It's Material.

• Author: Froemming, Denise LeDuc

Learning Never Ends

In business, as in life, change is to be expected. And that pace of change is accelerating every day. Just one look at the accounting profession shows that what you know today may not be enough for tomorrow.

The profession has moved from record keeping and examining debits and credits to cloud accounting, data analytics, blockchain, Al and ESG. And CPAs are being turned to more often to provide strategic knowledge and leadership on a growing number of topics.

Adapting to--and anticipating--change means learning new things or learning to do things differently.

Historically, people were generally hired based on a skill they possessed. The more experience in that skill, the more valuable they were seen. Today, while specialization remains relevant and valuable, more companies and clients are looking for T-shaped professionals: People who have a deep expertise in an area, as well as a broad base of supporting knowledge/skills.

Seeing the profession change and recognizing the new skills and competencies that are needed today and in the future has led--as many of you know--to CPA Evolution (evolutionofcpa.org). The joint AICPA and NASBA effort launched in 2018 will modify the requirements for CPA licensure and the CPA Exam in response to the new environment we're working in.

After reviewing feedback from various stakeholders, including state CPA societies, regulators, students, practitioners and academia, the new exam is planned to launch in 2024 and will include three core sections-accounting and reporting, auditing and tax--each...