client Bankruptcies

September 26, 2022

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.

  • econnect

Ready to retire? Consider a partner buy-in

September 20, 2022

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?

  • retirement

COVID-Era Evolution of Elder Fraud: Know the Red Flags

September 14, 2022

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.

  • econnect

Art of Accounting: Terminating your practice

September 13, 2022

Practices are terminated regularly. Some are sold in their entirety, some piecemeal, some are merged, some abandoned and some "stolen." No one can stay in their practice forever, although some accountants think that is the case and make no arrangements whatsoever while others plan with as much detail as they can think of. Here are some alternatives.

  • retirement

Art of Accounting: Selling a practice and still running it

September 06, 2022

Usually when a practice is sold, the seller sticks around long enough to introduce the buyer to the clients and assures the client they will be available if any problems develop or to field calls when necessary.

  • retirement

5 Tips and Tools for Passing the CPA Exam

September 01, 2022

A lot of asset blood, liability sweat andequity 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:

  • student

AICPA Information Systems Services Update

August 29, 2022

Here are 3 new Q&As on the "Information System Services" interpretation. In addition to the related podcast miniseries, division staff have published these questions and answers to help clarify the revised interpretation.

  • ethics

Conceptual framework toolkit updates

August 29, 2022

Conceptual framework toolkit updates. AICPA has updated the conceptual framework toolkits to align with international role and mindset requirements.

  • ethics

How CPAs solve ethical dilemmas

August 29, 2022

Want to know how to approach an ethical issue as it applies to your CPA credential? The AICPA recently published an article with information on how to think about issues and where to find guidance.

  • ethics

How to Ask Prospective Employers About Mental Health Benefits

August 29, 2022

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 climb
  • mental health

Can Financial Planning Services Double a CPA’s Income?

August 02, 2022

Not only is it possible for CPAs to double their income by offering financial planning services, more CPAs than ever are imple­menting this client service to do exactly that.

  • econnect

Licensure and Red Tape Reduction

August 02, 2022

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

  • advocacy
  • blog
  • protect-cpa

Leadership Pro Tip: Help Employees With ADHD Succeed

August 01, 2022

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 climb
  • mental health

Coping With Mental Health Disorders at Work

July 14, 2022

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.

  • econnect
  • the climb
  • mental health

Avoiding the ‘Retired’ Partner Problem

July 06, 2022

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.

  • retirement

Independence Day

July 05, 2022

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

  • blog

The Real Problem of Licensing

June 22, 2022

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?

  • protect-cpa