During the past two years, we've witnessed Russia's attacks on Ukraine, a clogged global supply chain, rising prices at the gas pump and in grocery stores, soaring housing costs, and increased spending as the COVID-19 pandemic eased. These societal upheavals, coupled with infla-tion, are causing the stock market to fluctuate, along with interest rates, as the federal government labors to steady the economy. The fallout from these events will continue to affect the accounting profession, businesses, and taxpayers in 2023, said Barry Melancon, CPA, CGMA, CEO of the Association of International Certified Professional Accountants, representing AICPA & CIMA. "Rising to those challenges means committing to rapid responses to the marketplace; continuing to embrace innovation, agility, and our commitment to continuous reinvention; and remaining invested in the digital world and technological advances," he said. "For 2023 the focus will be on finding and retaining talent, the impact of inflation, accelerated digital transformation, maintaining culture, broadened corporate reporting, and service development."
Here's how experts in a variety of practice areas foresee the next year unfolding in accounting.