Picking up the pace.

• Author: Moeller, Jay J.
• Position: Message FROM THE CHAIR

The pace of change is picking up speed. Just treading water is no longer an option or you may be swallowed by the waves of change that are rolling in with greater frequency. Dedication to lifelong learning has always been important, but now it is a survival skill.

Just think how much the economy has changed in the last year. A recession threatened economic collapse, spurring the U.S. to pass an unprecedented stimulus bill. A new President took office, heralding even more changes, including a new SEC chief with her own opinions about international standards.

STICKING AROUND A LITTLE BIT LONGER

Amid the economic turmoil, millions of people were shocked by the drastic decrease in their retirement savings and investment portfolios. With so many people rethinking their retirement plans, the predicted wave of retiring Baby Boomers may have diminished to only a swell. People who expected to be relaxing on a golf course are now considering working a few more years.

The danger comes when CPAs think they can coast toward retirement. With the volume of regulations being issued, it is more challenging than ever to stay on top of specialized knowledge. It is nearly impossible to be a generalist today. There is simply too much to know. Changes in financial reporting and the globalization trend will only contribute to the complexity and the volume of information CPAs need to understand and apply.

VIRTUAL NEW WORLD

Whether you consider it a blessing or a curse, electronic communications, data management and storage have a permanent place in our environment. Instead of referring to reference books filled with standards and principles, CPAs now use searchable, online databases. In fact, some guidance isn't even available in hardcopy format anymore--you must go online to find it. The Financial Accounting Standards Board just completed the yearlong verification phase of the FASB Accounting Standards Codification[TM] (Codification). If everything goes according to plan, as of July the Codification will be the single source of authoritative U.S. GAAP.

Along with the standards, many offices are going paperless as well. This isn't a new development, but I still know CPAs whose filing cabinets are full, even though they work in a "paperless" office. I even...