Accounting & Auditing | BLI Leadership | Financial Planning | Legislative / Regulatory | Technology & Social Media | XBRL

Are you keeping up with accounting?

DSC01166This post is different. Instead of our usual one topic, I am taking you on a quick tour of several topics that are breaking as I write this.

Staying on top of a today's rapidly changing environment is not an easy task, but it's a critical skill for every CPA. Here at the MACPA, we have been trying hard to find ways to keep you up on the fast-moving world of the CPA profession.

"Keeping Up With Accounting" is the name of this year's PIUs (professional issues updates / town hall meetings), and it has never been more important.

Here are some recent developments worth paying attention to:

  1. Green Counters, from CFO magazine: Are you ready to "account" for green? This article focuses on the real need for companies to document and account for carbon emissions under the new cap-and-trade legislation. This magnifies our need to be ready to account for "green," sustainability. (See our prior post on sustainability, including a podcast with new AICPA instructor Gary Langenwalter.)
  2. Madoff sentenced to 150 years:  Edith Orenstein at FEI covers this well.
  3. Financial system regulation reform: A major topic of our PIUs. Here is a recap of two panels from our MDBizExpo that covers these breaking topics (again from our friend at FEI, Edith Orenstein).
  4. XBRL crosses technology and regulations with the SEC mandate only a few weeks old: Here is a recap from the MDBizExpo session with the SEC, XBRL's founder, and two early filers (McCormick and Microsoft).
  5. Social media and CPAs: Francine McKenna at Re: The Auditors covered our social media dream panel in this post. Also see this Journal of Accountancy interview with yours truly on social media and CPAs. You can also see the slideshow from Rick Telberg on "Social Media: New Marketing Technologies for Accounting Firms."

Or you can watch a stream of the breaking topics from our MDBizExpo on our social mash-up.

Our "Keeping Up With Accounting" PIUs start with the mega-trends and forces creating much of the changes we are seeing.

First, there is the recession, economy and major scandals (Madoff and Satyam). Then there are the four mega-trends of (1) regulations and standards, (2) globalization, (3) changing workforce demographics / generations, and (4) technology. You can see my latest slide deck on SlideShare.

I hope this helps you stay on top of our fast changing profession!