The American Institute of CPAs is asking for feedback Wednesday on an exposure draft of the redesigned Uniform CPA exam as the AICPA tries to expand the dwindling pool of young people entering the accounting profession.
The AICPA has been working with the National Association of State Boards of Accountancy on a CPA Evolution initiative to overhaul the exam to make it more relevant for businesses today and test more for technology skills. The revamped exam and CPA licensing model are expected to launch in January 2024, and the AICPA is asking for feedback through Sept. 30, 2022. The exposure draft includes the draft Uniform CPA Examination Blueprints, the official document that presents content that’s eligible for assessment on the exam, based on the knowledge and skills required of a newly licensed CPA.
In recognition of the pervasive role of technology in accounting, core parts of the exam include a focus on understanding how data is structured and information flows through underlying IT systems and business processes, as well as determining methods for transforming data to make it useful for decision-making, verifying the completeness and accuracy of source data, and using the outputs of automated tools, visualizations and data analytics techniques.
“The CPA exam is always evolving to meet the needs of today’s practice,” said Michael Decker, vice president of CPA examination and pipeline at the AICPA, in a statement Wednesday. “With CPA Evolution, we have an opportunity to assess the required knowledge and skills all newly licensed CPAs need. Our goal is for the exam to remain rigorous and representative of the evolving role of accounting professionals. We believe input from various stakeholders is integral in developing an exam that will meet these needs.”
Under the new CPA Evolution licensure model, all CPA candidates will need to take three core sections: financial accounting and reporting, auditing and attestation, and taxation and regulation. Each candidate will then select a discipline in which to demonstrate extra skills and knowledge: business analysis and reporting, information systems and controls, and tax compliance and planning. No matter what a candidate’s chosen discipline is, the model will lead to a full CPA license.
“Ensuring that candidates possess appropriate levels of skills and knowledge through the CPA Evolution-aligned exam will greatly benefit the profession in the long term,” said NASBA executive vice president and chief operating officer Colleen Conrad in a statement. “I strongly encourage all interested parties to participate in this process by submitting their comments on the exposure draft.”
Both the AICPA and NASBA are hoping to reverse worrisome signs in the pipeline of new accountants in the profession. The AICPA trends report from 2021 found accounting graduates trended downward in the 2019–20 academic year, with decreases of 2.8% and 8.4% at the bachelor’s and master’s levels, respectively. The number of new CPA exam candidates entering the CPA pipeline declined in 2020 due to short-term closings and the various restrictions at Prometric test centers, with overall COVID concerns carrying forward into 2021. While new CPA exam candidates decreased less than 0.5% between 2018 and 2019, there was a 17% decrease between 2019 and 2020, although there was a 6% increase between 2020 and 2021.
The AICPA is asking for comments on the exposure draft via email to email@example.com by Sept. 30, 2022. All feedback will be considered when finalizing the design of the 2024 exam.
A final report, including the final CPA exam Blueprints, will appear early next year, well in advance of the expected launch of the CPA Evolution-aligned CPA exam in January 2024.
More information on the CPA exam is available online and will be updated regularly.
Obtaining a widely recognized accounting certification can help you land a job, increase your marketability, and lend professional credibility to you and your firm in a competitive marketplace. Human resource managers and prospective clients see the time, money and effort needed to acquire a certification as a testament of an individual's desire succeed. A universally recognized certification can often serve as the tie-breaker between two qualified job candidates.
Acquiring an accounting certification can also increase your salary, bonus and chances for promotion. For the accounting-designation shopper, there are a few choices widely recognized by the business, finance and accounting communities. There are also numerous others that are distinct to a specific industry or job.
If you are committed to advancing your accounting career, then you should earn a Certified Public Accountant (CPA) certification. CPAs work in specializations such as auditing, compliance, taxes, forensic accounting, fraud examination, IT systems, risk management and appraisals, among others. Hiring managers and prospective clients tend to question a candidate's background and level of accounting competency if they are not a CPA. CPAs help companies comply with bylaws and regulations, reduce risk, support valuation and appraisal initiatives, Strengthen processes, and create and maintain reporting mechanisms that allow management to make critical decisions.
States set their own license standards, but typically you will need 150 semester hours of education at an accredited college or university, with varying amounts of accounting classes. You will need to pass the CPA exam administered by the American Institute of Certified Public Accountants (AICPA). Because requirements vary, it is best to contact your state board for details.
There are four parts to the CPA exam:
Each test section is graded on a scale of 0 to 99 and you need at least 75 points to pass. While this may not sound difficult, the overall pass rate is less than 50%. The most difficult section is financial accounting and reporting, while the easiest is business environment and concepts.
There are two schools of thought on which order to tackle the sections. Some test-takers recommend starting with the most difficult section, while others say starting with the easiest section is better to establish momentum and build confidence.
A Certified Management Accountant is another great certification. There is overlap between the competencies of a CPA and CMA, but CPAs may be better equipped for compliance, accounting for transactions, tax, and controls. Certified Management Accountants, as the moniker implies, lean toward financial analysis, organizational performance measurement, budgeting, strategic assessment and ongoing stewardship of the company. The exam is administered by the Institute of Management Accountants (IMA).
The exam is broken into two parts covering 12 competencies:
To earn your CMA, you will need:
There are plenty of accounting designations out there—just know that not all of them are perceived or treated equally. Managers, executives, and prospective clients still attach most of the value and prestige to a traditional CPA. There are, however, niche certifications that are suited for job and industry-specific roles.
There are varying requirements to earn each of the above certifications. These requirements will probably not be as intensive, time-consuming and involved as earning a CPA or CMA.
If you want to elevate your standing, you should first invest time and effort in getting your CPA. Depending on your job or industry focus, you can augment that designation with one of the above certifications. For example, those who wish to earn a CISA are heavily involved with accounting and IT information systems. If your work involves uncovering fraudulent transactions, a CFE can help you elevate your understanding of this field. As mentioned, there is no substitute for a CPA.
There are a number of additional certifications to choose from, some include:
Corporate finance and accounting is a competitive field. Most accountants who work for one of the Big Four accounting firms will hit a career plateau early on if they do not obtain a CPA. When an accounting firm bids on a consulting or client project (and demand more than $200 per hour for a relatively inexperienced associate's time), why would a prospective client fork this kind of cash out to this specific firm if the project is staffed with outsourced professionals that are not CPAs?
A competing accounting firm can come in and win the contract by promising to staff the project with several CPAs. The fact is, numbers-crunching is typically a commoditized service. Unless you possess unusual insights and relationships in a specific job or industry, you are better served to earn accounting certifications to Strengthen your station.
Nearly every public and private business entity – across all levels of government, small and large businesses, and major accounting firms (KPMG, EY, Deloitte, PwC) – hires finance professionals.
Demand for accounting and finance jobs shifts with the economy. As the economy grows, so does the need for accounting and financial management services. To improve their accounting skills, knowledge, credibility and job prospects, many financial and accounting professionals earn specializations in various accounting niches. We’ll explore five of the most popular accounting and finance certifications and how they’ll benefit finance professionals.
There are several different accounting and finance certification types. One of the most well known is the Certified Public Accountant (CPA) certification. CPAs specialize in auditing, compliance, taxes, forensic accounting, fraud examinations and more. Another popular finance certification is the Certified Management Accountant (CMA) certification, which leans toward financial analysis.
Other lesser-known certifications include certified bank auditor, certified fraud examiner, certified information systems auditor, certified internal auditor and enrolled agent. However, CPA is the most sought-after certification, as many accountants’ careers will plateau early on without one.
Did you know? Accounting and finance professionals are usually familiar with several of the best accounting software solutions integral to various business types.
Certifications indicate specialized knowledge, which can help clients hire the right accountant for their needs. According to the Institute of Financial Consultants, current financial certifications can also help accomplish the following:
Certifications also have benefits that extend to the public, the financial industry and employers. Certifications can help businesses do the following:
Did you know? As firms recruit new employees for accounting and financing jobs, certifications immediately demonstrate potential hires’ areas of specialized knowledge.
We’ll take an in-depth look at five of the most popular and valuable accounting and finance certifications, along with some additional credentials you may be interested in pursuing.
Those interested in government accounting, financial reporting, auditing and budget planning at the local, state or federal level should consider the Certified Government Financial Manager (CGFM) certification offered by the Association of Government Accountants (AGA).
To get a CGFM certification, candidates must have a bachelor’s degree and at least two years of professional experience in government financial management. They must also pass three CGFM exams:
Each exam costs $125. Candidates must also pay an application fee of $80 for AGA members, $36 for student members and $109 for nonmembers.
According to LinkedIn Salary, those who have obtained their CGFM certification typically earn about $98,000, with the high end around $140,000.
The Institute of Management Accountants (IMA) is the membership organization behind the Certified Management Accountant (CMA) certification, which is aimed at management accountants and financial professionals.
Regarding what differentiates a CMA from other accounting-related professionals, the IMA explains that CMAs understand the “why” behind numbers, not just the “what.” That means a CMA’s role may involve analyzing and reporting monthly financials, forecasts and the annual budget, as well as providing strategic planning input.
A CMA certification can be lucrative. IMA’s 2021 Global Salary Survey reports that the median total compensation for CMAs is 58% higher than it is for those without the designation. The study found that the overall median base salary in 2021 was $110,000, with an overall median total compensation of $124,000.
To achieve the CMA designation, you must have the following:
The first part of the CMA exam covers financial reporting, planning, performance management and analytics. The second part focuses on financial strategy and decision-making.
The IMA charges $275 for a Professional membership, an entrance fee of $280 (for professional members) and $460 for each exam part. (A discount is available to students and academic members, and a limited number of scholarships is available each year.)
Tip: The latest two-part CMA exam went into effect on Jan. 1, 2020. Review the CMA exam structure and FAQs to prepare.
The creme de la creme of accounting certifications is the Certified Public Accountant (CPA). CPAs can work for public- or private-sector organizations or as consultants. CPAs can handle various tasks, such as financial records maintenance, corporate finance, budget oversight, tax preparation, and financial planning.
Some CPAs earn additional certifications and engage in more specialized activities, including serving as an internal financial records auditor, applying forensic accounting techniques to detect financial crimes and acting as a fraud examiner.
Each state ‒ and several jurisdictions ‒ certify and license CPAs through their boards of accountancy, so you’ll need to research the requirements of your locale. A typical minimum requirement is a bachelor’s degree with courses in general accounting, cost accounting and more. AccountingEdu.org and the Association of International Certified Public Accountants (AICPA) CPA exam page are good starting points to determine the requirements you’ll need to meet.
The typical CPA salary is about $73,000, based on salaries reported by the Bureau of Labor Statistics (BLS). The AICPA indicates that the average salary for CPAs with significant experience is about $120,000.
Did you know? Small businesses hire CPAs so they can spend less time worrying about taxes, save money by taking advantage of deductions, keep finances up to date, and stay in good standing with the IRS.
The CFA Institute offers the Chartered Financial Analyst (CFA) certification, which is geared toward investment and portfolio managers, corporate finance advisors, and analysts.
Candidates for the CFA designation must have the following:
Earning the CFA designation requires passing three exams – levels I, II and III – which are offered every June. (The Level I exam is also offered in December.) The Level I exam focuses on knowledge and comprehension of investment tools. The Level II exam tests a candidate’s application and analysis of asset valuation. The Level III exam tests for portfolio management skills.
The CFA Institute charges a one-time program enrollment fee of $450 and a standard registration fee of $1,000 for each exam. Early registrants pay $700 per exam.
The BLS listed the median salary for financial managers as $134,180 in 2020.
Tax professionals may be interested in earning the Enrolled Agent (EA) credential. Created by the IRS, the EA credential identifies people qualified to represent U.S. taxpayers in personal and business tax situations, such as collections and appeals. A certified EA typically has a lot of experience in tax preparation for a wide variety of federal and state tax returns. The EA is the highest credential you can achieve through the IRS.
To become an EA, you must have worked for the IRS for at least five years interpreting the tax code, or you must pass the three-part Special Enrollment exam (SEE).
You must also do the following:
Each part of the SEE costs $185, and candidates must pay a $67 fee to apply for enrollment.
The National Association of Enrolled Agents (NAEA) offers more information and training resources for becoming an EA.
The salary for EAs varies widely by location in the U.S. According to LinkedIn Salary, the range is $30,000 to $65,000.
Did you know? Like financial certifications, marketing certifications can help professionals advance their marketing careers and display specialized knowledge.
These are some higher-level and specialty certifications of note:
Here are answers to some of the most commonly asked questions on financial or accounting certifications.
All of the featured certifications here have rigorous requirements.
Depending on the certification, you should expect to study between 150 and 300 hours for the exam.
Many people consider the CPA the most valuable certification because of its versatility and general demand by employers and clients (for CPA consultants). CGFM, CMA and CFA certification holders and seasoned CPAs have the highest earning potential, with salaries over $100,000 that can easily climb above $140,000 with experience.
Certifications are usually connected to specializations in the accounting and financial fields. When looking into which certifications might be right for you, first consider which areas of finance and accounting interest you. Courses are available across all the various certifications in colleges and other educational institutions.
Certifications indicate a high level of commitment and skill, helping people expand their finance and accounting career opportunities. Certifications can also lead to more internal promotions, as many professionals without their CPA certification hit a professional plateau. When a financial professional is certified, clients feel more confident in an institution’s or accounting firm’s ability to manage their money.
Sean Peek contributed to the writing and research in this article.
A code of ethics is a guide of principles designed to help professionals conduct business honestly and with integrity. A code of ethics document may outline the mission and values of the business or organization, how professionals are supposed to approach problems, the ethical principles based on the organization's core values, and the standards to which the professional is held.
A code of ethics, also referred to as an "ethical code," may encompass areas such as business ethics, a code of professional practice, and an employee code of conduct.
Business ethics refers to how ethical principles guide a business's operations. Common issues that fall under the umbrella of business ethics include employer-employee relations, discrimination, environmental issues, bribery, insider trading, and social responsibility.
While many laws exist to set basic ethical standards within the business community, it is largely dependent upon a business's leadership to develop a code of ethics.
Both businesses and trade organizations typically have some sort of code of ethics that their employees or members are supposed to follow. Breaking the code of ethics can result in termination or dismissal from the organization. A code of ethics is important because it clearly lays out the rules for behavior and provides the groundwork for a preemptive warning.
While a code of ethics is often not required, many firms and organizations choose to adopt one, which helps to identify and characterize a business to stakeholders.
Given the importance of climate change and how human behavior has led to severely impacting the climate, many companies have taken to include climate factors in their code of ethics. These principles include manners in which the company is dedicated to operating sustainably or how they will shift to doing so.
In many cases, this commitment to sustainability adds to the costs of a company, but because consumers are becoming more focused on the types of businesses they choose to engage with, it is often worth the cost to maintain a good public image.
Regardless of size, businesses count on their management staff to set a standard of ethical conduct for other employees to follow. When administrators adhere to the code of ethics, it sends a message that universal compliance is expected of every employee.
A code of ethics can take a variety of forms, but the general goal is to ensure that a business and its employees are following state and federal laws, conducting themselves with an ideal that can be exemplary, and ensuring that the business being conducted is beneficial for all stakeholders. The following are three types of codes of ethics found in business.
For all businesses, laws regulate issues such as hiring and safety standards. Compliance-based codes of ethics not only set guidelines for conduct but also determine penalties for violations.
In some industries, including banking, specific laws govern business conduct. These industries formulate compliance-based codes of ethics to enforce laws and regulations. Employees usually undergo formal training to learn the rules of conduct. Because noncompliance can create legal issues for the company as a whole, individual workers within a firm may face penalties for failing to follow guidelines.
To ensure that the aims and principles of the code of ethics are followed, some companies appoint a compliance officer. This individual is tasked with keeping up to date on changes in regulation codes and monitoring employee conduct to encourage conformity.
This type of code of ethics is based on clear-cut rules and well-defined consequences rather than individual monitoring of personal behavior. Despite strict adherence to the law, some compliance-based codes of conduct do not thus promote a climate of moral responsibility within the company.
A value-based code of ethics addresses a company's core value system. It may outline standards of responsible conduct as they relate to the larger public good and the environment. Value-based ethical codes may require a greater degree of self-regulation than compliance-based codes.
Some codes of conduct contain language that addresses both compliance and values. For example, a grocery store chain might create a code of conduct that espouses the company's commitment to health and safety regulations above financial gain. That grocery chain might also include a statement about refusing to contract with suppliers that feed hormones to livestock or raise animals in inhumane living conditions.
Financial advisers registered with the Securities and Exchange Commission (SEC) or a state regulator are bound by a code of ethics known as a fiduciary duty. This is a legal requirement and also a code of loyalty that requires them to act in the best interest of their clients.
Certified public accountants, who are not typically considered fiduciaries to their clients, still are expected to follow similar ethical standards, such as integrity, objectivity, truthfulness, and avoidance of conflicts of interest, according to the American Institute of Certified Public Accountants (AICPA).
Many firms and organizations have adopted a Code of Ethics. One good example comes from the CFA Institute (CFAI), the grantor of the Chartered Financial Analyst (CFA) designation and creator of the CFA exams. CFA Charterholders are among the most respected and globally recognized financial professionals. According to the CFAI's website, Members of CFA Institute, including CFA Charterholders, and candidates for the CFA designation must adhere to the following Code of Ethics:
All companies will have a different code of ethics with different areas of interest, based on the industry they are involved in, but the five areas that companies typically focus on include integrity, objectivity, professional competence, confidentiality, and professional behavior.
A code of ethics in business is a set of guiding principles intended to ensure a business and its employees act with honesty and integrity in all facets of its day-to-day operations and to only engage in acts that promote a benefit to society.
A code of ethics for teachers defines the primary responsibilities of a teacher to their students and the role of the teacher in the student's life. Teachers are required to show impartiality, integrity, and ethical behavior in the classroom.
An example of a code of ethics would be a business that drafts a code outlining all the ways the business should act with honesty and integrity in its day-to-day operations, from how its employees behave and interact with clients, to the types of individuals it does business with, including suppliers and advertising agencies.
A code of ethics is broader in its nature, outlining what is acceptable for the company in terms of integrity and how it operates. A code of conduct is more focused in nature and instructs how a business' employees should act daily and in specific situations.
A code of ethics is a guiding set of principles intended to instruct professionals to act in a manner that is honest and that is beneficial to all stakeholders involved. A code of ethics is drafted by a business and tailored to the specific industry at hand, requiring all employees of that business to adhere to the code.
The moral choices of businesses have evolved, from the industrial age to the modern era. In the world we live in today, working conditions, how a business impacts the environment, and how it deals with inequality are all areas that society deems important that perhaps two centuries ago it did not as much. A code of ethics helps ensure that businesses will always act with integrity.
* We may receive a referral fee from companies featured in this article. This is not a financial advice article. Please contact a financial advisor if you need financial assistance.
Many undergraduate business programs are based on a foundation of what is known as the FAME subjects: Finance, accounting, management and economics. Business students should gain a good working knowledge of all four subjects, but some may wish to specialize within one of these areas.
Two common areas you may choose to focus or pursue further education in are finance and accounting. These areas have several elements in common and are often grouped. So, what exactly is the difference between finance and accounting?
Between finance and accounting, finance can be thought of as the more general subject of the two areas. Simply put, it's "the management of money," said Kristin Regis, an associate dean of business programs at Southern New Hampshire University (SNHU).
The study of finance can provide you with a strong foundation of knowledge of banking, economics and financial markets, which can be helpful in all types of workplaces. "Every business or organization has a financial component," Regis said.
If you choose to pursue a finance bachelor's degree, Regis said your coursework's objective would be on earning a profit – or revenue.
Topics you may explore include:
A significant focus may be placed on the study of markets and how they function and fluctuate, as well as how to wisely and effectively manage and mitigate the risks inherent in investing.
You could also further focus your finance education with a financial planning degree from a CFP Board-Registered Education Program. "If someone is interested in finance and helping individuals achieve their financial goals, a job as a financial planner can be quite fulfilling," Regis said.
Future business people studying finance can have the opportunity to learn industry best practices and build skills in:
Successful professionals in finance understand the stock market and other types of investments and are skilled at interpreting mathematical and statistical data.
Where finance is primarily future-focused, accounting generally works with existing records and documents. "Accounting tells the financial story of an organization and provides the financial justification for resolving various business problems," said Mona Stephens, an accounting faculty lead at SNHU.
Stephens said accountants use financial data to answer questions such as:
Studying accounting prepares you to become an accountant, working in the field or in one of the many adjacent career paths. Course content in a bachelor's accounting degree program can include:
"The work is important, challenging, and allows you to continue to enhance your skill set," Stephens said. For example, you may develop skills in data-driven decision-making, technology and risk assessment, she said.
You may also study business strategy, risk management, information systems, quantitative analysis and more.
Successful students should understand the current regulatory and business landscapes and have a good "big picture" knowledge of the business world, according to the American Institute of Certified Public Accountants (AICPA).
If it interests you, you may also choose to specialize in the field with a degree in forensic accounting – a good first step toward becoming a forensic accountant. This concentration focuses on forensic examination courses and will help prepare you for the Certified Fraud Examiners (CFE) exam – which proves your ability to investigate and identify fraud.
While pursuing a bachelor's in accounting at SNHU, you'll have an opportunity to earn three certifications, which then allows you to gain valuable, real-world experience volunteering with the IRS’s Volunteer Income Tax Assistance (VITA) program.
"VITA is a great way for students to learn how to file income taxes directly from the IRS," said Dr. Zuzana Buzzell, an associate dean of business at SNHU. Following the completion of these certification exams you’ll be able to help individuals or families in need with preparing their income taxes through VITA.
“VITA volunteering is valued in the accounting profession, as it shows industry skill development, community involvement and dedication to the accounting profession,” Buzzell said. The volunteer work you do can also be applied towards your program credits through experiential learning.
Education in finance opens doors to many business careers. People holding degrees in finance often work in banks, hedge funds and investment firms, among other settings.
Finance can be a pathway to becoming a financial consultant or personal financial advisor. Financial analysts and managers are also needed in all types of organizations, from family-run local businesses to global corporations.
The career flexibility makes finance a nice choice for students who want a smart educational investment. According to the U.S. Bureau of Labor Statistics (BLS), employment for business and financial occupations is expected to grow by 8% through 2030.
A few roles to consider in this field include:
See what else you can do with a finance degree.
Accounting is a bit more specialized as a field, although, as with finance, there are accountants and people with accounting backgrounds working in all types of businesses and organizations. "An accounting degree is great because it can lead to a variety of career paths," Stephens said. "You can do public accounting work, be an accountant within an organization, do taxes, work in government or nonprofits, be an auditor, etc."
The most well-known career path is to become an accountant, a job that may require a trainee period, further education, certification or a combination of these.
Studying accounting can lead to more specialized accounting roles, such as actuary, auditor or financial examiner. People with backgrounds in accounting can also be frequently found working as bookkeepers, tax advisors and payroll administrators, according to AICPA. Other roles include working for government agencies, as an internal or external auditor examining an organization's finances for cases of waste or fraud or as an information technology auditor evaluating a company's computer system controls to ensure financial data is reliable, according to BLS.
A few more jobs to consider in the accounting field include:
Accounting is a good choice for job prospects. According to BLS, the employment of accountants and auditors is anticipated to grow 7% through 2030. Accountants are in demand when the economy is strong because economic health and growth mean more people are needed to manage and oversee financial records. A stronger regulatory environment is also good news for accounting job candidates because as regulations tighten, more people are needed to enforce them.
If a career in accounting interests you, learn more about what you can do with an accounting degree.
Many jobs in finance and accounting will require a minimum of a bachelor's degree. However, you can also earn many advanced degrees and certifications throughout your career to gain a more specialized or in-depth understanding of your field. In finance, you might be interested in:
In accounting, you can pursue advanced degrees including:
If you want to gain experience in both subject areas, some schools also offer a combined focus with an accounting finance degree. This option could help you unlock career options and pathways in both the finance and accounting worlds.
A degree can change your life. Find the SNHU accounting or finance program that can best help you meet your goals.
Rebecca LeBoeuf ’18 is a writer at Southern New Hampshire University. Connect with her on LinkedIn.
An Overview of Investor Sentiment in Stock Market (pdf)
Budgetary Participation, Personality and Perception (pdf)
Handsome is as Handsome Does: A Somewhat Whimsical Look at Leadership of the U.S. Accounting Profession Over Its First 125 Years (pdf)
Listening to Accounting Users: The Impact of Complexity, Transparency and Stewardship on Decision-Usefulness (pdf)
Online Homework Versus Pen and Pencil Homework: Do the Benefits Outweigh the Costs? (pdf)
Teaching Accounting: Setting the Right Tone with a Tune (pdf)
I would like to thank all who volunteered to serve as reviewers, particularly those who actually participated in reviewing the articles submitted for publication in the current issue. I would like to also thank Jack Elfrink and Ron Bauerly of Western Illinois University for all the efforts they made to relist the Journal in Cabell's Directory and for all the help and assistance they provided me.
Like last year, the articles accepted for publication in this issue are of high quality and tackle important theoretical and practical accounting issues.
In the article titled Handsome is as Handsome Does: A Somewhat Whimsical Look at Leadership of the U.S. Accounting Profession Over Its First 125 Years, Tim Fogarty provides a "classic" profile of the AICPA's list of 125 people "who left a mark on the accounting profession" that includes being male, working for a public accounting firm, having some association with the AICPA, and having left something notable in the written form.
In the article titled Budgetary Participation, Personality and Perception, Justin Stearns used students to conduct an experiment that suggests that individuals perceive their participation, in this budget setting process, differently and that personality (extraversion, conscientiousness, and neuroticism) significantly impacts how individuals perceive their involvement in this budget setting process.
In the article titled Online Homework Versus Pen and Pencil Homework: Do the Benefits Outweigh the Costs?, Penner, Kreuze, Langsam, and Kreuze provide some advantages and disadvantages of online homework vs. pen and pencil homework and conclude that decisions as to which type of homework to use should consider the type of course, student enrollments, motivation level of students, and related costs.
In the paper titled Teaching Accounting: Setting the Right Tone with a Tune, Matthew Phillips and Jacob Crowley argue that using music effectively to supplement the lecture in the first accounting course is more likely to have students with negative paradigms, stereotypes, or anxiety "tune-in" to the syllabu of the day, if they are motivated by music, and those who are "tuned in" may be more likely to select accounting as a major and possibly a career.
In the paper titled Listening to Accounting Users: The Impact of Complexity, Transparency and Stewardship on Decision-Usefulness, Chester Bearey and Timothy Fogarty used a broadly cast survey of sophisticated accounting information users in an attempt to discover what attributes make accounting information useful and what related beliefs are necessary for its appreciation.
In the final paper titled An Overview of Investor Sentiment in Stock Market, Chang, Yu, Reinstein, and Churyk discuss investor sentiment, its measurement as well as its impact on the stock market, and provide an investment decision making process that includes four steps: select an investor sentiment index with the highest predictability, identify and establish the "extreme" level, predict the market direction and form the future expectations, and then make your investment decisions.
Editor: Mostafa M. Maksy, Kutztown University of Pennsylvania
EAGLE COUNTY — On Monday, the Eagle County Assessor’s Office mailed Notices of Valuation to all property owners of record. Counties throughout the state are required to conduct a complete reassessment of all property every two years. Under Colorado law, property valuations must reflect the local real estate market activity from Jan.1, 2015, to June 30, 2016.
Property owners who believe the market does not support their 2017 assessed value during that timeframe, or whose property’s characteristics are not listed correctly on the notice, can appeal their valuation through June 1.
Eagle County Assessor Mark Chapin said his office has received several inquiries from property owners confused by solicitation letters indicating a fee schedule for filing appeals. There is no charge to appeal a valuation.
“We encourage any property owner with questions on their valuation to call us at 970-328-8640 or stop by our office,” Chapin said.
Owners can appeal in person at the Assessor’s Office at the Eagle County Building, 500 Broadway in Eagle, in writing via mail to P.O. Box 449, Eagle, CO 81631, by fax to 970-328-8679 or online at http://www.eaglecounty.us/nov. If appealing in writing, then be sure to identify the property and provide reasons for the appeal.
El Jebel- and Basalt-area property owners can make an appointment to see an appraiser at the Eagle County annex in El Jebel on any Wednesday in May by calling 800-225-6136, ext. 8640, or 970-328-8640.
Bare Roots Harvest Summit slated for May 20 in Edwards
The fifth annual Harvest Summit, hosted by Bare Roots, will be held on Saturday May 20, from 8:30 a.m. to 3:30 p.m. Community partners from the Eagle River Valley and from across Colorado will gather for a panel at the Miller Ranch Community Center, 25 Mill Loft Street, Edwards. Local growers will participate in a panel to discuss organic growing, medicinal plant use, best practices and all things plant related. The summit is free to attend, and parking is available at Miller Ranch.
This will be an open forum event with a Q-and-A session. The Harvest Summit is an opportunity for Eagle County residents to interact with members of their food and growing communities, share resources, and learn about local farming. The summit will also include a seed swap, a plant sale and a silent auction. All proceeds from the auction will benefit Bare Roots.
Bare Roots, formerly Mountain Harvest Coalition, is a local food collective dedicated to cultivating an Eagle River Valley community in which every individual has access to local, nourishing, sustainable food resources. Bare Roots supports healthy food access through education, outreach and partnership.
Breakfast and lunch will be provided. For those who attend the summit, free beer and live music will follow at Crazy Mountain Brewery.
Free childcare on-site will be provided by an AmeriCorps NCCC team. This will include growing gardeners classes.
Chamonix lottery results posted
The town of Vail has released results from the Chamonix Vail lottery drawing held this past Wednesday. The 32 lottery winners have until 5 p.m. on Wednesday to execute a reservation agreement and submit a $1,000 nonrefundable reservation fee to the town. After the Wednesday deadline, any remaining homes will be reassigned to lottery participants who are on the wait list.
Pricing ranges from $399,000 for a two-bedroom, two-bath, one-car garage home to $739,000 for a larger three-bedroom, three-bath, two-car garage home. Construction of the homes began on April 10; the first families will be moving into their new residences in December.
Visit http://www.chamonixvail.com, for more information.
County finance director earns honor
John Lewis, Eagle County’s finance director has been awarded one of the industry’s highest honors.
The Colorado Society of Certified Public Accountants awarded John Lewis the Governmental Certificate of Achievement.
To earn the certificate, Lewis completed five eight-hour courses covering the latest rules, regulations and pronouncements in governmental accounting. Those who complete the rigorous coursework acquire a deeper understanding of governmental accounting issues, enhance their competence in the field and demonstrate their dedication and commitment as governmental accounting professionals.
The county’s finance department publishes the county’s annual budget and financial statements, tracks the monthly sales tax receipts and performs monthly budget analysis.
“Believe it or not, accountants are not usually nominated for Oscars, Emmys or even Tony awards. In fact, we are just not front and center on anyone’s minds when it comes to giving awards, although we did receive notoriety last year when one of our own gave Warren Beatty the wrong ‘Best Picture’ winner,” Lewis said, jokingly.
However, the county’s finance department encourages continuing education, Lewis said.
For the past 18 years, the county’s finance department has earned the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.
Along with the department honors, they have earned several individual awards:
Hector Ordonez earned his CPA from the State of Colorado in 2016.
Joan Monaghan earned her Chartered Global Management Accountant designation from the American Institute of CPAs. Monaghan was also one of 30 out of hundreds of applicants selected nationally to attend the AICPA Leadership Academy in Washington, D.C. Before accepted a new position with Standard & Poor’s Global, she passed all of the tests required for her Certified Professional Finance Officer designation.
Tom Hyatt earned his Chartered Global Management Accountant designation from the American Institute of CPAs, also in 2015.
Lewis earned his Chartered Global Management Accountant designation from the American Institute of CPAs. He also earned his Governmental Certificate of Achievement from the Colorado Society of CPAs.