In Brief With new technologies come new forms of assets and, eventually, new rules for the regulation and taxation of such assets. Beyond the current…
Chief Financial Officers have seen their job description expand over the years to include broader responsibilities and more reporting requirements, such as those mandated under…
In Brief To date, “smart contracts” have had only limited use. Nevertheless, they have the power to be transformative, particularly when combined with artificial intelligence…
In Brief Although business's increasing utilization of technology to drive operational decisions has meant a greater reliance on data, it is exceedingly rare that an…
In Brief Corporations have long grappled with the question of how to report the potential impact of climate-related risks on their business. Recent years have…
Our latest issue is all about sustainability, often defined as long-term value creation. For New York State CPAs, that sustainability can show up in various…
In Brief Investors, creditors, and other users of financial information are increasingly looking beyond audited financial statements when making investment decisions. The culture in the…
In Brief Growing numbers of small and medium-sized enterprises (SME), spanning a range of sectors and geographies, are signaling their commitment to an ESG-rooted integrated…
Value-driven disruptive digital strategies, business models, skills, and technologies are transforming organizations of all sizes, sectors, and geographies. Digital disruption is also stressing organizational governance.…
FASB News No Fundamental Change Needed on Cost-Benefit Due Process FASB’s approach for weighing the costs versus benefits of changing accounting rules may be the…
Revisiting Information Technology Risks
Questions Every Audit Committee Should Ask
An article in the October 2012 CPA Journal outlined 10 questions audit committees should be asking about information technology (IT) risks and which “red flags” to…
In the last two years since the Multistate Tax Commission (MTC) adopted the fourth revision to its Public Law 86-272 Statement, there has been limited…
FASB Takes on Crypto
Regulatory Concerns Drive the Search for Better Guidance
In Brief Accountants, corporate management, and investors would likely all agree that better guidance is needed for the accounting, valuation, disclosure, and reporting of crypto…
Artificial Intelligence (AI) traces its origin to antiquity, when humans attempted to use formal reasoning to predict the future of events. Today, AI has made…
FASB News Disclosure Rules on Stock Compensation not Complex but Some Audits Costly. Recommendations on whether FASB should revise certain disclosure requirements for stock compensation…
ChatGPT for Legal and Tax Professionals
‘World-Altering Power’ Requires Kid Gloves
“The world-altering powers that technology has delivered into our hands now require a degree of consideration and foresight that has never before been asked of…
Addendum: The CPA Journal staff would like to acknowledge the recent passing of longtime Editorial Advisory Board member Sidney Kess. Over his decades of service to…
Riding the NFT Wave
A Primer for CPAs
In Brief Crypto assets represent a fast-moving asset class, and nonfungible tokens (NFT) are an especially fast-growing subset of that class, which have attracted outsized…
Greetings, fellow CPAs. During these “dog days” of summer, many of us will pause professionally to focus on time away with family and friends. Often,…
FASB News New Rules Coming Will Pull SEC Disclosures into GAAP FASB plans to publish an accounting standard in October that will bring 14 SEC…
The Use of Data Analytics in Auditing
Searching for Reality within the Hype
The accounting press has heralded the growing and transformational use of data analytics in accounting—auditing in particular. A recent poll regarding top priorities for audit…
ICYMI | A Taxpayer Victory in a Statutory Resident Case
New York Court of Appeals Denial Finalizes a Landmark Decision
On February 9, 2023, in a major victory for the taxpayer, the New York State Court of Appeals (New York State's highest court), denied the…
ICYMI | Incident Responses to Cyber Attacks and Breaches
Considerations for Boards and Audit Committees
Recent media reports indicate that numerous organizations have suffered cyber breaches from increasingly sophisticated attacks. Victim organizations range from sensitive governmental and Fortune 500 companies to…
ICYMI | Ensuring Business Activity Classification
Lessons from the Tax Court’s Decision in Whatley
In Brief Individuals often contend that their hobbies have a profit motive in order to obtain a more favorable tax outcome. But when such disputes…
FASB News Proposal on Accounting and Disclosure of Crypto Assets Finalized FASB unanimously voted to finalize proposed accounting rules on crypto assets—just five months after…
On May 3, 2023, Governor Kathy Hochul signed into law the New York State Budget Act (S4009). The Budget Act focused on numerous updates for…
With so much attention drifting toward the productivity of remote workers in the post–COVID-19 environment, many CFOs are overlooking the related critical tax and compliance…
ICYMI | An Inconvenient Truth about Remote Work
Connecticut’s Income-Sourcing Statute Needs Fixing
The “convenience of the employer” rule for sourcing income to a particular state is anything but convenient for tri-state taxpayers. Most states that levy an…
FASB News Proposed Disclosure Rules on Income Taxes to be Finalized FASB has unanimously voted to finalize the proposed disclosure rules on income taxes, touting…
ICYMI | Defining a Trade or Business under Federal Tax Law
A Practical Blueprint for Long Overdue Guidance
Unlike many important terms that are defined either in the IRC or Treasury Regulations, the term “trade or business,” which comes up throughout the IRC…
About the Speaker The conference keynote was a prerecorded “fireside chat” with newly installed PCAOB chair Erica Y. Williams. Williams was sworn in as the chair of…
About the Panelists The last panel of the morning was focused on environmental, social, and governance (ESG) issues as they affect accounting, auditing, and financial…
This issue of The CPA Journal comes at a time of significant regulatory and advocacy activity. (Yes, I realize that CPAs face a seemingly never-ending pace of…
FASB News New Standard on Accounting for Joint Ventures Issued FASB has published a new standard intended to improve the accounting for joint venture formations,…
Examining the Highlights of the Secure Act 2.0
Further Enhancements to Americans’ Retirement Security
In Brief The recently enacted “version 2.0” of the Secure Act complements and enhances aspects of the original Secure Act passed in 2019. Like its…
About the Panelists The first panel was focused on current developments at the SEC. Jonathan Wiggins, deputy chief accountant, Office of the Chief Accountant (OCA), SEC, served…
IASB News New Accounting Rules for Reporting Unexchangeable Currencies Published The IASB has issued a narrow accounting rule aimed at eliminating confusion about how to…
An Inconvenient Truth about Remote Work
Connecticut’s Income-Sourcing Statute Needs Fixing
The “convenience of the employer” rule for sourcing income to a particular state is anything but convenient for tri-state taxpayers. Most states that levy an…