FASB News New Conceptual Framework Chapter on ‘the Reporting Entity’ Proposed Companies can provide comments on a FASB proposal that would define the concept of…
In Brief Investors, creditors, and other users of financial information are increasingly looking beyond audited financial statements when making investment decisions. The culture in the…
In Brief Growing numbers of small and medium-sized enterprises (SME), spanning a range of sectors and geographies, are signaling their commitment to an ESG-rooted integrated…
The trend in today's modern CPA firm is to pursue business cloud accounting services (CAS) and only offer tax returns as an “add-on” service. Many…
Blurring Lines with a Mobile Workforce
Bring Your Own Device, Face Your Own Discipline?
In the realm of information technology, “Bring Your Own Device” (BYOD) is the practice of allowing employees to use personal technology devices such as laptops…
FASB News More Expense Lines Could be Required on the Income Statement FASB plans to require all companies to break out into component parts more…
Regulatory Concerns Could Dampen Investor Excitement for Stablecoins
Looking Closely at a Controversial Digital Asset Class
In Brief Stablecoins, a class of digitial asset touted as being more constant in their value than other cybercurrencies, have become increasingly popular in recent…
B Corporations are for-profit entities that not only provide products or services with a goal of earning a profit for its owners, they also contribute…
FASB News New Rules on Supplier Finance Programs Will Reveal Financial Health Starting next year, U.S. companies that use supplier finance programs to buy goods…
In Brief Software as a Service (SaaS) has gone from the cutting edge to a core technology for many businesses. But given the wide scope…
The title of this article is more than a little misleading. The future is now—effective CFOs not only know this, they strive to bring the…
European Value Chain Legislation Marches On
Corporate Sustainability Due Diligence Directive Will Impact U.S. Companies
On February 23, 2022, the European Commission adopted a Proposal for a Directive on Corporate Sustainability Due Diligence (CSDD) that addresses social and environmental concerns,…
FASB News ‘All’ Software Costs Will Be Addressed Under New FASB Project According to FASB, the current guidance on accounting for software costs is outdated…
Key Personal Income Tax Decision
New York Appeals Court Holds Taxpayer’s Vacation Home Did Not Qualify as ‘Permanent Place of Abode’
In a significant development, a New York appeals court recently held that a taxpayer's vacation home did not, in fact, qualify as a “permanent place…
FASB News More Changes May be in the Pipeline for Lease Accounting While FASB said earlier this year that it would hold off on making…
ICYMI | Department of Labor Position on Cryptocurrency Investment in 401(k) Plans
Practical and Legal Considerations
Many 401(k) plan sponsors mistakenly believe that they have no liability for investment fund options made available to participants in core investment menus and self-directed…
ICYMI | Examining the Recognition and Measurement of Financial Assets and Financial Liabilities under ASU 2016-01
Added Volatility or Improved Information Value?
In Brief Accounting Standards Update (ASU) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, became effective for financial statements beginning after December 15, 2017. One…
ICYMI | Recent California State and Local Tax Developments
New Provisions and Requirements May Impact Out-of-State Taxpayers
CPAs need to be aware of current tax developments in key states to properly advise entities doing business in multiple jurisdictions. Below is an overview…
FASB News Staff Propose Data Quality Committee Rules, Other Updates to GAAP Taxonomy FASB’s taxonomy staff has issued a proposal that would incorporate seven additional…
ICYMI | Using Data Visualization To Help Uncover Fraud
An Investigation of Data Revealed by the Wirecard Scandal
In Brief Wirecard, one of Germany's largest financial services companies, had long been suspected of employing questionable accounting methods before its auditor publicly announced in…
ICYMI | Employee Turnover Is Impacting Not-for-Profits Too
Competing for Talent in the COVID-19 Environment
Over the past two years, Americans have quit their jobs in record numbers. According to the U.S. Labor Department, 47.4 million people have left their…
FASB News Multinationals May Get Converged Standards on Rate Regulation, Government Grants Multinational companies, many of which have routinely asked for converged solutions for U.S.…
The Inflation Reduction Act of 2022
A First Look at New Tax Provisions
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (IRA) into law as PL 1217-169. The IRA will make a historic…
FASB News Inflation Reduction Act Could Impact Future Accounting Standards FASB Chair Richard Jones on August 23 hinted that legislation in the Inflation Reduction Act…
ICYMI | Working from Home
State Income Tax Complications
The coronavirus (COVID-19) pandemic triggered an exodus of workers from their comfortable offices to the safety of their homes and other remote locations. For some,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
I read with interest “Article on the New Working World of the COVID-19 Pandemic” (Hila Fogel-Yaari and Kelly Gebhart, March/April 2022) of The CPA Journal.…
FASB News SEC Accepts 2022 Q3 Supplemental GAAP Taxonomy FASB said the SEC accepted the 2022 Q3 Supplemental GAAP Taxonomy, which includes improvements to the…
Here is a familiar story: An entrepreneur works for decades to build a successful business and has reached the point of successfully exiting from the…
Supplier Finance Programs
Audit Concerns and Adjustments
In Brief Both FASB and the IASB recently issued exposure drafts related to supplier finance programs (SFP). The exposure drafts were issued in response to…