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THE FUTURE OF ACCOUNTING INDUSTRY

THE FUTURE OF ACCOUNTING INDUSTRY. Short Term Update – Known Long-Term Update – Complete Guess. 2. Short-Term Update. Revenue Recognition – 2018 Public, 2019 Private Lease Accounting – 2019 Public, 2020 Private Tax Reform – 2017, 2018, 2019, 2020,…. Cloud Internal Accounting Systems

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THE FUTURE OF ACCOUNTING INDUSTRY

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  1. THE FUTURE OF ACCOUNTING INDUSTRY • Short Term Update – Known • Long-Term Update – Complete Guess 2

  2. Short-Term Update • Revenue Recognition – 2018 Public, 2019 Private • Lease Accounting – 2019 Public, 2020 Private • Tax Reform – 2017, 2018, 2019, 2020,…. • Cloud Internal Accounting Systems • Accounting Firm Consolidations • Labor Shortage 3

  3. Long-Term Update • Private Company GAAP Implemented • Technology Simplifies Compliance Process • Tax Reform – 2021, 2022,2023, 2024, … • IRS Prepares Simple Tax Returns • VAT Tax is Implemented • End of Time-Based Billing • Accountant Becomes Full Time Consultant 3

  4. Your Future Compliance Accountant

  5. Thank You ! Steven Murphy | Tax Partner M o o r e  C o l s o n p. 770-989-0028 f.  770-989-0201 www.moorecolson.com

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