Download FAR test prep from unlimited killexams.com account

killexams.com CPA Financial Accounting and Reporting Certification is accessible on the Internet. Heaps of understudies had been grumbling that there are an excessive number of inquiries of FAR in such a ton of training appraisals and test guides, and the majority of them are out of date and old. Henceforth Killexams.com experts work out this far-reaching FAR PDF Download for the exceptionally minimal price however with superior grade and substantial, refreshed, and duplicate of genuine FAR questions.

FAR CPA Financial Accounting and Reporting reality | http://babelouedstory.com/

FAR reality - CPA Financial Accounting and Reporting Updated: 2024

Just memorize these FAR questions before you go for test.
Exam Code: FAR CPA Financial Accounting and Reporting reality January 2024 by Killexams.com team

FAR CPA Financial Accounting and Reporting

Within the Blueprints, you will find the following information for each exam section:

Content organized by Area, Group and subject along with score weighting

Sample task statements that represent what you may be asked to do when testing

Skill levels at which tasks are tested

Reference materials that support the trial task statements

Number of item types you must complete (multiple-choice questions, task-based simulations and written communication tasks)

Score weighting of each item type



Content area allocation Weight

I. Conceptual Framework, Standard-Setting and Financial Reporting 25–35%

II. Select Financial Statement Accounts 30–40%

III. Select Transactions 20–30%

IV. State and Local Governments 5–15%



Each exam section is delivered in five smaller sections called testlets. Each testlet features different item types (see below) used to test your knowledge and skills. To learn more about how each section is organized, including when you can take a break, review the CPA exam structure.



Exam Item Types

You will be tested during the CPA exam using three types of test items that appear within specific testlets in each section.



Multiple-Choice Questions (MCQ)

The multiple-choice portions are presented in the first two testlets of each exam section.



Task-Based Simulations (TBS)

Task-based simulations are condensed case studies that test accounting knowledge and skills using real life, work-related situations. All task-based simulations are intended to assess knowledge and skills that are appropriate for an entry-level accountant. There are three TBS testlets in the AUD, FAR and REG sections, and two TBS testlets in the BEC section.



Written Communication Tasks

Written communication tasks appear only in the BEC section of the CPA Exam. For each of three written communication tasks, you must read a scenario and then write an appropriate document relating to the scenario. The instructions state what form the document should take (such as a memo or letter) and its focus. Your response should provide the correct information in writing that is clear, complete and professional.



Each of the four exam sections is broken down into five smaller sections called testlets. These testlets feature multiple-choice questions (MCQs) and task-based simulations (TBSs). In the case of BEC, you also have to complete three written communication tasks. The number of MCQs and TBSs tested varies depending upon the specific section taken. You will receive at least one research question (research-oriented TBS) in the AUD, FAR and REG sections. To complete them, you will have to search the related authoritative literature and find an appropriate reference.



cpa-exam-sections

Breaks

During each exam section, you will be offered a 15-minute break after the first TBS testlet. This is about midway through the section (two hours). You may accept this break and pause the exam timer or you may continue testing. To accept the break, click the “Take a Break” button. During this break, you must leave the testing room and follow all Prometric security rules. The exam timer will restart when the 15-minute break ends.



In addition to the 15-minute break, you may also take optional breaks after all other testlets but you cannot pause the exam timer. The timer will continue to run.



The Financial Accounting and Reporting (FAR) section of the Uniform CPA
Examination (the Exam) assesses the knowledge and skills that a newly licensed
CPA must demonstrate in the financial accounting and reporting frameworks
used by business entities (public and nonpublic), not-for-profit entities and state
and local government entities.

The financial accounting and reporting frameworks that are eligible for
assessment within the FAR section of the exam include the standards and
regulations issued by the:

• Financial Accounting Standards Board (FASB)

• U.S. Securities and Exchange Commission (U.S. SEC)

• American Institute of Certified Public Accountants (AICPA)

• Governmental Accounting Standards Board (GASB)

• International Accounting Standards Board (IASB)

A listing of standards and regulations promulgated by these bodies, and other
reference materials that are eligible for assessment in the FAR section of the
Exam are included under References at the conclusion of this introduction.

Content organization and tasks

The FAR section blueprint is organized by content AREA, content GROUP and
content TOPIC. Each group or subject includes one or more representative TASKS
that a newly licensed CPA may be expected to complete in practice.

Tasks in the FAR section blueprint are representative. The tasks are not
intended to be (nor should they be viewed as) an all-inclusive list of tasks that
may be tested in the FAR section of the Exam. Additionally, it should be noted
that the number of tasks associated with a particular content group or topic
is not indicative of the extent such content group, subject or related skill level
will be assessed on the Exam. For example, the subject titled “Notes to financial
statements” in Area I includes two tasks that are intended to encompass the
required disclosures for any subject in the FASB Accounting Standards Codification,
while the group titled “Leases” in Area III includes eight tasks that are limited
to the accounting requirements in the Leases subject of the FASB Accounting
Standards Codification. The number of tasks included in the blueprint for this



group and this subject is not intended to suggest that “Leases” are more significant
to newly licensed CPAs or will be tested more than the “Notes to financial
statements.” Similarly, examples provided within the task statements should not
be viewed as all-inclusive.

Content allocation

The following table summarizes the content areas and the allocation of content
tested in the FAR section of the Exam:

Overview of content areas

Area I of the FAR section blueprint covers FASBs Conceptual Framework, FASBs
standard-setting process and several different financial reporting topics. The
financial reporting syllabus include the following:

• General-purpose financial statements applicable to for-profit entities,
not-for-profit entities and employee benefit plans under the FASB Accounting
Standards Codification

• Disclosures specific to public companies including earnings per share
and segment reporting under the FASB Accounting Standards Codification
and the interim, annual and periodic filing requirements for U.S. registrants in
accordance with the rules of the U.S. SEC

• Financial statements prepared under special purpose frameworks as described
in AU-C Section 800 of the Codification of Statements on Auditing Standards
Area II of the FAR section blueprint covers the financial accounting and
reporting requirements in the FASB Accounting Standards Codification that are
applicable to select financial statement accounts.

• To the extent applicable, each group and subject in the area is eligible for testing
within the context of both for-profit and not-for-profit entities.
– If significant accounting or reporting differences exist between for-profit
and not-for-profit entities for a given group or topic, such differences are in
representative not-for-profit tasks in the blueprint.

Area III of the FAR section blueprint covers the financial accounting and
reporting requirements for select transactions that are applicable to entities
under the FASB Accounting Standards Codification and the IASB standards.
• The testing of content under the IASB standards is limited to a separate group
titled, “Differences between IFRS and U.S. GAAP.”

• To the extent applicable, the remaining groups in the area are eligible for
testing within the context of both for-profit and not-for-profit entities.
– If significant accounting or reporting differences exist between for-profit and
not-for-profit entities, such differences are in representative not-for-profit
tasks in the blueprint.

Area IV of the FAR section blueprint covers GASBs conceptual framework as
well as the financial accounting and reporting requirements for state and local
governments under the GASB standards and interpretations.

Section assumptions

The FAR section of the exam includes multiple-choice questions, task-based
simulations and research prompts. When completing questions in the FAR
section of the Exam, candidates should assume that all of the information
provided in each question is material. In addition, candidates should assume
that each question applies to a for-profit business entity reporting under U.S.
GAAP unless otherwise stated in the fact pattern for a question. For example,
questions that apply to not-for-profit entities specify the nature of these entities

as “not-for-profit” or “non-governmental, not-for-profit.” Questions that apply to
IFRS include phrases such as “under IFRS” or “according to IFRS.” Questions
that apply to the state and local governments include phrases such as “local
government,” “state,” “municipality” or “city.”

Skill allocation

The exam focuses on testing higher order skills. Based on the nature of
the task, each representative task in the FAR section blueprint is assigned
a skill level. FAR section considerations related to the skill levels are
discussed below.

Skill levels

Evaluation The examination or assessment of problems, and
use of judgment to draw conclusions.

Analysis

The examination and study of the interrelationships
of separate areas in order to identify causes and find
evidence to support inferences.

Application The use or demonstration of knowledge, concepts
or techniques.

Remembering and
Understanding
The perception and comprehension of the
significance of an area utilizing knowledge gained
Remembering and Understanding tasks are in all four areas of the FAR blueprint.
These tasks, such as identifying transactions and financial reporting requirements,
frequently require newly licensed CPAs to demonstrate their comprehension of
accounting concepts and standards. Area IV has the highest concentration of
remembering and understanding tasks.

• Application tasks are in all four areas of the FAR blueprint. These tasks, such as
preparing journal entries and financial statements, frequently require newly licensed
CPAs to use accounting concepts and standards to measure and recognize financial
statement amounts.

• Analysis tasks are in Area I, Area II and Area III of the FAR blueprint. These tasks,
such as reconciling account balances, interpreting agreements and detecting
financial reporting discrepancies, frequently require newly licensed CPAs to
demonstrate a higher level of interpretation. Area I and Area II have the highest
concentration of analysis tasks.

The representative tasks combine both the applicable content knowledge and the
skills required in the context of the work that a newly licensed CPA would reasonably
be expected to perform. The FAR section does not test any content at the Evaluation
skill level as newly licensed CPAs are not expected to demonstrate that level of skill in
regards to the FAR content.
CPA Financial Accounting and Reporting
AICPA Accounting reality

Other AICPA exams

BEC CPA Business Environment and Concepts
FAR CPA Financial Accounting and Reporting
CPA-REG CPA Regulation
CPA-AUD CPA Auditing and Attestation
PCAP-31-03 Certified Associate in Python Programming - 2023
PCEP-30-01 Certified Entry-Level Python Programmer

We are doing great struggle to provide you actual FAR dumps with practice questions and answers, alongside explanations. Each question on killexams.com has been confirmed by FAR certified specialists. They are exceptionally qualified and confirmed people, who have numerous times of expert experience identified with the FAR exam. Memorizing our practice questions is enough to pass FAR exam with high marks.
AICPA
FAR
CPA Financial Accounting and Reporting
https://killexams.com/pass4sure/exam-detail/FAR
Question: 154
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992
financial statements. This question represents one of Quo's transactions. List B
represents the general accounting treatment required for these transactions. These
treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting
from the accounting change or error correction in the 1993 financial statements, and do
not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial
statements and adjust 1992 beginning retained earnings if the error or change affects a
period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but
do not restate 1992 financial statements.
Item to Be Answered
Quo changed from LIFO to FIFO to account for its finished goods inventory. List B
(Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained
earnings statement of the earliest year presented as an adjustment of the beginning
balance. All prior year financial statements are recast.
Question: 155
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies. Quo's 1993 financial statements will be presented in
comparative form with its 1992 financial statements. This question represents one of
Quo's transactions. List A represents possible clarifications of these transactions as: a
change in accounting principle, a change in accounting estimate, a correction of an error
in previously presented financial statements, or neither an accounting change nor an
accounting error.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in
process inventories. List A (Select one)
A. Change in accounting principal.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
Answer: A
Explanation:
Choice "a" is correct. Change in inventory pricing method from FIFO to average cost is a
change in accounting principle.
Question: 156
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies. Quo's 1993 financial statements will be presented in
comparative form with its 1992 financial statements. This question represents one of
Quo's transactions. List B represents the general accounting treatment required for these
transactions. These treatments are: . Cumulative effect approach - Include the
cumulative effect of the adjustment resulting from the accounting change or error
correction in the 1993 financial statements, and do not restate the 1992 financial
statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial
statements and adjust 1992 beginning retained earnings if the error or change affects a
period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but
do not restate 1992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in
process inventories. List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained
earnings statement of the earliest year presented as an adjustment of the beginning
balance. All prior year financial statements are recast.
Question: 157
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992
financial statements. This question represents one of Quo's transactions. List A
represents possible clarifications of these transactions as: a change in accounting
principle, a change in accounting estimate, a correction of an error in previously
presented financial statements, or neither an accounting change nor an accounting error.
Item to Be Answered
Quo sells extended service contracts on its products. Because related services are
performed over several years, in 1993 Quo changed from the cash method to the accrual
method of recognizing income from these service contracts.
List A (Select one)
A. Change in accounting principal.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
Answer: C
Explanation:
Choice "c" is correct. Change from the cash method to the accrual method is a correction
of an error in previously presented financial statements.
Question: 158
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992
financial statements. This question represents one of Quo's transactions. List B
represents the general accounting treatment required for these transactions. These
treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting
from the accounting change or error correction in the 1993 financial statements, and do
not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial
statements and adjust 1992 beginning retained earnings if the error or change affects a
period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but
do not restate 1992 financial statements. Item to Be Answered
Quo sells extended service contracts on its products. Because related services are
performed over several years, in 1993 Quo changed from the cash method to the accrual
method of recognizing income from these service contracts.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. If comparative FS are issued, restate prior year's FS. If
comparative FS are not issued, restate prior year-end's retained earnings account by
"adjusting" (net of tax) the opening balance of the current retained earnings statement.
Note that when an error is corrected, retroactive restatement is used, and when there is a
change in accounting principle, retrospective restatement is done. However, this is only a
difference in terminology.
Question: 159
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies. Quo's 1993 financial statements will be presented in
comparative form with its 1992 financial statements. This question represents one of
Quo's transactions. List A represents possible clarifications of these transactions as: a
change in accounting principle, a change in accounting estimate, a correction of an error
in previously presented financial statements, or neither an accounting change nor an
accounting error.
Item to Be Answered
During 1993, Quo determined that an insurance premium paid and entirely expensed in
1992 was for the period January 1, 1992, through January 1, 1994.
List A (Select one)
A. Change in accounting principal.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
Answer: C
Explanation:
Choice "c" is correct. Expensing insurance premiums when paid (rather than allocating
them to the periods benefited) is a correction of an error in previously presented financial
statements.
Question: 160
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992
financial statements. This question represents one of Quo's transactions. List B
represents the general accounting treatment required for these transactions. These
treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting
from the accounting change or error correction in the 1993 financial statements, and do
not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial
statements and adjust 1992 beginning retained earnings if the error or change affects a
period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but
do not restate 1992 financial statements.
Item to Be Answered
During 1993, Quo determined that an insurance premium paid and entirely expensed in
1992 was for the period January 1, 1992, through January 1, 1994.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. If comparative FS are issued, restate prior year's FS. If
comparative FS are not issued, restate prior year-end's retained earnings account by
"adjusting" (net of tax) the opening balance of the current retained earnings statement.
Question: 161
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992
financial statements. This question represents one of Quo's transactions. List A
represents possible clarifications of these transactions as: a change in accounting
principle, a change in accounting estimate, a correction of an error in previously
presented financial statements, or neither an accounting change nor an accounting error.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased
in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its
increased investment, Quo changed its method of accounting for investment in Worth,
Inc. from the cost method to the equity method.
List A
A. Change in accounting principle.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
Answer: D
Explanation:
Choice "d" is correct. A change from the cost method (less than 20% ownership) to the
equity method (20% or more ownership or a Board seat or other significant influence) of
accounting for investment in an investee is neither an accounting change nor an
accounting error. If it is not an accounting change, it cannot be a change in accounting
principle or a change in accounting estimate since those two types of changes are both
accounting changes.
There is a considerable amount of controversy on this particular answer. Some people
think that this change is a change in accounting principle (something certainly changed,
but was it the accounting principle?), and others think it is a change in accounting entity
(which is not one of the available answers; anyway, did the accounting entity actually
change or is it the same entity accounted for differently?). Under SFAS No. 154, a
change in accounting principle is treated retrospectively and a change in accounting
entity is treated retrospectively.
This kind of change (cost to equity) has never been specifically identified in any
accounting literature as either a change in accounting principle or a change in accounting
entity. The words "cost method" were never mentioned in APB 20 (other than the full
cost method for oil & gas companies, which is an entirely different subject), nor was it
mentioned in SFAS No. 154. It was, however, discussed in APB 18 (the pronouncement
for the equity method) in Paragraph 19m (bold added): "An investment in common stock
of an investee that was previously accounted for on other than the equity method may
become qualified for use of the equity method by an increase in the level of ownership
described in paragraph 17 (i.e., acquisition of additional voting stock by the investor,
acquisition or retirement of voting stock by the investee, or other transactions). When an
investment qualifies for use of the equity method, the investor should adopt the equity
method of accounting. The investment, results of operations (current and prior periods
presented), and retained earnings of the investor should be adjusted retroactively in a
manner consistent with the accounting for a step-by-step acquisition of a subsidiary."
What does all this mean? It means that, when there is a change in the percentage of
ownership that changes accounting from the cost method to the equity method, the
change is treated retroactively (just like changes in accounting entity used to be treated,
although they are now treated retrospectively). It does not say that the change is a change
in accounting principle or anything else. Nothing in SFAS No.154 changed this
treatment. So all this still makes Choice "d" correct. This whole issue might easily be
considered to be splitting hairs, at the very least. Some questions on the CPA exam are
just that way. Most are not.
Question: 162
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed,
working closely with Quo's president and outside accountants, made changes in
accounting policies, corrected several errors dating from 1992 and before, and instituted
new accounting policies. Quo's 1993 financial statements will be presented in
comparative form with its 1992 financial statements. This question represents one of
Quo's transactions. List B represents the general accounting treatment required for these
transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting
from the accounting change or error correction in the 1993 financial statements, and do
not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial
statements and adjust 1992 beginning retained earnings if the error or change affects a
period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but
do not restate 1992 financial statements.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased
in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its
increased investment, Quo changed its method of accounting for investment in Worth,
Inc. from the cost method to the equity method.
List B
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. The equity method of accounting is applied retroactively when the
investor has acquired 20% ownership. Prior to acquiring the ability to influence the
investee, the cost method is proper. The retroactive restatement approach does not mean
that this change is the correction of an error (which is now treated retroactively), a change
in accounting principle (which is now treated retrospectively), or a change in accounting
entity (which is now treated retrospectively). It just means that retroactive restatement is
the proper treatment.
Question: 163
According to the FASB conceptual framework, what does the concept of reliability in
financial reporting include?
A. Effectiveness.
B. Certainty.
C. Precision.
D. Neutrality.
Answer: D
Explanation:
Choice "d" is correct. The concept of reliability in financial reporting includes; neutrality,
representational faithfulness and verifiability.
Choices "a", "b", and "c" are incorrect, per the above.
For More exams visit https://killexams.com/vendors-exam-list
Kill your exam at First Attempt....Guaranteed!

AICPA Accounting reality - BingNews https://killexams.com/pass4sure/exam-detail/FAR Search results AICPA Accounting reality - BingNews https://killexams.com/pass4sure/exam-detail/FAR https://killexams.com/exam_list/AICPA Does the CPA Evolution Initiative Go Far Enough? No result found, try new keyword!In 2017, the AICPA, in conjunction with NASBA, undertook a gap analysis of the Uniform CPA Examination to identify opportunities challenging the ... Thu, 04 Jan 2024 20:59:00 -0600 https://www.cpajournal.com/2024/01/05/does-the-cpa-evolution-initiative-go-far-enough-2/ How much of a threat is the talent shortage to the accounting profession?

There is an accounting shortage in the US.

The American Institute of Certified Public Accountants (AICPA) estimates that about 75% of CPAs would have reached retirement eligibility by 2020. Coupled with a steady decrease in new students majoring in accounting, firms are facing a significant talent shortage.

“Firms have got a lot of other work that is important for their client needs and they are stepping back and looking at their business models and saying, what space do we want to be in?” asks Sue Coffey, CEO of Public Accounting for AICPA & CIMA.

While the same shortage has not yet hit the shores of the UK, the profession has not grown in popularity in a number of years and the number of younger people entering the profession is starting to dwindler. This shortage is a result of various factors, including voluntary resignations, the retirement of Baby Boomer accountants, and a lack of interest among young people due to misconceptions about the profession. As a result, there will be a competition for talent, especially for larger international firms, in 2024.

In response to the talent shortage in the US, the AICPA has formed the National Pipeline Advisory Group, a collective of accounting stakeholders tasked with shaping strategies to address the profession’s talent shortage. The group’s work will be informed by technology, surveys, and in-person forums to solicit insights from diverse groups nationwide.

This initiative demonstrates a proactive approach to addressing the talent crisis and could serve as a model for other firms.

Time for a rebrand?

One key strategy for attracting new talent to the accounting profession is rebranding. Traditionally, accounting has been seen as a mundane and monotonous profession. However, today’s accountants are far from that stereotype.

They are forward-thinking individuals who leverage technology, possess strong analytical skills, and play a crucial role in driving business success. Firms need to emphasize these selling points and showcase the exciting and diverse opportunities that the profession offers.

Accounting is no longer just about crunching numbers. It requires individuals who are tech-savvy and can think critically to solve complex business problems. Janet Malzone, the national managing partner of audit services at Grant Thornton, agrees and suggests that the profession should be rebranded as a technology profession, reflecting the significant role technology plays in modern accounting practices.

The AICPA & CIMA, for instance, are preparing accounting professionals with learning programs and resources to expand their competencies. They are also on track to launch a new CPA exam in January 2024, embedding critical data and technology concepts into the exam. This focus on innovation ensures the profession remains relevant, resilient, and trusted.

Emphasising the selling points

To attract new talent, firms must highlight the unique and compelling aspects of a career in accounting.

Jim Proppe, managing partner at Plante Moran, believes that many high school students are unaware of the exciting and dynamic nature of the profession. He emphasizes the opportunity to work with smart, high-energy individuals and gain diverse industry experience.

Promoting transferable skills

Accountants possess a wide range of transferable skills that make them valuable assets to any organization. Today, the role of accountants extends beyond technical accounting tasks. They have the ability to analyze data, identify trends, and provide strategic insights that drive business decisions. These skills are highly transferable and can open doors to various roles within a company.

Avcountants with a broader skill set can venture into different functions within an organisation. They can contribute to sales and services operations, participate in process improvement initiatives, and drive digital transformation. Firms should emphasize these transferable skills to attract individuals who are seeking dynamic and versatile career opportunities.

Setting realistic salary expectations

Compensation is a crucial factor when it comes to attracting and retaining talent. However, there can be a disconnect between the salary expectations of latest graduates and the reality of entry-level accounting positions. According to Robert Half’s survey, some candidates have unrealistic salary expectations, often influenced by friends in other professions who may earn higher salaries.

To bridge this gap, firms need to educate students about the career progression in accounting. While starting salaries may not be exceptionally high, the profession offers a stair-stepped career path with opportunities for growth and increased income over time. Setting realistic salary expectations early on can help manage candidates’ perceptions and attract individuals who are genuinely interested in the profession.

Subscribe to get your daily business insights

Wed, 03 Jan 2024 17:03:00 -0600 en-GB text/html https://www.accountancyage.com/2024/01/04/how-much-of-a-threat-is-the-talent-shortage-to-the-accounting-profession/
Why accountants shouldn't worry about AI

AI is everywhere. As an accountant, it's impossible to ignore the hype and reality of AI and how it will impact our industry. However, there's a misconception that is causing a lot of sleepless nights for experts in our field: replacement.

Technology replacing humans in critical roles is a threat that professionals have been hearing about for a long, long time. We've been hearing that machines or tech will replace pilots, warehouse workers, lawyers, and everyone in between - which includes you.

While accounting is changing, even the Big Four agree: AI will not replace accountants. To quote the article, "It doesn't ideate, it doesn't create innovations by itself.."  In its current state, automation cannot replace humans. 

And that's a relief. In fact, AI helps accountants offer better and more efficient services.

However, you need to keep up with these rapid changes to automation and AI to ensure that you have the tools to leverage it properly in your career, better serve your clients, and Excellerate your job security at the same time.

How?

Enhance efficiency and effectiveness with AI

Think of AI as a helper, which is designed to Excellerate the speed of your work and effectiveness. ChatGPT, Bard and the like have pushed AI to the forefront of everyone's minds, but artificial intelligence has been embedded in the tools that you use already — or should be:

  • QuickBooks Online: QBO utilizes AI and supports many integrations that do the same. Accountants have access to the Recommendation System to help find tax rates and exemptions. The software also uses AI to help automate repetitive tasks such as data entry, invoice processing and even generating financial reporting.
  • Gusto: AI-driven payroll flows are built by Gusto, according to company news, which automatically maps payroll data based on spreadsheets that you put into Gusto Pro. The platform aims to reduce manual data entry and save accountants hours per week by eliminating tedious tasks.
  • Clockwork AI: Add advisory services seamlessly into your offering using FP&A software built by professionals for professionals. As explained in its Comprehensive Guide to AI in FP&A here, accounting teams can ditch the guesswork and create what-if scenarios to build out-of-the-box insights that take three minutes instead of weeks to compile.

Reviewing all of these tools, what do you realize? AI is meant to save us already time-depleted accountants time. You'll have the opportunity to focus on core, critical tasks and upgrade your practice instead of mundane data-entry tasks that waste hours per week.
And as a natural progression, these tools can also help you serve your clients better.

Strategic use of AI allows you to serve clients better

What should your goal be as an accountant? To leverage your time to serve your clients to the best of your ability. You need to be efficient and also transition into the role of an advisor to your clients. AI and the tools that incorporate it are helping accountants do precisely that.

You can lean on artificial intelligence to save time, gain insights and step into advisory roles.

Advisory roles are easier to enter when you have a complete understanding of your clients, their needs, and how you can best help them. Artificial intelligence gives you the insights you need to advise your clients on critical areas of their business.

For example, you can use AI to automate transactional tasks, recommend the best time to make large capital investments, and save the client money with tax planning recommendations.

AI will free up time in your schedule to offer advisory services and future-proof your career.

Future-proofing your accounting career

Embracing AI can help you future-proof your accounting career, because the reality is that AI isn't going anywhere anytime soon. By adapting to new technologies and continuing to learn and change with the latest developments, you set yourself up for success in the future. Through the use of AI, you can set your firm apart from growing competition by going beyond just offering commoditized services. 

So what's the path forward?

One way to future-proof your career is to partner with AI pioneers. 

It's important to remember that you're an accountant. Accounting is your area of expertise — you're not expected to be an AI expert. But that doesn't mean that you should just ignore AI. 

Instead of worrying about the future, face it head-on and stay in the know. Partner with those who are leading the charge:

  • Educators like Earmark CPE;
  • Technology providers like those mentioned previously; and
  • Peers who specialize in this area. 

Attend conferences like QuickBooks Connect or AICPA Engage to know what's coming and prepare for it. These pioneers will help you stay up to date on advancements, allowing you to stay agile and plan your next move as things change.
While it's easy to get stressed or anxious about the future, it's important to remember that AI can't replace everything. 

Focusing on human insight and relationships

AI can be a powerful tool for accountants. It can save time and streamline tasks that used to be tedious and time-consuming.

But there are two things that AI can never replace: human insight and client relationships.

Trust is crucial to the success of any business, and you can't build trust if you're not nurturing relationships with clients. Ultimately, clients want to know that they can speak to a human about their goals and needs and be understood. 

As of right now, people aren't particularly trusting of AI. In fact, a Pew Research poll found that 52% of people were more concerned than excited about AI. That percentage has been increasing over the last three years. In 2021, only 37% of polled adults were more concerned than excited. In other words, people are becoming even more skeptical of AI, even as the technology advances.

Human connection and insight are two things that AI cannot replicate or replace. While it's easy to get stressed about the future of the accounting industry, it's important not to lose sight of what matters — the human element.

View AI as another tool in your arsenal to free up your time so that you can focus on providing clients with better service. 

Embracing change without fear

AI will undoubtedly change the accounting industry — just like it will change many other industries. But who says the end result won't be positive? As accounting professionals, we need to embrace change and maintain a positive outlook.

Try not to get blinded by the fear and noise that AI has created. Stay focused on the real, positive value that AI can bring to the table. And in the meantime, partner with those who are doing the research and bringing you the solutions you should be leveraging. As a result, you'll stay on top of new developments, remain agile, and move with the changes.

Wed, 27 Dec 2023 07:27:00 -0600 en text/html https://www.accountingtoday.com/opinion/why-accountants-shouldnt-worry-about-ai-and-what-to-do-instead
AICPA sees threat to CPA state mobility

The American Institute of CPAs provided information for U.S. accounting professionals on the potential impact on their out-of-state engagements if some of the pending legislation in some states on licensure requirements is enacted.

The document includes background information and a compliance checklist for CPAs to weigh the impact on them if a state unilaterally changes its requirements necessary for licensure. Two states in particular, Minnesota and South Carolina, are considering such changes.

For now, CPAs continue to benefit from a national licensing system, known as "CPA mobility," that allows nearly complete practice movement from a CPA's home state of licensure to other states without the need to obtain additional licenses, register with the other state or pay extra fees. That longstanding system, which the AICPA has worked hard over the years to establish, is based on the concept of "substantial equivalency," a foundation of common or similar educational, examination, and experience requirements for licensure across states. Such freedom of movement gives CPAs and their firms the ability to serve clients across state lines, either in person or virtually amid the ongoing pandemic, without the extra burden of obtaining separate licenses for each state in which they practice.

"We believe upending mobility would be a grave mistake," said AICPA & CIMA CEO of public accounting Susan Coffey in a statement Thursday. "But with some states pursuing legislation that impacts CPA mobility well beyond their own borders, it would be irresponsible for us not to have resources in place to reflect those potential outcomes and stakes. As with other matters, we are committed to providing CPAs and CPA firms the information they need to practice successfully and in compliance with regulatory requirements."

Susan Coffey AICPA Engage 2019

Susan Coffey

Earlier this year the AICPA organized a National Pipeline Advisory Group that aims to develop a national strategy to address the accounting profession's talent shortage. The group has developed a Pipeline Acceleration Plan that includes some short-term initiatives to address the accounting talent shortage. It's also evaluating the boundaries of substantial equivalency to understand if more flexibility exists, and a draft plan is expected in May 2024.

In calling for the formation of the National Pipeline Advisory Group this past May, the AICPA governing Council stressed the importance of preserving CPA mobility. The AICPA plans to defend the system in states where it is under threat — Minnesota and South Carolina for right now — and part of that defense involves raising awareness about the stakes involved for CPAs. For more information on the effort, visit the AICPA's resource page on protecting CPA mobility.

Thu, 14 Dec 2023 06:31:00 -0600 en text/html https://www.accountingtoday.com/news/aicpa-sees-threat-to-cpa-state-mobility
Ethical Dilemmas in Accounting

Kendra James has written business-related articles since 2001. Her work has appeared in eHow and the "Montgomery Advertiser," as well as being utilized by regional accounting firms in Florida and Alabama. James is a certified public accountant. She holds a Masters of Science in accountancy from the University of Central Florida.

Wed, 18 Jul 2018 14:58:00 -0500 en-US text/html https://smallbusiness.chron.com/ethical-dilemmas-accounting-3740.html
AICPA seeks comments on criteria for stablecoins

The AICPA's Assurance Services Executive Committee (ASEC) on Monday issued an exposure draft to provide a framework for stablecoin issuers to present information about stablecoins and the assets that back them in order to provide transparency for holders of these digital assets.

ASEC is seeking comments on Criteria for the Presentation of the Sufficiency of Assets for Redemption: Specific to Asset-Backed Fiat-Pegged Tokens, which would use the following criteria when reporting at a specific measurement point in time:

  • The completeness and accuracy of a token issuer's redeemable tokens outstanding and related disclosures.
  • The completeness and accuracy of the redemption assets available to redeem redeemable tokens outstanding and related disclosures.
  • The redemption assets are equal to or greater than the redeemable tokens outstanding and related disclosures.

The criteria for reporting on the sufficiency of cash, cash equivalent, or other assets for redeeming outstanding asset-backed, fiat-pegged tokens at a specific measurement point in time are divided into three subject matters:

  • Token issuer's redeemable tokens outstanding and related disclosures.
  • Redemption assets available to redeem redeemable tokens outstanding and related disclosures.
  • Comparison of the balance of redemption assets available to redeem tokens and the token issuer's redeemable tokens outstanding and related disclosures.

The current lack of a framework "results in inconsistency among token issuers about making disclosures regarding redeemable tokens outstanding and the sufficiency of the redemption assets that back those tokens," according to the ED. "Because information about the redeemable tokens outstanding and redemption assets is not disclosed in the same manner, there is a lack of comparability and consistency of available information needed to ensure reliability and trust in these types of digital assets."

Guide for respondents

ASEC is seeking comments specifically on the nature and extent of information and disclosures contained in the proposed criteria. The document asks respondents to consider various questions, including whether the criteria is complete and whether the information is relevant and technically inaccurate. The committee is also seeking feedback on the definitions of terms included in the glossary.

The comment deadline is Jan. 29. Comments on the ED can be emailed to StablecoinED@aicpa-cima.com.

— To comment on this article or to suggest an idea for another article, contact Kevin Brewer at Kevin.Brewer@aicpa-cima.com.

Sun, 03 Dec 2023 10:00:00 -0600 text/html https://www.journalofaccountancy.com/news/2023/dec/aicpa-seeks-comments-on-criteria-for-stablecoins.html
Accountants Are Turning Away Work—Hurting Firms And Small Businesses

Hitendra Patil is the President of Global F&A Services, Datamatics Business Solutions, Inc. | Exclusive Services for CPA/Accounting Firms.

There's been an emerging trend of accounting firms turning away work due to staff shortages. These are painful issues for accounting firms and, more importantly, their prospective clients.

Why Are Accountants Not Taking On More Work?

Especially for smaller but growing businesses, the value of having a professional accountant working with them cannot be disputed. In a multi-country survey last year, about 8 in 10 businesses agreed that accountants help them reduce the impact of inflation. Accountants help businesses ensure they do not pay more than their fair share of taxes. More businesses are looking to hire professional accountants, but nearly 1 in 2 businesses don’t get to work with the accountant of their choice. Why?

The American Institute of Certified Public Accountants (AICPA) estimated that about 75% of CPAs would have reached retirement eligibility by 2020. According to a Wall Street Journal report, more than 300,000 accountants quit their jobs between 2019 and 2021. The enrollment of new students looking to major in accounting has been steadily decreasing for the past six years.

No wonder accounting firms find hiring new staff and retaining existing employees exceedingly challenging. To respond to the market reality of staffing shortage, accountants are turning away new work. Even after making this hard choice, they are hitting burnout. They are finding it challenging to maintain a work-life balance. Firms are increasing the salaries of their staff in a bid to retain them. This is because of an acute and ongoing talent shortage.

Accountants are among the most ethical and conscientious professionals. They want to ensure they do accurate, timely and compliant work for their clients despite talent shortages. But they can do so only up to a limit. And those limits have already been exhausted. It is hurting the accounting firms’ growth plans and current revenue. It hurts businesses that want to hire accounting firms but can’t find them. Accountants simply cannot take on more work unless they do something different to remedy the situation.

Ten Outcomes To Work Toward With Your Accountant

If you think accountants mean only balance sheets and tax returns, look at these 10 outcomes an accountant can help you achieve.

• Reduce cash locked in excess inventory and minimize the risk of loss due to expired inventory.

• Manage your cash flow by balancing payables and receivables to avoid borrowing money and paying high interest.

• Save you 10%-25% or more of time that you might otherwise spend in accounting so that you can focus on revenue-earning tasks.

• Ensure you are not paying more than your fair share of taxes.

• Optimize your finances to increase savings.

• Minimize and even eliminate your risk of IRS audit possibilities.

• Ensures your employees and vendors are paid on time by precisely managing your cash flow, protecting your business's reputation.

• Reduce the risk of losing thousands of dollars in the valuation of your business by ensuring your books are accurate and always up to date.

• They can help you make better-informed business decisions backed by insights provided through objective, accurate numbers.

These are just some examples. The more complex your business is and/or the faster it grows, the more you will gain by having a professional accountant by your side.

One of the surveys mentioned above also revealed that nearly 1 in 2 of those who don’t work with accountants feel accountants are expensive. But if you truly account for all the benefits of having an accountant, you will find that accountants’ fees are worth every penny you pay.

Help Accountants Help You

There are also ways that you can help your accountant help you—even if you don’t understand accounting.

• Provide your tax-related information to your accountant before the tax deadlines, not at the last minute.

• Do your part to make your accountant’s job easier. Provide relevant information to your accountant accurately and on time.

• Remote working became the norm after the pandemic. But “return to office” seems to have picked up pace recently. Don't let that stifle your accounting firm, as they try to hire only locally. Encourage your accountant to seek staffing help from anywhere. Outsourcing and offshoring have been successful strategies for large firms for many years. Secure technology and global talent allow even smaller firms to leverage this strategy so that your accountant gets freed up to focus more on your business than just managing the work processing at the firm.

• Request your accountant to provide you access to online accounting software and apps. There is no point wasting your precious time and that of your accountant just exchanging information. You’d instead want your accountant to provide you with personalized, actionable intelligence.

• Ask your accountant for advice on how you can better prepare, not just financial statements and tax returns.

It Is Not Just The Accounting Profession’s Problem

The accounting talent crisis indicates the broader underlying issues in the accounting profession. Some of these issues are because of how clients work with their accountants. Staffing shortage poses a serious threat to the very fabric of accounting services firms. The consequences extend beyond accounting firms, affecting businesses like yours seeking their expertise.

Accounting professionals play a significant role in safeguarding your financial health and helping you make better decisions backed and informed by data. You can and must play a proactive role in supporting your accountant to protect your interests.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

Mon, 25 Dec 2023 22:14:00 -0600 Hitendra Patil en text/html https://www.forbes.com/sites/forbesfinancecouncil/2023/12/26/accountants-are-turning-away-work-hurting-firms-and-small-businesses/
AICPA Advocacy

It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.

Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.

As states propose changes to CPA licensure requirements, the AICPA is providing crucial mobility guidance for CPAs and firms. Read the overview to understand the issue and review the checklist to see how to continue to practice successfully and remain in compliance should changes take effect.

In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will provide all businesses a fair and reasonable time frame to become aware of the new and complex rule.

A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.

The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.

The recently introduced bills would increase awareness of accounting at an earlier age through the use of federal funding “to promote the development, implementation, and strengthening of programs to teach accounting.”

The contingency plan calls for furloughs of two-thirds of IRS staff, which Treasury said will result in “significant harmful impacts" on taxpayers.

AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.

A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.

Mon, 18 Sep 2023 12:00:00 -0500 text/html https://www.journalofaccountancy.com/topics/aicpa-advocacy.html
New Curriculum | Master of Accounting and Analytics*

(22:010:577) Accounting for Managers - 3 Credits

An introduction to financial statement analysis which builds on the fundamentals of accounting, including understanding the accounting equation and its application in building the balance sheet, the income statement, and the statement of cash flows. Basic accounting concepts, accounting principles, and the audit report are presented. Students work in teams to analyze corporate financial statements. The relationship of economic value to accounting measurement is explored together with factors influencing management choices among competing valuation principles. Theory is applied to the valuation of the asset, liability, and owners' equity accounts. Emphasizes the heavy reliance on estimates in constructing financial statements and how management can use such estimates to strategically manage its reporting responsibilities.

(22:010:660) Accounting in the Digital Era - 3 Credits- STEM

This course provides the student with the evolution of accounting information to the digital economy. It explores the migration of the economy to a real-time economy and the digitalization of the business as well as the globalization of business. Enabling and emerging technologies provides the student with an awareness of the future of accounting, reporting, and auditing in the digital age. Technologies and the Sarbanes-Oxley Act provide an understanding about future methodologies that address compliance with the act.

(22:010:628) Contemporary Problems in Accounting Theory - 3 Credits

NOTE: Intermediate Accounting I and II will satisfy this course requirement

Discusses many of the problems in financial accounting theory and practice. Instills an appreciation for the challenges and limitations of accounting. Prepares students for advanced study, professional examinations, and successful pursuit of accounting careers. Covers current and long-term liabilities, stockholders' equity, dilutive securities, investments, accounting for income taxes, pension costs and leases, and accounting changes and error analysis. Refers to pronouncements of the Accounting Principles Board and the Financial Accounting Standards Board.

(22:010:638) Income Tax Accounting - 3 Credits

This graduate-level tax course is designed for students to develop an understanding of the fundamentals of federal income tax. This course is not intended for students in graduate taxation programs. Rather, this course combines basics of income taxation that are in multiple graduate-level courses thus giving student the accounting student broad coverage into individual as well as entity taxation. This course will help students develop skills in applying the tax law to client situations as well as analyzing the tax ramifications of business transactions. These skills are essential of graduates entering the workforce

(22:835:654) Advanced Cost and Accounting and Data Analytics - 3 Credits - STEM

Covers the problems of generating and utilizing cost data for the dual purpose of managerial control and product costing. Cost accounting principles and procedures are studied in relation to the accumulation and reporting of material, labor, and variable and fixed overhead costs. Actual, normal, and standard cost systems are examined in both a job order and process manufacturing setting. Cost control, cost planning, and cost analysis as used in assisting the managerial function are studied. Illustrates the role of technology in the data preparation, extraction and analysis of cost information needed for management decision making. The course employs the use of cutting-edge technology to demonstrate the use of such techniques in analyzing and controlling costs. Students will learn to prepare and use accounting information for planning and control purposes. As a key course in our foundation area, the student will master the essential tools and skills, including different types of data analytics, to make business decisions using accounting information.

(22:010:608) Auditing, Assurance and Analytics in a Corporate Environment - 3 Credits - STEM

Examines the principles and components governing management information systems with strong emphasis on the importance of internal control within the system. Illustrates the role of the computer in accounting and general information systems and accounting transactions processing, environment of information systems, designing new system controls, flow charting, management, designing computer-oriented controls, systems analysis, design, implementation, and follow-up principles of systems design and standards of internal control.

The key learning objectives are to ensure that students develop knowledge and skills to meet ethical and auditing standards. Learn to plan and perform audits and communicate the results. Gain a better understanding of the role of data analysis in the audit profession as well as the role of financial statement audits in organizations and financial markets.

(22:010:645) Decoding Corporate Communications - 3 Credits

This course is designed to strengthen the ability to correctly interpret financial statements and their accompanying disclosures and use them to assess a company's value. Emphasis will be placed on interpreting financial and business communications and operating and financial leverage.

(22:010:531) Advanced Auditing and Information Systems - 3 Credits - STEM

This course is primarily concerned with providing the foundation of knowledge necessary to build the skills needed to operate in the world envisioned by the AICPA when they adopted the Electronic Business Strategic Initiative. Accounting is defined by the AICPA as "a service activity whose function is to provide quantitative information, primarily financial in nature, about an organization that is intended to be useful in making ... decisions." Accounting Information Systems (AIS) encompasses those systems, manual and automated, that collect, store, manipulate, disseminate, and present that information to the decision-maker. The course adds to the knowledge of future accounting and auditing professionals who have taken the prerequisite course, Auditing Concepts, by becoming familiar with the technologies use in Accounting Information System and related IT audit methodology. The emphasis of this course is to assist students in: (1) obtaining an understanding of the risks associated with key aspects of information systems including: operating systems security, databases, networks, and systems development; and the audit role of Computer Assisted Audit Tools and Techniques (CAATTs); and (2) having a working command of ACL in performing standard attest function tests and fraud detection. It is expected that at the end of this course students will be comfortable using the information technology that has become common in supporting accounting applications. Further, it is hoped that when a student encounters new technology in the future, they will be able to use the foundation learned in this course to master that technology as well.

(22:010:630) Advanced Tax Research - 3 Credits

This course covers the tax research environment including rules and ethics in tax practice. Emphasis is on learning how to research tax problems by locating, understanding, and analyzing source materials such as the Internal Revenue Code, IRS regulations, and court cases.

(22:010:695) Advanced Accounting Research - 3 Credits

The goal of this course is to provide students the opportunity to develop research skills and to apply those skills to current issues in accounting and business. To achieve this goal, students work in teams to complete the course project. You will submit your team's findings and the following week's plans at weekly team meetings, At the end of the semester, each project team will present the results of their research to the class and submit a comprehensive report. There will also be a take-home final exam in which students will apply their understanding of the role of accounting in business to a real-world situation.

Thu, 02 Nov 2023 12:40:00 -0500 en text/html https://www.business.rutgers.edu/masters-accounting-analytics/curriculum
GAAP Vs. Governmental Auditing Standards

Generally Accepted Accounting Principles and Governmental Auditing Standards differ and cover different aspects of the financial reporting process. GAAP defines how businesses, both public and private, prepare their financial statements. Governmental Auditing Standards are a series of rules that define how an independent agent is supposed to review a government agency's financial statements and internal processes.

Fri, 20 Jul 2018 08:51:00 -0500 en-US text/html https://smallbusiness.chron.com/gaap-vs-governmental-auditing-standards-37182.html




FAR helper | FAR information source | FAR test prep | FAR Topics | FAR mission | FAR study help | FAR availability | FAR exam format | FAR health | FAR mock |


Killexams exam Simulator
Killexams Questions and Answers
Killexams Exams List
Search Exams
FAR exam dump and training guide direct download
Training Exams List