may2021 - 20

AICPA NEWS
AICPA News is a round-up of recent
announcements from the institute.
STEPS TO HELP MANAGE
FINANCIAL STRESS
There are several steps Americans can take to help reduce financial
stress and anxiety. The AICPA's National CPA Financial Literacy Commission
recommends these three steps as a starting point.
1. Keep perspective and know
what you can (and can't) control
Markets go down, but they also go
up. These fluctuations are often out of
your control. But it is generally easier
to manage finance-related stress if you
understand the financial issues that can
be addressed, and which are out of your
control.
2. Take inventory of your finances
It's important to know where you stand
financially, including regularly reviewing
your spending habits, debt levels, savings
and investments, and credit reports
and scores. Start by reviewing your cash
YOUNGER AMERICANS BEARING THE BRUNT OF
PANDEMIC FINANCIAL STRESS
In the year since the COVID-19
Pandemic began impacting all facets
of American life, new data shows
young adults are three times more
likely to say they are experiencing
pandemic financial stress compared
to older adults. Three in four younger
Americans ages 18 through 34 (75
percent) say they have been at least
somewhat stressed about their
financial situation since the pandemic
began, compared with about
1 in 4 (27 percent) older Americans
ages 65 and up. This according to
new research conducted by The
Harris Poll on behalf of the AICPA.
Since the start of the pandemic,
nine in ten young adults who have
experienced stress about
their
financial situation (91 percent) say
it has had a negative impact on their
mental wellbeing, including 3 in 5
(59 percent) who say the negative
impact has been major or moderate.
The study found that among
young adults who said that they
experienced stress about
their
financial situation, nearly all of them
(91 percent) have had it impact their
everyday life. This most commonly
manifested itself as feeling sad or
down more often than normal (52
percent), frustrated more often than
usual (49 percent), or having trouble
sleeping at night (48 percent). Lack
of interest or enjoyment in normal
hobbies (45 percent) and changes
in eating patterns (44 percent) are
also prevalent symptoms of financial
stress in young adults. ■
20 MAY 2021 ■ www.CPAPracticeAdvisor.com
flow. It's important to know how much
is coming in, where you are spending,
and where you can cut expenses and
increase savings.
3. Find opportunities and tools to
help you today and in the future
One great way to reduce your financial
stress it to put much of your money
management on autopilot. Take advantage
of autopay options to reduce how
many bills and payments you have to
remember each month. At the same
time, set up automatic savings plans
to build an emergency fund for future
economic downturns. ■
AICPA Names Four New
Accounting Doctoral Scholars
The American Institute of CPAs (AICPA) recently 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. 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
The ADS program, first launched in 2009, recruits practicing CPAs who
have expressed interest in and demonstrated potential for becoming college
professors to attend an all-expenses-paid seminar. The seminar provides
exposure to what it takes to earn a PhD in accounting and to teaching,
research and service requirements of a college faculty member. Those who
ultimately apply to and are accepted into one of more than 40 affiliated PhD
programs receive a $20,000 stipend to support their education.
■ To date, more than 108 CPAs who went through the Accounting Doctoral
Scholars program have completed their PhD, and another 45 are currently
enrolled in PhD programs. ■
AICPA & CIMA ENGAGE 2021
Offers Innovation and Learning
Opportunities for Accounting and
Finance Professionals
AICPA & CIMA ENGAGE returns
as a hybrid event this year, with
the core conference taking place
both online and onsite at the Aria
Resort & Casino in Las Vegas on July
26-29, 2021. The event, designed
for accounting and finance professionals,
is sponsored by the AICPA
and the Chartered Institute of
Management Accountants (CIMA).
This year's conference will have
several new features:
■ A special, all-virtual June 8
keynote presentation, " Exploring
New Frontiers: An Evening of
Innovative Ideas, " with Virgin
Group founder Richard Branson
and Adam Steltzner, chief
engineer for NASA's Mars
Perseverance rover
■ A new learning track focused
on sports and entertainment
planning and management and
expanded tracks on corporate
finance and diversity, equity and
inclusion
■ Shared sessions with the national
practice management conference
hosted by the CPA Firm Management
Association (CPAFMA),
which is integrated into ENGAGE
this year
To ensure safety, AICPA & CIMA
ENGAGE 2021 will follow Centers
for Disease Control and Prevention
recommendations throughout the
conference space, with socially
distanced facilities, mask requirements
and routine cleaning of the
site. For online attendees, there
will be several
live-streaming
enhancements to sessions and the
exhibit space, building on the deep
expertise the AICPA and CIMA have
in virtual learning events. ■
http://www.CPAPracticeAdvisor.com
may2021

Table of Contents for the Digital Edition of may2021
