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…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
ICYMI | 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…
I read with interest “First Look at the Tax Cuts and Jobs Act: Impact on Individual Charitable Giving” by Mark A. Nickerson in the April…
SEC Chief Accountant Wesley Bricker addressed the importance of objective financial reporting and the role of accountants and auditors in his speech before the Baruch…
Brown began the panel by talking about the PCAOB's current status and objectives following the installment of an entirely new board by the SEC at…
In a decision issued November 29, 2017 (Pearson v. Comm'r, 149 T.C. No. 20, No. 100184-15, Nov. 29, 2017), the Tax Court ruled that a Tax Court…
The gig economy is a sector of the workforce in which people do not have long-term employment. Those in the gig economy are contingent workers—freelancers,…
Young people are not taught enough about financial literacy. Schools do not teach kids the basics about the value of money, how to save, how…
Cosper started the panel by briefly discussing the recent turnover at FASB: by the end of 2018, the board will have replaced four members in…
Is the ABV Credential for Sale?
Lowering Professional Standards Will Erode the Public Trust
Many CPAs may be unaware that the AICPA is now offering its Accredited Business Valuation (ABV) credential to non-CPAs. The decision was made by the…
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…
New York City Commercial Rent Tax
Recent Developments and the Small Business Tax Credit
CPAs need to be aware of certain changes that affect the New York City Department of Finance's (DOF) administration of its commercial rent tax (CRT…
New York State Residency Update
Tax Tribunal Provides Clarity on “Permanent Place of Abode” Definition
The determination of who is taxable as a resident for New York State and City personal income tax purposes has challenged tax practitioners for years,…
Pictured, left to right: Prabhakar Kalavacherla, Mark LaMonte, Marc Siegel, Scott Taub, and Amie Thuener Photos by E. Lee White The panel began with Siegel…
A report on research into the effect of audit committees in the March 2018 CPA Journal (April Klein, “Questioning the Effectiveness of Independent Audit Committees: Does the…
How should contingent consideration, also known as earnouts, be valued? A dozen specialists will likely give a dozen different answers. Ten years after FASB released…
Reporting Undisclosed Foreign Assets
The Clock Is Ticking
On March 13, the IRS announced that it will close the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018. In the announcement, the IRS…
Pictured, left to right: Charles Wright, Norman Strauss, Wesley Bricker, and Kyle Moffatt Photos by E. Lee White Bricker began the panel by showing the…
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…
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…
The consolidation and reporting of related entities can be a complicated accounting topic, particularly for private companies that use separate legal entities to manage a…
Financial Reporting: Entering Uncharted Waters
Highlights from the 17th Annual Baruch College Financial Reporting Conference
The 17th Annual Financial Reporting Conference, hosted by Baruch College this past May 3, once again brought together regulators, standards setters, preparers, auditors, and users…
Pictured, left to right: Wesley Bricker and Russell Golden Photos by E. Lee White ABOUT THE SPEAKERS Wesley Bricker serves as the chief accountant for the…
Every one of us plays a role in promoting integrity in our capital markets. That's because, for all of its flaws, modern market capitalism remains…
Where would I start in talking about sustainability and corporate reporting? First, corporations all over the world identify and understand the key factors behind their…