AICPA Certificates Wall of Fame: Frank Jakosz

Frank Jakosz

Partner, Quality Assurance Director, CapinCrouse, LLC
Greenwood, IN
Not-for-Profit Certificate Program

 

Staying up to date in a specialized market

My biggest challenge professionally has been ensuring I stay up-to-date on the standards and guidance changes relevant to my colleagues and clients. Although I’ve been in public accounting for 46 years, there is always much more to learn.

This is especially true of the NFP sector, which CapinCrouse serves exclusively. The standards and regulations for this segment are very specialized, but the AICPA NFP Program and the AICPA NPF Section, a community for professionals and their business advisors, make this challenge more manageable.

These programs benefit not only CPAs serving NFPs, but the NFP organizations themselves by providing policy statements, information on common issues and other resources. The AICPA has really been the go-to resource in addressing the unique challenges of this industry—whose goal is not to make money, but to serve the greater good.

Keeping pace with change

The volume and speed of change has been tremendous in the last five years, with a significant amount of new guidance that affects NFPs. These changes will be particularly relevant in the upcoming three years.

Many other changes are on the horizon, including new NFP financial reporting standards in FASB ASU 2016-14, as well as changes to leases and revenue recognition. New cybersecurity threats are constantly emerging, and blockchain technology and artificial intelligence add to the complexity.

Yet, NFPs typically don’t have the resources that large for-profit companies have to manage change. This provides us with a tremendous opportunity to help our clients manage these changes, issues and risks, and to guide them as they implement new standards. The NFP Certificate Program is a great resource for those in the NFP world who want to enhance and enrich their knowledge and skills to prepare for change.

Passing knowledge on

I still remember my first encounter with a senior partner at Arthur Young many years ago. He told me the best thing I could do is share my knowledge with my colleagues, as well as my clients.

That’s why we work internally to continue to enhance our specialized knowledge by using the NFP Certificate Program. We also work to ensure that our clients have the same knowledge by encouraging them to take the NFP Certificate Programs and attend NFP Section webinars.

Personally, I love sharing what I’ve learned over my years in public accounting. Seeing a young professional work out the solution to an issue themselves for the first time--accomplishing something that you helped them achieve--is so rewarding. It’s where my greatest sense of accomplishment comes from.