FASB News Webcast on New Accounting for Gifts-in-Kind Announced Accountants and others that work with charities and other not-for-profit organizations can now register for a…
ICYMI | Pandemic Payroll
How a Permanent Remote Workforce Will Affect Taxes
Most businesses throughout the United States have introduced or expanded their work-from-home policies in the wake of the coronavirus (COVID-19) pandemic, forcing companies to adjust…
When people reach a certain age, a questioning of purpose and direction often happens. Although the entertainment media often satirizes such events, the opportunity to…
FASB News Final Accounting Rules Related to Share Option Awards Being Drafted On April 20, the Private Company Council (PCC) tentatively voted to draft final…
The Impact of COVID-19 on Sales and Production
SFAS 151’s Guidance for Financial Statements
The decline of economic activity due to the coronavirus (COVID-19) pandemic and resulting economic disruptions will certainly require some manufacturing companies to make adjustments under…
The Impact of the U.S. Supreme Court’s Decision in South Dakota v. Wayfair
Compliance Challenge for Small and Medium-Sized Businesses
In Brief The recent Supreme Court decision in South Dakota v. Wayfair will expand retailers' responsibilities to collect sales taxes on out-of-state purchases. Although the Court's rationale…
Pandemic Perceptions
Accounting Firms’ Organizational Support during COVID-19
The onset of the coronavirus (COVID-19) pandemic forced many CPA firms to mandate work-from-home arrangements for their employees. How has this sudden shift in the…
FASB News Roundtable on Credit Loss Accounting Rules Set for May 20 FASB has announced it will host a virtual roundtable next month on the…
Untangling the Inherited IRA Rules, Part II
COVID-19 and Other Updates
In Brief Retirement has always required difficult choices and prudent planning. A myriad of regulatory changes and emergency legislation passed to address the coronavirus (COVID-19)…
The 2021 tax season began with a late start date for processing 2020 returns. As the IRS was still attempting to complete work on 2019…
Ensuring Integrity: Litigation and Enforcement Update
Highlights from the 15th Annual Baruch College Auditing Conference
The final session of the conference featured a discussion of litigation and enforcement issues relevant to auditors. The panelists included Ben Campbell, General Counsel, Deloitte;…
Time-sensitive circumstances make estate and insurance planning in 2021 an important consideration. The three major factors that will influence planning in the coming months are…
FASB News Chief Accountants Caution Against Tinkering with Statement of Cash Flows Finance chiefs at some of the nation’s largest companies told FASB that the…
ICYMI | Tax Software in the COVID-19 Environment
2020 Annual Survey of New York State Practitioners
In Brief The 2020 tax season was unlike any other, with a global pandemic requiring virtually all tax preparers to work from home, often while…
A Postimplementation Analysis of AS 3101
Examples of Critical Audit Matters from the Big Four
In 2017, the PCAOB adopted a new auditor reporting standard: AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an…
It's safe to say that, for most CPAs, 2020 was probably the craziest year in memory. Setting aside the macro issues, what is fascinating to…
Ensuring Integrity: COVID-19 and Client Risk Profile
Highlights from the 15th Annual Baruch College Auditing Conference
The second session of the second day of the conference focused on the impact of COVID-19 on companies' evaluation of risk. The panelists were: Jim…
A Corporate Governance Anomaly
Requiring Outside Auditors to Disclose CAMs May Have Unintended Consequences
Generally accepted audit standards (GAAS) require an auditor to communicate significant findings from the audit to those charged with governance in the entity being audited,…
FASB News Special Meeting on Board’s Five-Year Agenda The Financial Accounting Standards Advisory Council (FASAC), the FASB’s main advisory body, held a special session on…
In Brief The AICPA Auditing Standards Board recently issued SAS 134, Auditors Reporting and Amendments, Including Amendments Addressing Disclosures of Financial Statements, and SAS 135,…
Changes to ‘Business Activity’ on the Horizon?
Revisions Proposed by the Multistate Tax Commission
Although the Supreme Court's decision in South Dakota v. Wayfair [585 US _ (2018); 138 S. Ct. 2080 (2018)] significantly increased the state and local tax…
Ensuring Integrity: Auditors’ Biases
Highlights from the 15th Annual Baruch College Auditing Conference
The first session of the second day of the conference, titled “Auditors' Biases,” covered all manner of conscious and unconscious bias as well as how…
FASB News ‘Last-of-Layer’ Hedging Renamed, Expanded Model Proposed FASB said it changed the name “last-of-layer” to the “portfolio layer” hedging method, and will propose expanding…
ICYMI | The Fight of a Lifetime
Telling It Like It Is on the National Debt
In Brief Joseph DioGuardi, the first practicing CPA elected to Congress, defined his career by advocating for financial accountability and fiscal responsibility from the U.S.…
In Brief Since the PCAOB issued its requirements for the reporting of critical audit matters (CAM), there has been much debate about how to interpret…
Many small- to medium-size businesses struggle with the burdensome costs of administering payroll, employee-related federal and state tax requirements, and other employee benefits. A related…
Ensuring Integrity: Critical Audit Matters
Highlights from the 15th Annual Baruch College Auditing Conference
The second session, “Critical Audit Matters” (CAM), addressed this recently implemented requirement, which represents the most significant change to audit reports in decades. The participants…
The Consolidated Appropriations Act of 2021 (CAA) (P.L. 116-260) funds the government for its fiscal year ending September 30, 2021, and makes major tax changes…
FASB News Companies Say Proposal on Acquired Revenue Earning Contracts Would Ease Accounting Costs T-Mobile US Inc., Cisco Systems Inc., IBM Corp., Pfizer Inc., and…
The Consolidated Appropriations Act of 2021 (CAA) (H.R. 133), which has become notorious for its length of 5,593 pages, funds the government for its fiscal…