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February 2018 Issue

Home /Magazine/February 2018 Issue
Featured

ICYMI | The Audit Report Returns to Its Roots

An Historical Perspective on Critical Audit Matters

By  Howard B. Levy, CPA

September 2019 0

The evolution of the standard audit report has been slow and cautious over the past century. Most recently, in 2011, the AICPA's Auditing Standards Board…

Featured

ICYMI | CAM Vs. KAM: A Distinction without a Difference?

Making Judgments in Reporting Critical Audit Matters

By  Sridhar Ramamoorti, Barry Jay Epstein and Eva K. Jermakowicz, PhD, CPA

February 2019 0

In Brief Since the last economic downturn, attention has turned to the auditor's report, which had remained largely unchanged for decades. In response to a…

Feature Articles

ICYMI | The Tax Cuts and Jobs Act: Impact on Businesses

By  Sidney Kess, JD, LLM, CPA

December 2018 0

On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate…

Featured

ICYMI | First Look at the Tax Cuts and Jobs Act of 2017

Impact on State Taxation

By  Corey L. Rosenthal, JD, Peter Rabinowitz, JD and Annie Yang

November 2018 0

On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…

February 2018 Issue

My Life as an Accountant—and More

It’s Amazing What CPAs Can Do

By  Eugenia Aranov, CPA

April 2018 0

Editor's Note: The following is an extended version of an article originally published in the February 2018 print issue. I was born in Uzbekistan during…

News & Views

Tax & Accounting Update

By  Thomson Reuters Checkpoint

March 2018 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

News & Views

Clarification on Alternative Dispute Resolution

By  Vincent J. Love, CPA/CFF, CFE and Thomas R. Manisero, JD

March 2018 0

Our article in the December 2017 issue of the Journal, “Alternative Dispute Resolution for Accounting and Related Services Disputes,” makes the following statement that needs to…

Letters to the Editor

Important Clarifications on Valuation Standards

By  Edward Mendlowitz, CPA/PFS, ABV and Sidney Kess, JD, LLM, CPA

March 2018 0

I read with interest the November 2017 article issue, “Helping Business Owners Understand Valuation Approaches” (Sidney Kess and Edward Mendlowitz, http://bit.ly/2BmvfQv). I congratulate the authors on…

News & Views

On Independence

By  Jeffry Haber, PhD, CPA

March 2018 0

I was reading the December 2017 issue of The CPA Journal, and saw letters (“Continuing the Discussion on the Meaning of Fiduciary,” Vincent J. Love and…

Featured

Lease Accounting Standards Resources

By  Susan B. Anders, PhD, CPA/CGMA

March 2018 0

FASB's recent work schedule has included proposed improvements to income tax accounting related to the recent tax law changes, the 2018 GAAP financial reporting taxonomy,…

Featured

Forté Capital’s Selected Statistics

By  CPAJ Staff

March 2018 0

GDP Fourth quarter GDP grew at annualized rate of 2.6%, down from the previous quarter's rate of 3.2% growth. The change resulted from a downturn…

Featured

My Life as an Accountant—and More

It’s Amazing What CPAs Can Do

By  Eugenia Aranov, CPA

March 2018 0

I was born in Uzbekistan during the Soviet era. Growing up, I spoke Russian and Uzbek, and lived a very simple, modest life. But I…

Featured

First Look at the Tax Cuts and Jobs Act of 2017

Impact on Estates and Trusts

By  Sidney Kess, JD, LLM, CPA, Mary T.D. Delman, JD and Catherine M. Taylor, JD

March 2018 0

On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Most of the provisions affecting estates and…

Columns

Planning for Collectibles

By  Sidney Kess, JD, LLM, CPA, James R. Grimaldi, CPA and James A.J. Revels, CPA

March 2018 0

Collectibles, such as art, wine, jewelry, and coins and stamps, have long been important assets to individuals, particularly high-net-worth individuals. Art collectors say that the…

Featured

Audit vs. Fraud Examination

What’s the Real Difference?

By  Doug Carmichael

March 2018 0

In Brief Contrary to what many think, the typical audits of financial statements do entail certain responsibility for the detection of fraud. The author examines…

Featured

First Look at the Tax Cuts and Jobs Act of 2017

Impact on State Taxation

By  Corey L. Rosenthal, JD, Peter Rabinowitz, JD and Annie Yang

March 2018 0

On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…

Feature Articles

Marketability Discounts, Fair Value and the Forgotten Market Participant

By  Ron Elkounovitch, CFA, FFA, MAAA

February 2018 0

Estimating the fair value of a nonmarketable financial instrument, or one that is restricted from sale, is conceptually challenging. Even though it could take significant…

Columns

Connecticut Legislative Update

Personal, Corporate, and Estate and Gift Tax Changes

By  Corey L. Rosenthal, JD and Cynthia Galamgam, JD, LLM

February 2018 0

CPAs need to be aware of recent legislative developments at the state level in order to properly advise taxpayers doing business in multiple jurisdictions. After…

Feature Articles

Auditors’ Increased Responsibilities Under the PCAOB’s New Audit Reporting Standards

Communicating Critical Audit Matters

By  Alan Reinstein, CPA, Gerald W. Hepp, CPA and Thomas R. Weirich, PhD, CPA

February 2018 0

In Brief For more than 70 years, the auditor's report has remained virtually the same, following a simple pass/fail template. Recent changes issued by the…

Featured

First Look at the Tax Cuts and Jobs Act of 2017

Impact on Investors

By  James R. Grimaldi, CPA, James A.J. Revels, CPA and Sidney Kess, JD, LLM, CPA

February 2018 0

The year 2017 was a dramatic time for investors. The stock market rose by about 40%, swelling most investor portfolios and retirement savings. The Tax…

Feature Articles

Accounting for Credit Losses Under ASU 2016-13

Anticipating the Impact on Reporting and Disclosure

By  Arianna Pinello, PhD, CPA, CIA and Ernest Lee Puschaver, CPA

February 2018 0

The method used in determining the appropriateness of an allowance for credit losses (ACL) has been a challenging financial reporting issue for decades. The 2008…

Columns

The Audit Report Returns to Its Roots

An Historical Perspective on Critical Audit Matters

By  Howard B. Levy, CPA

February 2018 0

The evolution of the standard audit report has been slow and cautious over the past century. Most recently, in 2011, the AICPA's Auditing Standards Board…

Featured

CAM versus KAM—A Distinction without a Difference?

Making Judgments in Reporting Critical Audit Matters

By  Eva K. Jermakowicz, PhD, CPA, Barry Jay Epstein and Sridhar Ramamoorti

February 2018 0

In Brief Since the last economic downturn, attention has turned to the auditor's report, which had remained largely unchanged for decades. In response to a…

Featured

The Decision Relevance of Financial Reporting

An Exclusive CPA Journal Panel Discussion

By  Vincent J. Love, CPA/CFF, CFE, Ramona Cedeno, CPA/CGMA, Jane Soong and Baruch Lev

February 2018 0

In Brief In the past few years, three major accounting standards—revenue recognition, leases, and financial instruments—have been the subject of discussion and preparation for CPAs…

Featured

First Look at the Tax Cuts and Jobs Act of 2017

Impact on Businesses

By  Sidney Kess, JD, LLM, CPA

February 2018 0

On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate…

Featured

Highlights from Baruch College’s 2017 Auditing Conference

By  CPAJ Staff

February 2018 0

On November 28, 2017, Baruch College held its annual auditing conference at its campus in New York City; this article presents the highlights of a…

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  • Keynote Session March 2023
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  • ICYMI | Adding Age (A) to DEI Is a Good IDEA March 2023
  • CPAJ News Briefs: FASB, IASB, AICPA March 2023












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