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Exam Code: FAR Practice exam 2022 by Killexams.com team
FAR CPA Financial Accounting and Reporting

Within the Blueprints, you will find the following information for each exam section:
Content organized by Area, Group and Topic along with score weighting
Sample task statements that represent what you may be asked to do when testing
Skill levels at which tasks are tested
Reference materials that support the sample task statements
Number of item types you must complete (multiple-choice questions, task-based simulations and written communication tasks)
Score weighting of each item type

Content area allocation Weight
I. Conceptual Framework, Standard-Setting and Financial Reporting 25–35%
II. Select Financial Statement Accounts 30–40%
III. Select Transactions 20–30%
IV. State and Local Governments 5–15%

Each exam section is delivered in five smaller sections called testlets. Each testlet features different item types (see below) used to test your knowledge and skills. To learn more about how each section is organized, including when you can take a break, review the CPA exam structure.

Exam Item Types
You will be tested during the CPA exam using three types of test items that appear within specific testlets in each section.

Multiple-Choice Questions (MCQ)
The multiple-choice portions are presented in the first two testlets of each exam section.

Task-Based Simulations (TBS)
Task-based simulations are condensed case studies that test accounting knowledge and skills using real life, work-related situations. All task-based simulations are intended to assess knowledge and skills that are appropriate for an entry-level accountant. There are three TBS testlets in the AUD, FAR and REG sections, and two TBS testlets in the BEC section.

Written Communication Tasks
Written communication tasks appear only in the BEC section of the CPA Exam. For each of three written communication tasks, you must read a scenario and then write an appropriate document relating to the scenario. The instructions state what form the document should take (such as a memo or letter) and its focus. Your response should provide the correct information in writing that is clear, complete and professional.

Each of the four exam sections is broken down into five smaller sections called testlets. These testlets feature multiple-choice questions (MCQs) and task-based simulations (TBSs). In the case of BEC, you also have to complete three written communication tasks. The number of MCQs and TBSs tested varies depending upon the specific section taken. You will receive at least one research question (research-oriented TBS) in the AUD, FAR and REG sections. To complete them, you will have to search the related authoritative literature and find an appropriate reference.

cpa-exam-sections
Breaks
During each exam section, you will be offered a 15-minute break after the first TBS testlet. This is about midway through the section (two hours). You may accept this break and pause the exam timer or you may continue testing. To accept the break, click the “Take a Break” button. During this break, you must leave the testing room and follow all Prometric security rules. The exam timer will restart when the 15-minute break ends.

In addition to the 15-minute break, you may also take optional breaks after all other testlets but you cannot pause the exam timer. The timer will continue to run.

The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and nonpublic), not-for-profit entities and state and local government entities.
The financial accounting and reporting frameworks that are eligible for assessment within the FAR section of the exam include the standards and regulations issued by the:
• Financial Accounting Standards Board (FASB)
• U.S. Securities and Exchange Commission (U.S. SEC)
• American Institute of Certified Public Accountants (AICPA)
• Governmental Accounting Standards Board (GASB)
• International Accounting Standards Board (IASB)
A listing of standards and regulations promulgated by these bodies, and other reference materials that are eligible for assessment in the FAR section of the Exam are included under References at the conclusion of this introduction.
Content organization and tasks
The FAR section blueprint is organized by content AREA, content GROUP and content TOPIC. Each group or Topic includes one or more representative TASKS that a newly licensed CPA may be expected to complete in practice.
Tasks in the FAR section blueprint are representative. The tasks are not intended to be (nor should they be viewed as) an all-inclusive list of tasks that may be tested in the FAR section of the Exam. Additionally, it should be noted that the number of tasks associated with a particular content group or topic is not indicative of the extent such content group, Topic or related skill level will be assessed on the Exam. For example, the Topic titled “Notes to financial statements” in Area I includes two tasks that are intended to encompass the required disclosures for any Topic in the FASB Accounting Standards Codification, while the group titled “Leases” in Area III includes eight tasks that are limited to the accounting requirements in the Leases Topic of the FASB Accounting Standards Codification. The number of tasks included in the blueprint for this

group and this Topic is not intended to suggest that “Leases” are more significant to newly licensed CPAs or will be tested more than the “Notes to financial statements.” Similarly, examples provided within the task statements should not be viewed as all-inclusive.
Content allocation
The following table summarizes the content areas and the allocation of content tested in the FAR section of the Exam:
Overview of content areas
Area I of the FAR section blueprint covers FASBs Conceptual Framework, FASBs standard-setting process and several different financial reporting topics. The financial reporting subjects include the following:
• General-purpose financial statements applicable to for-profit entities, not-for-profit entities and employee benefit plans under the FASB Accounting Standards Codification
• Disclosures specific to public companies including earnings per share and segment reporting under the FASB Accounting Standards Codification and the interim, annual and periodic filing requirements for U.S. registrants in accordance with the rules of the U.S. SEC
• Financial statements prepared under special purpose frameworks as described in AU-C Section 800 of the Codification of Statements on Auditing Standards Area II of the FAR section blueprint covers the financial accounting and reporting requirements in the FASB Accounting Standards Codification that are applicable to select financial statement accounts.
• To the extent applicable, each group and Topic in the area is eligible for testing within the context of both for-profit and not-for-profit entities. – If significant accounting or reporting differences exist between for-profit and not-for-profit entities for a given group or topic, such differences are in representative not-for-profit tasks in the blueprint.
Area III of the FAR section blueprint covers the financial accounting and reporting requirements for select transactions that are applicable to entities under the FASB Accounting Standards Codification and the IASB standards. • The testing of content under the IASB standards is limited to a separate group titled, “Differences between IFRS and U.S. GAAP.”
• To the extent applicable, the remaining groups in the area are eligible for testing within the context of both for-profit and not-for-profit entities. – If significant accounting or reporting differences exist between for-profit and not-for-profit entities, such differences are in representative not-for-profit tasks in the blueprint.
Area IV of the FAR section blueprint covers GASBs conceptual framework as well as the financial accounting and reporting requirements for state and local governments under the GASB standards and interpretations.
Section assumptions
The FAR section of the exam includes multiple-choice questions, task-based simulations and research prompts. When completing questions in the FAR section of the Exam, candidates should assume that all of the information provided in each question is material. In addition, candidates should assume that each question applies to a for-profit business entity reporting under U.S. GAAP unless otherwise stated in the fact pattern for a question. For example, questions that apply to not-for-profit entities specify the nature of these entities
as “not-for-profit” or “non-governmental, not-for-profit.” Questions that apply to IFRS include phrases such as “under IFRS” or “according to IFRS.” Questions that apply to the state and local governments include phrases such as “local government,” “state,” “municipality” or “city.”
Skill allocation
The exam focuses on testing higher order skills. Based on the nature of the task, each representative task in the FAR section blueprint is assigned a skill level. FAR section considerations related to the skill levels are discussed below.
Skill levels
Evaluation The examination or assessment of problems, and use of judgment to draw conclusions.
Analysis
The examination and study of the interrelationships of separate areas in order to identify causes and find evidence to support inferences.
Application The use or demonstration of knowledge, concepts or techniques.
Remembering and Understanding The perception and comprehension of the significance of an area utilizing knowledge gained Remembering and Understanding tasks are in all four areas of the FAR blueprint. These tasks, such as identifying transactions and financial reporting requirements, frequently require newly licensed CPAs to demonstrate their comprehension of accounting concepts and standards. Area IV has the highest concentration of remembering and understanding tasks.
• Application tasks are in all four areas of the FAR blueprint. These tasks, such as preparing journal entries and financial statements, frequently require newly licensed CPAs to use accounting concepts and standards to measure and recognize financial statement amounts.
• Analysis tasks are in Area I, Area II and Area III of the FAR blueprint. These tasks, such as reconciling account balances, interpreting agreements and detecting financial reporting discrepancies, frequently require newly licensed CPAs to demonstrate a higher level of interpretation. Area I and Area II have the highest concentration of analysis tasks.
The representative tasks combine both the applicable content knowledge and the skills required in the context of the work that a newly licensed CPA would reasonably be expected to perform. The FAR section does not test any content at the Evaluation skill level as newly licensed CPAs are not expected to demonstrate that level of skill in regards to the FAR content.

CPA Financial Accounting and Reporting
AICPA Accounting pdf
Killexams : AICPA Accounting pdf - BingNews https://killexams.com/pass4sure/exam-detail/FAR Search results Killexams : AICPA Accounting pdf - BingNews https://killexams.com/pass4sure/exam-detail/FAR https://killexams.com/exam_list/AICPA Killexams : AICPA & CIMA offer ESG certificate program

The Association of International Certified Professional Accountants, representing the American Institute of CPAs and the Chartered Institute of Management Accountants, rolled out an environmental, social and governance training program for accountants Thursday.

The Fundamentals of ESG Certificate is available worldwide and is aimed at CPAs, management accountants such as CGMAs, and finance professionals who want to acquire a baseline knowledge of ESG topics. The nine-hour course covers the fundamental concepts of the ESG field and exact developments. Once they complete the training, certificate holders can display a digital badge in their online profiles. 

The introduction of the ESG certificate program comes as the United Nations is holding its COP27 climate change conference in Egypt, where delegates are meeting to discuss ways to keep the planet from warming as the frequency of natural disasters such as hurricanes, tornadoes, wildfires and droughts seems to be accelerating along with rising temperatures and sea levels. Accountants have been drawn into the sustainability effort through the increasing popularity of ESG investment funds, and growing demands for companies to account for their efforts at reducing emissions and using more renewable energy. 

"When we talk about preparing the accounting profession for tomorrow, ESG is a core component," said Susan S. Coffey, AICPA & CIMA's CEO of public accounting, in a news release. "Business reporting and the underlying concepts of enterprise value are evolving rapidly, and no group is more essential to instilling trust and integrity into that process than accountants. Our obligation as a profession is to make sure we develop the necessary skills and expertise to lead the integration of ESG into the organization and deliver on high-quality reporting and assurance of ESG information."  

AICPA & CIMA are planning further training on ESG. For a start, the Fundamentals of ESG Certificate program will provide course takers with the ability to identify key aspects of ESG; recognize the expectations of investors and the impact on business; assess the responsibility of businesses for key ESG issues; recognize the business case for implementing sustainable practices; identify the role of the accounting and auditing profession in sustainability; and recognize the current sustainability reporting frameworks and reporting requirements.

Thu, 10 Nov 2022 03:44:00 -0600 en text/html https://www.accountingtoday.com/news/aicpa-cima-offer-esg-certificate-program
Killexams : Indore: City academician declared global champion Dr Niranjan Shastri © Provided by Free Press Journal Dr Niranjan Shastri

Indore (Madhya Pradesh): Dr Niranjan Shastri, an associate professor at SVKM’s NMIMS Indore, has been declared the global champion under the Teaching Excellence: Influential Lecturer 2022 by AICPA & CIMA together as the Association of International Certified Professional Accountants formed by members of The Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA) which is one of the largest accounting professional body of the world.

The results were declared in a virtual ceremony on December 9.

Competing with over 650 applications from across the world, Shastri won the global championship. He was one among the two candidates shortlisted from India for the award.

The award is given to recognise and appreciate the efforts of the world’s best management accounting professors.

Dr Shastri was shortlisted because of his innovative pedagogy, outstanding assessment techniques, peer appreciation, alumni applause, industry connections and management’s views, and his commitment towards lifelong learning.

Madhya Pradesh: Indore civic body plans to issue green bonds to raise Rs 250 cr for solar power plant

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Fri, 09 Dec 2022 05:20:28 -0600 en-IN text/html https://www.msn.com/en-in/news/world/indore-city-academician-declared-global-champion/ar-AA156iqo
Killexams : AICPA, DOL launch finance apprenticeship program

The American Institute of CPAs and the Department of Labor announced the first three companies to participate in the Registered Apprenticeship for Finance Business Partners program — technology company HP, Liberty Bank and insurer Aon.

The program gives participating apprentices a full-time job combined with on-the-job training and mentorship, and a learning program built around the CGMA Finance Leadership Program that will end in the apprentices earning the Chartered Global Management Accountant credential.

The apprenticeship is the first of its kind for accounting and finance.

"When you hear 'apprentice,' you're thinking a bricklayer or a construction guy," noted Tom Hood, executive vice president of business engagement and growth at the AICPA. "This idea of a professional apprenticeship is relatively new."

The Department of Labor will be highlighting the signing of the three employers to the program at an event in Chicago on Monday timed to coincide with the start of National Apprenticeship Week and will feature First Lady Jill Biden and Secretary of Labor Martin Walsh. The event will also highlight programs in cybersecurity and at McDonald's, in part to emphasize the fact that apprenticeships are not limited to vocational positions.

AICPA officials were quick to differentiate these apprenticeships from the internships that are common in public accounting.

"It's very structured — it's a paid job rather than an internship," explained Joanne Fiore, AICPA vice president of pipeline and apprenticeships. "There's on-the-job training in which the employee commits to providing experiences that help you grow with a mentor to shepherd you through, as well as related instruction."

"This is a job, and you're expected to do the job and potentially rise up," added Hood. "You're hired, and there's no automatic out [as with an internship]. It's about three years to go through the CGMA curriculum — which they are actually applying in their job role as they go."

The apprenticeships are also more complicated to set up than the average internship. They have to be registered with the Department of Labor and meet DOL standards, and then they rely on a broader community to set up.

"You need employers and intermediaries like us developing standards, and then you need community groups to help support the apprentices," Hood explained. "Those are the three components you need to do this right."

The employer networks that underpin these kinds of apprenticeships tend be local to major metropolitan areas (Chicago's, for instance, is well-established, and that's why the signing event is being held there) — and those areas also tend to be home to large groups of people who are underrepresented in the accounting profession.

"All of these employer networks are in urban areas where the need for good jobs is significant, and there's the opportunity to tap a pipeline of talent that we don't always get access to," said Hood. "You're offering a job level that many people might not even know is possible."

Currently, the three employers have approximately 40 apprentices either registered or in the pipeline, all of whom already have four-year degrees, but Hood foresees a time when apprenticeships may be expanded to those with two-year degrees, or who are still looking to finish college — in which case the apprenticeship might include college credit.

He also imagines expanding this type of apprenticeship to people of all ages and employment circumstances. For instance, an industrial company "could take a plant manager who's going to be automated and take all their deep industry knowledge and supplement this with finance skills and deliver them a whole new career. … We were talking with AARP, and they said, 'What about older people who could be displaced?' It's about upskilling and reskilling and offering a really good job — that's what this is opening up. That can be at any age and at any level."

Sun, 13 Nov 2022 19:00:00 -0600 en text/html https://www.accountingtoday.com/news/aicpa-department-of-labor-launch-finance-apprenticeship-program
Killexams : AICPA & CIMA Launch ESG Fundamentals Certificate

NEW YORK--()--AICPA & CIMA, which together form the Association of International Certified Professional Accountants, are offering a new certificate that provides foundational knowledge on critical subjects related to environmental, social and governance (ESG) reporting and assurance. The growing demand for ESG data – driven by investors, lenders, customers and, increasingly, policymakers – makes this a high priority category for skills development within the accounting profession.

The Fundamentals of ESG Certificate is available globally and is appropriate for CPAs, management accountants such as CGMAs, and finance professionals looking to obtain a baseline knowledge of ESG topics. The 9-hour course offers a grounding in the fundamental concepts of and latest developments within the ESG field. Upon completion, certificate holders can display a digital badge in their online profiles.

“When we talk about preparing the accounting profession for tomorrow, ESG is a core component,” said Susan S. Coffey, CPA, CGMA, AICPA & CIMA’s CEO of public accounting. “Business reporting and the underlying concepts of enterprise value are evolving rapidly, and no group is more essential to instilling trust and integrity into that process than accountants. Our obligation as a profession is to make sure we develop the necessary skills and expertise to lead the integration of ESG into the organization and deliver on high-quality reporting and assurance of ESG information.”

AICPA & CIMA are developing a detailed learning roadmap for ESG. As the first step on that journey, the Fundamentals of ESG Certificate program will provide course takers with the ability to:

  • Identify the key aspects in each area of Environment, Social and Governance
  • Recognize the expectations of investors and the impact on business
  • Assess the responsibility of businesses for key ESG issues
  • Recognize the business case for implementing sustainable practices
  • Identify the role of the accounting and auditing profession in sustainability
  • Recognize the current sustainability reporting frameworks and reporting requirements

Pricing and further details of the program are available on the certificate home page. For an array of other resources on sustainability and ESG, please visit aicpa.org/esg.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

Wed, 09 Nov 2022 23:35:00 -0600 en text/html https://www.businesswire.com/news/home/20221110005516/en/AICPA-CIMA-Launch-ESG-Fundamentals-Certificate
Killexams : Generally Accepted Auditing Standards: Definition, GAAS vs. GAAP

What Are Generally Accepted Auditing Standards (GAAS)?

Generally accepted auditing standards (GAAS) are a set of systematic guidelines used by auditors when conducting audits on companies' financial records. GAAS helps to ensure the accuracy, consistency, and verifiability of auditors' actions and reports. The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) created GAAS.

Understanding the Generally Accepted Auditing Standards

GAAS are the auditing standards that help measure the quality of audits. Auditors review and report on the financial records of companies according to the generally accepted auditing standards.

Auditors are tasked with determining whether the financial statements of public companies follow generally accepted accounting principles (GAAP). GAAP is a set of accounting standards that companies must follow when reporting their financial statements. Auditors review a company's financial numbers and accounting practices to ensure they're consistent and comply with GAAP. The Securities and Exchange Commission (SEC) requires that the financial statements of public companies are examined by external, independent auditors.

While GAAP outlines the accounting standards that companies must follow, GAAS provides the auditing standards that auditors must follow.

Key Takeaways

  • Generally accepted auditing standards (GAAS) are a set of principles that auditors follow when reviewing a company's financial records.
  • GAAS helps to ensure the accuracy, consistency, and verifiability of an auditors' actions and reports.
  • The generally accepted auditing standards (GAAS) are contained within three sections that cover general standards, fieldwork, and reporting.

Click Play to Learn What Generally Accepted Auditing Standards Are

Requirements for GAAS

Generally accepted auditing standards (GAAS) comprises a list of 10 standards, divided into the following three sections:

General Standards

  1. The auditor must have adequate technical training and proficiency to perform the audit.
  2. The auditor must maintain independence in mental attitude in all matters relating to the audit.
  3. The auditor must exercise due professional care in the performance of the audit and the preparation of the auditor's report.

Standards of Field Work

  1. The auditor must adequately plan the work and must properly supervise any assistants.
  2. The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.
  3. The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.

Standards of Reporting

  1. The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles.
  2. The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
  3. If the auditor determines that informative disclosures in the financial statements are not reasonably adequate, the auditor must so state in the auditor's report.
  4. The auditor's report must either express an opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed. When the auditor cannot express an overall opinion, the auditor should state the reasons in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the auditor's report.
Thu, 10 Nov 2022 06:33:00 -0600 en text/html https://www.investopedia.com/terms/g/gaas.asp
Killexams : AICPA recommends changes to IRS draft revisions for Schedule UTP

The IRS should consider amending its draft revised Schedule UTP, Uncertain Tax Position Statement, "in light of the significant burden the draft Schedule UTP places on taxpayers and practitioners," the AICPA wrote in a letter to the agency.

The letter, dated Nov. 18, is in response to the draft Schedule UTP and Schedule UTP instructions for the 2022 tax year released in October. These revisions would be effective for the 2022 tax year (processing year 2023).

If the IRS does move forward with the revisions as written, it should delay implementation to make it effective for the applicable tax year and not retroactive, the letter reads.

"Our recommendations will simplify filing for taxpayers and practitioners and will reduce the administrative burden on IRS as well," reads the letter, signed by Jan Lewis, CPA, chair of the AICPA Tax Executive Committee.

For example, the AICPA recommends that if the IRS does revise Schedule UTP, it should develop further guidance for taxpayers and the IRS exam staff "to minimize the potential for disagreements regarding the sufficiency of required information," the letter reads.

A major change would require corporations to disclose "contrary authorities," i.e., language that disagrees with the corporation's stance on the Schedule UTP. The IRS should eliminate the language, the AICPA letter says, "because the requirement is not supported by current law or IRS policy."

Corporations must file Schedule UTP with their Form 1120, U.S. Corporation Income Tax Return, if their total assets equal or exceed the applicable asset threshold for the tax year, which was $10 million in 2022, and if they record a liability for unrecognized tax benefits for U.S. federal income positions in their audited financial statements.

The draft changes are the first to Schedule UTP since the IRS first started requiring the form in tax year 2010. The changes are in response to a March 2018 report from the U.S. Treasury Inspector General for Tax Administration recommending that the IRS either revise Schedule UTP to make it more useful or remove the filing requirement.

Although the IRS has not said when the final Schedule UTP will be published, the draft form has a December revision date on it. Final versions typically are close, if not identical, to the draft versions, although there are exceptions, IRS spokesman Eric Smith said in an email Tuesday.

The AICPA letter was sent to Douglas O'Donnell, the IRS acting commissioner, and to William Paul, the IRS principal deputy chief counsel.

— To comment on this article or to suggest an idea for another article, contact Martha Waggoner at Martha.Waggoner@aicpa-cima.com.

Tue, 29 Nov 2022 08:32:00 -0600 text/html https://www.journalofaccountancy.com/news/2022/nov/aicpa-recommends-changes-irs-draft-revisions-schedule-utp.html
Killexams : Employers embrace apprenticeship program for finance business partners

Like many CFOs, for many reasons, Paul Young, CPA, CGMA, prefers to fill senior roles with people already in the organization.

"It's very difficult right now to hire externally," said Young, Liberty Bank's senior executive vice president and CFO. "Accounting and finance positions often take six to nine months to fill, demand a high premium, and many of the candidates still do not have all the skills we're looking for in a new hire."

Those obstacles got a little smaller when Young discovered the AICPA's groundbreaking Registered Apprenticeship for Finance Business Partners program.

"Attracting new, diverse talent, and upskilling existing teammates' skill sets are major challenges. When I learned about the apprenticeship program, I said, 'This is perfect for helping my team develop.'"

Young's "Great Eight" — eight Liberty employees — are now a few weeks into piloting the program, the first of its kind for the accounting and finance profession.

Monday in Chicago, as a part of National Apprenticeship Week, the AICPA and the U.S. Department of Labor (DOL) announced the signing of the first three companies to the program: Liberty, Aon, and HP.

Liberty registered the first eight program apprentices last month. Aon will follow with 15 apprentices later this month, and HP will bring on 10 apprentices in March.

"What makes this so exciting is that this program responds to the trends in the market, and most importantly, it's beginning to solve the number-one issue facing these finance and accounting teams — which is acquiring qualified, skilled, and diverse talent," said Tom Hood, CPA/CITP, CGMA, executive vice president–Business Engagement & Growth at the AICPA. "If we can help our business and industry members fix their number-one issue, well, that's what we're in business to do. We want to help solve these problems.

"This is the beginning of opening up a new way."

Representatives gathered in Chicago on Monday to mark the signing of three companies to the AICPA’s Registered Apprenticeship for Finance Business Partners program. Pictured (left to right): Mike Neller, Global Controller and Chief Accounting Officer at Aon; Paul Young, senior executive vice president and CFO at Liberty Bank; Brittany Masalosalo, Global Head of Governmental Affairs and Policy at HP; Marty Walsh, U.S. Secretary of Labor; Tom Hood, executive vice president–Business Engagement & Growth at the AICPA.



Hood and Joanne Fiore, vice president–Pipeline and Apprenticeships, CGMA Americas at the AICPA, have been building toward this day of recognition, but it's only the first chapter for a program taking dead-aim at talent-related challenges facing corporate accounting.

While the "Great Eight" at Liberty are current employees receiving vital upskilling via the program, that's just one way the Registered Apprenticeship for Finance Business Partners program can help.

Organizations that implement the program also can choose to train apprentices not currently employed by their company, including exact graduates of either two- or four-year colleges. And, Fiore said, the AICPA is currently working with universities to create a pathway for current students to continue attending school while earning credits through the program.

The program is built around the globally rigorous CGMA Finance Leadership Program. Apprentices who complete the program, which typically takes 18 to 24 months, will be certified as a Finance Business Partner by the DOL and will be awarded the Chartered Global Management Accountant (CGMA) designation.

"Employers are responding really well to this because it marries this really established approach — the apprenticeship — with this globally recognized learning program," Fiore said. "And it marries them at a time when so much is going on with the economy and with what's going on with the profession."

Much of what's going on in the profession isn't unique to the profession, but the challenge is pronounced.

A exact Deloitte survey found that nearly 80% of hiring managers in finance and accounting believe they'll be hard-pressed to attract and retain enough talent over the next year. That was echoed during a exact "Future of Finance" panel discussion at AICPA Council that included Hood and Young, where attendees identified "finding and retaining talent" as the top concern facing their company.

"College enrollment is down, and our Future of Finance group has said that talent is our number-one issue. That's been the case for more than a year," Hood said. "Some of them have said, 'We'd deliver our right arm if we could get a pipeline of diverse talent.'

"So this has been driven, I think, by three things. It's been driven by a desperate need for more talent. Secondly, companies would love to have diverse talent as part of the mix. And then the third trend that makes it even more applicable is the need for new skills. Through the pandemic, the finance function had to change and adapt, and through that, we found that many of the people deep down in finance departments didn't have the right skills to keep up with the changes and the digital transformation going on in the marketplace."

Added Fiore: "While this was all going on in the accounting profession — the need for talent, diversity, and new skills — what's going on in the American economy was setting us up for success with the apprenticeship. What's generally being called 'skilled through alternative routes,' STAR, the concept that you can make it in a career without going through a four-year degree, is a movement afoot in the United States that apprenticeships are riding a wave on.

"With fewer people going to college, there's a need for more alternative routes. It's the perfect storm for programs like ours to rise, for apprenticeships to get stronger."

The program, launched by the AICPA in November 2021, previously had been approved by the DOL. Then, in September, the program received a grant from the Maryland Department of Labor.

The AICPA and CFOs like Young hope it's only the beginning.

"It's a world-class learning platform, I'm already hearing great feedback how the apprentices are applying what they learn to their current jobs," Young said. "The apprentices have entered at all different levels — the operational level, the management level, and the strategic level — and because we have employees at each level, they're able to share knowledge and have developed their own cohort sessions. We provide mentoring, which is critically important. I'm a mentor for one of the groups, and we've received great support from the AICPA.

"When our apprentices complete the program, they can become Chartered Global Management Accountants, which is an accreditation of increasing distinction in accounting and finance. That's a designation they aspire to, and it's putting a lot of pep in their step."

What others are saying

  • Marty Walsh, U.S. Secretary of Labor: "The Registered Apprenticeship for Finance Business Partners program will help ensure diverse, skilled teams are ready to fill financial jobs now and in the future. Registered Apprenticeship is a proven model and solid investment for employers seeking to develop a talented and diverse workforce. Today's signing reflects the department's continued commitment to expanding Registered Apprenticeship programs in high-growth and emerging industries."
  • Mike Neller, Global Controller at Aon: "Our people are the heartbeat of our firm. We are committed to creating a culture of opportunity for our colleagues that makes them feel more relevant, connected, and valued to help them achieve their full professional potential. We are excited to make this program available to our finance colleagues, to help them gain essential skills, earn their CGMA designation, and carve out a path for job training, mentorship, and career growth."
  • Marie Myers, CFO at HP: "Diversity is a business imperative; when we attract and nurture people from diverse backgrounds and increase their representation in the workplace, we strengthen a company's business objectives. We look forward to being a part of this Registered Apprenticeship for Finance Business Partners program as an offering in our Finance Cohort Program launching in 2023 with hiring from graduates of HBCUs [historically Black colleges and universities] to drive more diverse and equitable talent across our team."

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.

Sun, 04 Dec 2022 14:33:00 -0600 text/html https://www.journalofaccountancy.com/news/2022/nov/employers-embrace-apprenticeship-program-finance-business-partners.html
Killexams : AICPA, Labor Dept. Sign Inaugural Employers to Apprenticeship Program for Finance Business Partners

"The Registered Apprenticeship for Finance Business Partners program will help ensure diverse, skilled teams are ready to fill financial jobs now and, in the future," said U.S. Secretary of Labor Marty Walsh. "Registered Apprenticeship is a proven model and solid investment for employers seeking to develop a talented and diverse workforce. Today's signing reflects the department's continued commitment to expanding Registered Apprenticeship programs in high-growth and emerging industries."

These employer signings coincide with National Apprenticeship Week (November 14-20, 2022), a nationwide celebration where industry, labor, equity, workforce, education, and government leaders host events to showcase the successes and value of Registered Apprenticeships for re-building the economy, advancing racial and gender equity, and supporting underserved communities.

"We wanted a consistent program that immerses the employees in the experience beyond the traditional upskilling methodology. A cohesive, ongoing opportunity for talent development across the group," said Paul Young, Senior Executive Vice President & Chief Financial Officer of Liberty Bank based in Middletown, CT. "The program allows employees from across all different spectrums of their career development into the program with cohorts at their learning level, supplemented with a strong mentorship program. And that's powerful because it helps ensure success and appeals to the entire organization."

Benefits of the Registered Apprenticeship for Finance Business Partners (https://www.aicpa.org/resources/landing/us-apprenticeship) include:

For employers, apprenticeship programs -

- Are career development programs that establish a pipeline of employees that employers can develop and monitor over time to greatly increase the chance of developing a highly engaged, more skilled, long-term employee.

- Are a talent pipeline management tool, that allows organizations to build, in addition to buy talent, and in doing so take control over how they address ongoing and future needs of their organization and Strengthen recruitment.

- Expand the candidate pool by providing experiences and education that the candidate may not have at the start, and allows employers to consider a broader range of candidates.

For apprentices, these programs allow them to earn a paycheck while they learn and benefit from exposure to more career development and mentoring opportunities.

"Our people are the heartbeat of our firm. We are committed to creating a culture of opportunity for our colleagues that makes them feel more relevant, connected, and valued to help them achieve their full professional potential," said Mike Neller, Global Controller at Aon. "We are excited to make this program available to our Finance colleagues, to help them gain essential skills, earn their CGMA designation, and carve out a path for job training, mentorship and career growth."

Research reveals that inclusive teams unlock diversity benefits by improving team performance by up to 30% in high diversity environments.

"Diversity is a business imperative; when we attract and nurture people from diverse backgrounds and increase their representation in the workplace, we strengthen a company's business objectives," said Marie Myers, Chief Financial Officer at HP Inc. "We look forward to being a part of this Registered Apprenticeship for Finance Business Partners program as an offering in our Finance Cohort Program launching in 2023 with hiring from graduates of historically black colleges and universities /HBCUs to drive more diverse and equitable talent across our team."

For more information about the apprenticeship program, visit AICPA's Finance Business Partner Apprenticeship or email [email protected].

* * *

Original text here: https://www.aicpa.org/news/article/aicpa-and-us-department-of-labor-sign-inaugural-employers-to-apprenticeship

Mon, 14 Nov 2022 23:21:00 -0600 en-US text/html https://insurancenewsnet.com/oarticle/aicpa-labor-dept-sign-inaugural-employers-to-apprenticeship-program-for-finance-business-partners
Killexams : Juan Martinez from Widmer Roel Selected to Attend AICPA’s 2022 Leadership Academy

Published November 26, 2022 12:02 AM

Juan Martinez, CPA was one of only 36 CPAs honored by the American Institute of CPAs (AICPA) as a member of the Leadership Academy’s 14th graduating class. Juan was selected based on his exceptional leadership skills and professional experience for the four-day Leadership Academy program, which was held October 23-27th.

Juan Martinez is a Senior Manager at Widmer Roel, a Fargo, ND public accounting firm. His responsibilities include providing audit and advisory services to a wide range of clients while maintaining a focus in the construction and employee benefit plan industries.

Juan is a native of Grafton, ND and earned a bachelor’s degree in Accountancy from The University of North Dakota. Juan has been in public accounting since 2016 and obtained his ND CPA License in October of 2018.

Additionally, Juan has had the opportunity to serve as a Board Member for the North Dakota CPA Society since 2020.

The AICPA Leadership Academy was designed to strengthen and expand the leadership skills of promising young professionals while they network with a peer group of talented and motivated CPAs.

The Leadership Academy features career-development workshops and sessions with some of the accounting profession’s most prominent influencers. Participants were selected from public accounting firms of all sizes, business and industry, government, and consulting firms.

The 2022 Leadership Academy attendees were recommended by their employers, state CPA societies, and/or volunteer organizations. Candidates submitted resumes and a statement explaining how participating in the Leadership Academy would impact them personally and professionally.

To date, more than 445 CPAs have participated in the AICPA Leadership Academy, many of whom have gone on to take on leadership positions in their firms, businesses, and volunteer organizations.

For more information about the AICPA Leadership Academy, visit AICPA.org/Leadership.

Fri, 25 Nov 2022 16:05:00 -0600 en text/html https://www.inforum.com/business/announcements/juan-martinez-from-widmer-roel-selected-to-attend-aicpas-2022-leadership-academy-5c42027021e12668ac8da793-6377ba7296ac5555867b2863
Killexams : AICPA and U.S. Department of Labor Sign Inaugural Employers to Apprenticeship Program for Finance Business Partners

CHICAGO--()--The American Institute of CPAs (AICPA) and the U.S. Department of Labor today announced the signing of Liberty Bank, Aon plc (NYSE: AON), and HP Inc. (NYSE: HPQ) to the Registered Apprenticeship for Finance Business Partners program. The nation’s first-of-its-type program for accounting and finance will establish a pipeline of highly engaged candidates that allows employers to monitor and develop more skilled, diverse, and long-term employees. The program is built on the globally rigorous CGMA Finance Leadership Program leading to the award of the Chartered Global Management Accountant (CGMA) designation.

Liberty Bank, Aon, and HP are the first employers to participate in the program that creates a new path for those looking to pursue accounting and finance careers, while providing employers with a program to help develop, retain, and diversify talent. Liberty Bank has eight currently registered apprentices with seven additional in the pipeline to start by early 2023. Aon will follow with 15 colleagues and HP will bring on 10 colleagues.

“The battle for talent is increasing, making the need for more skilled accounting and finance talent even more pressing,” said Tom Hood, CPA/CITP, CGMA, Executive Vice President of Business Engagement & Growth at the AICPA. “How we address the needs of our finance teams today will better position us for tomorrow. Our apprenticeship combines a world-class learning program with mentorship and on-the-job training, which helps employers recruit and grow their own, providing the kind of workplace the 21st century workforce expects – diverse, inclusive, collaborative, and innovative.”

For more than a century, the AICPA has been focused on driving a robust pipeline of professionals prepared to support and grow organizations worldwide. The Registered Apprenticeship for Finance Business Partners is the latest step in that mission.

“The Registered Apprenticeship for Finance Business Partners program will help ensure diverse, skilled teams are ready to fill financial jobs now and, in the future,” said U.S. Secretary of Labor Marty Walsh. “Registered Apprenticeship is a proven model and solid investment for employers seeking to develop a talented and diverse workforce. Today’s signing reflects the department’s continued commitment to expanding Registered Apprenticeship programs in high-growth and emerging industries.”

These employer signings coincide with National Apprenticeship Week (November 14-20, 2022), a nationwide celebration where industry, labor, equity, workforce, education, and government leaders host events to showcase the successes and value of Registered Apprenticeships for re-building the economy, advancing racial and gender equity, and supporting underserved communities.

“We wanted a consistent program that immerses the employees in the experience beyond the traditional upskilling methodology. A cohesive, ongoing opportunity for talent development across the group,” said Paul Young, Senior Executive Vice President & Chief Financial Officer of Liberty Bank based in Middletown, CT. “The program allows employees from across all different spectrums of their career development into the program with cohorts at their learning level, supplemented with a strong mentorship program. And that's powerful because it helps ensure success and appeals to the entire organization.”

Benefits of the Registered Apprenticeship for Finance Business Partners include:

For employers, apprenticeship programs –

- Are career development programs that establish a pipeline of employees that employers can develop and monitor over time to greatly increase the chance of developing a highly engaged, more skilled, long-term employee.

- Are a talent pipeline management tool, that allows organizations to build, in addition to buy talent, and in doing so take control over how they address ongoing and future needs of their organization and Strengthen recruitment.

- Expand the candidate pool by providing experiences and education that the candidate may not have at the start, and allows employers to consider a broader range of candidates.

For apprentices, these programs allow them to earn a paycheck while they learn and benefit from exposure to more career development and mentoring opportunities.

“Our people are the heartbeat of our firm. We are committed to creating a culture of opportunity for our colleagues that makes them feel more relevant, connected, and valued to help them achieve their full professional potential,” said Mike Neller, Global Controller at Aon. “We are excited to make this program available to our Finance colleagues, to help them gain essential skills, earn their CGMA designation, and carve out a path for job training, mentorship and career growth.”

Research reveals that inclusive teams unlock diversity benefits by improving team performance by up to 30% in high diversity environments.

“Diversity is a business imperative; when we attract and nurture people from diverse backgrounds and increase their representation in the workplace, we strengthen a company’s business objectives,” said Marie Myers, Chief Financial Officer at HP Inc. “We look forward to being a part of this Registered Apprenticeship for Finance Business Partners program as an offering in our Finance Cohort Program launching in 2023 with hiring from graduates of historically black colleges and universities /HBCUs to drive more diverse and equitable talent across our team.”

For more information about the apprenticeship program, visit AICPA’s Finance Business Partner Apprenticeship or email ApprenticesUS@aicpa-cima.com.

About the American Institute of CPAs

The American Institute of CPAs® (AICPA®) is the world’s largest member association representing the CPA profession, with more than 421,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent, and drives continuing education to advance the vitality, relevance, and quality of the profession.

About Liberty Bank:

Established in 1825, Liberty Bank of Middletown, Connecticut is the oldest and largest independent mutual bank in the country. With more than $7 billion in assets, Liberty Bank has 56 banking offices across Connecticut and one in Massachusetts. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance, and investment services. Named a Top Workplace every year since 2012 and a Forbes Best-in-State Bank in 2021 and 2022, Liberty maintains a longstanding commitment to superior customer service and unparalleled community involvement. Visit www.liberty-bank.com.

About Aon:

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that deliver them the clarity and confidence to make better decisions to protect and grow their business.

Follow Aon on LinkedIn, Twitter, Facebook and Instagram. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts here.

About HP:

HP Inc. is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visit http://www.hp.com.

Mon, 14 Nov 2022 06:31:00 -0600 en text/html https://www.businesswire.com/news/home/20221114005183/en/AICPA-and-U.S.-Department-of-Labor-Sign-Inaugural-Employers-to-Apprenticeship-Program-for-Finance-Business-Partners
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