Many CPA firms are now grappling with succession issues, according to the results of the 2020 Succession Planning Survey, released in a webinar held on Nov. 23. More than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016, the last time the survey was conducted.
Demographic changes, especially the aging of the Baby Boomer generation, largely account for this shift, said Bill Reeb, CPA/CITP, CGMA, the CEO of the Succession Institute and a former AICPA chair, who presented findings during the webinar.
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Accountants can buck the tide of increasing automation | Accounting Today
Accountants can build the kinds of skills needed to stay relevant in a rapidly automating world that's increasingly taking advantage of technologies such as robotic process automation and artificial intelligence to handle routine financial tasks, according to Institute of Management Accountants president and CEO Jeff Thomson.
"It is a bit of a race where technology capability is really moving at warp speed, but it's not clear that the profession's ability to upskill and transform itself is moving at warp speed," Thomson told Accounting Today . "Therefore it's a race for relevance, creating the story, and telling the story of our profession because we want to attract technologists into our profession."
The Top 100 People: Building a legacy | Accounting Today
Accounting's most influential hope to be remembered for that very influence, within the profession and without.
As part of this year's Top 100 Most Influential People survey, Accounting Today asked, "What do you hope your legacy will be?"
Bill forcing Chinese firms to meet U.S. accounting standards passes Congress
The U.S. House of Representatives passed a law to kick Chinese companies off U.S. stock exchanges if they do not fully comply with the country's auditing rules, giving President Donald Trump one more tool to threaten Beijing with before leaving office.
The measure passed the House by unanimous voice vote, after passing the Senate unanimously in May, sending it to Trump, who the White House said is expected to sign it into law.
"The Holding Foreign Companies Accountable Act" bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board's audits for three years in a row.
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The top 100 most influential people in accounting | Accounting Today
This much-anticipated and often-controversial listing identifies the thought leaders, change-makers, regulators and other leaders who are shaping the profession, and the issues that they face as they chart the future of accounting.
US breaks another record for daily coronavirus infections, accounting for one-third of global
Globally, 686,892 new coronavirus cases were recorded on Friday, meaning the US accounted for one-third of new cases around the world.
It was recommended for all state and local agencies to "issue policies or directives mandating universal use of face masks in indoor (non-household) settings" – which was stronger guidance from what the CDC has previously advised.
Also, the CDC asked Americans to avoid all "non-essential" indoor spaces and travel ahead of the holiday season.
Penta Offers Digital Accounting, Receipt Services | PYMNTS.com
Customers of digital business banking platform Penta will now have the option to manage accounting and receipts digitally as the company partners with Germany-based DATEV Marketplace , a company news release stated.
By being able to access proprietary accounting digitally and directly from their business accounts, Penta customers will now be able to achieve a "perfect symbiosis" between banking and accounting, the release stated.
Former AAA president James Don Edwards dead at 94 | Accounting Today
After serving in the Marines during World War II, Edwards began teaching accounting in 1953 at Michigan State University and worked there until 1971. After teaching for a year at the University of Minnesota, he joined the faculty at the University of Georgia in 1972. In 1976, he became the J.M. Tull Professor of Accounting, the first endowed professorship at the university's College of Business Administration.
He was the 69th member — and one of the few academics — to be elected to the Accounting Hall of Fame in 2001. He served for a decade on the Public Review Board of Arthur Andersen, reviewing audit quality in 40 countries, and on the CPA Board of Examiners. He was a founding trustee of the Financial Accounting Foundation, the overseer of the Financial Accounting Standards Board.
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