There is much discussion in the financial planning world about the disruptive impact of technological advances on the industry, particularly the possibility of the “robo-advisor”…
This is the first busy season since the enactment of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, which amended federal…
A recent CPA Journal article “Assisting Individuals with Charitable Legacies” (Sidney Kess and Edward Mendlowitz, April 2016, http://bit.ly/2nmSxfx) describes different ways donors may structure bequests.…
People today live with more uncertainty than in the past. To some extent, this is because new technology and vehicles of communication, not to mention…
Nasty financial weather is raining down on many state and local governments. Retirement benefits and related obligations have grown into thunderheads, seeded by decades of…
When FASB issued Accounting Standards Update 2016-14, Presentation of Financial Statements for Not-for-Profit Entities (Topic 958), it stated that prior standards “could be improved to…
State and Local Government Pensions at the Crossroads
Updating Accounting Standards Highlight the Challenges
In Brief Underfunding, questionable investment decisions, imperfect assumptions on future market returns, declining interest rates, and the structure of defined benefit plans have created a…
Profiles in Community-Oriented, Socially Engaged Professionals
It’s Amazing What CPAs Can Do
Accounting as a profession carries a public interest responsibility that also contributes significant value to society. Accounting can also lead one to some amazing careers,…
Internal Control Deficiencies in Local Government
Evidence from School Districts
Internal controls are a vital component of any financially healthy organization, and public school districts are no exception. In New York, the Office of the…
Serving the Public Interest
Improving Government Reporting and Promoting Sustainable Corporate Governance
When discussing accounting and financial reporting for governments, we need to acknowledge that corporations dominate the global economy. Fifty-two of the world's largest 100 economies…
In Brief FASB's new revenue recognition standard will become effective for most not-for-profit (NFP) entities in 2019. Although this date may seem distant, the new…
Accounting for leases has received considerable attention from standards setters in recent years. Under current FASB and GASB accounting rules, many leases are structured to…
TPP | Reasonable Cause for International Information Return Penalties
What Is the Standard?
The Internal Revenue Code (IRC) requires the filing of a number of different information returns with respect to foreign entities or transactions. These “international information…
Implementing ASU 2016-14 on the Presentation of Not-for-Profit Financial Statements
Changes Aim to Provide More Relevant Information and Perspective
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate…
Gene L. Dodaro, Comptroller General of the United States and head of the Government Accountability Office (GAO), serves as the chief auditor for the federal…
Preparing the Statement of Cash Flows Using the Direct Method
Illustrating a Simpler Approach
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, removes the requirement that not-for-profit (NFP) entities that choose to prepare the…
Much has been written over the past several years, and especially in the last few months, about the evolving role of the CFO in the…
Cybercrime is as ubiquitous as the Internet itself, and CPA firms and their clients are as vulnerable as anyone else to being hacked, scammed, or…
AICPA Proposal Raises the Ethical Bar
Incorporating International Standards into the Code of Professional Conduct
In February 2017, the AICPA's Professional Ethics Executive Committee (PEEC) agreed to propose modifications to the Code of Professional Conduct that would require certain actions…
Forensic Accountants and Calculation of Value Reports
Recent Court Observations
Litigation matters often require that the value of specific assets or business be determined. The standards by which such valuations are arrived at can be…
Three years ago, the server at the author's firm was hacked by a Russian scammer who got into the system by sending a phishing email…
It’s Amazing What CPAs Can Do
From a Farm in Taiwan to a Firm in New York
Editor's Note: This month we introduce what we hope will become a regular print and multimedia series of personal viewpoints by CPAs from all corners…
In Brief The audit world is changing. Technology has transformed business processes and created a wealth of data that can be leveraged by accountants and…
The following is taken from remarks made at the end of a speech Larry Smith made on September 21, 2016, at the AICPA's 2016 National…
Plan fiduciaries must take specific steps in the selection and retention of service providers to properly carry out their fiduciary duties. Retirement plan committees and…
Voices of the Profession: Paul Fisher
The Great CPA Followership Crisis
CPA firms are facing a succession crisis that endangers growth and profitability. The historical model of organic growth that relies on relationship management by generalist…
Voices of the Profession: When Standards Aren’t So Standard
A Discussion with Nicholas J. Mastracchio
CPAs can be forgiven for thinking there are more standards, and standards setters, to follow than ever before. The recent proliferation has come at the…
At the first panel of the 15th Annual Financial Reporting Conference, the panelists discussed the SEC's recent activities and plans for the future. Topics included…
TPP | Filing Amended and Current Returns in Cases of Past Noncompliance: How Not to Make Matters Worse
2016 Max Block Award Honorable Mention in the Area of Departments/Columns
When a CPA discovers a taxpayer's past noncompliance, there are both ethical and practical questions to answer. The last thing a CPA should want to…
Today’s Fraud Risk Models Lack Personality
Auditing with ‘Dark Triad’ Individuals in the Executive Ranks
Recent behavioral science research on abnormal personality types may have a major impact on the practice of auditing. This article discusses the possible prevalence of…