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THE CPA Of The 21st CENTURY
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| Term Paper Title | THE CPA Of The 21st CENTURY |
| # of Words | 926 |
| # of Pages (250 words per page double spaced) | 3.7 |
THE CPA Of The 21st CENTURY
Business practices have changed during the past millenium. Businesses have
evolved over time from bartering goods and riverside trading, to small local
stores, mega malls, and business over the Internet. Through all these
changes, companies needed to keep records of their equity, assets,
liabilities, and cash flows in order to remain competitive in their field.
Accounting standards have also changed over the years, through FASB, CAP, and
APB, issuing updated efficient standards called GAAP. Due to the drastic
changes in the business world, CPA requirements for the twenty-first century
are being updated to reflect current business demands; these changes will
affect undergraduates, graduate students, and professionals in the accounting
field.
Requirements for sitting for the CPA exam are changing in Ohio as well as in
other states. William Bentz, OSU Professor and Legislative Task Force Member
says, "A total of 41 states, including New York, Florida, Ohio, Illinois, and
Texas have passed similar legislation.1" The change requires candidates to
have 150 semester hours or 225 quarter hours, a college degree, and the
equivalent number of credit hours needed for an accounting major to sit for
the CPA exam. This requirement will begin in Ohio with the May, 2000
examination. Any candidate who began the CPA exam process on or before
November 1999 will be covered under the old exam requirements. However, in
order for candidates to be successful in the accounting field, further
education will be needed to adapt to changing business standards and to
compete with accountants who passed the exam under the new requirements.
There are many reasons for the implementation of the 225-hour requirement.
Donald Tidrick, Senior Lecturer University of Texas says, "In 1989 a
publication was issued from the Big Eight Accounting Firms to Higher
Education. The point of the publication was to inform higher education
personnel that students were not learning the right methods and skills needed
in the accounting field.2" Since then changes have been made in the business
track curriculum. Team projects and presentations in class develop written,
verbal, problem solving and interpersonal skills. There is a need for
accountants to relate to more broadly educated executives and operate in a
more complex environment. Accounting firms have a desire to sell more
value
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