Professional Issues Update

Yesterday, I attended a Professional Issues Update class put on by the Indiana CPA Society. This class is interesting because it covers some of the issues facing accounts today. Here are some highlights:

• The rate of change in science and technology over the next decade is likely to be 4-7 times fater than the last decade! That's like planning for 2006 in 1890 (4x) or 1670(7x)!
• Finding and retaining good people is the top issue for businesses.
• Part of finding and retaining good people involves relating to Generation Y or Mellinials.
• Saw this video from brazen careerist.com which helps you understand what college kids are going through today.
• Saw this 60 Minutes video on the Mellinial work force.
• There's a nationwide increase in accounting students and a decrease in accounting professors
• More students studying accounting and using it to lauch their career.
• Actually heard the facilitator say "Accounting is sexy". Oh yeah.
• Convergence of GAAP and International Financial Reporting Standards not a question of if but when. Be prepared.
• IFRS has already impacted Not-For-Profits. There was a case of an Indiana Not-For-Profit that was asked to present IFRS financial statements to obtain a grant.
• Extensible Business Reporting Language (XBRL) is a reporting language that will be used/requested/required in the future.
• Top Technology Initiatives - Business Intelligence is new on the list this year.

More including power point and web links here.