So, here’s the deal: if you’re thinking about diving into the world of accounting in the U.S. and expanding your exposure globally, the U.S. CPA is your ultimate designation. Earning the U.S. CPA credential is equivalent to unlocking a whole new level in your career journey. It doesn’t only stop at having the U.S. CPA letters next to your initials; it also, opens opportunities and showcases to the world that you mean serious business. So, if you’re serious about making it big in accounting, let us guide you with the most suitable discipline for you as Canadian accountant.
The Three Different Discipline Tracks
Business Analytics and Reporting (BAR)
The BAR Discipline exam section encompasses more complex technical accounting topics, with certain subjects overlapping between the FAR Core and BAR Discipline sections, including revenue recognition and lease accounting. Additionally, topics such as nonfinancial performance measures, managerial and cost accounting concepts, the effect of economic conditions and market influences on a business, and many others. BAR is certainly a great boost for your accounting career but this all goes back to your personal career goals and future plans.
Information Systems and Controls (ISC)
The ISC Discipline section evaluates the competencies and expertise required of a U.S. CPA in the realm of information technology (IT) audit and advisory services, encompassing SOC engagements. Plus, it examines the knowledge and skills necessary for CPAs in data management, covering aspects such as data collection, storage, and utilization throughout the data life cycle.
Your discipline choice depends on your long-term career goals.
Tax Compliance and Planning (TCP)
The TCP Discipline section evaluates the knowledge and proficiencies a U.S. CPA should demonstrate pertaining to various aspects including:
- U.S. federal tax compliance for individuals and entities, particularly emphasizing nonroutine and complex transactions.
- U.S. federal tax planning for individuals and entities, encompassing considerations of proposed transactions and available tax alternatives or business structures.
- Personal financial planning, concentrating on planning strategies and opportunities typically identified by CPAs during the preparation and review of individual tax returns.
The evaluation of federal tax compliance will focus on a CPA’s involvement in both the preparation and review of tax returns. Likewise, the assessment of federal tax planning will emphasize the role of U.S. CPAs in determining the tax implications of proposed transactions and available tax alternatives or business structures.
So which discipline exposes you to the U.S. Tax & build your global professional exposure?
If you’re looking to expand your global exposure, work cross-borders and work in the U.S. Tax sector, then TCP might be a great fit for you. If you’re looking to expand your global exposure and work internationally, then TCP might be a great fit for you. Of course, this depends on your personal long-term goals, but becoming a U.S. tax professionals is extremely in-demand and on the rise.
What Skills and Job opportunities will you earn with the TCP discipline track?
Skills
- Advanced individual tax compliance
- Personal financial planning
- Advanced entity tax
- Compliance/planning
- Property transactions
Job Opportunities
- Tax Analyst
- Tax Compliance Officer
- Work for the tax department within a company, a public accounting firm, the government, banks, or hedge funds
- Manage your own tax practice
On a final note…
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