In Brief The much-anticipated and -deliberated changes to the accounting for financial instruments ushered in by ASU-2016-13, Financial Instruments–Credit Losses, happened to take effect during an…
ICYMI | The State of the Profession
Predictions for 2022
In Brief To complement the data-driven analysis presented in the Rosenberg Survey (see page 20), the authors assembled a virtual roundtable of observers from around…
ICYMI | Exploring the Gender Gap
Does it Begin Earlier than Expected?
Previous research has established that women suffer from the impacts of the “gender gap” in the middle to late stages of their career. This gender…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Forté Capital’s Selected Statistics
Economic & Market Data
Forté Capital's Selected Statistics U.S. Treasury Yield Curve The yield curve has settled back into a normal shape, having been inverted from the 2-year to…
ICYMI | Smoke and Mirrors
Race and the Black CPA
Change is in the air for accounting. Many promises have been made about increasing diversity, particularly for Black accountants. But have all the projects, initiatives,…
In September 2018, the International Ethics Standards Board for Accountants (IESBA) issued a new International Code of Ethics for Professional Accountants, which was recently revised…
Department of Labor Position on Cryptocurrency Investment in 401(k) Plans
Practical and Legal Considerations
Many 401(k) plan sponsors mistakenly believe that they have no liability for investment fund options made available to participants in core investment menus and self-directed…
Business risk is defined in generic terms as the exposure a company must consider that may lower its profits or lead it to fail. This…
The New Working World of the COVID-19 Pandemic
A Tumultuous Time for Auditors, Industries, and the PCAOB
In Brief The coronavirus (COVID-19) pandemic created a new working world for businesses, accounting firms, and government. Most offices, including CPA firms and the PCAOB,…
Examining the Recognition and Measurement of Financial Assets and Financial Liabilities under ASU 2016-01
Added Volatility or Improved Information Value?
In Brief Accounting Standards Update (ASU) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, became effective for financial statements beginning after December 15, 2017. One…
Over the past 20 years, many public accounting practices transformed into accounting businesses, with some even becoming multifaceted professional services organizations. The shift was precipitated…
Using Data Visualization To Help Uncover Fraud
An Investigation of Data Revealed by the Wirecard Scandal
In Brief Wirecard, one of Germany's largest financial services companies, had long been suspected of employing questionable accounting methods before its auditor publicly announced in…
The Centers for Disease Control and Prevention (CDC) reports that 61 million adults in the United States have some type of disability affecting mobility, cognition,…
Government Accounting and Auditing
Clearing a Cloud of Confusion
In Brief An estimated 3,000 audit practice units in the United States engage in state and local governmental audits. Most of these (65%) are members…
Recent California State and Local Tax Developments
New Provisions and Requirements May Impact Out-of-State Taxpayers
CPAs need to be aware of current tax developments in key states to properly advise entities doing business in multiple jurisdictions. Below is an overview…
A First Look at the Addenda to the 2021 OMB Compliance Supplement
Helpful Guidance for Auditors and Not-for-Profit Organizations
The guidance and requirements that auditors must follow to perform single audits, including program specific audits, are included in the U.S. Office of Management and…
‘Flat Sum’ Settlements
An ‘End Run’ Around New York’s Reporting Requirements?
In computing a state resident's adjusted gross income for personal income tax purposes, New York, like many states, starts with the individual's federal adjusted gross…
Examining the Ethics Education Requirements for CPA Candidates
State-by-State Variations and the Quest for Mobility
In Brief Although ethics is undoubtedly at the core of what it means to be a public accountant, there has long been dispute and divergence…
This article considers the role CPAs take in nongovernmental nonprofit organizations and explores the opportunities for CPAs to help nonprofit food relief organizations face the…
Employee Turnover Is Impacting Not-for-Profits Too
Competing for Talent in the COVID-19 Environment
Over the past two years, Americans have quit their jobs in record numbers. According to the U.S. Labor Department, 47.4 million people have left their…
Let's start at the beginning. What is the story of how you came into the NYSSCPA? How did you get your start? My undergraduate degree…
Keys to Successful Remote Audits of Not-for-Profit Organizations
Adapting to the COVID-19 Environment
In Brief The coronavirus (COVID-19) pandemic made remote audits a necessity rather than a luxury. CPA firms have adapted to the new environment, but challenges…
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,…
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…
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…
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…