july2021 - 20

AICPA NEWS
AICPA News is a round-up of recent
announcements from the institute.
41% of Americans
Say Online Shopping
S Busts Their Budget
MORE THAN $125,000 IN
SCHOLARSHIPS AND GRANTS
AVAILABLE
hopping online from the comfort of your home can be easy and
convenient, but it also leads to increased spending if you're not
careful. Two in 5 Americans (41 percent) say the ability to shop
online has made it harder for them to stick to a monthly budget.
And with more than half of Americans saying they have increased
their overall online shopping (56 percent) since the start of the
pandemic and online retailers regularly hosting annual savings
bonanzas- budgets beware. This all according to research
conducted by The Harris Poll on behalf of the American Institute
of CPAs (AICPA) late in the fourth quarter of 2020.
The survey also found that half of Americans (52 percent)
say buying things when they want, without thinking too much
about how much they cost, makes them feel good. An activity
sometime referred to as 'retail therapy.' And concerningly, 2 in
5 Americans (39 percent) say they often don't realize the total
amount they have spent on their credit or debit card until they
see their monthly statement. ■
Read more: https://cpapracticeadvisor.com/21227430
AICPA and NASBA
Release CPA Evolution
Model Curriculum
The AICPA and National Association of State Boards of Accountancy
(NASBA) have released the CPA Evolution Model Curriculum.
The new curriculum is the next step in the CPA Evolution
initiative, a joint AICPA/NASBA initiative that is transforming the
CPA licensure model to recognize the rapidly changing skills and
competencies the accounting profession requires.
The curriculum was developed by the CPA Evolution Model
Curriculum Task Forces, a group of more than 40 volunteers from
across the profession, including faculty from small colleges to
large universities, CPAs in public practice as well as business and
industry, and representatives from State Boards of Accountancy.
The curriculum reflects the skills newly licensed CPAs need in the
current practice environment and serves as a model of how an
accounting program could transition to prepare CPA candidates
for the Core + Disciplines CPA Exam structure that will test those
skills starting in 2024. ■
Read more: https://cpapracticeadvisor.com/21226856
20 JULY 2021 ■ www.CPAPracticeAdvisor.com
The AICPA has opened applications for more than $125,000 in scholarships for CPA Exam
Candidates and grants for college accounting students. The funding is provided by the
AICPA Foundation, whose mission is to support and grow the next generation of CPAs.
The AICPA's CPA Exam Scholarship offers up to $1,500 to at least 50 AICPA Student
Affiliate members or AICPA CPA Exam Candidate Affiliate members in the U.S. to reimburse
fees for taking the CPA Exam as well as Exam preparatory courses and materials. ■
Read more: https://cpapracticeadvisor.com/21227761
AICPA SUPPORTS BIPARTISAN
ACCOUNTING STEM PURSUIT ACT
The AICPA says it strongly supports the Accounting STEM Pursuit Act of 2021
because it establishes the accounting profession as a STEM career pathway and
supports long-standing efforts to create more diversity in the future accounting
workforce. The legislation is an important step in recognizing the clear and logical
connection between accounting and technology.
Accounting professionals' use of technology reflects their role as trusted
advisors to businesses, non-profits and individuals. For many years they have
been using and applying advanced technology such as artificial intelligence and
technology-enabled techniques to perform highly sought-after services. As the
profession continues to evolve its services in areas like cybersecurity, information
integrity and systems controls and its use of emerging technologies and techniques,
such as blockchain and data analytics, the integration of this knowledge with
quantitative reasoning skills enhances accountants' ability to make informed
decisions, solve complex problems and improve the delivery of services in the
audit, finance and tax arenas. ■
Read more: https://cpapracticeadvisor.com/21226502
Optimism About U.S.
B Economy Hits 3-Year High
usiness executives are predicting the economy will roar back in the coming year, with
revenue and profit growth expectations not seen since 2018, according to the secondquarter
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.
Seventy percent of business executives expressed optimism about the U.S. economy
over the next 12 months, up from 47 percent last quarter, as government relief funds,
vaccine rollouts and relaxed workplace restrictions have improved business conditions.
It's the first time a majority of executives have held a positive sentiment on the economy
since the pandemic began in the first quarter last year, and it's the highest level that
measure has reached since the second quarter of 2018. ■
Read more: https://cpapracticeadvisor.com/21225397

https://www.cpapracticeadvisor.com/21227761 https://www.cpapracticeadvisor.com/21227430 https://www.cpapracticeadvisor.com/21226502 https://www.cpapracticeadvisor.com/21225397 https://www.cpapracticeadvisor.com/21226856 http://www.CPAPracticeAdvisor.com

july2021

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