Over the past year and a half, the coronavirus (COVID-19) pandemic has affected all sectors of the global economy and society. The impact has perhaps…
The Taxation of Nonfungible Token Transactions
Beware the Implications of Intangible Investments
Most CPAs are likely familiar with cryptocurrencies such as Bitcoin and Ethereum. These currencies are considered fungible, because they can be directly exchanged for other…
FASB News Pending Disclosure Rules on Government Incentives Don’t go Far Enough FASB has gotten a lukewarm response from market watchers on pending new disclosure…
Social Media Policies Matter
Is Internal Audit Up to the Challenge?
Today, most people use social media to stay connected to each other, especially since the move to remote work caused by the coronavirus (COVID-19) pandemic.…
The PCAOB requires that registered audit firms adhere to an audit quality control (QC) requirement: A firm of independent auditors has a responsibility to adopt…
In Brief Although many investors in cryptocurrencies like Bitcoin have witnessed great gains in the past year, values have also fluctuated dramatically in short order.…
While we all have ideas about changing the world, there are very few individuals with the resources and capacity to actually bring these ideas about…
FASB News Eight Issues Surfaced in Post-Mortem of Revenue Accounting Rules FASB said eight topics surfaced as challenges for public companies in its post-implementation review…
Using a Permissioned Blockchain?
Consider Structuring It as a VIE
The adoption of blockchain has grown steadily since the technology was first introduced as a platform to create a decentralized currency, free from the effects…
The crossroads of death and taxes can be baffling for many individuals. The executor or administrator (herein, the “fiduciary”) may be confronted with a bewildering…
Cloud Computing
Friend or Foe?
In Brief Many organizations are moving some or all of the technology operations to the cloud to reap the various benefits such a relationship can…
Leveraging Low-Cost Technology to Attract the Next Generation of Clients
Adapting to a Changing Environment
Providing services for current clients is often easier for CPA firms than recruiting new clients or tailoring existing services. Although CPAs should strive to meet…
IASB News Extra 290 Days for Feedback on Proposed Disclosure Rules Users of IFRS standards will get an extra 290 days to evaluate proposed changes…
The Spread and Use of Blockchains
Investigating Mentions in 10-K Reports
In Brief Much attention and hype has surrounded the potential for blockchain technology to disrupt accounting processes. Mentions of this technology in companies' 10-K forms…
Digital Assets
Does the Perception Match Reality?
In Brief Bitcoin and other digital assets have been prominently featured in the financial news and popular press, to the point where many individual may…
Book Review | Corporate Law and the Theory of the Firm: Reconstructing Corporations, Shareholders, Directors, Owners, and Investors (The Economics of Legal Relationships)
By Wm. Dennis Huber; Routledge, 2020, ISBN 978-0367895532
In Corporate Law and the Theory of the Firm, author Wm. Dennis Huber, an attorney and CPA with graduate degrees in economics and finance, challenges…
FASB News Should the EITF’s Purview be Broadened? Some accounting professionals have suggested that FASB broaden the Emerging Issues Task Force’s (EITF) purview so that…
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…
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…
Why Lease Accounting Software Systems Fail
9 Key Functional Deficiencies Driving Companies to Replace ASC 842 Software
SPONSORED CONTENT Adoption of ASC 842 was challenging enough. No company implemented new lease accounting software expecting to replace it just a couple of years…
The fallout from the coronavirus (COVID-19) pandemic continues to have a significant impact on the way employers conduct business, with many employees working on a…
FASB News Life Insurers Ask for Expanded Hedge Accounting Proposal Recent comments from the insurance sector advocated that a recent FASB proposal to provide a…
ICYMI | What to Do About Estate Planning Now
Contemplating the Impact of Proposed Legislation
The past year was a wild one for estate planning, as high-net-worth individuals raced to complete planning before the end of the year, not knowing…
On April 7, 2021, the New York State Assembly passed the comprehensive New York State 2021/2022 Budget Act, which Governor Andrew Cuomo subsequently signed it…
FASB News Decisions on Restricted Equity Stock Sales Would Cause Investment Funds to Overstate Assets FASB’s recent decisions related to valuing equity securities that are…
The Volunteer Treasurer’s Handbook
Book Review
Howard Levy has done a great service to both the nonprofit community and to those who serve it. So few resources are available to provide…
FASB News Two GAAP Taxonomy Implementation Guides Proposed for Public Comment FASB’s Extensible Business Reporting Language (XBRL) staff said companies can now weigh in on…
Best Practices to Reduce Excessive Fee Risk
401(k) Plan Governance Faces Increasing Legal Threats
The role of retirement plan governance has become increasingly important as employers face increased scrutiny of how they operate their 401(k) plans in the current…
CPAs in the not-for-profit (NFP) sector are busy keeping up with financial accounting, tax law, technology, and operational changes. Many recent tax provisions affect NFP…
I grew up in the small city of Guntersville, Alabama (population 8,000), nestled in the beautiful foothills of the Appalachian Mountains. When I was born,…