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What do you do if accounting standards and technologies are constantly changing?

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Navigating a landscape where accounting standards and technologies evolve rapidly can be daunting. You might wonder how to keep up-to-date and maintain accuracy in your financial reporting. Understanding these changes is crucial, as they can significantly impact the financial statements and compliance of a business. This article will guide you through the process of adapting to these continuous changes, ensuring that your accounting practices remain current and effective.

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Kelly G. Peters, CPA, CMA

Principle, TCI Solutions, LLC

1 Stay Informed

To cope with changing accounting standards and technologies, it's imperative to stay informed. Subscribe to accounting journals, attend industry conferences, and participate in webinars. Engage with professional accounting bodies, such as the Financial Accounting Standards Board (FASB) or the International Accounting Standards Board (IASB), which issue Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) respectively. By staying abreast of updates from these organizations, you ensure that your knowledge remains current, which is vital for accurate financial reporting.

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Kelly G. Peters, CPA, CMA

Principle, TCI Solutions, LLC
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I'm always trying to stay in touch through industry and professional associations on new laws, regulations, cost accounting standards, and professional standards. The associations are also good sources for how to deal with them from peer discussions. I also learn about new approaches on how to deal with similar requirements that I can take back to the company.

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2 Embrace Tech

Embracing new technologies is essential in the dynamic world of accounting. Cloud-based accounting software, for example, often includes updates that reflect the latest accounting standards. By utilizing such software, you benefit from real-time updates and automated features that facilitate compliance with new regulations. Additionally, investing time in learning about emerging technologies like artificial intelligence (AI) and blockchain can provide you with tools to streamline accounting processes and enhance data security.

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3 Continuous Learning

Continuous learning is non-negotiable in the field of accounting. This means pursuing additional certifications or taking courses on recent updates in accounting standards and technology. Many professional accounting organizations offer Continuing Professional Education (CPE) credits for courses that help accountants stay current. By dedicating time to ongoing education, you not only comply with professional requirements but also position yourself as a valuable asset to your organization.

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4 Network Actively

Active networking within the accounting community can provide insights into how peers are adapting to changes in standards and technology. Joining forums, attending industry events, and connecting with colleagues can lead to discussions about best practices and innovative solutions. Through networking, you can also discover mentorship opportunities, which can be invaluable for navigating complex changes in your field.

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5 Policy Updates

As an accountant, you play a key role in updating your organization's accounting policies to reflect changes in standards and technologies. Review your company's current policies regularly and propose necessary revisions to ensure compliance with the latest regulations. This proactive approach not only safeguards the company from potential non-compliance issues but also demonstrates your commitment to maintaining the integrity of financial reporting.

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Kelly G. Peters, CPA, CMA

Principle, TCI Solutions, LLC
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As things keep changing from external sources, you need to reflect them in you company policies, procedures, desk instructions, etc. The same with the introduction of new technologies. Command media is the overlooked tool when dealing with constant standards changes. They are what you will be audited against and are important training and dissemination tools.

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6 Risk Management

Finally, effective risk management is crucial when dealing with changes in accounting standards and technologies. Evaluate the potential impact of these changes on your organization's financial statements and internal controls. Implement strategies to mitigate risks, such as conducting regular audits and establishing robust controls around new technologies. By anticipating and managing risks, you help ensure the reliability of financial information and the smooth operation of accounting systems.

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Kelly G. Peters, CPA, CMA

Principle, TCI Solutions, LLC
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Not all standards changes will affect your business. Learn how to judge what will and what will not. The key will having an in-depth knowledge of your business or a network of internal colleagues that you can draw upon. Still, you will need to be able to outline the new standard so your colleagues can assess their application and impact.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Kelly G. Peters, CPA, CMA

Principle, TCI Solutions, LLC
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Change is going to happen. There are three constants in life: Death, taxes and change. The better you are about embracing them the better off you will be.

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What do you do if accounting standards and technologies are constantly changing?

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1 Stay Informed

2 Embrace Tech

3 Continuous Learning

4 Network Actively

5 Policy Updates

6 Risk Management

7 Here’s what else to consider

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