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…
ICYMI | CAM Vs. KAM: A Distinction without a Difference?
Making Judgments in Reporting Critical Audit Matters
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…
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…
ICYMI | First Look at the Tax Cuts and Jobs Act of 2017
Impact on State Taxation
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…
My Life as an Accountant—and More
It’s Amazing What CPAs Can Do
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…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
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…
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…
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…
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,…
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…
My Life as an Accountant—and More
It’s Amazing What CPAs Can Do
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…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Estates and Trusts
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…
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…
Audit vs. Fraud Examination
What’s the Real Difference?
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…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on State Taxation
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…
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…
Connecticut Legislative Update
Personal, Corporate, and Estate and Gift Tax Changes
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…
Auditors’ Increased Responsibilities Under the PCAOB’s New Audit Reporting Standards
Communicating Critical Audit Matters
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…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Investors
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…
Accounting for Credit Losses Under ASU 2016-13
Anticipating the Impact on Reporting and Disclosure
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…
The Audit Report Returns to Its Roots
An Historical Perspective on Critical Audit Matters
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…
CAM versus KAM—A Distinction without a Difference?
Making Judgments in Reporting Critical Audit Matters
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…
The Decision Relevance of Financial Reporting
An Exclusive CPA Journal Panel Discussion
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…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Businesses
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…
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…