By Steven Mintz and Roselyn Morris McGraw-Hill Education, 2019, ISBN 978-1259969461, $287.30 (Hardcover) Reviewed by Edward Mendlowitz Before I begin my review of this casebook…
Should CPA students no longer have to learn the basics of government accounting? According to a new AICPA exposure draft, Maintaining the Relevance of the…
Next-Generation Internal Audit Governance
Harnessing the Power of Strategic Vision
As organizations across all industries continue down the current path of accelerated transformation and technological innovation, so too must internal audit departments adapt and rethink…
The Not-for-Profit Board Challenge
How to Use Board Members’ Time More Effectively
CPAs and other accounting and finance professionals are often asked to sit on the boards of not-for-profit (NFP) organizations. The volunteer, unpaid status of NFP…
Nonprofit Liquidity
Better Financial Storytelling under ASU 2016-14
Having implemented Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, many nonprofits are beginning to expand their understanding of liquidity and sharpen…
FASB News Webinar on Big Three, Covid-19 Issues for Private Companies and Nonprofits FASB said it plans to hold a webinar on June 15 dedicated…
Employee-paid Business Expenses
Is an Accountable Plan the Answer?
Under a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) that has received little media attention, many workers have lost a substantial…
How ASU 2018-12 Affects the Timing of Earnings Emergence
The Potential Impact for the Insurance Industry
The insurance industry deals in the unknown. Insurance companies provide their customers with protection from future events—some foreseeable, many unexpected. They employ actuaries who design…
The New Exemption from Required Information Reporting
Revenue Procedure 2020-17 Provides Relief for Certain Tax-Favored Foreign Trusts
In March 2020, the IRS announced an exemption to the information reporting requirements applicable to foreign trusts. Under this exemption, qualified individuals no longer need…
Becoming a Data-Driven Decision Making Organization
Seven Challenges Facing Not-for-Profits
In Brief: As the data revolution continues to change every facet of society, for-profit companies are realizing significant benefits from adopting data-driven decision making strategies…
Preparing Tax Returns for Inmates
Considering Practitioners’ Perspectives
As Benjamin Franklin noted, the truths of life include death and taxes. No one is exempt, not even prisoners. The United States is known for…
FASB News Golden Outlines Board’s Standards Setting Plans Prior to Departure FASB Chairman Russell Golden said the board will determine whether to finalize a proposal…
These are extraordinary times with extraordinary challenges. We fear for our safety and the safety of those we love, for the stability of our country…
PPP Payback Deadline May Have Unintended Consequences
CPAs Should Revisit Advice Given to Clients
To supplement its Payroll Protection Program (PPP) Rules, the Small Business Administration (SBA) regularly issues PPP frequently asked questions (FAQ) in numerical order, easily found…
U.S. Treasury Yield Curve The financial turmoil caused by the coronavirus (COVID-19) pandemic extended into the bond market, as investors drove yields down and raised…
FASB News National Defense Group Urges FASB to Extend Delay on Revenue Accounting Rules The defense sector has asked FASB to extend a proposed delay…
With COVID-19 disrupting global supply chains and sales, businesses are losing income and incurring additional expenses as a result of the disruption. There likely will…
In Brief The need for accounting standards for government entities has been long recognized, but the road to establishing the right body to set such…
On April 8, 2020, FASB and its staff met to discuss various issues relating to the implications of the coronavirus (COVID-19) pandemic on certain FASB…
Effective for fiscal years beginning January 1, 2020, a new approach for accounting and reporting leases will be required for state and local governments under…
The coronavirus (COVID-19) pandemic has not only upended the economy; it has also been the catalyst for several tax changes. The Families First Coronavirus Response…
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law by President Trump on December 20, 2019, as part of funding legislation…
FASB News Private Companies Seeking Clarity around Coronavirus-Related Disclosure Requirements Private companies are seeking FASB or AICPA interpretative guidelines on the appropriate level of disclosures…
The AICPA Code of Professional Conduct proclaims that its members should serve the public interest, defined as “the collective well-being of the community” (Section 0.300.030, https://pub.aicpa.org/codeofconduct/Ethics.aspx#).…
U.S. Treasury Yield Curve The U.S. Treasury yield curve is inverted from 30 days to 3 years, reflecting the fear of an economic slowdown due…
In PricewaterhouseCoopers's 2018 Global Economic Crime and Fraud Survey, fraud is identified as “the biggest competitor you didn't know you had,” which is an interesting way of…
The Social Security Act of 1935 (SSA) was enacted by the 74th United States Congress and signed into law by President Franklin D. Roosevelt. Part…
The coronavirus (COVID-19) pandemic has caused companies across the world to temporarily close their doors in an effort to halt or slow down the spread…
Deception is the main tool of fraudsters and the hallmark of many types of fraud. When used skillfully, deception often leads to not one incident…
FASB News Staff Document to Ease Hurdles on Accounting for Lease Concessions On April 10, FASB published a staff document that addresses four questions companies…