Journal of Accountancy Podcast

When will the SEC's proposed rule on climate disclosures become final? And what effect will new legislation in California have on companies across the country? Those questions and more are topics of this episode of the JofA podcast. Ami Beers, CPA, CGMA, senior director–Assurance & Advisory Innovation at the AICPA, discusses the latest news on multiple regulatory and reporting fronts. She also previews a December virtual conference. and discusses the AICPA a summary resource document, created in response to recently signed laws in California. Beers also discusses SEC rules that are not climate-related, such as ones focusing on human capital and board diversity. What you'll learn from this episode: The nationwide impact of new climate-related legislation in California on public and private companies. Where the SEC stands on its proposed climate rule, and the SEC's plans related to the "S" and "G" in ESG. The key role CPAs are positioned play in the rapidly evolving ESG reporting environment. How accounting professionals can benefit from the AICPA & CIMA ESG & Sustainability Conference in December.

For several years now, finance executives have had talent development and retention on their minds – even with all the other business headwinds they're facing today. That's why the timing of an apprenticeship program has been so important, and why it's the main topic on this episode of the JofA podcast. Today's guest, Barry Payne, director—External Relations, Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants, explains the tie-in between the emphasis on apprenticeships and the Future of Finance Leadership Advisory Group (FFLAG). Also, hear a short segment of the Small Firm Philosophy podcast where the owner of a small CPA firm talks about a drastic change to her business model that paid personal and professional dividends. Resources: U.S. apprenticeship program overview Future of Finance Summit agenda and registration JofA article on Sandy Johns and the transformative leap she took for her firm What you'll learn from this episode: An overview of progress in the Department of Labor-approved apprenticeship program in its first year. Some of the new companies now taking part in the program. How companies are applying the apprenticeship program to train and upskill existing employees. Payne's explanation of how an emphasis on apprenticeships was a "fundamental action" of the FFLAG. The top challenge listed by finance executives who are part of the FFLAG. Information about the December summit and agenda and why Payne calls it a "safe haven" for finance leaders.

Stephanie Hughes doesn't want anyone, especially families, to face an unforeseen crisis when it comes time to retire. Her family's own struggles, when she was in college, helped shape that view. Hughes, CEO of the Wealth Management & Family Office at the firm Wiss & Co. LLP, said she's teaching her daughter about money, saving, and thinking early about retirement. Dedicating a little bit of time now to educate others about retirement readiness can pay big dividends down the road. This episode of the JofA podcast also highlights breaking news related to IRS details on withdrawing employee retention credit claims. What you'll learn from this episode: · More about Stephanie Hughes and the division of the firm Wiss of which she is CEO. · The personal experience that helped shape Hughes and her view on financial planning, especially as it relates to transferring family wealth. · How her family's struggle led Hughes to a job that she says "became my passion." · Why retirement readiness is sometimes more challenging for women. · The importance of early education when it comes to saving for retirement. · The YouTube series that Hughes and other firm leaders have begun.

Nicole Davis isn't your typical CPA firm owner. She has five children, owns three businesses, and has zero work experience in a public accounting firm. She has crafted a presence on social media including an account with more than 12,000 followers on X, formerly known as Twitter. How has Davis done all of this, launching the firm Butler-Davis Tax & Accounting and two other businesses? And what has she learned along the way? She shares her story in this episode, a collaboration with the Small Firm Philosophy podcast, which is produced by the AICPA's Private Companies Practice Section. What you'll learn from this episode: Why Davis changed her firm's business model after the first year. How she uses video to communicate with clients and staff. How she shifted her firm away from taxes to accounting, bookkeeping, and advisory services. How price increases helped her firm right-size its client base. How she uses social media to connect with peers and land clients.

In the spring, two technology-focused accounting educators wrote an article about ChatGPT's ability to answer hypothetical client questions. Now, they're joining the JofA podcast to look into the future of generative AI. Mfon Akpan, CGMA, DBA, an assistant professor of accounting at Methodist University, and Scott Dell, CPA, DBA, an assistant professor of accounting at Francis Marion University, explain why CPAs and other professionals can be left behind professionally if they don't spend time learning about tools such as ChatGPT. They talk about productivity gains, the competitive divide that could develop, and how, in the short term, more training is needed to fully harness generative AI. Akpan and Dell also note that although the power of generative AI tools is exciting, these tools are far from perfect. In particular, accuracy remains a concern. Editor's note: The interview was recorded in August. What you'll learn from this episode: How Akpan and Dell got to know each other. A forecast of how generative AI will look in 2024. Some of the other tools competing with ChatGPT. Akpan's "aha moment" when giving a recent presentation. Why Dell said — twice — "the sky's the limit" with AI tools.

Ryan Bogner, EY's Americas digital sustainability leader, is the keynote speaker at the AICPA & CIMA Oil & Gas Conference in November in Las Vegas. He explains on this episode of the JofA podcast how the regulatory landscape will affect reporting going forward, the link between cost efficiency and carbon efficiency, and why, even with more focus on sustainable energy sources, demand for oil and gas remains high. What you'll learn from this episode: · Bogner's explanation of how reporting directives in Europe can affect U.S. companies. · How changes in the regulatory landscape could affect CPAs' reporting and assurance duties and timelines. · An update on the release of the SEC climate rule's final version. · Definitions of "carbon efficiency" and "carbon intensity." · Why Bogner says that demand for oil and gas as an energy source isn't diminishing.

Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97. Some earned CPE credits from a Kess conference session, others read his book, and some learned simply how to treat other people. Kess was passionately devoted to the profession; he continued serving on conference planning committees well into his 90s. As recently as 2022, Kess was honored with others in the profession at AICPA & CIMA ENGAGE. The specific award given then to Kess was the Stanley H. Breitbard Personal Financial Planning Division Lifetime Achievement Award. It is one of many such honors, not that Kess was in it for awards. In 2016, he received a separate PFP award. In 2011, he received the AICPA's highest honor. In 2010, an award related to continuing education was named after him. That's the way it was for Kess, who devoted his life to the profession. This episode of the JofA podcast shares more memories of Kess, dating back 50 years. What you'll learn from this episode: Background information on Sid Kess, who died last week at age 97. What Kess taught Marty Finn about relationship-building at conferences. David Lifson's surprise that Kess remembered him from a meeting that occurred at least 10 years earlier. Julie Welch's memory of when Kess suffered broken bones just before an AICPA video session but carried on. AICPA & CIMA CEO Barry Melancon's early dealings with Kess. Why Melancon said that "you hated to disappoint" Kess.

On Thursday, the IRS suspended the processing of new employee retention credit (ERC) claims to combat the prevalence of fraud. These measures will help protect small businesses and aim to stop fraud by promoters of ERC mills. In this episode, Kris Esposito, Director — Tax Policy & Advocacy, AICPA & CIMA, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, to discuss this important news development and break down the details of the announcement. What you'll learn from this episode: How to find out if submitted claims have been processed (3:53). When recently submitted claims will be processed (4:41). How to talk to your clients about the IRS announcement (6:22). How a new resource can help (7:38).

For Kevin Martin, CPA, the many happy memories of his father — also a CPA named Kevin Martin — outweigh the grief that accompanied the elder Martin's death in 2019. An otherwise healthy 78-year-old, the grandfather to Kevin and Lisa Martin's four children was diagnosed with amyotrophic lateral sclerosis (ALS), a debilitating disease that has no cure. He died about a month later. Kevin Martin, the son, didn't want those memories to fade away, and so, in the middle of the pandemic, he decided to write. He kept writing, and eventually his grief journal became a book, All Is Well: Life Lessons from a Preacher's Father. In this episode of the JofA podcast, Martin discusses the "preacher" part of the book's title, how the family-owned CPA firm has moved forward, and advice for dealing with life-altering events. What you'll learn from this episode: · The upheaval in accounting and other industries that affected Martin's firm at the onset of the pandemic. · Why Martin decided to write a book about his father. · The last words of Martin's father in the hospital. · Why Martin says "grief has no rules." · Martin's advice for how to assist grieving coworkers, including "bringing down the boundaries." · The book's role in fundraising for ALS charities and research.

It's not a rosy outlook by any means, but the mood of finance decision-makers has brightened in the past three months. That's according to a third-quarter survey of CPA decision-makers in business and industry. Optimism is rising, along with projections on revenue for the coming 12 months. Also, inflation is no longer the top challenge chosen by respondents. Ken Witt, CPA, CGMA, AICPA & CIMA's associate technical director – Reasearch and Development, discusses the results of the Business and Industry Economic Outlook Survey in this podcast episode. What you'll learn from this episode: · The decline in the percentage of respondents expecting their businesses to contract. · A breakdown of how CPA decision-makers in business and industry feel about the likelihood of a recession. · The top challenges facing finance executives. · What Witt calls the "keynote stat" to monitor leading up to the fourth-quarter survey results.