Gregory Anton, founding partner of Anton Collins Mitchell LLP in Denver, threw out that word merger as a way to emphasize the rise of globalization and its effect on all businesses, including the accounting profession.
Anton, who also is the vice chairman of the American Institute of Certified Public Accountants, on Friday was one of the key speakers at the 93rd Annual Members Meeting for the Oklahoma Society of CPAs.
About 250 CPAs from throughout the state attended the all-day meeting held at the Hyatt Regency.
To illustrate the changing global landscape, Anton cited some economic data.
While the U.S. gross domestic product still dominates the individual countries in the collective grouping of Brazil, Russia, India, China and South Africa (BRICS), that is quickly changing, Anton said.
In 2000, the GDP of the United States was $9.7 trillion compared to $2.7 trillion for BRICS. By 2010, however, the United States had a GDP of $14.12 trillion compared to $18.17 trillion for BRICS, Anton said.
With the rise of globalization, many countries already use International Financial Reporting Standards, said Anton, noting that 123 of 195 countries permit or require the use of IFRS for their public companies.
Currently, a corporation or other organization incorporated or organized under the laws of any foreign country can file in the United States with the Securities and Exchange Commission using IFRS financial statements. U.S. public companies, however, still must follow U.S. Generally Accepted Accounting Principles, known as GAAP.
By the end of this year, the SEC is expected to make a decision on whether U.S. companies can file using IFRS.
About 76 percent of public companies and 41 percent of accounting firms are delaying IFRS preparation until the SEC gives the green light, Anton said.
In addition to new technology and regulations, demographic changes also are affecting the accounting profession. The pipeline and talent gap that exists with many professions is substantial, Anton said.
Several years ago, the American Institute of Certified Public Accountants focused on creating a program and reaching out to high school students to help them understand what being a CPA is all about, Anton said. The group also created a website - www.thiswaytocpa.com - to help new and upcoming CPAs learn the truth about the accounting profession.
Among other things, the site includes resume writing and interviewing tutorials and a list of scholarship opportunities ranging from $500 to $20,000.
Those outreach efforts are paying off, and in 2011 the number of students majoring in accounting across the country reached a record 225,000, Anton said.
Original Print Headline: CPAs talk 'glocal' future
Laurie Winslow 918-581-8466
laurie.winslow@tulsaworld.com
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