OUTLOOK & ANALYSIS

Five Things to Keep You Awake at Night, from the Incoming AICPA Chairman [VIDEO]

Change is coming hard and fast.

Paul Stahlin, regional president at Skylands Community Bank in Somerville, N.J., takes over the top spot of the AICPA in October from Bob Harris, a Florida CPA firm owner.

In this impromptu 12-minute video, Stahlin outlines his views of the profession’s — and the institute’s — biggest challenges and opportunities.

He starts with five hot topics:

  1. Some 120 countries are already on IFRS, he notes, suggesting that it’s “critical” U.S. CPAs get up to speed.
  2. Private company financial reporting standards (don’t call it “Little GAAP”) could pose a whole new set of complexities for accountants at 29 million U.S. companies.
  3. Amidst all the changes of the last decade, it’s time, he says, for the AICPA to revisit the “vision” for the profession.
  4. The CPA exam gets its biggest refresh in January since going online, and will include international standards.
  5. Last, but not least, he’ll be doing a lot of explaining to members about the new IFRS certificate the AICPA is launching.

He covers a lot more ground in this Q&A. But if he has one overall message for CPAs it’s: You ignore global forces at your peril. The world is simply too small, too interconnected, to rapidly changing, and too inter-dependent to stick “your head in the sand.”

And, yes, he sees foreign accountants raring to compete for the rich markets served by U.S.-bound CPAs.

If you’re not worried yet about competition at the China price, you should be.

3 Responses to “Five Things to Keep You Awake at Night, from the Incoming AICPA Chairman [VIDEO]”

  1. CD Giedt

    As important as Mr.Stahlin’s observations
    appear to be, like most of our profession,
    he lives in the clouds.

    As a leader of the profession,
    NOT to mention new health care legislation
    and the new financial regulation as major
    issues confronting CPA practitioners is just
    stupid and ignorant and a breach of
    a leader’s fiduciary duty to members.

    As financial fraud continues to explode
    in our economy, we need to AICPA to
    develop and require simple audit steps
    like individual credit reports on key
    employees as part of audit programs.

    Why is it that we have such massive
    financial failures like AIG and Bernie
    Madoff??? Every single accounting firm
    involved in the Madoff investment
    scheme should have been ranting like
    maniacs about this firm, we did nothing
    but read from our cook books of worthless
    audit procedures.

    As for visioning, we would all do well to
    put down the telescopes and binoculars and rose
    colored bifocals, and look at the
    obvious critical situaitons around us
    then develop some goals to go forward.

    Last, as a banker, perhaps Mr. Stahlin could do
    more to promote loans to customers
    who need and use the money not just those who
    appear to be able to pay it back after
    ridiculous reams of financial analysis.
    Can you imagine the outcome if bankers
    would have lent 1 trillon dollars to
    business instead of home loans???

    But of course all of the above and $10 will get you a latte somewhere in the New York offices of the AICPA.
    CD Giedt, CPA
    949-722-7339

  2. David George

    Mr. Stahlin could not be more on point. It is critical, that not only CPAs understand, but also communicate with the clients they serve to understand the economic consequences of globalization — globalization impacts Main Street throughout America, no matter what size town.

    The current global economic slowdown illustrates the effects and inter-connectedness between countries around the globe, and the degree to which financial economic markets react when one country confronts problems of an economy mired in debt, slow economic growth and citizens faced with high unemployment.

    I applaud an effort to begin a new dialogue of a future vision — the world has changed significantly in the last 10 plus years – the profession owes it to young people to prepare for the decasdes to come.

  3. jagdish shah

    I hope the incoming chairman Hon’ Paul

    Stahlin,will take care of CPA

    fresh candidates , none past chairman has taken

    care so far.

    I am one of the many cpa who has passed the cpa

    but are not absorbed in main stream of CPA related

    job due to lack pre exposure and lack of training.

    FAE is there to take care of active member

    training with heavy fees .

    no training to the new comer .

    Many CPA are doing entry level job.

    some body should take care of fresh entry level CPA.