About the Speaker The conference concluded with a “fireside chat” with newly installed PCAOB chair Erica Y. Williams. Williams was sworn in as the chair of the…
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…
ICYMI | Examining the Recognition and Measurement of Financial Assets and Financial Liabilities under ASU 2016-01
Added Volatility or Improved Information Value?
In Brief Accounting Standards Update (ASU) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, became effective for financial statements beginning after December 15, 2017. One…
Here is a familiar story: An entrepreneur works for decades to build a successful business and has reached the point of successfully exiting from the…
Supplier Finance Programs
Audit Concerns and Adjustments
In Brief Both FASB and the IASB recently issued exposure drafts related to supplier finance programs (SFP). The exposure drafts were issued in response to…
ESG: The Latest in Sustainability Reporting
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The final panel session of the morning was focused on environmental, social, and governance (ESG) issues and sustainability reporting. The panel was…
Hot Topics at FASB
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The second day of the conference continued with a panel on major FASB standards, proposals, projects, and Emerging Issues Task Force (EITF)…
Digital Assets
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The second day of the conference kicked off with a panel on digital assets. Beth Paul, Deputy Chief Accountant, PricewaterhouseCoopers Accounting Services Group, moderated…
Current Developments at the SEC
Panel Discussion from the Baruch College Financial Reporting Conference
About the Panelists The final session of the first day of the conference was focused on current developments at the SEC. Lindsay McCord, chief accountant, SEC Division…
Opening Remarks from the SEC and FASB
Richard Jones and Paul Munter
About the Speakers Richard Jones is the Chair of the Financial Accounting Standards Board (FASB). He began his term as the eighth chair of FASB in…
Keynote–Fireside Chat
A Conversation with PCAOB Chair Erica Y. Williams
About the Speaker The conference concluded with a “fireside chat” with newly installed PCAOB chair Erica Y. Williams. Williams was sworn in as the chair of the…
Introduction—Financial Reporting Today
Highlights from the 20th Annual Baruch College Financial Reporting Conference
The 20th Annual Financial Reporting Conference was hosted virtually by Baruch College on May 4 and 5, 2022. The longstanding conference brought together—via videoconference—representatives from…
Whether or not a business owner plans to sell or transfer their business in the next few years, obtaining a proper business valuation is critical.…
ICYMI | Expanding Options for Providing Attestation Services
A Review of AT-C Sections 205 and 206
In September 2020, the Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) 21, Direct Examination Engagements. Its provisions are effective for assertion-based and direct…
ICYMI | Seeking Truly Global Financial Reporting Standards
Should U.S. Standards Setters Re-Engage with IFRS (and the IASB and ISSB)?
In Brief For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S.…
ICYMI | FASB Streamlines Income Tax Accounting
Some Simplification for Franchise Taxes
Recently, FASB issued a new Accounting Standards Update (ASU 2019-12), Simplifying the Accounting for Income Taxes. The new standard amends section 740 of the Accounting Standards…
The New Working World of the COVID-19 Pandemic
A Tumultuous Time for Auditors, Industries, and the PCAOB
In Brief The coronavirus (COVID-19) pandemic created a new working world for businesses, accounting firms, and government. Most offices, including CPA firms and the PCAOB,…
Examining the Recognition and Measurement of Financial Assets and Financial Liabilities under ASU 2016-01
Added Volatility or Improved Information Value?
In Brief Accounting Standards Update (ASU) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, became effective for financial statements beginning after December 15, 2017. One…
Government Accounting and Auditing
Clearing a Cloud of Confusion
In Brief An estimated 3,000 audit practice units in the United States engage in state and local governmental audits. Most of these (65%) are members…
The question of how to teach ethics has plagued academics for generations, with some even wondering whether it can be taught at all. Steven Mintz,…
Implementation of Critical Audit Matters
Lessons from Other Countries
On October 23, 2017, the SEC approved Auditing Standard (AS) 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an…
Whether or not a business owner plans to sell or transfer their business in the next few years, obtaining a proper business valuation is critical.…
Expanding Options for Providing Attestation Services
A Review of AT-C Sections 205 and 206
In September 2020, the Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) 21, Direct Examination Engagements. Its provisions are effective for assertion-based and direct…
Asset Acquisition Accounting
Understanding the Available Guidance
A business combination is a transaction or event by which an acquirer obtains control of a business (i.e., the acquiree). If the acquisition of an…
FASB Streamlines Income Tax Accounting
Some Simplification for Franchise Taxes
Recently, FASB issued a new Accounting Standards Update (ASU 2019-12), Simplifying the Accounting for Income Taxes. The new standard amends section 740 of the Accounting Standards…
Seeking Truly Global Financial Reporting Standards
Should U.S. Standards Setters Re-Engage with IFRS (and the IASB and ISSB)?
In Brief For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S.…
An Introduction to Lattice Allocations
A Better Method for Service Department Cost Allocations
The invention of the system of equations method (i.e., the reciprocal method) was a significant step in the allocation of service department costs to production…
How Long is a Year?
A Deeper Look at 52/53-Week Reporting Conventions
In Brief Although many businesses operate on a fiscal year distinct from the calendar year, some use a distinctive 52/53-week fiscal year. This reporting convention…
In October 2016, FASB issued Accounting Standards Update (ASU) 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, amending Accounting Standards Codification (ASC) Topic 740. The new…
ICYMI | Accounting for Operating Leases
Initial Observations
This article examines the initial impact of the adoption of ASU 2016-02 (ASC Topic 842, Leases), which requires lessees to record assets and liabilities for…