Journal of Accountancy Podcast

Ryan Bogner, EY’s Americas digital sustainability leader, is the keynote speaker at the AICPA & CIMA Oil & Gas Conference in November in Las Vegas. He explains on this episode of the JofA podcast how the regulatory landscape will affect reporting going forward, the link between cost efficiency and carbon efficiency, and why, even with more focus on sustainable energy sources, demand for oil and gas remains high. What you’ll learn from this episode: ·         Bogner’s explanation of how reporting directives in Europe can affect U.S. companies. ·         How changes in the regulatory landscape could affect CPAs’ reporting and assurance duties and timelines. ·         An update on the release of the SEC climate rule’s final version. ·         Definitions of “carbon efficiency” and “carbon intensity.” ·         Why Bogner says that demand for oil and gas as an energy source isn’t diminishing.

Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97. Some earned CPE credits from a Kess conference session, others read his book, and some learned simply how to treat other people. Kess was passionately devoted to the profession; he continued serving on conference planning committees well into his 90s. As recently as 2022, Kess was honored with others in the profession at AICPA & CIMA ENGAGE. The specific award given then to Kess was the Stanley H. Breitbard Personal Financial Planning Division Lifetime Achievement Award. It is one of many such honors, not that Kess was in it for awards. In 2016, he received a separate PFP award. In 2011, he received the AICPA's highest honor. In 2010, an award related to continuing education was named after him. That's the way it was for Kess, who devoted his life to the profession. This episode of the JofA podcast shares more memories of Kess, dating back 50 years. What you’ll learn from this episode: Background information on Sid Kess, who died last week at age 97. What Kess taught Marty Finn about relationship-building at conferences. David Lifson’s surprise that Kess remembered him from a meeting that occurred at least 10 years earlier. Julie Welch’s memory of when Kess suffered broken bones just before an AICPA video session but carried on.  AICPA & CIMA CEO Barry Melancon’s early dealings with Kess. Why Melancon said that “you hated to disappoint” Kess.

On Thursday, the IRS suspended the processing of new employee retention credit (ERC) claims to combat the prevalence of fraud. These measures will help protect small businesses and aim to stop fraud by promoters of ERC mills. In this episode, Kris Esposito, Director — Tax Policy & Advocacy, AICPA & CIMA, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, to discuss this important news development and break down the details of the announcement. What you’ll learn from this episode: How to find out if submitted claims have been processed (3:53). When recently submitted claims will be processed (4:41). How to talk to your clients about the IRS announcement (6:22). How a new resource can help (7:38).

For Kevin Martin, CPA, the many happy memories of his father — also a CPA named Kevin Martin — outweigh the grief that accompanied the elder Martin’s death in 2019.  An otherwise healthy 78-year-old, the grandfather to Kevin and Lisa Martin’s four children was diagnosed with amyotrophic lateral sclerosis (ALS), a debilitating disease that has no cure. He died about a month later.   Kevin Martin, the son, didn’t want those memories to fade away, and so, in the middle of the pandemic, he decided to write. He kept writing, and eventually his grief journal became a book, All Is Well: Life Lessons from a Preacher’s Father. In this episode of the JofA podcast, Martin discusses the “preacher” part of the book’s title, how the family-owned CPA firm has moved forward, and advice for dealing with life-altering events. What you’ll learn from this episode: ·         The upheaval in accounting and other industries that affected Martin’s firm at the onset of the pandemic. ·         Why Martin decided to write a book about his father. ·         The last words of Martin’s father in the hospital. ·         Why Martin says “grief has no rules.” ·         Martin’s advice for how to assist grieving coworkers, including “bringing down the boundaries.” ·         The book’s role in fundraising for ALS charities and research.

It’s not a rosy outlook by any means, but the mood of finance decision-makers has brightened in the past three months. That’s according to a third-quarter survey of CPA decision-makers in business and industry. Optimism is rising, along with projections on revenue for the coming 12 months. Also, inflation is no longer the top challenge chosen by respondents.  Ken Witt, CPA, CGMA, AICPA & CIMA's associate technical director – Reasearch and Development, discusses the results of the Business and Industry Economic Outlook Survey in this podcast episode. What you’ll learn from this episode: ·         The decline in the percentage of respondents expecting their businesses to contract. ·         A breakdown of how CPA decision-makers in business and industry feel about the likelihood of a recession. ·         The top challenges facing finance executives. ·         What Witt calls the “keynote stat” to monitor leading up to the fourth-quarter survey results.

The AICPA’s Digital Assets Working Group published the first iteration of its digital assets practice aid in late 2019. Since then, much has changed related to digital assets, and so the practice aid has evolved with timely updates. The latest update, member-locked content published in late July, continues that evolution.  On this episode of the JofA podcast, Kyle Sewell, CPA, a member of the Digital Assets Working Group, explains more about why the updates are important and how they can help practitioners.

When Rand Greenblatt, PA, assumed the role as CFO of Elixir Solutions in early 2022, he set out to improve finance operations while empowering team members. He said that seeing direct reports improve through taking on stretch roles is a key part of talent development – and something that’s gratifying to him. Greenblatt shared what it’s like to manage a team that’s fully remote, why he considers that setup “a boon to the organization,” and more in this episode of the JofA podcast. What you’ll learn from this episode: ·         Rand Greenblatt’s background writing for a newsletter tied to the JofA. ·         Greenblatt’s new role and more about his job priorities. ·         Three areas of focus for improving his organization’s finance function. ·         The “huge selling point” – and other benefits – of being a fully remote company. ·         What Greenblatt considers the most rewarding part of his job.

Future-focused consultant and entrepreneur Scott Klososky admits he doesn’t know exactly what the future holds as it relates to artificial intelligence. But he is definitely more upbeat about the productivity possibilities AI offers than down about the jobs AI might eliminate He believes AI will cut out parts of jobs, not entire ones. Klososky will talk more on this topic in September at the AICPA & CIMA Conference on Banks and Savings Institutions. About AI, Klososky says: “Instead of fearing it, we need to get better at embracing it and loving and appreciating what it can do.” What you’ll learn from this episode: ·         How the past 10 months have transformed the adoption of generative AI such as ChatGPT. ·         What Klososky means by the phrase “consumerized AI” – and how what’s happening now compares to the launch of the iPhone. ·         Why Klososky prefers “machine intelligence” over “artificial intelligence.” ·         How technology could play a role in helping to close the U.S. labor gap. ·         A new take on the 80-20 rule, applicable to AI. ·         What Klososky is looking forward to from this year’s banking conference.

Lexy Kessler, CPA, CGMA, is the chair of the National Pipeline Advisory Group, a group of accounting stakeholders formed to help shape strategy to address the profession's talent shortage. Kessler is mid-Atlantic leader for the firm Aprio and a member of the board of directors of the Association of International Certified Professional Accountants. She is a former chair of the Maryland Association of CPAs. In this episode, Kessler discusses why leading the group appealed to her, more about the group’s responsibilities, and why she’s excited to learn from the group’s other members. What you’ll learn from this episode: ·         What the advisory group is and the approach it is taking to key responsibilities. ·         Some of the ways the talent shortage in the profession has affected business. ·         Why organizations, including CPA firms, must be open to looking inward for solutions to the profession’s pipeline problem. ·         How the National Pipeline Advisory Group’s universally desired end result puts it in a strong position to aid the cause.

Johanna Sweaney Salt, CPA, CGMA, used to work 100 hours a week during busy season. As the founder and managing partner of Gray, Salt & Associates LLP, she believed it was her responsibility to put in the time needed to make her small firm a success. Today, Johanna remains a full-time partner at the firm, and her son, Dalton Sweaney, CPA, is now the managing partner. His desire a few years ago to spend more time with his young children prompted him to ask his mother if they could make changes to make busy season less crazy. She said yes, starting a multiyear journey that has freed Dalton up for more dinners with his family and has cut her busy-season hours almost in half. What changes did they make and how have they kept the firm running profitably? What you’ll learn from this episode: ·         How the firm began a move to cut back on both total hours and hours worked in the office. ·         The remote work toolkit that assisted in the business transformation. ·         How a hard minimum set by the firm helped to maximize profits. ·         When, how, and why the firm fires clients. ·         The firm’s ideas about four-day workweeks.