Accounting and Auditing Research and Databases: Practitioner's Desk Reference

Remaining Current in Knowledge and Skills

One should strive to remain current in knowledge by studying new updates of authorities or new pronouncements. A systematic plan to remain current usually achieves the best results. Regularly read accounting and business periodicals, newsletters, and other sources. Currency is essential with the typical expansion of accounting, auditing, and tax authorities. Consider adopting some of the following techniques in your plan to remain current in knowledge:

• Use checklists. Maintain a checklist of new developments to assist in remaining current. Accountants prepare listings of updates to the FASB's Accounting Standards Codification or new pronouncements and indicate which clients the change may affect. Pronouncements having no direct immediate effect on any client are often placed in a “rainy day” reading file.
• Summarize new authorities. Acquire or prepare summaries of new authorities at regular intervals. Such summaries identify and describe new legal, accounting, auditing, and tax authorities. Distribute the information to staff members through email, presentations within the firm, attendance at continuing education seminars, or by other means.
• Read periodicals. Read several accounting and business periodicals that summarize and explain new authorities. For example, read the Wall Street Journal, the AICPA's Journal of Accountancy, and leading professional publications in one's area of expertise, such as Internal Auditor or the Tax Adviser. ...