AICPA Endorses Key Legislation Recognizing the Link Between Accounting and STEM

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Sep 27, 2023, 18:15 ET

WASHINGTON, Sept. 27, 2023 /PRNewswire/ -- The American Institute of CPAs (AICPA) has voiced its strong support for bipartisan, bicameral legislation establishing the accounting profession as a STEM career pathway and supporting long-standing efforts to diversify the future accounting workforce. In the House of Representatives, H.R. 3541, the Accounting STEM Pursuit Act of 2023 was introduced by Representatives Haley Stevens (D-MI) and Young Kim (R-CA); in the Senate, Senators Susan Collins (R-ME) and Jacky Rosen (D-NV) introduced S. 1705, the STEM Education in Accounting Act.

These bills, which would allow federal grant funding to be used for K-12 accounting education, highlight the clear and logical integration between accounting and technology and note the value of accounting professionals, including CPAs, as technological leaders.

Technology has re-shaped the day-to-day responsibilities of accountants so much so that professionals are not just learning and leveraging cutting-edge technology, but developing and innovating technology to help clients make informed decision and improve services. Accounting professionals have considered it their duty to master the requisite technology and seek innovative solutions throughout their careers, ensuring they meet and surpass the demands of our global economy, now and in the future.

Recognizing the increased need for technology in accounting, the AICPA, together with the National Association of State Boards of Accountancy, developed CPA Evolution – a new licensure model that focuses on building core competencies in accounting, auditing, tax, and technology while developing deeper expertise in one of three disciplines: information systems and controls; tax compliance and planning; or business analysis and reporting.

STEM recognition for accounting at the K-12 level, coupled with the potential for existing STEM K-12 federal funding to be used for accounting awareness and education, will affirm that the accounting profession is qualified to assess the technological world businesses are in today and expose diverse students to potential careers in accounting, growing the profession's pipeline.

As the profession works to create a sustainable and robust future, finding and retaining qualified staff are consistently among the top issues facing CPA firms of every size segment and among businesses that employ accounting professionals. The profession believes that accountants who are reflective and inclusive of the communities they serve are better positioned to solve complex issues facing clients and respond to the evolving public interest.

"These bills reinforce our digital-first efforts to educate and reskill the profession so the public's, client's and employer's needs are met. This legislation recognizes the importance of expanding the pipeline of accountants and CPAs that support industries and serve the public interest across the country," said Susan Coffey, CPA, CGMA, CEO of Public Accounting at the AICPA. "This legislation will promote greater diversity in the accounting profession as it continues to facilitate our country's economic growth."

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. 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.

BACKGROUND:

The following resources provide additional information about proactive steps the accounting profession is taking to provide technology education and support: