AICPA News - July 2021 - CPA Practice Advisor

AICPA News is a round-up of recent announcements from the American Institute of CPAs.

41% of Americans Say Online Shopping Busts Their Budget

Shopping online from the comfort of your home can be easy and convenient, but it also leads to increased spending if you’re not careful. Two in 5 Americans (41 percent) say the ability to shop online has made it harder for them to stick to a monthly budget. And with more than half of Americans saying they have increased their overall online shopping (56 percent) since the start of the pandemic and online retailers regularly hosting annual savings bonanzas— budgets beware. This all according to research conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) late in the fourth quarter of 2020.

The survey also found that half of Americans (52 percent) say buying things when they want, without thinking too much about how much they cost, makes them feel good. An activity sometime referred to as ‘retail therapy.’ And concerningly, 2 in 5 Americans (39 percent) say they often don’t realize the total amount they have spent on their credit or debit card until they see their monthly statement. Read more: https://cpapracticeadvisor.com/21227430

AICPA and NASBA Release CPA Evolution Model Curriculum

The AICPA and National Association of State Boards of Accountancy (NASBA) have released the CPA Evolution Model Curriculum. The new curriculum is the next step in the CPA Evolution initiative, a joint AICPA/NASBA initiative that is transforming the CPA licensure model to recognize the rapidly changing skills and competencies the accounting profession requires.

The curriculum was developed by the CPA Evolution Model Curriculum Task Forces, a group of more than 40 volunteers from across the profession, including faculty from small colleges to large universities, CPAs in public practice as well as business and industry, and representatives from State Boards of Accountancy. The curriculum reflects the skills newly licensed CPAs need in the current practice environment and serves as a model of how an accounting program could transition to prepare CPA candidates for the Core + Disciplines CPA Exam structure that will test those skills starting in 2024. Read more: https://cpapracticeadvisor.com/21226856

More than $125,000 in Scholarships and Grants Available

The AICPA has opened applications for more than $125,000 in scholarships for CPA Exam Candidates and grants for college accounting students. The funding is provided by the AICPA Foundation, whose mission is to support and grow the next generation of CPAs.

The AICPA’s CPA Exam Scholarship offers up to $1,500 to at least 50 AICPA Student Affiliate members or AICPA CPA Exam Candidate Affiliate members in the U.S. to reimburse fees for taking the CPA Exam as well as Exam preparatory courses and materials. Read more: https://cpapracticeadvisor.com/21227761

AICPA Supports Bipartisan Accounting STEM Pursuit Act

The AICPA says it strongly supports the Accounting STEM Pursuit Act of 2021 because it establishes the accounting profession as a STEM career pathway and supports long-standing efforts to create more diversity in the future accounting workforce. The legislation is an important step in recognizing the clear and logical connection between accounting and technology.

Accounting professionals’ use of technology reflects their role as trusted advisors to businesses, non-profits and individuals. For many years they have been using and applying advanced technology such as artificial intelligence and technology-enabled techniques to perform highly sought-after services. As the profession continues to evolve its services in areas like cybersecurity, information integrity and systems controls and its use of emerging technologies and techniques, such as blockchain and data analytics, the integration of this knowledge with quantitative reasoning skills enhances accountants’ ability to make informed decisions, solve complex problems and improve the delivery of services in the audit, finance and tax arenas. Read more: https://cpapracticeadvisor.com/21226502

Optimism About U.S. Economy Hits 3-Year High

Business executives are predicting the economy will roar back in the coming year, with revenue and profit growth expectations not seen since 2018, according to the second-quarter AICPA Economic Outlook Survey. The survey polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles.

Seventy percent of business executives expressed optimism about the U.S. economy over the next 12 months, up from 47 percent last quarter, as government relief funds, vaccine rollouts and relaxed workplace restrictions have improved business conditions. It’s the first time a majority of executives have held a positive sentiment on the economy since the pandemic began in the first quarter last year, and it’s the highest level that measure has reached since the second quarter of 2018. Read more: https://cpapracticeadvisor.com/21225397