AICPA, NASBA approve new CPA licensure path

16 Nov

For individuals, Tomoff suggested adding tech skills incrementally, expanding out from core, common tools like Excel. Skills developed in the Microsoft family of tools, like Power BI, will apply to other data analytics and visualization software. The key is to focus learning on skills that will have clear application in the near future.

How accountants can balance technology and critical thinking

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The May webcast featured AICPA CEO Mark Koziel providing his view of the A&A landscape, a deep dive into step 5 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as more discussion of quality management.
This implementation can reduce preparation time while increasing the identification of tax-saving opportunities.
The practical advice provided in this article is a starting point for unlocking your potential as a forward-thinking accountant in an increasingly digital world.
This course covers critical finance business partnering competencies such as business acumen, people skills, and leadership skills, which are increasingly expected by employers.

For example, when a jurisdiction changes its sales tax rules, the system can identify affected business units, calculate potential liability, and generate compliance recommendations. The cognitive component can prioritize regulatory changes based on financial impact and implementation complexity, creating a risk-weighted action plan. For routine filings, the system can prepare draft returns, reconcile data sources, and identify potential audit triggers before submission. As regulatory complexity increases across jurisdictions, IPA provides CPAs with tools to manage compliance burdens more effectively.

The AICPA updated its SQMS No. 1 practice aid, released a new resource on monitoring and remediation, and is hosting live webcasts to help firms implement the new quality management standards by Dec. 15. Key features of the 2025 practice aid on complying with SQMS No. 1 include expanded discussions, tailored guidance for firms of all sizes, and tools for documentation, evaluation, and effective compliance. Researchers determine the real difference that generative AI can have on the average accountant in terms of time spent on routine data entry versus time available for client support and billable hours. Don’t miss the biggest event in the accounting profession, AICPA & CIMA ENGAGE 25, to be held at the ARIA in Las Vegas.

Intelligent process automation (IPA) pre-implementation planning guidelines

But just as important as the specific skills these leaders described are their suggestions for selecting and developing those skills. Updates on individual tax and business tax are among the many topics on the agenda at the AICPA & CIMA National Tax Conference, Nov. 17–18 in Washington, D.C., and online. Various studies and industry reports from organizations like Gartner and McKinsey have consistently shown that projects have significantly higher success rates when they incorporate components like the ones included in our pre-implementation planning guidelines. The system can recognize changes in tax law and client circumstances, suggesting adjustments accordingly.

Researchers determine the real difference that generative AI can have on the average accountant in terms of time spent on routine data entry versus time available for client support and billable hours.
As audit evidence is gathered, the system will continuously update its risk assessment and suggest modifications to the audit approach.
Automated processes follow consistent protocols, reducing the likelihood of human error in calculations or regulatory filings.
“We expect a savvy business user who understands how to use technology to mitigate and manage risks, use technology to improve their decision-making, and use technology to help them anticipate what’s next,” she said.

Key skills for CPAs in business and industry

The manager’s amendment that was approved by the committee was the result of behind-the-scenes negotiations that have been going on since last Friday. Improve your critical thinking in data analytics skills to diagnose problems with ease, make better data-driven decisions, and identify effective solutions. Understand that while technology offers ways to work faster and more accurately, it still relies on human thinking to interpret information, analyze it, and make informed decisions. This involves questioning assumptions, evaluating evidence, identifying potential biases, and considering alternative perspectives. These tools can help with fraud detection, data analysis, continuous monitoring, predictive analytics, automated documentation and reporting, pattern recognition, enhanced sampling techniques, automation of routine tasks, and risk assessment. The AICPA’s Certified Information Technology Professional (CITP) credential represents the intersection of technology and financial reporting.

Qualified classes include beneficiaries under the age of 18, and the general funding contribution can specify geographical areas or specific birth years of beneficiaries whose accounts will receive the contributions. A visual look at a cross-section of skills that accounting and financial professionals need to develop to succeed in the modern business world. Accounting and finance professionals can also help to identify potential new sources of data to inform strategy — looking to eliminate holes in the big picture that leadership is seeing. Earlier stages are fraught with key beliefs about knowledge that hinder higher-level critical thinking. Likewise, we suggest faulty beliefs about technology, such as the belief that “this technology will solve the problem correctly” limit the effective use of technology.

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Incorporating data analysis and visualization techniques into your work process should be regular practice. Li Wang, CPA/ABV, CMA, Ph.D., is a professor in the George W. Daverio School of Accountancy at the University of Akron College of Business. Jim Bourke, CPA/CFF/CITP, CGMA, is managing director of Advisory Services at Withum Smith+Brown. Bo Ren, CPA, CMA, Ph.D., is a teaching assistant professor in the Department of Accountancy in the Gies College of Business at the University of Illinois Urbana-Champaign. The new pathway incorporates a broader role for professional experience to be determined at the jurisdiction level. Individual states will need to formally enact legislation and/or adopt rules and regulations, depending on the jurisdiction, before candidates can pursue this path.

Leaders from corporate finance and the profession share their advice for upskilling and reskilling for the next era of management accounting. Indeed, critical thinking skills are included in the AICPA Foundational Competencies Framework for Aspiring CPAs and are necessary foundational steps, in our view, to effectively incorporate and apply technology. This creates the risk that if, for example, any previous misstatements were not identified as such, the machine learning could be pulling from inaccurate data.

The Senate Finance Committee version of the bill would have imposed a 3.5% tax on such transfers. The Sec. 45Y clean electricity production credit is terminated for wind and solar facilities placed in service after Dec. 31, 2027. No credit will be allowed to facilities that are owned or controlled by certain foreign entities. The Sec. 48E clean electricity investment credit is also terminated for wind and solar facilities placed in service after Dec. 31, 2027. Restrictions are also placed around claims by facilities owned or controlled by certain foreign entities.

Under the act, Treasury can set up Trump accounts for individuals that it identifies as eligible and for which no Trump account has already been created. The act also introduces an inflation-adjusted minimum deduction of $400 for taxpayers who have at least $1,000 of QBI from one or more active trades or businesses in which accountancy notre dame business mendoza college of business they materially participate. To view it, please log in to confirm your age.By continuing, you also agree that use of this site constitutes acceptance of Reddit’s User Agreement and acknowledgement of our Privacy Policy. To comment on this article or to suggest an idea for another article, contact Jeff Drew at -cima.com.

House passes budget reconciliation bill with changes to tax provisions

Thus, it is imperative, in our view, to develop and apply higher-level critical thinking skills when using technology to solve problems. This implementation can reduce preparation time while increasing the identification of tax-saving opportunities. An IPA solution can begin by automatically importing data from subsidiary ledgers, reconciling intercompany transactions, and identifying discrepancies.

Based on this assessment, the IPA solution can recommend specific audit procedures, sample sizes, and specialist involvement tailored to the client’s risk profile. As audit evidence is gathered, the system will continuously update its risk assessment and suggest modifications to the audit approach. Intelligent process automation (IPA) represents a transformative approach combining robotic process automation (RPA), artificial intelligence (AI), and other advanced technologies to streamline complex business processes. The UAA, jointly published by the AICPA and NASBA, provides state legislatures and state boards of accountancy with a national model that can be adopted in whole or in part to meet the needs of each individual jurisdiction.

The system can automatically collect actual performance data, market indicators, and operational metrics from disparate sources. Using machine-learning algorithms trained on historical relationships, it can generate baseline forecasts that account for seasonality, business cycles, and known future events. When testing transactions, the system can select statistically valid samples, retrieve supporting documentation, and perform initial validation checks.

Systems can be programmed to monitor regulatory changes, flag potential compliance issues, and even generate appropriate documentation. This is particularly valuable in specialized areas like tax compliance, where firms using advanced automation can handle more returns during tax season without increasing staff size. The resulting capacity allows firms to maintain service quality during peak periods without the traditional stress on personnel and systems.

By integrating technology and critical thinking, accountants can enhance their efficiency, accuracy, and strategic decision-making capabilities — paving the way to success in this digital age. Employers seeking to hire accountants consider critical thinking as one of the most desirable skills, according to research led by Tom Hood, CPA/CITP, CGMA, executive vice president—Business Growth & Engagement at AICPA & CIMA. Critical thinking serves as the basis for a digital mindset that involves adapting to digital disruptions, identifying organizational and client needs, and assessing the best systems and tools to meet those needs. What distinguishes this from simple automation is the integration of predictive analytics that generate client-specific insights on profitability trends, working capital optimization, and growth opportunities. This implementation can allow the firm to serve more clients with improved transaction processing efficiency while increasing revenue through advisory services. Accounting firms and finance departments can implement an IPA solution that combines RPA with machine-learning capabilities to transform the audit workflow.

Interactive presentations related to the students’ interests increased awareness and interest in the accounting field. The Accounting Standards Update addresses share-based consideration payable to a customer in conjunction with selling goods or services. The August webcast explored accelerating mergers and acquisitions (M&A) in the profession, practical insights on special purpose (non-GAAP) frameworks, and how peer review will address implementation of the new quality management standards.

The adopted version of the act merely increases the SALT cap and does not attempt to limit or address the various workarounds that taxpayers are currently using to avoid the SALT cap. The AICPA has published charts comparing tax and personal financial planning provisions of the act with current law (free site registration required). The May webcast featured AICPA CEO Mark Koziel providing his view of the A&A landscape, a deep dive into step 5 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as more discussion of quality management.