The landscape of accounting education is continually evolving and one of the most significant catalysts for this change is having the instructor teaching an introduction to accounting class be an individual with professional experience. These individuals, having either recently transitioned to academia from the professional world or having worked in the industry previously, bring a wealth of current industry knowledge and practical insights.
Having transitioned from the workforce to academia, these professionals possess a unique perspective that is invaluable in the classroom, especially in disciplines as dynamic as accounting. Their firsthand experiences in applying theoretical knowledge to solve practical problems in real-world settings offer a wealth of insights to students.
According to a recent AICPA professional insights article, appointing captivating and relevant instructors in the introductory courses is an excellent way to increase enrollment. This direct application of theory to practice aids in demystifying complex accounting principles, transforming abstract concepts into tangible and understandable elements.
Updating accounting curricula with current trends
The accounting profession is characterized by its rapid evolution, driven by changes in legislation, technological advancements, and economic fluctuations. Recent professionals, being active participants in this dynamic environment, bring fresh insights into these ongoing changes. Their involvement in academia serves as a conduit for the latest industry practices and trends to enter the classroom, ensuring that the curriculum remains relevant and reflective of current standards and requirements.
For example, with the increasing adoption of blockchain technology in financial transactions, a professional with recent experience in this area can provide students with an understanding of its implications in the accounting profession. Similarly, insights into the latest software and tools being used in the profession can prepare students to be more effective and efficient in their future roles.
This constant infusion of up-to-date knowledge and practices into the curriculum not only prepares students for what awaits them in the professional world, but also positions them as attractive candidates to future employers. They emerge from their education not only with a solid theoretical foundation, but with an understanding of how to apply this knowledge in practice, armed with awareness of the latest industry developments and technological tools.
This blend of theory and practice, grounded in current trends, ensures that graduates are well-prepared to navigate the complexities of the modern accounting landscape.
Enhanced learning through real-world examples
Having an instructor who has the ability to speak to a topic and help bridge the gap between textbook material and what actually happens in the real world can be invaluable.
There is a plethora of benefits that students gain by applying the basic accounting foundation that they have already built into solving real-world projects and understanding real-world examples. Students can see the relevance of what they are learning in the course and how it applies in the real world, which can in turn cause them to want to have a deeper understanding and appreciation for the subject matter.
This active learning approach aids in developing critical thinking and problem-solving skills, which are two essential attributes for any aspiring accountant.
Networking opportunities
According to the authors experience as instructors, oftentimes if you ask an already-declared accounting student why they want to major in accounting, their answer would probably state that someone in their family or friend group is an accountant and they were influenced into this profession and the opportunities that it includes by talking to this person. This shows that students can be influenced to major in accounting by having an example to follow.
On the other hand, not every college student has an accountant in their family or even outside of their family to influence them. Introducing students to the accounting profession who may be first-generation college graduates or those who do not know any accountants can be a challenge, but there are various steps that an instructor in an introductory accounting course can take to help influence students to the tremendous opportunities that exist in the accounting profession.
Listening to guest speakers and connecting students with current professionals broadens their understanding of the basics of accounting. It can be inspiring to students to have someone come into the classroom and share their academic and professional journey as to how they got to where they are today.
Introducing students to guest speakers can also help to facilitate internships and future job opportunities for students. Salary expectations for any major is something that students would appreciate knowing ahead of time, before they declare their specific major. Having guest speakers openly talk about salary transparency and the increasing starting salaries for accountants can certainly peak students’ interests for the accounting profession.
Attracting and retaining top talent
Attracting and retaining top-tier students to study accounting is crucial for the continued vitality and evolution of the profession during a time when most colleges are seeing a decrease in accounting enrollment and the number of students pursuing the CPA. It is instructors’ responsibility to identify and discuss with top performing students in an introductory course about pursuing an accounting degree.
Along with those initial conversations with students, below are some ways you can attract students to your college’s accounting program.
1. Relevance and application of knowledge. Top-tier students often seek programs that offer not just theoretical knowledge but also practical applications. The ability to bridge theory with real-world practice makes accounting more appealing, as it demonstrates the tangible impact of accounting principles on businesses and economies. This relevance is crucial for students who aim to make a significant impact in their careers. By showing how accounting is the language of business, programs can attract students who are eager to engage in work that is rewarding, secure, and compensated well.
2. Preparedness for the future. In a competitive job market, top-tier students are looking for programs that offer them a competitive advantage. Students who are at the top of their peer group are not just looking for an education, they’re looking for a launchpad for future success.
Updating the curriculum with current trends ensures that students are learning the most modern and relevant practices, preparing them to enter the workforce with knowledge and skills that are in high demand. This readiness for immediate contribution and the ability to navigate and lead through emerging challenges are attractive to ambitious students who aim to be at the forefront of their profession.
3. Engagement and motivation. High-performing students are often driven by engagement and challenge. Integrating professionals into the educational process as instructors who can share their experiences and insights creates a more engaging learning environment. This dynamic setting, where education is closely linked to professional practice, motivates students by highlighting the direct impact of their studies on their future careers. It also shows that the college is committed to providing a meaningful education that goes beyond textbooks.
4. Networking and professional growth. Top-tier students often value the networking and mentorship opportunities that can come from interacting with recent professionals in the classroom. These connections can provide invaluable insights into the industry, potential career paths, and even lead to job opportunities. Programs that facilitate these interactions are more attractive to students who are keenly aware of the importance of building a professional network from an early stage in their careers.
The House unanimously passed four bipartisan bills Tuesday concerning taxes and the Internal Revenue Service that were all endorsed this week by the American Institute of CPAs, and passed two others as well.
H.R. 1152, the Electronic Filing and Payment Fairness Act, sponsored by Rep. Darin LaHood, R-Illinois, Suzan Delbene, D-Washington, Randy Feenstra, R-Iowa, Brad Schneider, D-Illinois, Brian Fitzpatrick, R-Pennsylvania and Jimmy Panetta, D-California. The bill would apply the “mailbox rule” to electronically submitted tax returns and payments to allow the IRS to record payments and documents submitted to the IRS electronically on the day the payments or documents are submitted instead of when they are received or reviewed at a later date. The AICPA believes this would offer clarity and simplification to the payment and document submission process while protecting taxpayers from undue penalties.
H.R. 998, the Internal Revenue Service Math and Taxpayer Help Act, sponsored by Rep. Randy Feenstra, R-Iowa, and Brad Schneider, D-Illinois, which would require notices describing a mathematical or clerical error to be made in plain language, and require the Treasury to provide additional procedures for requesting an abatement of a math or clerical error adjustment, including by telephone or in person, among other provisions.
H.R. 517, the Filing Relief for Natural Disasters Act, sponsored by Rep. David Kustoff, R-Tennessee, and Judy Chu, D-California. The process of receiving tax relief from the IRS following a natural disaster typically must follow a federal disaster declaration, which can often come weeks after a state disaster declaration. The bill would provide the IRS with authority to grant tax relief once the governor of a state declares either a disaster or a state of emergency and expand the mandatory federal filing extension under Section 7508(d) of the Tax Code from 60 days to 120 days, providing taxpayers with more time to file tax returns after a disaster.
H.R. 1491, the Disaster related Extension of Deadlines Act, sponsored by Rep. Gregory Murphy, R-North Carolina, and Jimmy Panetta, D-California, would extend the amount of time disaster victims would have to file for a tax refund or credit (i.e., the lookback period) by the amount of time afforded pursuant to a disaster relief postponement period for taxpayers affected by major disasters. This legislative solution would place taxpayers on equal footing as taxpayers not impacted by major disasters and would afford greater clarity and certainty to taxpayers and tax practitioners regarding this lookback period.
“The AICPA has long supported these proposals and will continue to work to advance comprehensive legislation that enhances IRS operations and improves the taxpayer experience,” said Melanie Lauridsen, vice president of tax policy and advocacy for the AICPA, in a statement Tuesday. “We are pleased to work closely with each of these Representatives on common-sense reforms that will benefit taxpayers, tax practitioners and tax administration and we’re encouraged by their passage in the House. We look forward to continuing to work with Congress to improve the taxpayer experience.”
The House also passed two other tax-related bills Tuesday that weren’t endorsed in the recent AICPA letter.
H.R. 1155, Recovery of Stolen Checks Act, sponsored by Rep. Nicole Malliotakis, R-New York, would require the IRS to create a process for taxpayers to request a replacement via direct deposit for a stolen paper check. If a check is determined to be stolen or lost, and not cashed, a taxpayer will receive a replacement check once the original check is cancelled, but many taxpayers are having their replacement checks stolen as well. Taxpayers who have a check stolen are then unable to request that the replacement check be sent via direct deposit. The bill would require the Treasury to establish processes and procedures under which taxpayers, who are otherwise eligible to receive an amount by paper check in replacement of a lost or stolen paper check, may elect to receive such amount by direct deposit.
H.R. 997, National Taxpayer Advocate Enhancement Act, sponsored by Rep. Randy Feenstra, R-Iowa, would prevent IRS interference with National Taxpayer Advocate personnel by granting the NTA responsibility for its attorneys. In advocating for taxpayer rights, the National Taxpayer Advocate often requires independent legal advice. But currently, the staff members hired by the National Taxpayer Advocate are accountable to internal IRS counsel, not the Taxpayer Advocate, creating a potential conflict of interest to the detriment of taxpayers. The bill would authorize the National Taxpayer Advocate to hire attorneys who report directly to her, helping establish independence from the IRS.
House Ways and Means Committee Chairman Jason Smith, R-Missouri, applauded the bipartisan House passage of the various bills, which had been unanimously passed by the committee.
“President Trump was elected on the promise of finally making the government work better for working people,” Smith said in a statement Tuesday. “This bipartisan legislation helps fulfill that mandate and makes improvements to tax administration that will make it easier for the American people to file their taxes. Those who are rebuilding after a natural disaster particularly need help filing taxes, which is why this set of bills lightens the load for taxpayers in communities struck by a hurricane, tornado or some other disaster. With Tax Day just a few days away, we must look for common-sense, bipartisan ways to make filing taxes less of a hassle.”
Yeo & Yeo (https://www.yeoandyeo.com/resources): How financial benchmarking (including involving taxes) can help business clients see trends, pinpoint areas for improvement and forecast future performance.
Integritas3 (https://www.integritas3.com/blog): One way to take a bite out of crime, according to this instructor blogger: Teach grad students how to detect, investigate and prevent financial fraud.
HBK (https://hbkcpa.com/insights/): Verifying income, fairly distributing property, digging the soon-to-be-ex’s assets out of the back of the dark, dark closet: How forensic accounting has emerged as a crucial element in divorces.
Standing out
Genuine intelligence
AICPA & CIMA Insights (https://www.aicpa-cima.com/blog): How artificial intelligence and other tech is “Reshaping Finance,” according to this podcast. Didem Un Ates, CEO of a U.K.-based company offering AI advisory services, tackles the topic.
Dean Dorton (https://deandorton.com/insights/): Favorite opening of the week: “The madness doesn’t just happen on college basketball courts — it also happens when your finance team is stuck using a legacy on-premises accounting system.”
Berkowitz Pollack Brant (https://www.bpbcpa.com/articles-press-releases/): This Florida firm offers a variety of services to many industries and has a good, wide-ranging blog. Recent topics include the BE-10, nexus and state and local tax obligations, IRS cuts and what to know about the possible bonus depreciation phase out. Welcome!
By streamlining tasks such as risk assessment, control testing, and reporting, gen AI has the potential to increase efficiency across the entire SOX lifecycle.