In Brief Accounting educators have used ethical decision-making models to teach ethics to accounting students for many years. The traditional models rely on prescriptive reasoning…
As the new school year begins, it's time for the profession to examine how future CPAs are educated in the United States. It's no secret…
ICYMI | 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…
ICYMI | 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…
Recently, a midsize accounting firm that had prepared financial statements and reports for President Donald Trump and various entities associated with him for many years…
At first glance, the Tax Cuts and Jobs Act of 2017 (TCJA) had little direct impact on the tax treatment of charitable giving. Drilling down,…
COVID-19 and the ‘Great Lockdown’
Telework Multistate Tax Considerations
The COVID-19 pandemic has had a profound impact on, well, nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local…
The COVID-19 pandemic has raised many questions about charitable giving and on the timing of required filings for many exempt organizations. Many of those questions…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The COVID-19 pandemic has caused disruption throughout the world and tragic loss of life. This difficult and uncertain time has produced significant negative impacts on…
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…
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…
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…
Preparing for Peer Review in a Pandemic
Tailoring Internal Quality Control Inspections for New Risks
In this author's article in the May 2020 CPA Journal (“Financial Reporting and Auditing Implications of the COVID-19 Pandemic: Some Practical Guidance,” pp. 26-33, https://www.cpajournal.com/2020/06/08/financial-reporting-and-auditing-implications-of-the-covid-19-pandemic/), many new…
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…
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…
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…