june2021 - 20

AICPA NEWS
AICPA News is a round-up of recent
announcements from the institute.
A Quarter of American
Taxpayers Don't Have
a Financial Plan
For some people, submitting their tax return to the IRS is a relief
as they put the paperwork out of sight, and out of mind, until next
year. Others recognize that tax time is the perfect time to plan for
the future while all the documents are readily available. In fact,
half of American taxpayers (55 percent) have used the information
collected and entered on their annual tax return to create or make
changes to their financial plan, with a little more than a quarter (27
percent) doing so annually, according to research conducted by
The Harris Poll on behalf of the AICPA in the fourth quarter of 2020.
The survey found that a quarter of American taxpayers (23
percent) who have filed income tax returns in the past three
years do not have a financial plan. For those looking for guidance
on how to use their own tax return to develop a well-rounded
comprehensive financial plan, the AICPA's National CPA Financial
Literacy Commission recommends using your 2020 tax return
as a starting point.
These five areas of a tax return are a good place to start:
■Who counts on you for support?
■ Is your withholding aligned with the taxes you owe?
■Where is your money coming from?
■Where are you on the road to retirement?
■ Are your itemized deductions in line with your goals? ■
AICPA RECOGNIZES OUTSTANDING
CPA EXAM PERFORMERS WITH
2020 ELIJAH WATT SELLS AWARD
Nearly 75,000 individuals sat for the CPA Exam in 2020 with 89
candidates meeting the criteria to receive the Elijah Watt Sells Award.
The Elijah Watt Sells Award program was established by the
AICPA in 1923 to recognize outstanding performance on the
CPA Exam. Sells, one of the first CPAs in the U.S., was active in
the establishment of the AICPA and played a key role advancing
professional education within the profession.
The AICPA, which owns and scores the CPA Exam, works
with hundreds of volunteers and other stakeholders to maintain
its relevance to the profession and alignment with the knowledge
and skills required of a newly licensed CPA. To support
candidates along their journey, the AICPA provides a wealth
of information and tools, including the CPA Exam Blueprints,
sample tests and tutorial topics, and the CPA Exam Booklet. ■
20 JUNE 2021 ■ www.CPAPracticeAdvisor.com
AICPA RELEASES NEW CERTIFICATE ON
DATA ANALYTICS CORE CONCEPTS
The Association of International Certified Professional Accountants (Association), representing
AICPA and CIMA, has released a new Data Analytics Core Concepts Certificate to assure
practicing CPAs have the necessary skills as data analytics becomes a critical business tool
for accounting and financial professionals.
It is increasingly incumbent upon practicing CPAs and financial professionals to have
a thorough understanding of data analytics to remain competitive in the current market.
The AICPA and National Association of State Boards of Accountancy (NASBA), recognizing
the changing skills needed by the profession, developed the CPA Evolution model and
new Uniform CPA Exam to assure future CPAs are equipped with the proper skills.
Those completing the certificate program will have the ability to:
■ Define the characteristics of an analytical and data-driven mindset.
■ Recognize how to establish objectives and desired outcomes of a data analytics project for
a business or client.
■ Recognize ways data is described and interpreted.
■ Describe the types and categories of data.
■ Recognize how data science and data analytics are connected.
■ Recognize characteristics of the technology and data ecosystem for data analytics.
Data Analytics Core Concepts is one of several certificates, resources and trainings
the Association offers its members and other financial professionals to remain skilled
as technology changes how businesses operate. ■
NEW AICPA CHAIR FOCUSES ON
EMPOWERING NEW GENERATION
OF ACCOUNTANTS
William (Bill) Pirolli, a partner with DiSanto, Priest & Co., in Warwick, R.I., is the new chair
of the AICPA, the world's largest member organization representing the CPA profession.
As of June, he will also serve as vice chair of the Association of International Certified
Professional Accountants, which combines the strengths of the AICPA and the Chartered
Institute of Management Accountants (CIMA).
Pirolli, a CPA who also holds the Chartered Global Management Accountant (CGMA)
designation and the Certified in Financial Forensics (CFF) and Personal Financial Specialist
(PFS) credentials, was elected to the one-year AICPA volunteer post by the organization's
governing Council, which concluded its virtual Spring Council session today. Anoop
Mehta, CPA, CGMA, president of Science Systems and Applications in Lanham, Md.,
was voted in as the AICPA's vice chair.
Pirolli mentioned three key areas of focus for his term:
■ Encouraging the profession's next generation.
■ Supporting small businesses, including small accounting firms.
■ Focusing on the human element.
Pirolli was AICPA vice-chair for the past 12 months and was recently recognized with
the AICPA Sustained Contribution Award for 20 years of continued volunteer service
to the profession. He also was a long-serving chair of the executive committee that
oversees the AICPA's Private Companies Practice Section.
In his work with DiSanto Priest & Co, a multi-disciplinary accounting and financial
services organization, Pirolli focuses on estate and succession planning, mergers and
acquisitions, financing and litigation support, as well as traditional tax, accounting and
advisory services. ■

http://www.CPAPracticeAdvisor.com

june2021

Table of Contents for the Digital Edition of june2021