As Chair-Elect of the North Carolina Association of Certified Public Accountants, a 14,000 member organization representing the accounting profession, this week I attended the AICPA Fall Council Meeting in Boston, where we discussed critical issues and trends affecting CPAs and businesses across the U.S. and around the world. One of the key themes we kept coming back to was the rapid pace of change which affects all of us, no matter what our role is or what industry we work in.
Here are a few areas we covered:
1. Business globalization and the FASB and AICPA’s views on the internationalization of accounting standards
2. Steps being taken to further the CPA profession’s commitment to quality
3. Outcomes and status of the AICPA’s Future of Learning initiative
4. Growth of the Chartered Global Management Accountant (CGMA) designation
5. Private company financial reporting standards
6. Changes in the workforce, both from a generational and global standpoint
So how do these trends affect us in the A/E industry? Well, our industry is certainly not immune to change; in fact, we see the pace of change accelerating all the time. Mergers and acquisitions are happening almost daily, and accounting systems are constantly changing. There is more scrutiny now on A/E firm accounting practices, internal controls, and indirect cost rates than there has ever been. Many firms are going global or pursuing new types of clients in new markets and disciplines.
Here at A/E Clarity, we are committed to providing the tools and resources you need to excel in this world of change. We have just rolled out a new blog and you will see other tools over the next several months that will help you to be better informed and prepared. We will address the topics above in more detail, and many others focused on the A/E industry and upcoming challenges and opportunities. It’s all part of our commitment to your success.