In 2014, FASB issued amended accounting rules and disclosures for certain types of repurchase (repo) transactions. Under the new guidance, certain repo transactions previously accounted…
Repurchase agreements, or repos, have existed since 1917 and play an important role in the short-term liquidity markets. Although the purpose of a typical repo…
Claims alleging breaches of fiduciary duties have historically targeted large 401(k) plans with significant levels of assets. Recently, however, a claim was filed against a…
Transactions in which an older person advances money to a trust to pay premiums for a life insurance policy on a child or children using…
As many CPAs may be aware, the state of Nevada has historically never imposed an entity-level corporation income tax on companies doing business within its…
Increasingly, U.S. citizens and lawful permanent residents are cutting their ties with the United States. This process, called expatriating, includes renouncing U.S. citizenship and terminating…
According to the AICPA report “Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits,” hiring at public accounting firms rose…
The Next Version of the CPA Exam
Changes Are Coming Next Year
The AICPA recently released its report covering the next version of the Uniform CPA Examination (AICPA, Practice Analysis Final Report, Apr. 4, 2016, http://bit.ly/294IHtx), launching…
Recruiting and Retaining Talent: One Firm’s Story
2016 Max Block Award Honorable Mention in the Area of News & Views/Opinion
Whenever I talk to another CPA firm—big, small, or anywhere in between—about the biggest challenges facing their firm, they almost always say recruiting and retaining…
The CPAs of Tomorrow
Graduate Student Perspectives on the Value and Purpose of the Profession
As an accounting professor at Mount Saint Mary College, the author teaches a graduate accounting research course. Students in this capstone seminar are all working…
On June 23, 2016, the citizens of the United Kingdom voted to leave the European Union. According to Prime Minister David Cameron, “Over 33 million…
From Analysis to Action
The Evolution of Accounting Ethics Education
The overemphasis within accounting ethics education on developing ethical reasoning skills (the “why”) to analyze dilemmas may be failing to engage students in the action…
Post–Public Accounting Careers
How Retiring CPAs Can Become College Instructors
In Brief The current shortage of accounting faculty at many colleges and universities has created an increasing number of opportunities for CPAs seeking to retire…
Adjunct Teaching Opportunities for CPAs
A Part-Time Path for Those Considering a Move to Academia
In Brief Adjunct faculty positions are a good way for professionals to begin a career in academia. The opportunities for CPAs to teach at this…
Making the Jump from Accounting Practice to Academia
Considerations for the Transition to a PhD Program
In Brief Many CPAs who work in public practice and corporate accounting harbor the idea of returning to college to share their professional experiences and…
This month's issue focuses on topics of interest to both the younger generation of CPAs preparing to enter the profession and the older generation seeking…
It’s Amazing What CPAs Can Do
Made to Measure
This issue features our annual coverage of Baruch College's Financial Reporting Conference. Each year, leading regulators, issuers, auditors, and users discuss the most pressing issues…
In March, I announced to CPA Journal readers that the New York State Society's 119th Annual Dinner would be a bit different this year—a different…
Fair Value Accounting and Reliability
The Problem with Level 3 Estimates
FASB's efforts to expand the use of fair value accounting have rekindled the debate on the costs and benefits of the approach. Proponents argue that…
The State of FASB’s Simplification Initiative
Toward a Simpler GAAP
In Brief In recent years, FASB has made a priority of removing unnecessary complexity from FASB's accounting standards. The author gives a detailed accounting of…
Plan sponsors and investment committees must understand the way in which 401(k) plan assets are used to pay plan service providers and investment advisors in…
Often, some of the most valuable estate planning results are achieved not by using the big-picture items like bypass trusts, discounts, or note sales, but…
For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…
California Multitiered Partnerships
An Overview of a Complex Area
New York CPAs often have to address issues regarding California multitiered partnerships on behalf of their clients. This complex area of tax law has been…
It is not often in life that one is able to hit pause, rewind, and redo something that has already happened. To many taxpayers' surprise,…
The PCAOB’s Proposed New Auditor’s Report
A Sneak Peek at What Lies Ahead
In May, the PCAOB issued a proposed standard, “The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion,” which,…
A Historical Episode of Professional Skepticism
The SEC’s Thomascolor Case against Haskins & Sells
“To perform their role properly—to assure that reported financial and economic successes are not illusory—auditors must approach their jobs with independence and skepticism.” —PCAOB Chairman…
The Materiality Mystery
The Gap in GAAS
This article is intended primarily to provide an airing of omissions and other flaws in generally accepted auditing standards, primarily regarding the use of materiality…
The fourth panel of the 15th Annual Financial Reporting Conference assessed the status of recognition and impairment of financial instruments in light of FASB's new…
The third panel of the 15th Annual Financial Reporting Conference covered recent financial reporting developments in the private sector. Topics included the new revenue recognition…