News

Accounting-7

The New Standards of Quality Management

Quality control is getting a facelift with the implementation of the AICPA’s new quality management standards system. What follows is a brief overview of everything new about SQMS.

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CECL Standard Disrupts Net Income Performance Gauge

The banking industry has begun implementing the new current expected credit loss (CECL) standard issued by the Financial Accounting Standards Board (FASB), but unforeseen externalities have made transition somewhat bumpy according to recent reports. Find out how banks accounting for potential losses throughout the COVID-19 pandemic, subsequent logistical setbacks and current global geopolitical unrest has tested the new CECL standard in ways that have analysts casting a jaundiced eye at the banking industry’s traditional performance indicators.

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The Pressure’s On – Working with the Post-Covid IRS

The backlog at the IRS will continue to present challenges for agents and tax professionals through 2022, which is why understanding the structure and organization of the agency is more important that ever. Join the MICPA and Ayar Law for an in depth review of the various IRS functions as well as tips and best practices for navigating the agency at the upcoming MICPA conference, Tax Professionals and the IRS: Successfully Working Together, on Jun. 16.

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CPA Evolution Exam Infrastructure Updates Overview

During a recent Faculty Hour webinar hosted by This Way to CPA, Michael Decker vice president CPA Examination and Pipeline, AICPA, discussed the many changes ahead for the infrastructure of the CPA Evolution Exam. While awaiting the recording of the full event, check out an overview of the key takeaways addressed in his presentation.

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Disrupting the Narrative: Accounting Student Shares Experience as Spring Auditing Intern

Curious about whether an internship is worth it? Find out what MICPA Student Champion Kellie Suave has to say about her own experience and how it helped her solidify confidence in her decision to pursue accounting as a career.

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Looking Ahead: Tomorrow's Feats of Financial Literacy

Most experts agree that increasing the financial acuity among consumers the world over is an imperative for ensuring that both the aging population and generations to come have a more secure future. While the method for imparting this knowledge is still being tested and determined, the landscape of financial literacy continues to evolve.

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Future

Accounting Robots: The Next Big Opportunity for Accounting Firms

AI/Robots are revolutionizing accounting. We are witnessing the emergence of new technology that can perform routine tasks and with intelligence. For accounting firms, regardless of their size, this presents the next big opportunity. Let us delve deeper into accounting robots and robotic process automation.

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Accounting-4

Retirement Planning at Any Stage in Your Career

Retirement planning? You’re young, so why worry about it? To put it succinctly, it takes a lot of money to retire and have a decent quality of living, so why avoid it? In fact, what you may not realize is that retirement planning starts with your first job. The trick is not to wait too long if you want to maximize the level of your retirement income. For those already midway through their career but still have yet to begin, it is never too late to start!

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Charter School Boards Present Unique Opportunities for CPAs

Everything is riding on education, according to Dan Piepszowski, senior director of Community Leadership Development at the Detroit Regional Chamber. Find out how he says CPAs can make an impact in education by becoming joining a public academy school board of directors

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Will Michigan Be the Next State to Mandate Personal Finance in Education?

Last December, the Michigan House passed HB 5190, a measure that would add personal finance courses to the required curriculum in public high schools. As the bill awaits its hearing in the Senate, the MICPA spoke with its author, Rep. Diana Farrington (R – Utica), about why personal finance education matters and when we might expect to see the bill considered in the Senate.

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