FASB News Federal Reserve Urges Bankers to Move Quickly Implementing Credit Loss Standard Joanne Wakim, the Federal Reserve’s chief accountant, urged banks to not waste…
The Computer Crime Research Center defines cyber-crime as “the commitment of crime using electronic technology means.” It can be a theft of assets, a destruction…
Corporate activities in 2017 were in many ways different from those of 1997. There were approximately 46,000 multinational corporations (MNCs) in 1997, 80,000 in 2011,…
SLT | Understanding Click-Through Nexus
States Seek to Collect Sales and Use Taxes from Remote Vendors
In today's economy, with its frequent changes in technology and consumer sophistication, states are increasingly following in each other's footsteps by adopting click-through nexus laws,…
Forté Capital’s Selected Statistics
N.Y. Empire State Manufacturing and Homeownership
Baruch Lev recently reported in his article, “Surprise: Investors Like Non-GAAP Earnings” (Seeking Alpha, Apr. 6, 2017, http://bit.ly/2uDDqo9) that his analysis of a sample of S&P 500…
When hiring a new team member, the most important thing is cultural fit. New hires can be trained to do just about anything in accounting…
More Accounting Changes
Financial Reporting through the Age of Crisis and Globalization
This book is part autobiography and part chronicle of recent events in accounting standards setting. The book follows Herz's role as the chair of FASB…
Guidance for Credit Card Receivables to Receive Another Look
FASB/ISAB News
FASB News Guidance for Credit Card Receivables to Receive Another Look As banks prepare to implement FASB’s amended standard for loan loss accounting, the board…
Concerns regarding litigation over excessive 401(k) plan fees and conflicts of interest dominate the current thinking of plan fiduciaries. More plan sponsors are engaged in…
Annual Review Meetings
How to Get Individuals to Act
Annual reviews are crucial to all estate and financial plans; it is important for individuals to keep their trusted advisors abreast of any life event…
Financial Reporting Issues for Preparers
Highlights from the 16th Annual Baruch College Financial Reporting Conference
The panel began with Thuener discussing the complexity of reporting standards from a preparer's point of view. Thuener attributed this complexity, in part, to the…
Has the DOL Pushed the ASB Too Far?
Push Back—Now!
In April 2017, the AICPA's Auditing Standards Board (ASB) issued an Exposure Draft Proposed Statement on Auditing Standards (the ED) entitled “Forming an Opinion and…
Effort to Amend Income Tax Disclosure Guidance on Hold
FASB/AICPA News
FASB News Effort to Amend Income Tax Disclosure Guidance on Hold FASB plans to wait for the outcome of tax reform legislation before moving to…
Birthdays can be important milestones for legal, financial, and tax purposes. For tax purposes, some rules apply on the date of a birthday, some apply…
Federal and state governments have developed the Unemployment Insurance Program, which provides unemployment benefits to certain workers who are not working through no fault of…
The panel began with Cosper outlining recent changes at FASB and its priorities for 2017. She said that the standard on hedge accounting was due…
Two years ago, this author was granted space in these pages to ponder the point of the accountancy profession (Tony Bromell and Martin Martinoff, “What…
Report: Revenue Changes for Software Industry May be Significant
FASB/PCAOB News
FASB News Report: Revenue Changes for Software Industry May be Significant FASB’s sweeping new revenue recognition rules go into effect in 2018, removing approximately 200…
ICYMI | The New Revenue Recognition Standard
An Illustration of the Implications for ‘Ordinary’ Companies
In Brief After a long period of deliberation and revision, FASB’s new guidance on revenue recognition will soon be a reality for businesses and their…
Much has changed since the PCAOB began its inspection program in 2004. In just the last 10 years, the number of auditing firms registered with…
The Multistate Tax Commission (MTC) recently announced a Voluntary Disclosure Program called the Online Marketplace Seller Voluntary Disclosure Initiative. The program seeks to induce remote…
Form 3520 is an information return for a U.S. person to report certain transactions with foreign trusts [as defined in Internal Revenue Code (IRC) section…
The panel began with a discussion of the new standard for revenue recognition and the process for implementing it. Siegel highlighted some of the more…
The board of directors of a nonprofit organization has three primary legal fiduciary duties: duty of care, duty of loyalty, and duty of obedience. Here…
Webcast on Proposed Guidance for Grants, Contributions
FASB/PCAOB/AICPA News
FASB News Webcast on Proposed Guidance for Grants, Contributions On September 11, FASB plans to hold a webcast to explain its proposed guidance for not-for-profit…
Accounting for Leases Under the New Standard, Part 1
Definition and Classification of Leases and Lessee Accounting
In Brief The new lease accounting standard, released by FASB in early 2016, represents one of the largest and most impactful reporting changes to accounting…
How Many Engagement Inspections Is Too Many?
Streamlining the Scope of Quality Control Inspections
The inspection process is a critical part of any audit firm's accounting and auditing quality control (QC) system. The lack of precise guidance in the…
Maloney began the panel by discussing recent enforcement cases, focusing on areas where there are, as he put it, “repeat problems.” These included revenue recognition,…
Before I talk about the state of audit quality, I want to provide a quick snapshot of the PCAOB. The Sarbanes-Oxley Act [of 2002] was,…