FASB News Should the EITF’s Purview be Broadened? Some accounting professionals have suggested that FASB broaden the Emerging Issues Task Force’s (EITF) purview so that…
The Consolidated Appropriations Act of 2021 (CAA) (P.L. 116-260) funds the government for its fiscal year ending September 30, 2021, and makes major tax changes…
The Consolidated Appropriations Act of 2021 (CAA) (H.R. 133), which has become notorious for its length of 5,593 pages, funds the government for its fiscal…
Why Lease Accounting Software Systems Fail
9 Key Functional Deficiencies Driving Companies to Replace ASC 842 Software
SPONSORED CONTENT Adoption of ASC 842 was challenging enough. No company implemented new lease accounting software expecting to replace it just a couple of years…
The fallout from the coronavirus (COVID-19) pandemic continues to have a significant impact on the way employers conduct business, with many employees working on a…
FASB News Life Insurers Ask for Expanded Hedge Accounting Proposal Recent comments from the insurance sector advocated that a recent FASB proposal to provide a…
ICYMI | The Exodus from New York due to COVID-19
Income Tax Residency Considerations
The coronavirus (COVID-19) pandemic has significantly impacted nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local taxation. (Please see…
ICYMI | What to Do About Estate Planning Now
Contemplating the Impact of Proposed Legislation
The past year was a wild one for estate planning, as high-net-worth individuals raced to complete planning before the end of the year, not knowing…
On April 7, 2021, the New York State Assembly passed the comprehensive New York State 2021/2022 Budget Act, which Governor Andrew Cuomo subsequently signed it…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
FASB News Decisions on Restricted Equity Stock Sales Would Cause Investment Funds to Overstate Assets FASB’s recent decisions related to valuing equity securities that are…
The Volunteer Treasurer’s Handbook
Book Review
Howard Levy has done a great service to both the nonprofit community and to those who serve it. So few resources are available to provide…
FASB News Two GAAP Taxonomy Implementation Guides Proposed for Public Comment FASB’s Extensible Business Reporting Language (XBRL) staff said companies can now weigh in on…
Best Practices to Reduce Excessive Fee Risk
401(k) Plan Governance Faces Increasing Legal Threats
The role of retirement plan governance has become increasingly important as employers face increased scrutiny of how they operate their 401(k) plans in the current…
CPAs in the not-for-profit (NFP) sector are busy keeping up with financial accounting, tax law, technology, and operational changes. Many recent tax provisions affect NFP…
I grew up in the small city of Guntersville, Alabama (population 8,000), nestled in the beautiful foothills of the Appalachian Mountains. When I was born,…
FASB News Annual Goodwill Impairment Test Might Be Eliminated FASB said it favored doing away with the annual goodwill impairment test for public companies, signaling…
The Secure Act Ushers in Sweeping Retirement Plan Changes
Greater Incentives and Flexibility for Employers and Employees
The Setting Every Community Up for Retirement Enhancement (Secure) Act was signed into law on December 20, 2019, with little fanfare. However, the Secure Act…
What to Do About Estate Planning Now
Contemplating the Impact of Proposed Legislation
The past year was a wild one for estate planning, as high-net-worth individuals raced to complete planning before the end of the year, not knowing…
Accounting Standards Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, modifies the accounting and reporting of foreign currency forward contract…
The coronavirus (COVID-19) pandemic has forced many organizations to either shut down temporarily or operate remotely. This shift to remote work will likely persist into…
FASB News Commenters Press Dire Need for Crypto Accounting Rules FASB should develop an accounting framework to address cryptocurrencies because the value of such assets…
ICYMI | When Will We Be Able to Breathe in Accounting?
Provoking an Honest Conversation about Race and Racism in the Profession
“I can't breathe.” Three words seared into the minds of Black and Brown people in the United States and the world over. We heard George…
The coronavirus (COVID-19) pandemic has significantly impacted the way CPAs plan and conduct single audits. Government-mandated shutdowns forced not-for-profit (NFP) organizations to move to a…
The Exodus from New York due to COVID-19
Income Tax Residency Considerations
The coronavirus (COVID-19) pandemic has significantly impacted nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local taxation. (Please see…
In Brief Governments often hold equity interests in legally separate entities that are utilized to deliver government services, sometimes through cooperative ventures, or for investment…
The coronavirus (COVID-19) pandemic has reminded CPAs that the world is risky, volatile, and uncertain. Some risk experts contend that the world has been this…
PCAOB News SEC Removes PCAOB Chairman Duhnke, Seeks to Fill All Board Member Positions The SEC said that William Duhnke was “removed” as chairman of…
ICYMI | Pandemic Payroll
How a Permanent Remote Workforce Will Affect Taxes
Most businesses throughout the United States have introduced or expanded their work-from-home policies in the wake of the coronavirus (COVID-19) pandemic, forcing companies to adjust…
Whistle While You Work?
A Cautionary Note
In 2014, Paul Somers was fired from Digital Realty for reporting to senior management that his supervisor eliminated some internal controls, in violation of the…