FIRST WORD
A message from the Illinois CPA Society's President & CEO
Everyday, someone’s reporting on our economic outlook. Any good news is qualified with words like “however” and “but” because, truthfully, no one can predict thefuture. We can, however, use what we’ve learned from the past to guide it.
For more than a year now CPAs, like everyone else, have been challenged by the realities of a new financial landscape. We’ve shared our experiences at Town Hall Forums and, fortunately, discovered the abilit y to adapt both professionally and personally. Smaller firms have found strength in flexibility. Large firms have reevaluated their strategies or expanded into new and growing areas like forensics, healthcare and sustainability. And everyone has a new appreciation for the old idea of networking to stay connected, better informed and alert to new opportunities.
The tools we’ve gained -- such as a better sense of what’s of value, flexibility and creativity, and forethought before taking action -- should make us better prepared to take on both old and new issues in the months ahead. IFRS may be back on track, financial reform legislation is on the horizon, tax changes like the First-time Home Buyers Tax Credit continue, and, locally, there’s voluntary disclosure of peer review results, as well as Illinois’ transition to one-tier licensing.
Although taped over the summer, the people I interviewed in this year’s Street Sense video (posted on icpas.org), reveal the sheer variety of opinions on our economic conditions. Is the worst over or still ahead? The bottom line, as I’ve already said, is that no one really knows where we’re headed.
Nevertheless, drawing on our skills, know-how and experience, and sharing what we’ve learned with our clients and peers, all go a long way towards getting us where we need to be.
Elaine Weiss, JD