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 New Accounting Standard to Incorporate 14 SEC Disclosure Rules into GAAP FASB issued an accounting standard that pulls 14 SEC disclosure requirements into…
In Brief The demand from users for environmental, social, and governance (ESG) information has continued to grow, but standards remain under development and reporting is…
Editors' Note: The CPA Journal staff would like to acknowledge the recent passing of longtime column editor, author, and Editorial Advisory Board member Howard Levy. His…
The notion of becoming a CPA never even crossed my mind as a child. When I was 3 years old, my father passed away. My…
Finding the Right ESG Framework
Which Standards Setters Should You Choose?
On March 18, 2022, Wolters Kluwer's Expert Insights published “The 5 biggest hurdles to effective ESG [environmental, social, and governance] reporting.” Unsurprisingly, “multiple ESG frameworks” was…
FASB News New Subtopic for Crypto Assets to be Added to Intangibles Section of U.S. GAAP. FASB plans to add a new subtopic number…
An Auditor’s Perspective on Smart Contracts and DAOs
Challenges and Strategies
The Public Company Accounting Oversight Board (PCAOB) Auditing Standard (AS) 1010, Training and Proficiency of the Independent Auditor, requires that audits be performed by people…
Preventing Data Breaches by Learning from Competitors
Reading the Verizon Breach Report
What's going on with competitors always comes up in conversations between CPAs and their clients. Even within companies, executive management continuously relies on financial executives…
What CPAs Need to Know About the SEC Climate-Related Risk Proposal
Five Practical Steps for Preparation and Implementation
In Brief By now, most CPAs are aware that the SEC issued a landmark proposal that would require standardized disclosure of climate-related risks for companies,…
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…