Meeting of the Minds: Dialogue Between Practitioners, Educators, and Regulators

Part 1 of 2

The different “sides” of the profession—typically taken to be the educator and practitioner communities—have been at odds concerning what accounting students should know, what educators should teach, and whether accounting graduates are adequately prepared for the business world. The CPA Journal editors convened a forum, “Preparing Future Accounting Professionals,” moderated by Editor-in-Chief Mary-Jo Kranacher, in November 2007 to bring individuals representing all areas of the profession together to discuss these issues.

The first panel, “How the 150-Hour Requirement is Affecting the Profession,” discussed various implementation, transition, and adaptation issues presented by the 150-hour requirement. The panelists represented specific perspectives and were selected for their individual expertise. This article represents the highlights of the first panel discussion, including the panelists’ prepared remarks and an analysis by a member of the audience. The April issue will include an article covering the second panel discussion.

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Essentials
Publisher's Column
Perspectives

Unrest in Government Accounting

Since 1984, the Governmental Accounting Standards Board (GASB) has provided standards and guidance for accounting and financial reporting to state and local government entities. GASB was given the task of creating a comprehensive set of standards and developing a new reporting model for the government accounting profession. Some, including the Government Finance Officers Association (GFOA; www.gfoa.org), have proposed that GASB’s mission may be complete and its ongoing operation should be reevaluated. Full Story

Getting Smart About Continuing Professional Education

 Certified public accounting is a profession comprised of individuals regulated and licensed by 54 licensing jurisdictions. The Uniform CPA Examination, administered by the National Association of State Boards of Accountancy (NASBA), is used by the regulatory bodies of all 54 licensing jurisdictions. Boards of accountancy use the exam as a prerequisite for the CPA certificate because it is the primary way to measure the competency of CPA candidates. Candidates who take the exam are tested on the following. Full Story

Threats to the CPA Credential in the International Marketplace

Over the past 50 years, the financial and accounting world has been facing new challenges and opportunities. Growing global trade and a greater emphasis on worldwide investment opportunities have increased demand for reliable accounting information that is comparable across countries. Although these trends have caused demand for accountants to soar and are generally positive for the accounting profession, they create serious challenges for the U.S. CPA credential. Full Story

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