Journal of Accountancy Podcast

The AICPA's Digital Assets Working Group published the first iteration of its digital assets practice aid in late 2019. Since then, much has changed related to digital assets, and so the practice aid has evolved with timely updates. The latest update, member-locked content published in late July, continues that evolution. On this episode of the JofA podcast, Kyle Sewell, CPA, a member of the Digital Assets Working Group, explains more about why the updates are important and how they can help practitioners.

When Rand Greenblatt, PA, assumed the role as CFO of Elixir Solutions in early 2022, he set out to improve finance operations while empowering team members. He said that seeing direct reports improve through taking on stretch roles is a key part of talent development – and something that's gratifying to him. Greenblatt shared what it's like to manage a team that's fully remote, why he considers that setup "a boon to the organization," and more in this episode of the JofA podcast. What you'll learn from this episode: · Rand Greenblatt's background writing for a newsletter tied to the JofA. · Greenblatt's new role and more about his job priorities. · Three areas of focus for improving his organization's finance function. · The "huge selling point" – and other benefits – of being a fully remote company. · What Greenblatt considers the most rewarding part of his job.

Future-focused consultant and entrepreneur Scott Klososky admits he doesn't know exactly what the future holds as it relates to artificial intelligence. But he is definitely more upbeat about the productivity possibilities AI offers than down about the jobs AI might eliminate He believes AI will cut out parts of jobs, not entire ones. Klososky will talk more on this topic in September at the AICPA & CIMA Conference on Banks and Savings Institutions. About AI, Klososky says: "Instead of fearing it, we need to get better at embracing it and loving and appreciating what it can do." What you'll learn from this episode: · How the past 10 months have transformed the adoption of generative AI such as ChatGPT. · What Klososky means by the phrase "consumerized AI" – and how what's happening now compares to the launch of the iPhone. · Why Klososky prefers "machine intelligence" over "artificial intelligence." · How technology could play a role in helping to close the U.S. labor gap. · A new take on the 80-20 rule, applicable to AI. · What Klososky is looking forward to from this year's banking conference.

Lexy Kessler, CPA, CGMA, is the chair of the National Pipeline Advisory Group, a group of accounting stakeholders formed to help shape strategy to address the profession's talent shortage. Kessler is mid-Atlantic leader for the firm Aprio and a member of the board of directors of the Association of International Certified Professional Accountants. She is a former chair of the Maryland Association of CPAs. In this episode, Kessler discusses why leading the group appealed to her, more about the group's responsibilities, and why she's excited to learn from the group's other members. What you'll learn from this episode: · What the advisory group is and the approach it is taking to key responsibilities. · Some of the ways the talent shortage in the profession has affected business. · Why organizations, including CPA firms, must be open to looking inward for solutions to the profession's pipeline problem. · How the National Pipeline Advisory Group's universally desired end result puts it in a strong position to aid the cause.

Johanna Sweaney Salt, CPA, CGMA, used to work 100 hours a week during busy season. As the founder and managing partner of Gray, Salt & Associates LLP, she believed it was her responsibility to put in the time needed to make her small firm a success. Today, Johanna remains a full-time partner at the firm, and her son, Dalton Sweaney, CPA, is now the managing partner. His desire a few years ago to spend more time with his young children prompted him to ask his mother if they could make changes to make busy season less crazy. She said yes, starting a multiyear journey that has freed Dalton up for more dinners with his family and has cut her busy-season hours almost in half. What changes did they make and how have they kept the firm running profitably? What you'll learn from this episode: · How the firm began a move to cut back on both total hours and hours worked in the office. · The remote work toolkit that assisted in the business transformation. · How a hard minimum set by the firm helped to maximize profits. · When, how, and why the firm fires clients. · The firm's ideas about four-day workweeks.

This episode is a midsummer look back at insights from selected 2023 podcast guests, from a Super Bowl CFO to the AICPA vice chair.

A survey report that focuses on enterprise risk management (ERM) and offers tools for risk practitioners is the focus of this episode of the JofA podcast. The 14th edition of The State of Risk Oversight, a report produced jointly by the AICPA & CIMA, together as the Association of International Certified Professional Accountants, and the ERM Initiative at North Carolina State University, shows that the volume and complexity of risks continues to be prominent on the radar of leaders at U.S. organizations of all types and sizes. However, complete and formal ERM processes are just as common now as five years ago, after the survey showed nearly a decade of increased interest in ERM. Mark Beasley, CPA, Ph.D., a professor at N.C. State and director of the school's ERM Initiative, analyzes the disconnect, explains why a post-pandemic sigh of relief is not a good sign for risk managers, and shares some of the questions that organizations can ask themselves to improve their ERM practices. What you'll learn from this episode: · An overview of the annual survey, and why it appears that interest in establishing complete and formal risk management appears to have leveled off. · Beasley says there's a "false sense of security" related to risk management. · Why defining an organization's crown jewels is a key first step in risk management. · The obstacles that inhibit some organizations' risk management efforts. · Questions related to risk management that can be part of your next company strategy meeting.

In this podcast episode, a collaboration between the JofA and the Tax Section Odyssey podcasts, Tony Nitti, CPA, partner—National Tax at EY, joins April Walker, CPA, CGMA, lead manager—Tax Practice & Ethics at AICPA & CIMA, from ENGAGE 2023. The main topic of their discussion is Rev. Rul. 2008-18, delving into S corporation reorganizations. Related resources Rev. Rul. 2008-18 — Postulates two situations in which an S corporation becomes a qualified subchapter S subsidiary (QSub) of a newly formed corporation that will qualify as an F reorganization. The ruling also provides new guidance on the proper employer identification number (EIN) to be used by the entities in each situation. Private equity and F reorganizations involving S corporations — The Tax Adviser, Sept. 1, 2020 6 reasons an S corporation wouldn't need a PLR | Tax Section Odyssey — Rev. Proc. 2022-19 provides procedures to allow S corporations and their shareholders to resolve frequently encountered issues without requesting a PLR. What you'll learn from this episode: · How S corp. buyers can protect themselves against the risk of invalid S elections. · An overview of Rev. Rul. 2008-18 and a hypothetical example of its applicability. · A review of Rev. Proc. 2022-19 and fixes to invalid S elections. · The extra step when an S corp. owns 100% of a qualified Subchapter S subsidiary.

Donny Shimamoto, CPA/CITP, CGMA, the founder and managing director of Intraprise TechKnowlogies LLC, recently co-hosted a conference session on feedback – specifically, how high performing employees sometimes get a low amount of valuable feedback. Such high performers can have their development halted if they fail to seek out the right feedback to advance in their careers, Shimamoto said. Shimamoto also reflected on the recently completed AICPA & CIMA ENGAGE, highlighting the words of Carla McCall, CPA, CGMA, the AICPA vice chair, about asking for help. What you'll learn from this episode: · Donny Shimamoto's reflection on last month's AICPA & CIMA ENGAGE. · Why employees identified early as high performers sometimes fail to receive meaningful feedback. · Shimamoto's comparison of performance reviews and financial statements. · Why an ENGAGE session about mental health resonated with him.

As the components of a company's value change, the role of finance must adapt to what it reports and how it manages tangible and intangible assets. That shift was underscored with the release of new global sustainability standards by the International Sustainability Standards Board, and it's the topic of this episode of the JofA podcast. Ash Noah, CPA, CGMA, FCMA, managing director—Management Accounting and ESG for AICPA & CIMA, together as the Association of International Certified Professional Accountants, explains briefly what the two standards are and what he sees changing for organizations going forward, in the U.S. and elsewhere. Noah wrote a blog in May about the new imperative for accountants related to reporting on environmental, social and governance (ESG) factors. In this episode, he goes into more detail about what the new standards mean for business and the profession. What you'll learn from this episode: · Noah's description of what is addressed in the new standards, IFRS S1 and IFRS S2. · Details on types of intangible assets. · How the release of the standards is likely to affect U.S. companies. · The AICPA & CIMA vision around the standards, according to Noah. · How the role of finance changes with the release of the standards.