FASB News Chief Accountants Caution Against Tinkering with Statement of Cash Flows Finance chiefs at some of the nation’s largest companies told FASB that the…
ICYMI | Tax Software in the COVID-19 Environment
2020 Annual Survey of New York State Practitioners
In Brief The 2020 tax season was unlike any other, with a global pandemic requiring virtually all tax preparers to work from home, often while…
A Postimplementation Analysis of AS 3101
Examples of Critical Audit Matters from the Big Four
In 2017, the PCAOB adopted a new auditor reporting standard: AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an…
It's safe to say that, for most CPAs, 2020 was probably the craziest year in memory. Setting aside the macro issues, what is fascinating to…
Ensuring Integrity: COVID-19 and Client Risk Profile
Highlights from the 15th Annual Baruch College Auditing Conference
The second session of the second day of the conference focused on the impact of COVID-19 on companies' evaluation of risk. The panelists were: Jim…
A Corporate Governance Anomaly
Requiring Outside Auditors to Disclose CAMs May Have Unintended Consequences
Generally accepted audit standards (GAAS) require an auditor to communicate significant findings from the audit to those charged with governance in the entity being audited,…
FASB News Special Meeting on Board’s Five-Year Agenda The Financial Accounting Standards Advisory Council (FASAC), the FASB’s main advisory body, held a special session on…
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…
In Brief The AICPA Auditing Standards Board recently issued SAS 134, Auditors Reporting and Amendments, Including Amendments Addressing Disclosures of Financial Statements, and SAS 135,…
Changes to ‘Business Activity’ on the Horizon?
Revisions Proposed by the Multistate Tax Commission
Although the Supreme Court's decision in South Dakota v. Wayfair [585 US _ (2018); 138 S. Ct. 2080 (2018)] significantly increased the state and local tax…
Ensuring Integrity: Auditors’ Biases
Highlights from the 15th Annual Baruch College Auditing Conference
The first session of the second day of the conference, titled “Auditors' Biases,” covered all manner of conscious and unconscious bias as well as how…
CPA firms found themselves, as all businesses had over the past year, facing the chaotic economic landscape created by the coronavirus (COVID-19) pandemic. Just as…
FASB News ‘Last-of-Layer’ Hedging Renamed, Expanded Model Proposed FASB said it changed the name “last-of-layer” to the “portfolio layer” hedging method, and will propose expanding…
ICYMI | The Fight of a Lifetime
Telling It Like It Is on the National Debt
In Brief Joseph DioGuardi, the first practicing CPA elected to Congress, defined his career by advocating for financial accountability and fiscal responsibility from the U.S.…
In Brief Since the PCAOB issued its requirements for the reporting of critical audit matters (CAM), there has been much debate about how to interpret…
Many small- to medium-size businesses struggle with the burdensome costs of administering payroll, employee-related federal and state tax requirements, and other employee benefits. A related…
Ensuring Integrity: Critical Audit Matters
Highlights from the 15th Annual Baruch College Auditing Conference
The second session, “Critical Audit Matters” (CAM), addressed this recently implemented requirement, which represents the most significant change to audit reports in decades. The participants…
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…
FASB News Companies Say Proposal on Acquired Revenue Earning Contracts Would Ease Accounting Costs T-Mobile US Inc., Cisco Systems Inc., IBM Corp., Pfizer Inc., and…
I started working for the NYSSCPA in the 1980s, when staffing a committee meeting meant I was likely the only woman in the room. Even…
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…
Ensuring Integrity: Regulators and Standards Setters Update
Highlights from the 15th Annual Baruch College Auditing Conference
The first session, “Regulators and Standard Setters Updates and Panel Discussion” focused on current regulatory issues facing the auditing profession. The participants included Tracy Harding,…
The 15th Annual Audit Conference, hosted virtually by Baruch College on December 1 and 2, 2020, once again brought together auditors, regulators, standards setters, and…
A First Look at the American Rescue Plan Act of 2021
Provisions Affecting Individual Taxpayers
On March 11, 2021, President Biden signed into law H.R. 1319, the American Rescue Plan Act of 2021 (ARPA). In the midst of the coronavirus…
ICYMI | Women Accountants at Haskins & Sells During the 1920s
The Pioneering Career of Jennie May Palen
In Brief In the early decades of the last century, women CPAs were not as common in the accounting profession as they have become today.…
FASB News EITF Limits Scope of Proposal on Forwards, Options FASB should limit the scope of an October 2020 proposal to freestanding equity-classified written call…
ICYMI | Realizing My American Dream
It’s Amazing What CPAs Can Do
Editor's Note: The following is an extended version of an article originally published in the January 2018 print issue. I will forever say that accounting…
FASB News Segment Reporting Discussions Continue On March 10, FASB discussed segment reporting issues, work that ultimately could provide investors with more useful disclosures about…
One of the most amazing things that CPAs can do is give other people the tools they need to realize their goals. CPAs teach their…
ICYMI | It’s Amazing What CPAs Can Do
From a Farm in Taiwan to a Firm in New York
Editor's Note: This article originally appeared in the February 2016 Issue of The CPA Journal. It introduced what we hope will become a regular print and multimedia series of…