Enjoy our library of free downloadable content includes white papers, webinars, product guides, case studies, industry analysis and much more, provided by experts and vendors within the accounting profession. 

Membership

CPE & Events

Advocacy

What's Happening

Become a CPA

Header

California CPA Magazine

It's Material

July 2023: The Digital Economy and CPAs

It’s no secret that the CPA profession is evolving rapidly—and will continue to transform. On Page 15 of the May 2023 California CPA, you can read excerpts from a recent panel discussion on this very topic, and I’ll draw your attention to one comment made by a panelist: “We’re going to practice very differently over the next 10 or 20 years than the previous 50 to 60.”

As data science, analytics, artificial intelligence, machine learning and other digital technology innovations come into play more and more, and the pace of change only accelerates, there’s a growing need for CPAs to lean into the changing landscape of the profession—to possess a “technological prowess.”

As Steve Kimble, CPA, Chair and CEO of Deloitte Tax LLP, states, “As technology and innovation in accounting practices continue to advance, there is a significant need for professionals with a hybrid of accounting and STEM skills.”  

Skills like data science, analytics and information systems, once thought to be the realm of computer programmers, will continue to make their way into the work of CPAs and open new paths for those in or seeking a CPA career.

Anticipating these changes, AICPA and NASBA launched CPA Evolution in 2018 to modify the requirements for CPA licensure and the CPA Exam. And don’t look now, but what once seemed to be far into the future is practically right around the corner. 

The first date to sit for the new exam is tentatively set for January 10. The final date to sit for the current exam is tentatively set for December 15.

The new Core + Discipline CPA licensure model starts with an understanding of accounting, auditing, tax and technology that all candidates will complete. From there, each candidate can select from among three disciplines that demonstrate deeper skills and knowledge: Business Analysis and Reporting, Information Systems and Controls, or Tax Compliance and Planning. 

This new model reflects the current realities of practice and a dynamic marketplace, helping to future-proof the profession as it evolves. Importantly, this adaptive and flexible model supports a rigorous licensure framework and the enhanced public protection it brings.

And with the growing need for and importance of filling the CPA pipeline, this new model, with its greater emphasis on technology and tech systems, will attract new majors to pursue a CPA license, not just those in business, math or accounting degree programs who traditionally take that path.

Evolving CPA

As data science, analytics, AI and other tech innovations come into play more, and the pace of change only accelerates, there’s a growing need for CPAs to lean into this landscape to possess a “technological prowess.”

June 2023: Evolving CPA

In today’s rapidly evolving world, leadership styles have shifted from authoritative and hierarchical models to more collaborative, empathetic and people-centric approaches.

One such leadership philosophy that is gaining attention is servant leadership—one that I have long appreciated. And while this idea has caught on in recent years, it dates to the 1970s, thanks to Robert K. Greenleaf, who coined the term in his essay, “The Servant as Leader.”

Boiled down, the servant leadership style is characterized by placing others first. Writes Greenleaf:

“The best test, and most difficult to administer, is this: Do those served grow as persons? Do they, while being served, become healthier, wiser, freer, more autonomous, more likely themselves to become servants?”

Author and speaker Simon Sinek describes this as a “leader eats last” mindset. As a leader, when you focus on lifting up those around you, you’ll create a culture where individuals feel comfortable sharing ideas, seeking feedback and working together toward a common purpose.

Concepts of trust, diversity, unselfishness, support, empathy and community building all weave their way through servant leadership.

Epitomizing these characteristics, I am happy to say, are CalCPA members who step up daily to lead their firms, companies, organizations, communities and the profession.

We recently began our 2023-24 fiscal year, which brings a new membership leadership slate at CalCPA’s state and chapter levels. At our recent Council meeting, we welcomed Meredith Johnson, a partner at BPM, as our 2023-24 CalCPA chair and Andrea Cope as CalCPA Education Foundation chair. If you’ve been around CalCPA for any length of time, you’ll know that both women have long served our organization in various capacities.

You can read more about Meredith and her priorities for her term in our Q&A with her on Page 12 of the August issue, and look for a similar Q&A with Andrea in our September issue of 

I’m excited and encouraged about what Meredith and Andrea—along with other member leaders who have stepped into their roles—will bring to CalCPA and to each of us.

One of the great things about being a servant leader is, with the right mindset, anyone can be one—from whatever position they hold. It’s more than a title; it’s a way of leading driven by a desire to serve, not accumulate power. Again, in Greenleaf’s words: “How do we get the right things done will be the watchword of the day, every day.”

I encourage you to seek areas—inside and outside of CalCPA—where you can lead. If you’re looking to give your leadership skills a boost, visit 

. We would love to partner with you to be inspired and inspire others.

Servant Leadership

August 2023: Servant Leadership

President & CEO

Denise LeDuc Froemming, CPA, CAE, MBA

From blockchain to cryptocurrency to digital wallets, there is no disputing that the digital economy is here to stay—and that there is an impact on the CPA profession.

As Gabriella Kusz, CEO of the Global Digital Asset and Cryptocurrency Association, said in a CalCPA Rise & Stride podcast: “CPAs aren’t just your accountants. They’re trusted advisors. And they help many businesses grow, develop, expand and succeed. In that respect, they will likely be, just like some of the investment advisors, sort of a first point of contact.”  

As cryptocurrencies like Bitcoin, Ethereum and Litecoin continue to gain mainstream momentum, it’s important for accounting professionals to have a working knowledge about the unique characteristics of cryptocurrency; their valuation, classification and financial reporting implications; and any specialized accounting treatment.

This understanding opens opportunities for CPAs to provide advisory services—a key growth strategy for today’s CPA firms—to clients. As businesses and individuals increasingly use cryptocurrencies, questions will come up about tax compliance, internal controls and risk management. CPAs equipped with cryptocurrency knowledge can assist clients in navigating this landscape.

There is a reason—lots of reasons, actually—why CPAs are considered the most trusted advisors in business. They are, more likely than not, the first person a client will go to when seeking answers to financial questions.

Cryptocurrency is not just a passing fad. What had been a niche area has fundamentally shifted the financial world. Understanding the potential implications of cryptocurrency is essential for CPA to provide the informed advice that clients and stakeholders are looking for.

And drilling down further to blockchain technology, the backbone of cryptocurrencies, there’s a need for CPAs to understand potential implications on the greater business world—everything from supply chain management, auditing and smart contracts. 

Like any change, there may be some hesitancy to explore this area. After all, cryptocurrrency volatility can make their value difficult to predict and account for. And the decentralized and anonymous nature of cryptocurrencies presents tax compliance and regulation challenges.

But challenges also carry opportunities. And the ability to understand and leverage the potential of cryptocurrency is essential for CPAs to remain relevant and effective in a rapidly changing financial landscape. 

Interested in building your knowledge in this area? Be sure to visit 

 and enter “cryptocurrency” or “blockchain” in the search box.