AICPA Sees Rising Demand For Technical Advice And Guidance On Revenue Recognition, Other Issues

July 17, 2018

NEW YORK (July 17, 2018) – Big changes are sweeping the accounting profession, in the form of three new accounting standards dealing with revenue recognition, lease accounting and credit loss reporting. More than ever, CPAs need help navigating new and complex accounting issues. The American Institute of CPAs (AICPA) Center for Plain English Accounting (CPEA) provides an essential resource for CPAs in local and regional firms.

The CPEA is the AICPA’s national accounting and auditing resource center. The CPEA’s team of experts assists member firms in understanding and implementing accounting, auditing, review, compilation, and quality control standards by sharing technical advice and guidance in a straight-forward manner.

“In today’s environment, local and regional firms are maneuvering through a growing galaxy of professional standards and they need direction, guidance and best practices.” said Robert Durak, CPA, CGMA, AICPA director of audit and accounting technical services. “Very often, practitioners do not have access to a national office and have nowhere to turn for help. Through the CPEA, practitioners without a national office can gain national office-type resources.”

For the first half of 2018, technical inquiries to the CPEA from member firms have risen substantially, with no lack of questions focusing on the three new accounting standards.

“Practitioners are seeking financial reporting advice about various transactions their clients are engaging in, including business combinations and complicated changes in equity and ownership. And we’re clearly seeing that they need help understanding and applying the revenue recognition, leases and credit loss standards,” said Durak. “The Center for Plain English Accounting is here to help. We provide our members with written responses to technical inquiries, monthly technical reports, and access to eight two-hour webinars a year.”

Benefits of center membership include:

  • The ability to submit questions on complex accounting and assurance issues and receive written technical responses that are detailed yet easily grasped
  • Monthly reports, written in plain English, on timely accounting and assurance topics
  • Regular alerts on emerging issues and new standards
  • Eight CPE-eligible webcasts a year on relevant topics
  • Onsite training on relevant A&A topics, within the convenience of a firm’s office setting
  • Access to a deep library of accounting and assurance reports