There’s an old Chinese curse: “May you live in interesting times.” You’re an accountant who specializes in insurance issues. This must be an interesting time for you. What’s the biggest challenge facing your insurance clients?
Today’s economic environment is certainly the biggest challenge facing the insurance sector and the broader financial services industry. The events that have taken place over the past few months will have a profound impact on Insurance companies going forward and likely change the competitive and regulatory landscape both here in the United States and globally. Additional challenges that are top of mind in the industry include the impact of anticipated President-elect Barack Obama’s plans for healthcare reform on payers, new accounting standards related to M&A/business combinations, and Fair Value Accounting, and the move from to
Â
What is going to be the biggest change in accounting in the next five years?
One of the biggest changes we are facing as a profession is the move from U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS). With companies clamoring for overseas capital and investors rushing to access foreign markets, the demand for financial reporting standards that transcend national borders has never been stronger. IFRS looks to fulfill this global role. PwC has recognized for some time that using the IFRS concepts can dramatically improve the quality of financial reporting and international investor confidence.
Â
Is public accounting still an attractive career for young people?
Very much so. Young people realize that public accounting offers a stable and challenging career path, especially in today’s economy. When I reflect on what first attracted me to PwC and has kept me here for over 28 years, I think about the exceptionally talented people that I’ve met and worked with; the opportunities I have had to work with some of the top companies in the Midwest and now in the Greater Hartford market; and the excellent ongoing training and development that I have received. All of these attributes make PwC and other public accounting firms a great place to start and build a career. In fact, my son must agree with me; he is currently a junior studying accounting and will intern with PwC this January in Detroit.
Â
Michigan, where you came from, has had some difficult economic times. Anything Hartford can learn from to prevent similar problems?
While Michigan and Hartford are vastly different markets, primarily because of the auto industry’s dominance in Detroit, Hartford should continue to proactively focus on a few key areas to promote sustainable economic stability: Support state economic incentives to prevent companies from leaving the area and attract new companies; promote and invest in growth industries; and invest in programs/initiatives to attract and retain a talented and experienced workforce
Â
You’ve been asked to join the advisory board at the University of Connecticut. Who are you going to root for – Big Ten or Big East?
I plan to cheer them both on, unless it involves Michigan State, my alma mater.
Â
BIO BOX:
Name: Denise Essenberg
Age: 50
Company: PricewaterhouseCoopers LLP
