Many experts name relevance as one of the top challenges that has the potential to undermine the role and value of a CPA in the future. In fact, I believe relevance separates an ordinary accountant from a true "trusted business advisor". Admittedly, my definition of trusted business advisor is narrower than most. I meet hundreds of accountants every year who consider themselves a TBA but when I press them for specifics about what that title means and how it manifests itself in their practice they have a hard time responding.

Currently, there are three primary financial reporting statements; Income Statement, Balance Sheet, and Statement of Cash Flows. These three statements are familiar territory for accountants. You live and breathe these numbers. You are proud to be able to produce these numbers for your clients, as you should be. However, because of the historical nature of these statements, they serve a limited purpose when it comes to making day-to-day management decisions. This is where the need for another kind of statement becomes critical.

Lately there has been a lot of discussion in industry pubs and surveys about the growing discontent young people have with the accounting profession. Likewise, there seems to be similar fallout between business clients and their accountants.