PAGE HEADING

The Illinois CPA Society (ICPAS) released its 2024 Insight Special Feature, “Re-Decoding the Decline: An Updated CPA Pipeline Report.” Among all respondents surveyed, “time” emerged as the top-ranked challenge — or deterrent — to becoming a CPA.

At an NJCPA Accounting Educators Workshop on May 3, several of New Jersey's top accounting professors came together with accounting practitioners and the New Jersey Business & Industry Association to discuss what’s needed to entice more students to enter the accounting profession.

Non-public businesses with fiscal year ends beginning after Dec. 15, 2022, (or interim periods during 2023) should begin preparing for the adoption of Financial Accounting Standards Board ASC Topic 326 by developing policies and procedures. CPAs need to stay up on what has changed in the current expected credit loss (CECL) model and what is new such as forecasts.

The NJCPA Scholarship Fund has awarded $168,000 in scholarships to 38 New Jersey high school seniors entering college and current college students.

One impactful truth that can add tremendous value to investor portfolios is tax-loss harvesting, not just at the end of year, but as an all-year strategy.

In the aftermath of the COVID-19 pandemic, issues such as dealing with a remote/hybrid workforce and talent acquisition have impacted overall business management as well as the accounting and tax reporting functions.

A critical part of the pipeline conversation is figuring out how to attract students to the CPA Exam in the first place. Here is a discussion with some CPA colleagues who represent a cross-section of the profession.

Integrating AI and predictive data in accounting will propel the profession towards a new era of business reporting. The benefits include enhanced risk management func­tions, strategic decision-making, and the ability to drive firm value, auditing and financial reporting.

Accounting leadership must adjust to change and make decisions on the fly, consider the greater good and create an inclusive environment. Here are some thoughts on good and bad leadership and what the implications are for both in the accounting profession.

Some people would rather skip holding people accountable so much that they would rather avoid having the conversation entirely and come up with a workaround. Here are some steps to have productive accountability conversations.

Enhanced listening skills offer a cornucopia of benefits. It can lower social anxiety, make employees more relaxed, increase awareness of strengths and weaknesses, enhance collaboration, increase your ability to influence and reduce turnover.