Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Topic 842 will supersede the existing lease guidance (Topic 840), which has been in…
Audit Implications of the New Revenue Reporting Standard
A Panel Discussion
About the Panelists The panel featured Meredith Canaday, CPA, partner in the department of professional practice at KPMG; Sheri Fabian, technical partner in the national…
With the Tax Cuts and Jobs Act (TCJA) coming into effect, completely new forms being issued, and the aftereffects of the government shutdown being felt,…
New Litigation and Regulatory Risks
A Panel Discussion
About the Panelists The panel featured Mark A. Adler, JD, acting director and chief trial counsel in the division of enforcement and investigations at the…
Since 1973, GAAP (APB Opinion 28) has recognized the acceptability of presenting condensed interim information by public companies as provided for in Article 10 of…
Auditors serving smaller businesses know that those clients often need help navigating the highly technical and overwhelming body of accounting standards. They also know that…
Ethical Issues
A Panel Discussion
About the Panelists The panel featured Catherine Allen, CPA, ethics consultant and also a founder of Audit Conduct; Brian Lynch, CPA, risk management and independence…
The Tax Cuts and Jobs Act of 2017 (TCJA) contains both positive and negative news for Roth IRAs. Some of the implications are obvious, but…
EDITORS NOTE: This article is an edited and condensed transcript of Mr. Panucci's remarks at the conference. Three new commissioners were appointed in 2018, the…
The Importance of Audit Partners’ Background
Insights from the New PCAOB Form AP
Public company audit partners are trusted as watchdogs of the capital markets. A forthcoming study by the authors of this article finds that audit partners'…
About the Panelists The panel featured Brian Croteau, CPA, partner at PricewaterhouseCoopers; Kyle Owens, CPA, professional practice standards senior manager at Crowe LLP; and Phil…
As implementation of FASB's new current expected credit loss (CECL) model begins across institutions of all sizes, one of the questions executive management should be…
New York State Decouples from Certain Federal Personal Income Tax Changes
An Overview of Key Changes
The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to personal income taxation. In response to the federal tax law changes made…
In the past year at the PCAOB, we've had a lot of change. At the beginning of the year, and for the first time since…
The Lawyer's duty is first of all to his client, and that duty frequently compels him to avail himself of technicalities and other means of…
The panel featured Douglas Bloom, JD, director of the cybersecurity and privacy and financial crimes unit at PricewaterhouseCoopers; Chris Halterman, CPA, executive director of advisory…
U.S. v. Marc Berger
A Cautionary Tale for Return Preparers
On December 14, 2018, former CPA Marc Berger was sentenced to eight months in prison after a federal jury convicted him on three counts of…
I have a list of projects that the ASB [Accounting Standards Board] is working on, in two parts. I want to give you a little…
The PCAOB as Third-party Payer
A Proposal to Address Concerns over Public Company Auditor Independence
The idea of introducing a third-party payer into the auditor-client relationship has received some attention from regulators, academics, and accounting firms in recent years. Years…
CPAJ News Briefs
FASB, PCAOB News
FASB News Board Backs Staff’s Convertible Instrument Disclosure Improvements FASB has backed a series of improvements to convertible instrument disclosures, including the format in which…
About the Panelists The panel featured Noel Allen, JD, outside legal counsel for the National Association of State Boards of Accountancy; Marc Panucci, CPA, a…
ICYMI | CAM Vs. KAM: A Distinction without a Difference?
Making Judgments in Reporting Critical Audit Matters
In Brief Since the last economic downturn, attention has turned to the auditor's report, which had remained largely unchanged for decades. In response to a…
Improving Audit Quality
Highlights from the 13th Annual Baruch College Audit Conference
The 13th Annual Audit Conference, hosted by Baruch College in New York City on December 4, 2018, once again brought together auditors, regulators, standards setters,…
In Brief The Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered the most significant tax legislation since the Tax Reform Act of…
For the first time since the [PCAOB's] creation in 2003, we have a completely new board. Its new strategic plan, which was approved on November…
Effective Federal Funds Rate, 1954–2018 Much of the anxiety seen in the stock markets in the fourth quarter of 2018 was the result of aggressive…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
A core part of most CPA firms for over 40 years has been the quarterly or monthly preparation of CPA-issued compilations or reviews for clients.…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…