As the accounting profession continues to evolve, a new piece of legislation is set to not only recognize the link between technology and accounting, but also provide a pathway to grow and diversify the profession. Introduced by Senators Susan Collins (R-ME) and Jacky Rosen (D-NV), the bipartisan STEM Education in Accounting Act has garnered the strong support of the American Institute of CPAs (AICPA).
AICPA believes that designating accounting as STEM will increase student engagement and open a pipeline to increased diversity within the accounting profession. This comes on the heels of universities continuing to hear from the accounting profession that there is an urgent need for more tech-savvy CPAs, and graduate-level accounting departments are moving quickly to integrate more technology and data analysis skills into the curriculum.
AICPA CEO for Public Accounting Susan Coffey (CPA, CGMA) says the association is grateful for the bipartisan effort in a time when accounting continues to be a cornerstone of American business models. “Recognizing accounting as a STEM curriculum sends a clear signal to public markets that the accounting profession and it’s services are important elements in public protection and that we are ready and qualified to assess the technological advances in business today.”
AICPA believes that designating accounting as STEM will increase student engagement and open a pipeline to increased diversity within the accounting profession.
Accounting professionals’ use of technology reflects their role as trusted advisors to businesses, nonprofits and individuals. For many years they have been using and applying advanced technology such as artificial intelligence and technology-enabled techniques to perform highly sought-after services.
As the profession continues to evolve its services in areas like cybersecurity, information integrity and systems controls and its use of emerging technologies and techniques, such as blockchain and data analytics, the integration of this knowledge with quantitative reasoning skills enhances accountants’ ability to make informed decisions, solve complex problems and improve the delivery of services in the audit, finance and tax arenas.
To read the text of the bill, click here.
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