The auditing franchise entrusted to the CPA profession represents a valuable grant of public trust. Given the myriad ways that technology is transforming audit practices,…
It’s Amazing What CPAs Can Do
From a Farm in Taiwan to a Firm in New York
Editor's Note: This month we introduce what we hope will become a regular print and multimedia series of personal viewpoints by CPAs from all corners…
The Other Expectations Gap in Auditing
Is the Profession Attracting the Right People to Meet its Intellectual Challenges?
Many aspiring CPAs and auditors have a certain image of the profession. Some are attracted because of its perceived order and structure. Others are pointed…
In Brief The audit world is changing. Technology has transformed business processes and created a wealth of data that can be leveraged by accountants and…
I was delighted to see Edward A. Weinstein's articulate and insightful account of his struggle to deactivate his New York CPA license in his letter,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Reporting of Discontinued Operations
Past, Present, and Future
In April 2014, FASB issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which is effective…
Tax season has long been a rite of passage for staff and management alike. Staff must put in the billable hours to prove to the…
The following is taken from remarks made at the end of a speech Larry Smith made on September 21, 2016, at the AICPA's 2016 National…
Applying the Equity Method under ASU 2016-07
Another Milestone in FASB’s Simplification Initiative
In March 2016, FASB issued Accounting Standards Update (ASU) 2016-07, Simplifying the Adjustment to the Equity Method of Accounting. This update was issued as part…
CPAs enter 2017 with the responsibility of addressing new accounting and reporting standards in an environment of increased data security necessity and regulatory requirements. When…
So much has been written about generational tensions between baby boomer bosses and the millennials they're trying to attract and retain—their differing points of view…
President Trump has nominated Wall Street lawyer Walter “Jay” Clayton to be the next chairman of the SEC. While Clayton has no experience as a…
More than two dozen states have filial responsibility laws requiring children to provide necessities to parents who are unable to provide such necessities for themselves.…
A basic postulate of financial accounting is that timely financial reporting requires the use of estimates. And it is a fact that all accounting estimates,…
In Brief Technology has transformed the way that businesses operate. The auditing profession is no exception. The SEC's recently released statistics for fiscal year 2016…
After years of anticipation, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued their final standards on lease accounting.…
FIN 46(R), Consolidation of Variable Interest Entities—An Interpretation of ARB No. 51, was issued in December 2003 in response to accounting scandals in which certain…
Plan fiduciaries must take specific steps in the selection and retention of service providers to properly carry out their fiduciary duties. Retirement plan committees and…
CPA financial planners frequently are asked to review proposals from investment managers. While these assignments can be challenging, the following strategies can help guide individuals…