Rhonda Clark’s Post

Many CPAs focus their practices heavily or solely on one area, such as business consulting, financial and managerial accounting, tax matters, or IT and data analytics. But there are risks inherent in having so narrow a focus. Do these CPAs perceive them?

Many CPAs focus their practices heavily or solely on one area, such as business consulting, financial and managerial accounting, tax matters, or IT and data analytics. But there are risks inherent in having so narrow a focus. Do these CPAs perceive them?

Many CPAs focus their practices heavily or solely on one area, such as business consulting, financial and managerial accounting, tax matters, or IT and data analytics. But there are risks inherent in having so narrow a focus. Do these CPAs perceive them?

Many CPAs focus their practices heavily or solely on one area, such as business consulting, financial and managerial accounting, tax matters, or IT and data analytics. But there are risks inherent in having so narrow a focus. Do these CPAs perceive them?

Many CPAs focus their practices heavily or solely on one area, such as business consulting, financial and managerial accounting, tax matters, or IT and data analytics. But there are risks inherent in having so narrow a focus. Do these CPAs perceive them?

Discover how tax & accounting firms boost revenue and align with client needs using innovative pricing models—beyond the hourly rate! #TaxProfessionals #InnovativePricing #ClientSatisfaction #RevenueGrowth #accounting #news #finance https://lnkd.in/en-irJZw

Discover the trailblazers of tax and accounting! CPA Practice Advisor reveals the 2024 Tax and Technology Innovation Award winners, spotlighting cutting-edge solutions that redefine industry standards. #accounting #news #finance https://lnkd.in/ehv4Pq7T

Now is a great time to switch accountants if yours isn’t keeping up with the needs of your business. With tax season behind us, consider making a move by early September for a fresh start. Learn more: https://bit.ly/4e18Dnu #SmallBiz #accounting #CPA

AICPA CEO on the 'unpredictable landscape' of accounting Forecasting the future for accountants has rarely been more difficult, according to AICPA president and chief executive Barry Melancon, CPA, CGMA. "The profession today is in a very unpredictable landscape. Young people have never known anything but this environment," he told attendees of the AICPA Executive Roundtable, a gathering of technology executives held in New York City last week. "For most people alive today, they've never experienced a world with as much unpredictability and uncertainty as today." The upcoming presidential elections are a perfect illustration, he explained, with a huge range of possible outcomes on the tax issues that are of key concern to accountants. Changes to tax laws are only one small portion of the disruption that accountants face, according to Melancon. "There is a lot of true innovation and transformation of what accounting's all about," he said. "The profession's footprint has changed from accounting, audit and tax to a much broader notion of a business information set, and of who the stakeholders are. That group is much broader today — it's investors and entrepreneurs, to be sure, but also employees and regulators and society at large." 🔗 Subscribe to CFO Slice now and start receiving the insights you need to excel. https://lnkd.in/db6PnmPG #Accounting #Accountancy #CFO #finance #AICPA #CPA

Some time ago, Jamil Najjar, Niclas Hellman, and I started working on a project investigating small independent firms’ accounting standard choices. One day, we were looking at the data descriptives, which suggested that some of these small firms report internally generated intangible assets. Our immediate reaction was that this must be a database error – there was no way such small firms would engage in R&D that could (and would) be capitalized! But an error it was not, and what followed was a paper where we show that: 📢 Surprisingly many small firms have complex reporting needs and thus proactively choose more complex reporting standards. 📢 These needs may be prioritized over tax minimization goals (i.e., firms may choose to pay more tax to be able to report internally generated intangible assets on their balance sheets). 📢 Small firms use financial statements to engage with a broader range of stakeholders than we tend to expect (i.e., not only banks and trade creditors!). ❗ All of this is about Swedish independent private firms that have up to SEK 80 million (approximately EUR 8 million) in annual sales and/or up to SEK 40 million (approximately EUR 4 million) in assets. That is, really small firms! ❓ These findings open new ways of thinking about what kind of reporting principles and regulations small private firms may require, and what could be done to improve the information environment for such firms. The paper is currently available for everyone to read at the European Accounting Review: