By Daniel Drescher. Apress Business, 2017, ISBN 978-1-4842-2604-9. As blockchain and, its derivative, virtual currency become ubiquitous in commerce, business, and Main Street, there have…
Simplification May Not be so Simple
The Adoption of ASU 2021-08
FASB issued ASU 2021-08, Business Combinations (Topic 805)–Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to address the diversity in practice on the…
Whether responding to heightened regulatory expectations or confirming trust in their organization's ability to repel a cyberattack, performing penetration testing (i.e., “pen test”) continues to…
GASB Issues Statements 100 and 101
Clarifying the Reporting of Accounting Changes and Compensated Absences
In Brief To address the challenges facing governments in reporting accounting changes and error corrections, GASB issued Statement 100. This standard aims for greater uniformity…
Although stress in public accounting is unavoidable, especially during the busy season, excessive amounts can be dysfunctional for both individual CPAs and their firms. Prolonged…
Financial Reporting Quality during COVID-19
Non-GAAP Financial Measures and MD&A Disclosures
The COVID-19 pandemic has added to the uncertainty and confusion faced by stakeholders. As companies incur revenue loss, plan for recovery, and start to adopt…
CPAs need to be aware of current tax developments in key states to properly advise their clients that are doing business in multiple jurisdictions. This…
In Brief The past several years have seen large sums of federal assistance directed to not-for-profit organizations in order to aid in dealing with and…
Accountants can deploy their technical training, skills, and experience in helping powerless persons as a way of giving back to the community. This article describes…
What to Consider When There is a Recent Dementia Diagnosis
A Conversation with an Elder Law Attorney
In Brief As the country's population ages, increasing numbers of people find themselves experiencing conditions of chronic illness. CPAs that serve such clients can tailor…
Most taxpayers have likely received a solicitation recently claiming that they may be entitled to thousands of dollars in employee retention tax credits. The solicitations…
In Brief Chief financial officers of not-for-profit organizations have always faced many challenges, some common to all corporate leaders, some unique to the sector. Today's…
As CPAs advise their nonprofit clients on strategies for 2023, it is imperative to understand the top technology trends that will affect the sector this…
In Brief The PCAOB inspects audits of registered public accounting firms and identifies deficiencies in gathering audit evidence and internal controls over financial reporting and…
Editors' Note: The CPA Journal staff would like to acknowledge the recent passing of longtime column editor, author, and Editorial Advisory Board member Howard Levy. His…
Welcome to our latest issue of The CPA Journal! This particular issue touches on matters near and dear to my heart, as we cover topics in the…
Accounting for Changing Prices
There’s a Better Way Now
In Brief The past year has seen inflation reach levels not seen since the early 1980s. Under the circumstances, it can be instructive to revisit…
First Look at the Secure Act 2.0 of 2022
Practical and Legal Considerations
On December 23, 2022, Congress passed the Securing a Strong Retirement Act of 2022 (Secure 2.0) as part of the Consolidated Appropriations Act of 2023,…
Detecting ‘Big Bath’ Accounting in the Wake of the COVID-19 Pandemic
Can Traditional Financial Metrics Find Earnings Management?
In Brief As many companies deal with the aftermath of declining sales and reduced profit margins associated with the COVID-19 pandemic, management may be tempted…
The ABCs of Worker (Mis-)Classification
Recent Developments in New Jersey
Whether a “worker” is properly characterized and treated as an “employee” or as an “independent contractor” is a complex—but increasingly important—inquiry for business owners and…
Regulators and Standard Setters: Updates and Panel Discussion
Highlights from the 17th Annual Baruch College Auditing Conference
The first panel of the conference, “Regulators and Standard Setters: Updates and Panel Discussion,” featured presentations and discussion on current topics in auditing standards and…
My first job out of college in 1992 was as an auditor for Arthur Andersen & Co. in their Baltimore office. Like so many other…
Critical Audit Matter Reporting
A Comparison of Years 1 through 3
In Brief It has been suggested that the recent introduction of Critical Audit Matters (CAM) to audit reports represents the most significant change to reporting…
Reassessing the Erroneous Refund Penalty
The IRS Flexes an Obscure Authority
Under IRC section 6676, the IRS has the authority to assess penalties against taxpayers for making erroneous claims for refund or credit. In a 2013…
PCAOB Chair Keynote Session
Fireside Chat with Erica Y. Williams
About The Speaker The keynote speaker at the conference was PCAOB Chair Erica Y. Williams. Williams was sworn in as the chair in January 2022, coming from…
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 U.S. Existing Home Sales Home sales, new and existing, have weakened due to the sharp increase in mortgage rates last year.…
Alarge majority of respondents to The CPA Journal 2022 Practice Management and Tax Practice Survey reported substantial difficulty in reaching an Internal Revenue Service representative, which…
On February 25, 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (ASC Topic 842) to “increase transparency and comparability among organizations by recognizing lease assets…
Many equity investments do not require the complete acquisition of investees and their consolidations. Depending on circumstances, companies may account for an equity investment as…