april2021 - 35

AICPA NEWS
CLIENTS THANKFUL
FOR PASSAGE OF
PPP EXTENSION
ACT, SAYS AICPA
The AICPA and the more than 44,000 CPA firms it
represents thanks Congress for final passage of
the PPP Extension Act of 2021. AICPA has strongly
encouraged the Small Business Administration
(SBA) and Congress to extend the Paycheck Protection Program (PPP) application deadline by 60
days so that the SBA can address significant loan
application process challenges, including confusing
validation and error codes, delayed guidance and
changes to the PPP loan amount calculation for
self-employed borrowers.
The additional 60 days provided by the PPP Extension Act will greatly help small businesses, nonprofits and the CPAs that serve them complete
existing and file new PPP loan applications. ■

AICPA NAMES FOUR NEW
ACCOUNTING DOCTORAL
SCHOLARS

The AICPA has named four new Accounting Doctoral Scholars
(ADS), which identifies currently practicing CPAs interested in
becoming accounting professors to assure future accountants
have necessary and up-to-date skills.
" Firms and businesses alike are seeking CPAs with professional
skepticism, critical thinking, technological skills, and the ability to
understand how to leverage data to make informed decisions "
said Jan Taylor-Morris, CPA, CGMA, Ph.D., academic in residence,
Association of International Certified Professional Accountants,
representing AICPA & CIMA. " The profession is evolving, and
we believe that having recently practicing CPAs join the ranks
of academics will help inform practice-relevant research as well
as allow these Ph.D., CPA professors the opportunity to share
with the next generation of CPAs the increasing role data and
technology play in the profession. "
The following individuals will receive a $20,000 stipend to support
their doctoral education:
- Katie Daugherty, Indiana University
- Brian Forsberg, University of Illinois
- Lauren Frederick, Cornell University
- Andrew Jones, Indiana University

AICPA SURVEY SHOWS
FEAR OF INFLATION
With the promise of expanded pandemicrelated relief and an improving vaccine
rollout, U.S. business executives are
taking a more optimistic view of the U.S.
economy for the coming year, according to
the first-quarter AICPA Economic Outlook
Survey. The survey polls chief executive
officers, chief financial officers, controllers
and other certified public accountants in
U.S. companies who hold executive and
senior management accounting roles.
There's a downside, however, to the
prospect of a more open-throttle economy: a greater risk of inflation. Business
executives' concerns about inflation grew
from 24 percent to 44 percent, quarter
over quarter, the highest level it's risen to
since the end of 2018.
Despite that backdrop, there are
several positive notes from the survey:
Executives' view of their own companies' prospects over the next 12 months
flipped into positive territory, with 58
percent expressing optimism compared

to 49 percent last quarter.
The hiring outlook is improving, with
38 percent of respondents saying their
companies have too few employees. Half
of that group said they planned to hire
immediately, an uptick of two percentage
points over last quarter.
Some of the hardest-hit sectors (retail
trade, hospitality and food service), are
now projecting increases in headcount
over the next 12 months, rather than
declines.■

College Accounting Programs
Need to Update Curricula:
AICPA-NASBA
There are major gaps in college accounting education today, with fewer than half of all
programs teaching emerging topics, such as IT governance and cybersecurity, according
to a new report by the American Institute of CPAs (AICPA) and National Association of
State Boards of Accountancy (NASBA).
Accounting Program Curriculum Gap Analysis Report found mixed results for coverage of emerging and technology topics. While more than 60 percent of collegiate
accounting programs are teaching topics like data analytics and IT audit, fewer programs
cover cybersecurity, predictive analytics or System and Organization Controls (SOC).
The report also includes responses from more than 300 collegiate accounting
programs and was intended to gain a broad picture of how accounting programs have
incorporated new technology and other critical skills within their current curricula,
especially as the AICPA and NASBA CPA Evolution initiative advances.
In June 2021, AICPA and NASBA, with support of the American Accounting Association, will unveil a model curriculum to guide faculty in addressing the accounting
coursework needed by those pursuing licensure under the new CPA Evolution model. ■

APRIL 2021 ■

www.CPAPracticeAdvisor.com

35
http://www.CPAPracticeAdvisor.com
april2021

Table of Contents for the Digital Edition of april2021
