Journal of Accountancy Large Logo
September 2013
Tackling the top issues
PRACTICE MANAGEMENT
The results of the 2013 Private Companies Practice Section (PCPS) Top Survey show that bringing in new clients, succession, complexity, partner accountability, and acquiring and retaining staff top the list of firm concerns. Find out how some firms are addressing three of the top issues.
Supply and demand for accounting talent at record levels
PROFESSIONAL ISSUES / EDUCATION
Despite a jump in the number of accounting graduates, a corresponding increase in hiring among public accounting firms has created fierce competition for talent in the profession. This means rising salaries and more opportunities for top, young CPAs.
PROFESSIONAL LIABILITY SPOTLIGHT

When a longtime partner or employee retires from a CPA firm, a sense of loyalty often compels the existing partners to allow the individual to have a symbolic role at the firm. This can include a courtesy title, office space, and invitations to company soirees. While this may seem like a small reward for decades of hard work, it can pose significant risks to the firm from a legal standpoint.

TAX
Capital gains and losses on securities increasingly rely on basis reporting by brokers, raising a host of issues for tax preparers and their clients.
PRACTICE MANAGEMENT
Firms should consider a number of factors when assessing options for replacing a retiring partner. What issues are the most important to evaluate? Find out in the third installment of the series, “CPA Firm Succession: Solidifying the Future.”
TAX
IRS scrutiny of executive compensation levels is increasing, affecting many types of taxpayers. CPAs need to advise clients on steps they can take to lessen their exposure in this area.
FINANCIAL REPORTING
The AICPA’s new Financial Reporting Framework for SMEs provides CPAs who serve or are employed by small and medium-size private companies with a new alternative in non-GAAP reporting.
FROM CGMA MAGAZINE

 Finance teams at large multinational companies can expect more and increasingly sophisticated tasks to come their way. The majority of those teams will have to perform those tasks with the same or fewer resources.

PRACTICE MANAGEMENT / PROFESSIONAL ISSUES
Women hold fewer than one-fifth of partnership positions in accounting firms, and that percentage has slipped over the past two years. What can be done to reverse the trend, and why should accounting firms care? This article discusses how firms can benefit from women’s initiatives.
MANAGEMENT ACCOUNTING
Pay for CFOs in the United States is rising steadily, but some finance chiefs are rankled by the number of bonuses that are determined subjectively, according to an AICPA survey. The article discusses steps companies can take to be more transparent about the design of compensation plans.
TAX / TECHNOLOGY
A compressed filing season and reports of software performance problems made the 2013 tax season trying for many CPA tax practitioners, reflected in this year’s survey assessing their tax preparation software.

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