CPA Cafe

Friday, June 24, 2011

Thursday, June 23, 2011

IAESB Proposes Revised Education Standards for Accountants

The International Accounting Education Standards Board (IAESB) has proposed revisions (PDF) to the entry requirement standards for a professional accounting education.

The revised standard is intended to establish fair and proportionate entry requirements and ensure that requirements for entry to professional accounting education are not misrepresented. Read a supplement (PDF) featuring tracked changes to the standard.

Approved in 2004, International Education Standard (IES) 1 currently prescribes the principles used by professional accountancy organizations when setting entry requirements for professional accounting education and practical experience. The IAESB is involved in a project to redraft all eight of its IESs in accordance with its new clarity drafting conventions.

The proposed standard includes:

Specification of entry requirements for professional accounting education
Explanation of the rationale behind those requirements
A requirement that excessive barriers to entry are not put in place
A requirement to make relevant information publicly available to help candidates assess their chances of completion

The IAESB had previously proposed revisions to IES 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence; IES 4, Professional Values, Ethics and Attitudes; and IES 6, Assessment of Professional Competence.

“The proposed revisions reflect the IAESB’s view that the overall objective of accounting education is to develop a competent professional accountant,” IAESB Chairman Mark Allison said in a statement. “Further, the IAESB acknowledges that there are different processes and activities that contribute to achieving such competence. These revisions to IES 1 are intended to ensure that entry requirements for professional accountancy education are designed fairly for aspiring professional accountants.”

Stakeholders are invited to comment on the proposals. Comments are due Sept. 21, 2011.

Wednesday, June 22, 2011

U.S. Retirement Confidence Hits Record Low

Only half of Americans believe they will have enough money to enjoy a comfortable retirement, according to Country Financial’s Security Index.

The index dropped one point to 63.7 in June, partly because confidence in retirement reached an all-time low at 51 percent.

Just 45 percent of Americans were able to set aside money for savings and investment, a three-point drop from April. Only 37 percent rated their overall level of financial security positively, a one-point increase, and there was a two-point decrease in respondents who say their families would live comfortably if they died or became disabled.

For the first time in the four years of the index, women are more confident than men in most aspects of their financial security, with 53 percent of women indicating they are confident they will be able to enjoy a comfortable retirement, compared to 49 percent of men.

Friday, June 17, 2011

Thursday, June 16, 2011

Survey: Students Likely to Accept Job Offer from Internship Employers

A survey from the National Association of Colleges and Employers (NACE) says that nearly two-thirds of students who completed an internship indicated they “definitely would” (36 percent) or “probably would” (26 percent) accept an offer for a full-time position from their most recent internship employers.

Out of those who responded to NACE’s 2011 Student Survey, 18.7 percent of students who had an internship said they would likely turn down an offer of full-time employment with their latest employers.

“Typically, if the intern’s work experience is substantive and the individual is engaged in meaningful work, chances are greater that individual will want to join the organization on a full-time basis,” NACE Executive Director Marilyn Mackes said. “If the work is more clerical or not related to professional goals, it is more likely the intern will reject the job offer and look for work elsewhere, regardless of whether the internship was offered by a for-profit, nonprofit, federal government, or state/local government employer.”

Student interns who would reject offers of full-time employment spent more than one-third of their time, on average, on clerical or nonprofessional tasks. Those who would accept offers spent an average of just over one-fifth of their time on such tasks.

Friday, June 10, 2011

Thursday, June 9, 2011

Several Takes on Social Media

Social media has become an important tool for businesses to secure new customers, and accountants and firms can reap the benefits of a sound social media strategy. Here are several recent articles on ways to use social media to get more business for you or your firm.

Have you or your firm had success in using social media to expand your client base? Let us know in the comments.