Below are some current and future issues that currently exist and are expected to continue in the future of the accounting profession.
It is anticipated that accounting services will be expanded in the future beyond the traditional accounting services. Currently accountants have many career alternatives:
Some will choose public practice. There are many avenues of specialization within public accounting, which include audit, advisory or consultant, tax specialist, and analyst.
Many will choose the private sector (corporations, nonprofit, or government). There are many avenues within the private sector including analyst, auditor, controller, chief financial officer, chief executive officer, computer systems specialist, and fraud auditor and analyst.
Increasing demand for a skilled workforce: As the more clerical and less technical aspects of accounting move to other countries, the demand for more skilled accountants in the United States will increase.
Diverse workforce: Demographic shifts and a growing U.S. - based minority population has implications for firms and their clients, influencing employees and how, when, and with whom they do business with clients.
Fast advances in technology: Understand and use relevant technology to deliver superior professional services. The technology includes computer, the Web, social media, and mobile technologies.
Advances in Data Collection: As software and data collection technology changes and expands, the focus of accounting will shift to consulting, which includes analyzing business information, supporting decisions, and providing strategic advice.
Globalization and harmonization of international and U.S. - based accounting standards: As the world has become more interconnected, accounting has had to adjust to the global nature of the world. International Financial Reporting Standards, the FASB Codification project, XBRL, and International Accounting Standards will continue to dominate the accounting profession news for many years to come.
Fraud Accounting: As a specialization, fraud accounting will continue to grow to prevent future scandals.
Tax Accounting: Tax laws continually change.
Regulations and financial laws continually change.
Lifelong learning to keep pace with changes business, government, and the accounting profession.
Accountants need to develop professional skills and competencies to provide current professional service and to be able to acclimate to future changes in business and accounting. Some of these professional skills and competencies include the following.
Research and report writing skills
Oral and written communication skills
Leadership
Professional appearance and conduct
Problem solving and decision-making skills
Critical thinking skills
Professional integrity and fairness
Professional capability and skill
Broad business knowledge and understanding
Global perspective
Familiarity with tax laws
Familiarity with business laws
Professional and ethical judgment
Personal and professional standards
AICPA Horizons 2025 Report
The AICPA has put together its vision of the future of the CPA profession for the next 15 years. We recommend that you go to the link, download the CPA Horizons 2025 Report, and become familiar with the aspects of the report:
The following are some aspects of the Horizons 2025 Report:
Core values increase the visibility of the profession's value.
Core competencies are a combination of human skills, knowledge, and technology.
The following are additional points raised in the CPA Horizons 2025:
The services provided by CPAs are varied and diverse.
Accountants should be aware of demographic shifts and be prepared to address both United States and global demographic shifts and be aware of international business issues and trends.
Understand and use technology to deliver superior services.
CPAs must develop interpersonal skills to enhance relationships with others.
CPAs need a broad business knowledge and soft skills.
Locate a website (for example, the AICPA site) or an article regarding the CPA Horizons 2025 project. Summarize one or more of the conclusions and/or predictions of CPA Horizons 2025. How do you see the current issues and the possible changes for the future impacting your career?