In 1969, the AICPA formed the Minority Initiatives Committee, whose mission was to encourage, provide educational opportunities for, and promote the hiring of high-potential minority…
FASB News Accounting Principle for Identifying Benchmark Interest Rates Expected An accounting principle to aid banks and other corporations in identifying permissible benchmark interest rates…
ICYMI | Advancing Diversity within the CPA Profession
An Interview with Alfonzo Alexander
While society has come a long way in its diversity efforts, the fact that many corporations have yet to implement diversity programs shows that the…
ICYMI | Addressing the Challenges of Diversity in the Profession
Determinant Factors for the Dearth of Minority CPAs
The dearth of minority CPAs has been a source of concern within the accounting profession for many decades (see Bert N. Mitchell, “The Black Minority…
Accountants have once again been proving that America does indeed count on CPAs, as they have entered uncharted waters to assist both individuals and small…
ICYMI | 401(k) Plan Issues in the Current Environment
Practical and Legal Considerations
This article is intended to address 401(k) plan issues and concerns that develop during periods of economic uncertainty and market volatility, such as the current…
FASB News Simpler Rules Issued for Convertible Instruments, Own Equity On August 5, FASB issued new rules to simplify the accounting for convertible instruments and…
In the early 2000s, as the business world began to return to a more normal mode of operations after the events of September 11, 2001,…
ICYMI | Financial Reporting and Auditing Implications of the COVID-19 Pandemic
Some Practical Guidance
In Brief The COVID-19 pandemic has disrupted life around the world, but business, in altered fashion, goes on. Companies will have to report on their…
Quarterly Real U.S. GDP Growth The estimates for second quarter GDP growth range from −20% to −51%, with the average from the Blue Chip consensus…
FASB News No New Definition for Joint Ventures A majority of the FASB said it was best not to revise the definition for joint ventures—a…
CPAs are uniquely positioned to assess the impact of coronavirus (COVID-19) on client organizations, employers, and society. The profession continues to contribute to recovery and…
Current Tax Issues in the Cloud
Sales of Software versus Services in Citrix
Proper sales tax compliance can be daunting for any business, but the complexities increase when dealing with the software and technology industries in particular. By…
XBRL Reporting by State and Local Governments
Changes on the Horizon
The development of Extensible Business Reporting Language (XBRL) in the corporate sector, the demand for better state and local government reporting, legislation at the national…
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 Accounting Rules for Franchise Fees Discussed FASB discussed whether to add a project to its technical agenda that would provide an accounting alternative…
Opportunities and Challenges of Real-Time Financial Reporting
Adoption Models for State and Municipal Governments
In Brief This article reviews the implementation of real-time reporting by state and municipal governmental units as a model for analyzing these emerging technologies. While…
When Money Costs Too Much
Section 8300 Filing Requirements and Penalties
The Internal Revenue Code and the Bank Secrecy Act (BSA) require that persons engaged in a trade or business file Form 8300, Report of Cash…
The pandemic has put many people and businesses in need of help. The federal government has responded by enacting Economic Impact Payments, Paycheck Protection Program…
FASB News New Chairman Signals Focus on Maintaining, Improving Existing Rules In an effort to glean insight that would aid in understating the financial reporting…
ICYMI | Machine Learning in Auditing
Current and Future Applications
In Brief Machine learning provides the potential for significant improvements in audit speed and quality, but also entails certain risks. The authors provide a general…
Textual Analysis for Risk Profiles from 10-K Filings
Evidence from Audit Opinions
In Brief Technology can be used by auditors to evaluate the risks presented by engagements. This article introduces a Natural Language Processing (NLP) approach to…
CPAs have spent much of “busy season” assisting individuals and business with questions about coronavirus-related economic relief, such as stimulus payments and paycheck protection loans.…
Managing the Impact of Cloud Computing
Perspectives on Vulnerabilities, ERM, and Audit Services
In Brief Cloud computing is in the vanguard of a global digital transformation. This article looks at how to identify cloud computing opportunities and operationalize…
Machine learning is an increasingly familiar technology term that encompasses a broad range of applications. Machine learning can enable businesses to sift through large amounts…
IASB News IFRS Foundation to Hold Annual Conference Virtually The IFRS Foundation said it would combine two major annual conferences into one event and hold…
In Brief With the popularity of and increasing reliance on data analytics to drive strategic business initiatives and achieve organizational objectives, the accounting profession's interest…
In Brief Public health measures taken to mitigate the spread of the coronavirus (COVID-19) pandemic have upended business operations and processes. Auditing is no exception;…
The COVID-19 pandemic has raised many questions about charitable giving and on the timing of required filings for many exempt organizations. Many of those questions…
FASB News PCCC Mulling Whether to Carve Out Rules on Profits Interest Compensation The Private Company Council (PCC) said it would wait for more FASB…