The question of how to teach ethics has plagued academics for generations, with some even wondering whether it can be taught at all. Steven Mintz,…
Among the phrases that likely send shivers down the spines of many young CPAs is, “next week, you’ll have to make the presentation.” Rather than…
The popular accountant stereotype portrays a person who lacks creativity, sitting alone crunching numbers. Those within the profession know that this portrayal is inaccurate and…
FASB News Private Company Council to Mull Project on Distinguishing Liabilities from Equity The Private Company Council (PCC) will consider whether it is feasible to…
ICYMI | Paycheck, Culture, Work-Life Balance
How to Attract and Retain Millennial Accountants
Millennials are the future of the accounting profession. Much has already been written about their generation's preferences and the implications for employers. To attract and…
The buzzword in CPA firms these days is advising: How do we get our firm to do more advising, how do our teams become advisors, and…
Accounting—at least as an independent field of study—is becoming obsolete in today's technology- and analytics-focused world. Its value lies in its interdisciplinary applicability and position…
FASB News Government Involvement in New Areas Needs Study for Project on Grants Rules New areas of government involvement not seen in the past might…
The purpose of this essay is to provide some reflections about my 40-year career as an accounting educator. My focus will include the inspiration for…
ICYMI | Using Sustainability Initiatives to Engage Young Professionals
Prioritizing Purpose for Generation Z and Millennials
Generation Z, like the millennial generation before it, is pessimistic about careers, life in general, and the world around it. However, it shares a deep…
ICYMI | The ESG Reporting Journey
Take the first steps … before it’s too late
Environmental, social, and governance (ESG) reporting is no longer considered a soft investment. Market demand and regulatory guidance are coalescing quickly. Consistent and transparent financial…
ICYMI | Leading the Way on Sustainable Development
An Exclusive Interview with the UN’s Chantal Line Carpentier
In Brief In the past decade, sustainability has moved from the periphery to become central in the global efforts to promote economic development, foster trade,…
Sustainability is an increasingly important topic for the accounting profession. Recently, the editors interviewed Jeffrey Hales, the Catherine W. and Edwin A. Wahlen, Jr., Professor…
AICPA News CPA Firms Increasingly Hiring Diverse Graduates More diverse graduates are getting into the accounting and finance functions at U.S. CPA firms, according to…
ICYMI | State of the Profession
Analyzing the Results of the 2021 Practice Management Survey
In Brief The seventh annual 2021 NYSSCPA–Rosenberg Survey identifies trends from the national 23rd Annual Practice Management Survey and provides profitability and growth data of…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
FASB News No Extension of Troubled Debt Restructurings Rule The FASB has rejected a request by two AICPA panels that the board extend the troubled…
I read with interest the collection of predictions for 2022 (“The State of the Profession: Predictions for 2022,” December 2021), and I have my own…
Book Review: Advice for a Successful Career in the Accounting Profession
Wiley, ISBN: 978-1119855286 by Jerry Maginnis
Jerry Maginnis has written a book that should be on the bookshelf of anyone in the accounting profession, from interested students to experienced practitioners. Advice for…
Implementation of Critical Audit Matters
Lessons from Other Countries
On October 23, 2017, the SEC approved Auditing Standard (AS) 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an…
Whether or not a business owner plans to sell or transfer their business in the next few years, obtaining a proper business valuation is critical.…
FASB News Troubled Debt, Segment Reporting Slated for Discussions On April 6, FASB discussed whether to extend the troubled debt restructurings (TDR) relief rule it…
Expanding Options for Providing Attestation Services
A Review of AT-C Sections 205 and 206
In September 2020, the Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) 21, Direct Examination Engagements. Its provisions are effective for assertion-based and direct…
Accounting trend observers report that audit and assurance services regarding environmental, social, and governance reporting, as well as cybersecurity risks, continue to be prominent issues…
Asset Acquisition Accounting
Understanding the Available Guidance
A business combination is a transaction or event by which an acquirer obtains control of a business (i.e., the acquiree). If the acquisition of an…
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,…
FASB News Revised Income Tax Disclosure Project Won’t Be Controversial FASB revised the objective of its income tax disclosure project to focus on targeted improvements,…
FASB Streamlines Income Tax Accounting
Some Simplification for Franchise Taxes
Recently, FASB issued a new Accounting Standards Update (ASU 2019-12), Simplifying the Accounting for Income Taxes. The new standard amends section 740 of the Accounting Standards…
In my role as an executive in residence at Rowan University in southern New Jersey, I have had the opportunity to meet with many students…
Seeking Truly Global Financial Reporting Standards
Should U.S. Standards Setters Re-Engage with IFRS (and the IASB and ISSB)?
In Brief For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S.…