Changes in Accounting

Transcription

1 Accounting Program Group Advising May 11, Susan Parker Associate Professor and Department Head Department of Accounting

2 New Issues in Licensing New legislation has changed the paths to licensing: Pathway 1 allowed licensing with 2 years of experience, a bachelors degree, 36 quarter units of accounting and 36 quarter units of general business classes. No longer allowed for licenses granted after January 1, 2014.

3 New Issues in Licensing Pathway 2 will the only option Requires a bachelors degree with a total of 225 quarter units of education, and 1 year of experience. Education must include 36 units of accounting, 36 units of general business, 45 units of additional coursework related to accounting and additional ethics coursework.

4 New Issues in Licensing We should know by Fall 2010 what courses are included in additional coursework related to accounting.. Currently, it looks like some accounting (maybe units will be required), the rest can be general business, mathematics, communications, critical thinking and potentially other courses. You will also likely need at least one additional ethics class, beyond Mgmt. 6.

5 New Issues in Licensing There will possibly be corrective legislation allowing more latitude for current juniors who have 225 units, but possibly not the exact classes required by the new legislation.

6 New Issues in Licensing We ll keep you informed of what you need as we learn, and make sure the appropriate classes are available. In the meantime: take as many classes as you can. Keep in mind the availability of internship credits, the Accounting seminar series winter and spring, and the accounting electives.

7 Changes to the CPA exam The CPA exam will also be changing as of Jan 1, The auditing exam is trimmed to 4 hours BEC (Business Environment and Concepts) will be 3 hours, 30 minutes longer than currently The relative weights of multiple choice questions vs. tasks will change IFRS will be tested in the FARS section

8 Recruiting Update Hiring is still strong in accounting, compared to other disciplines, and we expect hiring to pick up as early as later this summer. What can you do? Stay open minded about where to start your career, take advantage of all the resources the Career Center and Accounting Assn offer.

9 SCU Accounting Association Prepares students for the transition between school and career (and have fun!) Organizes events and activities Bring students and professionals together Fall Quarter Prepare seniors for on-campus interviews Prepares sophs,, juniors, seniors for MTF Night MTF Night Winter Quarter Prepare juniors for internship interviews

10 Meet-The Firms Night Event information Date and location: TBA soon Always the second or third week of school You must buy a ticket from an Association Officer Size of event Number of firms: typically approximately 30 Who should attend? All junior and senior accounting majors (sophomores optional) Exception: Seniors in fall who have already signed with a firm. Preparing for the event For everyone Formal attire Do s s and Don ts of MTF Night (SCUAA event) Look up firm info on their websites For Seniors Attend On-Campus Interview Orientation Resume review (SCUAA event) Turn in resume to SCUAA for their booklet

11 Required Accounting Courses Lower Division Classes ACTG 5 Personal Financial Planning ACTG 11 Intro to Financial Accounting (Soph( Soph,, FW) ACTG 12 Intro to Managerial Accounting (Soph( Soph,, WS) ACTG 20 Reporting Financial Transactions (FWS) Upper Division Classes ACTG 130 Intermediate Accounting I (Junior, FW) ACTG 131 Intermediate Accounting II (Junior, WS) ACTG 132 Advanced Accounting (Senior, FS) ACTG 134 Accounting Info Systems (J or S, FWS) ACTG 135 Auditing (Junior, S) ACTG 136 Cost Accounting (Senior, FW) ACTG 138 Income Tax (J or S, WS)

12 Key Classes for Sophomores Two key courses to complete in your junior year Intermediate Accounting I Intermediate Accounting II Why so important? CPA firms consider your grades in these two classes when making internship decisions

13 Upper division electives Elective Courses ACTG 140 Nonprofit and Govt. Accounting (3 units) ACTG Business Law (3 units) ACTG 148 Advanced Tax ACTG 150 Forensic Accounting (5 units) ACTG 152 International Accounting (5 units) Consider an additional ethics class Lecture series (2 units) ACTG 161/171 fall lecture series (juniors/seniors) ACTG 162/172 winter lecture series (juniors/seniors) Independent studies ACTG 194 Tutoring (1 or 2 units per quarter) ACTG 198 Internship experience (up to 10)

14 New resources available The Peer Advising Group is developing a specialization in advising accounting majors. They will be able to discuss with you course selection, timing of classes, getting to the 225 units, licensing issues, recruiting, etc. Aimed at assisting Sophomores, but might be helpful to juniors as well.

15 New resources available Peer Advising Group Contacts: Wills Fallon Sarah Kostas Tori Watson