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Embrace traditions, expand horizons, think beyond the traditional.

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TLDR:

– The CEO of the New York State Society of CPAs discusses the evolving landscape of the accounting profession.

– The role of an “accountant” is no longer confined to ledgers and balance sheets.

– New York Governor Kathy Hochul recently signed legislation allowing for non-CPA ownership of accounting firms.

– The CPA profession offers multiple career paths beyond traditional audit and taxation.

– The latest issue of The CPA Journal focuses on alternative firm structures and non-traditional accounting firm organizations.

Embracing Our Traditions while Thinking Beyond the Traditional

By Calvin Harris, CPA

November/December 2023

The CEO of the New York State Society of CPAs, Calvin Harris, CPA, discusses the changing landscape of the accounting profession. He acknowledges that accounting has traditionally been associated with financial statements, tax compliance, and audits, but notes that the role of an “accountant” is now extending into new realms.

Harris highlights the recent signing of legislation by New York Governor Kathy Hochul that allows for non-CPA ownership of accounting firms. He sees this as a transformative development for the profession and a recognition that CPAs can have meaningful careers beyond traditional paths of audit and taxation.

Harris believes that there has never been a better time to be a CPA, as the profession now offers a wide range of career options. He mentions forensic accounting, information technology, data analytics, outsourced accounting services, and ESG consulting as just a few examples of industries where CPAs play vital roles.

The latest issue of The CPA Journal features the Annual Rosenberg/NYSSCPA survey of practitioners, which explores alternative firm structures, new growth practice areas, ownership/partnership issues, and non-traditional accounting firm organizations. With the passage of non-CPA ownership in New York, traditional CPA firms will have the opportunity to consider these new structures and potentially offer ownership stakes to non-CPAs.

Harris concludes by stating that the profession is in a transformative time, and the New York State Society of CPAs will continue to keep its members informed and up to date on the latest developments.

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