CEO PERSPECTIVE
The Strength of the Circle: First-Year Reflections BY ALICIA GELINAS, CPA
Did you know that the circle or the sphere is one of the strongest shapes in nature? The reason it's considered the strongest is that within a circle or sphere, stress is distributed equally instead of concentrating at any one point. When I see the COCPA, I see strength. I see a circle of accounting professionals supporting one another, equally distributing stress without concentrating on any one point.
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ver the course of my first year as COCPA president and CEO, I’ve had the opportunity to speak with members and hear firsthand about the stressors that they’re facing: legislative and regulatory overload, digital transformation, market demands, economic conditions, workforce shifts, and professional burnout. The good news is that I have also seen the COCPA community help distribute the weight of these personal and professional stressors by supporting each other. Below are a few examples of how our community is supporting one another and addressing common member challenges.
THE PACE OF CHANGE AND DIGITAL TRANSFORMATION The Technology Users Group has continued to grow as its members explore new technology options and provide members with demonstrations and free webcasts on emerging technologies and issues. Communities are gathering online in the COCPA CONNECT platform to engage in virtual discussions, provide answers to tough questions, and raise awareness of real-time changes. The CPE team and volunteers launched the online Lunch & Learn series to provide relevant and timely education on important topics, with many of our members stepping in as instructors to share their insights. 8
NewsAccount | Winter 2024
Through our member service offerings, an organization that was navigating a security breach was able to receive legal support.
PROFESSIONAL BURNOUT AND CONNECTION Several recent COCPA events and programs have addressed the issue of professional burnout while providing members with unique opportunities for connection. I’ve watched new CPAs and new members arrive nervously at their first COCPA event, then quickly realize the kindness of our community. • The DE&I Committee supported our members in building personal and professional resilience through the “For Me” series, which focused on mental health. • The Member Connections Committee continues to offer fun and meaningful networking events that offer members the opportunity to forge deep connections with colleagues, which is a core element of professional satisfaction. • We were able to listen to a member who was going through a rough patch personally and experiencing licensure issues as a result, and not only help her navigate the Colorado Rules & Regulations, but also provide member wraparound support.
WORKFORCE SHIFTS AND TALENT SHORTAGES The shortage of accountants and CPAs has hit the national news, and members have shared their concerns. Our Better Together Tour
and multiple pipeline discussion forums continue to help us uncover root causes and represent Colorado voices in the local and national exploration of possible solutions. Through our advocacy and partner relationships, we were encouraged to see the Colorado State Board of Accountancy implement the Credit Relief Initiative, effective September 2023, which automatically extended CPA exam credits lost between January 2020 and May 2023 until June 2025. Nationally, this initiative could help 15,000 to 18,000 candidates – nearly a year’s equivalent of new CPAs. We also supported the permanent extension of the CPA Exam window, which passed in Colorado, effective Dec. 30, 2023, and extends the exam window from 18 months to 30 months. It was personally satisfying to respond to calls and emails from candidates needing support through the CPA exam and licensure process, sometimes taking the extra time to rebuild their confidence to continue on the path to licensure.
LEGISLATIVE AND REGULATORY OVERLOAD Legislative and regulation pressure comes at both the federal and state levels. We have been working with the AICPA and other national partners to advocate for delays in the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Reporting requirements and continue to explore the implications of this legislation to share with members. Locally, our Colorado Department of Revenue (CDOR) Working Group remains focused on identifying and recommending strategic improvements in its conversations with the Department. The K-1 filing administration was a challenge in 2023, and because of the valuable feedback, CDOR is committed to programming to integrate K-1s into the Modern e-file system, which will be a big win for tax practitioners.