For generations past, accounting professionals probably believed that theirs was “the best of times” to practice.
But WOW! For CPAs here in the United States, I can’t imagine a more exciting time than this to be a practicing certified public accountant.
More than ever, our clients, communities, and financial and business professionals are turning to CPAs for financial leadership and advice. And I believe we are responding in a manner that is making a difference.
- We have taken the leadership role of converging financial reporting standards with the international community that provides a consistent framework for how financial transactions are recorded and disclosed.
- We are currently undertaking a project that will clarify and converge U.S. Attestation Standards.
- We have recently substantially completed a project to clarify and converge U.S. Auditing Standards.
- And today, we are in the midst of a robust discussion regarding the application of accounting principles for companies in the private company sector.
Some may argue that we, as a professional community, have become simply reactive to international standard setters. However, I don’t believe “reactive” is the proper word.
The global financial markets (of which the U.S. is the most important, and perhaps the most dominant, member) require comparable financial reporting standards and consistent application of the standards to provide relative forms of assurance for readers and users of financial information.
The international financial community depends on the United States to provide leadership, recommendations, and advice on how financial transactions are reported on a consistent basis that is understandable by all members of what I consider to be a global financial market.
As a CPA practicing in the United States in 2012, I consider myself to be a partner in these efforts – both in the United States and the world. If we in the profession are reacting to anything, we are reacting to global market conditions. As business leaders, CPAs have always reacted to and provided leadership in changing market conditions – let’s continue to do both.
- Recently Improved Auditing Standards (cpamerica.org)
Art Winstead is the Director of Accounting and Auditing Services for CPAmerica International. He has over 30 years of experience with Davenport, Marvin, Joyce & Co., LLP. He manages technical resources, engagement support, audit practice matters and reviews A&A publications for CPAmerica.