According to the AICPA's 2023 Trends Report and identified in more recent articles in The CPA Journal, Wall Street Journal, Financial Times and Bloomberg, bachelor's degree…
FASB News New Project to Amend Exceptions to Derivatives Accounting Rules FASB has agreed to add a project to its rulemaking agenda to narrowly revise…
The transition to the new Uniform CPA Examination is rapidly approaching. Changes to the format of the CPA exam have been part of the AICPA…
Individuals who own interests in a closely held family business need to address an exit strategy. In many cases, such individuals wish to have a…
What Can the Profession Do?
Looking closely at each piece of the puzzle
In Brief Decades of effort to increase Black representation in accounting programs and CPA firms have yet to yield results. Rather than trying more of…
The Accounting Profession Is in Crisis
A Partial Solution to the Shortage of Accountants
The accounting profession is facing a severe crisis due to a shortage of accountants. Significantly fewer students have selected accounting as a major. As a…
IASB News GRI and ISSB Trustees to Launch Sustainability Innovation Lab The Global Reporting Initiative (GRI) and the IFRS Foundation will launch the Sustainability Innovation…
Does the CPA Evolution Initiative Go Far Enough?
The Skills Needed to Bridge the Gap
In 2017, the AICPA, in conjunction with NASBA, undertook a gap analysis of the Uniform CPA Examination to identify opportunities challenging the profession and develop…
SALT Round-Up—Key Updates in Several Jurisdictions
Looking at Maryland, New Jersey, North Carolina
CPAs need to be aware of current tax developments in key states to properly advise clients doing business in multiple jurisdictions. As state and local…
Rethinking the 150-Hour Requirement for CPA Licensure
Can Alternative Paths Surmount the Barriers to Entry?
In Brief The accounting profession continues to suffer from the barrier to entry caused by the 150-hour CPA licensure requirement and is struggling to find…
IASB News GRI and ISSB Trustees to Launch Sustainability Innovation Lab The Global Reporting Initiative (GRI) and the IFRS Foundation will launch the Sustainability Innovation…
The Accounting Pipeline
Insights from Professionals and Students
The accounting community—from practitioners to educators to advocacy groups—has known for some time that the profession is facing a significant challenge: a shortage of skilled…
Accounting Education Disrupted
Transforming to Face a Challenging Future
In Brief Although emerging technologies have disrupted the entire accounting ecosystem in recent years, the education realm has been one of the areas hardest hit.…
Overview of the Corporate Transparency Act
How Companies and their Advisors Can Prepare
Included as part of the National Defense Authorization Act (NDAA) enacted on January 1, 2021, the Anti-Money Laundering Act of 2020 (AMLA) represents the most…
The automation of repetitive tasks has become part of today's workplace, whether CPAs are engaged in industry, governmental, not-forprofit, or public accounting. This automation can…
FASB News Revenue Accounting Rules Pose Ongoing Costs but Firms not Pressing for More Changes FASB was applauded by participants at a recent roundtable for…
Consider the following hypothetical scenario: You have some PivotTables in a Microsoft Excel workbook that rely upon an underlying set of data. That dataset gets…
ICYMI | 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,…
FASB News Statement of Cash Flows to be Narrowly Reorganized for Financial Institutions FASB has voted to add a rulemaking project to its agenda to…
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…
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…
FASB News New Rule for Profits Interest Awards will be Issued Early Next Year FASB voted to finalize a narrow proposal that aims to provide…
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…
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…
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…
IASB IFRS Interpretations Committee to Publish Final Decisions on Three Topics, Propose New One The IFRS Interpretations Committee will ask the IASB this week whether…
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…
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…
Sustainability Reporting and Practitioners’ Responsibilities
Summary of the IESBA Staff Q&A
Over the past decade or so, corporate reporting has broadened to cover issues not addressed in quarterly or annual GAAP financial reports. At present, such…
IASB News Due Process Handbook to be Updated to Reflect ISSB’s Role The IFRS Foundation plans to update its Due Process Handbook to reflect the…