As someone who studies, works in and writes about the accounting profession, I would say I basically breathe the industry. As a result, I try to stay up-to-date with the industry trends whenever I could. As a CPA Candidate, I get the semi-monthly CPABC’s InFocus magazine delivered to my mailbox (free online copies are also available). The magazine is a nice way to keep up with the latest industry news and hot issues. For example, the Nov/Dec 2020 issue included the BC Check-Up: Work report and earnings potential results released recently.
To make it easier for you, here are the highlights of the Nov/Dec 2020 issue:
- The CPABC’s Member Engagement Tour (MET) had gone virtual! This year, the webinars had two big themes: Anti-money Laundering and Cyber Security. Following the presentation, Lori Mathison (President and CEO of CPABC) and Geoff Dodds (newly appointed Board Chair of CPABC) also provided important updates on topics such as BC’s economy and the profession.
- The data collection for BC Check-Up: Invest survey is currently ongoing and the report is expected to be published in the next CPA BC InFocus issue in early 2021.
- For May 2021 CFE Writers: thanks to the successful pilot CFE case-writing practice session event for Sept 2020 CFE, CPABC will once again offer a session to May 2021 CFE writers. Follow them on Twitter, Facebook or Instagram.
- CPABC launched a new website on September 14 and amongst the many features and aesthetics changes, the CPABC Newsroom is one of my favorite areas to read about the latest industry trends and articles. Also, don’t miss out on the virtual events hosted by the various CPA Chapters all over BC for a chance to connect!
- I encourage everyone give the interview with Geoff Dodds, recently appointed Board Chair of CPABC, a read. With 30 years in the profession, Geoff radiates passion for the industry and is a self-proclaimed cheerleader for it.
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- According to the BC Check-Up: Work report, BC’s unemployment rate doubled in Aug 2020 compared to Aug 2019. Also, women and youth (aged 15 to 24) were amongst the most negatively affected demographics. Lastly and not surprisingly, the service sector was hit most detrimentally despite changes in business models. It is expected that some jobs lost may never return again.
- A survey prepared by Nielsen for CPA Canada has reported that the median compensation for BC CPAs is $108,000.
- Are you familiar with what “public practice” means? An article by CPABC’s Professional Conduct Team (Page 28 of InFocus Nov/Dec 2020) details several situations a public practice license is required for a CPA to engage in such services.
- November is Financial Literacy Month! Did you know that CPA Canada offers a free financial education program through its Financial Literacy Program? You can request a free live 60-minute CPA-led education session for your organization. #FLM2020
- Does tax scare you? I can tell you it does to me. Did you know that the US has over 11,000 sales tax jurisdictions according to the Tax Foundation (compared to only 10 province-based tax systems in Canada)? Don’t miss this interesting read on why Canadian businesses need to learn about US Sales Tax more than ever thanks to a court ruling involving Wayfair (Page 34 of InFocus Nov/Dec 2020).