Since the 1930s, we have looked at things through a financial lens, and I'm afraid that cannot pertain in the changed world of the 21st…
I like to think of myself as a capital market activist, and that's where you get the title of my most recent book—The Integrated Reporting…
The accounting profession has a role to play in achieving a very important aspect of sustainability—being part of the fabric of our capital market systems…
The First Annual NYSSCPA Hedge Fund Roundtable Sustainability
Investment Leadership Conference
In a historical gathering, the first annual NYSSCPA–Hedge Fund Roundtable Sustainability Investment Leadership Conference on May 6, 2016, brought together some of the world's foremost…
In Brief The sharing economy and mobile commerce are becoming popular ways of conducting business. This article explains the Internet-based economy and the mobile accounting…
In Brief The proliferation of smartphones, tablets, and other mobile devices has changed the way businesses gather and process information, and CPAs are no exception.…
In Brief As the U.S. economy continues to recover from the Great Recession, new technological developments are once again accelerating, as is corporate adoption of…
A Unique Gift-in-Kind Promotional Opportunity for Not-For-Profits
Public Service Announcements
In Brief In 2014, according to Nielsen Media Research, broad-cast stations donated more than $2 billion of free air-time to air public service announcements. The…
Government-Contracted Contingent Fee Auditors
Do Conflicts of Interest Threaten the Tax System’s Integrity?
In Brief State and local governments' use of auditors paid on a contingent fee basis for taxpayer audits has drawn criticism because of the conflicts…
40 Years of Losses, but Still Motivated to Profit
Applying the Results of a Recent Tax Court Decision
In Brief Many taxpayers have a hobby or sideline that they pursue in the hope of earning additional income. In calculating their profits from this…
Is the Parsonage Allowance Constitutional?
The Courts Question Taxpayer Standing
In Brief In November 2013, the U.S. District Court for the Western District of Wisconsin ruled that the parsonage allowance of IRC section 107(2) was…
Trends in SEC Enforcement
What CPAs Need to Know
In Brief With the SEC's enforcement of laws against fraud and other financial wrongdoing at its highest in recent memory, CPAs must be vigilant in…
Today’s Fraud Risk Models Lack Personality
Auditing with ‘Dark Triad’ Individuals in the Executive Ranks
In Brief Recent behavioral science research on abnormal personality types may have a major impact on the practice of auditing. This article discusses the possible…
How to Avoid Running Afoul of the SEC
Part 2: The Internal Controls Cases
In Brief In early 2014, the SEC's enforcement director said that the agency's investigators “were planning to pursue some internal control-related cases,” noting that this…
Unsolved Problems in Auditing: A Half-Century Retrospective and Update
2016 Max Block Award Winner: Outstanding Article in the Area of In Focus/Feature
Auditing has been an ever-changing discipline since its birth over 100 years ago, but how much have the challenges auditors face really evolved over the…
With its issuance of Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as…
The Going Concern Gap in U.S. GAAP
Filling a Hole in Existing Standards
Recent events, such as the fiscal crisis of 2007–2008 and the economic recession that followed, have prompted concerns about whether investors have received sufficient notice…
Changes to Going Concern Disclosures
Accounting Guidance Shifts Responsibilities to Management
Historically, auditors of financial statements have been charged with the assessment of an entity's ability to continue as a going concern (see AU 341, “The…
In Brief As part of its oversight mission, the PCAOB has sought to improve the quality of U.S. public company audits. A major part of…
Unsolved Problems in Auditing
A Half-Century Retrospective and Update
In Brief Auditing has been an ever-changing discipline since its birth over 100 years ago, but how much have the challenges auditors face really evolved…
In Brief For many companies, an audit is a necessary part of business operations. For others, however, it is not, and such businesses are increasingly…
There are several points in a business's life cycle that represent increased risk. One prime example is the buying or selling of all or part…
In a May 2015 decision, the U.S. Supreme Court held that a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) who is…
The New Revenue Recognition Standard
An Illustration of the Implications for ‘Ordinary’ Companies
In Brief After a long period of deliberation and revision, FASB’s new guidance on revenue recognition will soon be a reality for businesses and their…
A Refresher on Accounting for Leases
A Detailed Example under the Proposed Guidance
In Brief FASB’s long-debated exposure draft of a new standard on accounting for leases has raised the possibility that almost all leases will need to…
The Terminology of Going Concern Standards
How Subtle Differences in Wording Can Have a Big Impact
In Brief Can slight differences in the wording of going concern standards affect the extent of audit tests performed and the decisions that auditors make?…
“The only function of economic forecasting is to make astrology look respectable.” —John Kenneth Galbraith “Economists are about as useful as astrologers in predicting the…