Corporate CPAs play a pivotal role in their companies’ success, helping to drive business forward and contribute to its profitability. This is especially true when the CPA is in the position of chief financial officer (CFO). How does a corporate CPA/CFO enhance their skills in the C suite and/or on the board of directors? How do they develop long-term career-building relationships? Whether the employer is a for-profit or nonprofit organization, there are several attributes and qualifications that define (and can elevate) that professional’s value to an organization.
The Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), applies to all contracts with customers unless the contract is within the scope of another standard (e.g., leases, insurance, financial instruments). The standard became effective for public companies for the first interim period beginning after Dec. 15, 2017, and nonpublic companies in the years beginning after Dec. 15, 2018. Businesses can apply this ASU retrospectively, or they can elect to recognize the cumulative effect of applying the new standard to existing contracts in the opening balance of retained earnings on the effective date (with proper disclosures).
Why is it important to get a CPA license? What are the benefits of working toward this designation?
Once upon a time you had to be in the office to be a productive member of the team — but no longer! Tax technology has come a long way over the years, eliminating handwritten tax forms, paper filing of tax returns and the need to be in the office to effectively manage your clients.
Becky Phillips, CPA shares how the Society and you can help usher in new CPAs into the profession and impress upon your fellow CPAs the importance of keeping the CPA license once they have earned it.
Perfect score on Audit. Passed all sections on the first try with an average score of 96.5. Eligible for the Elijah Watt Sells Award. When I started studying in January 2018, I didn’t expect these statements to describe me. I planned to give it my best effort, but also planned on needing to retake a section or two. I’ve had a few people ask me about my strategy so I wanted to write this to share with anyone interested. There are many good strategies to pass the CPA exam. This is what worked for me. Find what works for you, stick with it, and you can pass this exam.