FASB News Online Forum for CPE Providers Scheduled FASB will hold an online forum on October 12 that is designed to help companies and professionals…
ICYMI | The Statement of Cash Flows Turns 30
Common Reporting Deficiencies and Recent Changes
This past year marked the 30th anniversary of the statement of cash flows as a required financial statement. FASB's efforts in developing the then-new standard…
The option pricing model (OPM) is a popular and commonly used model to allocate equity value to securities in the complex capital structures of privately…
Cybersecurity Risk Considerations for 401(k) Plans
Mitigating Plan Sponsor Liability
Many 401(k) plan sponsors mistakenly believe that when they delegate responsibilities to a record-keeping service provider, they have no liability for cybersecurity breaches. One recent…
It is no secret that CPAs have faced an increasing level of cyber-security threats, even under normal conditions. Audit Analytics reports in its June 2020…
FASB News Proposed GAAP Codification Amendments Split Up FASB will continue to split up a November 2019 proposal aimed at improving the Accounting Standards Codification…
ICYMI | The COSO Internal Control Framework and Sustainability Reporting
The Benefits of Good Governance and Internal Controls
In Brief Even as corporate reporting of sustainability information continues to gain in popularity, the practice still is not standardized, either domestically or globally. While…
Reporting Foreign Accounts on the FBAR versus Form 8938
Differences, Similarities, and Traps to Avoid
Because U.S. taxpayers are required to report and pay taxes on their worldwide income, the U.S. government has fought to compel taxpayers to report their…
Goal Conflict or Goal Confluence?
The Paradigm Shift to Remote Working in the Wake of COVID-19
This article reviews the paradigm of office work, as the traditional form has been disrupted by the COVID-19 pandemic that has required most employees to…
Eleven Ways to Reboot Business Momentum in the Midst of COVID-19
Taking Stock and Optimizing Opportunities
For CPAs, the past three months have seen a wide mix of consequences affecting clients, employers, and colleagues. One thing has been clear: Every business…
FASB News Twenty Projects on Technical Agenda to Be Reconsidered FASB plans to determine whether it still wants to pursue 20 of the projects on…
ICYMI | The Challenge of Embedded Leases
Leases May Be Hiding in Supply and Service Contracts
As companies face the significant challenges in adopting Accounting Standards Codification (ASC) Topic 842, “Leases,” little has been written about the challenge posed by the…
In Brief Although its full implementation has been delayed, FASB's new standard on current expected credit losses (CECL) continues to create issues for financial statement…
Factor Fiction under ASU 2016-15
A Deep Dive into Cash Flows from Trade Receivable Arrangements
The implementation of ASU 2016-15, Statement of Cash Flow Classification of Certain Cash Receipts and Cash Payments (Topic 230), has led to an increased focus on…
Editor's Note: This statement from our publisher was originally posted on the NYSSCPA website (http://www.nysscpa.org) on June 4, 2020. We as Americans and New Yorkers are…
ICYMI | The Volkswagen Diesel Emissions Scandal and Accountability
Where Were the Auditors and Attorneys during the Sustainability Charade?
In Brief The effects of corporate scandals can reverberate for years. Volkswagen, whose conspiracy to hide the emissions of its diesel engine vehicles was first…
FASB News Post Implementation Review Portal Launched Under New Process FASB launched a Post-Implementation Review (PIR) web portal that showcases its efforts to evaluate whether…
CECL Encounters a ‘Perfect Storm’
Complexity, Crisis, and Uncertainty
In Brief After years of deliberation and comment, FASB's long-awaited standard on accounting for credit losses, in the form of ASU 2016-13, was finally issued…
The pandemic has put many people and businesses in need of help. The federal government has responded by enacting Economic Impact Payments, Paycheck Protection Program…
In Brief Information security and cybersecurity have been major concerns of business managers for many years. The ongoing coronavirus (COVID-19) pandemic has introduced new challenges…
ICYMI | Why Are African American Students Still Not Majoring in Accounting?
The Importance of Early Impressions
In 1969, the AICPA formed the Minority Initiatives Committee, whose mission was to encourage, provide educational opportunities for, and promote the hiring of high-potential minority…
FASB News Accounting Principle for Identifying Benchmark Interest Rates Expected An accounting principle to aid banks and other corporations in identifying permissible benchmark interest rates…
ICYMI | Advancing Diversity within the CPA Profession
An Interview with Alfonzo Alexander
While society has come a long way in its diversity efforts, the fact that many corporations have yet to implement diversity programs shows that the…
ICYMI | Addressing the Challenges of Diversity in the Profession
Determinant Factors for the Dearth of Minority CPAs
The dearth of minority CPAs has been a source of concern within the accounting profession for many decades (see Bert N. Mitchell, “The Black Minority…
Accountants have once again been proving that America does indeed count on CPAs, as they have entered uncharted waters to assist both individuals and small…
ICYMI | 401(k) Plan Issues in the Current Environment
Practical and Legal Considerations
This article is intended to address 401(k) plan issues and concerns that develop during periods of economic uncertainty and market volatility, such as the current…
FASB News Simpler Rules Issued for Convertible Instruments, Own Equity On August 5, FASB issued new rules to simplify the accounting for convertible instruments and…
In the early 2000s, as the business world began to return to a more normal mode of operations after the events of September 11, 2001,…
ICYMI | Financial Reporting and Auditing Implications of the COVID-19 Pandemic
Some Practical Guidance
In Brief The COVID-19 pandemic has disrupted life around the world, but business, in altered fashion, goes on. Companies will have to report on their…
Quarterly Real U.S. GDP Growth The estimates for second quarter GDP growth range from −20% to −51%, with the average from the Blue Chip consensus…