The coronavirus (COVID-19) pandemic triggered an exodus of workers from their comfortable offices to the safety of their homes and other remote locations. For some,…
Whether or not a business owner plans to sell or transfer their business in the next few years, obtaining a proper business valuation is critical.…
ICYMI | Expanding Options for Providing Attestation Services
A Review of AT-C Sections 205 and 206
In September 2020, the Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) 21, Direct Examination Engagements. Its provisions are effective for assertion-based and direct…
ICYMI | Seeking Truly Global Financial Reporting Standards
Should U.S. Standards Setters Re-Engage with IFRS (and the IASB and ISSB)?
In Brief For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S.…
ICYMI | FASB Streamlines Income Tax Accounting
Some Simplification for Franchise Taxes
Recently, FASB issued a new Accounting Standards Update (ASU 2019-12), Simplifying the Accounting for Income Taxes. The new standard amends section 740 of the Accounting Standards…
ICYMI | Finding Financial Experts for Audit Committees
What Compensation Can CPAs Expect?
In Brief Regulatory and market pressures have led to increased responsibilities for corporate audit committees, as well as greater demand for such members to possess…
This article is an updated and expanded version of one written by this author seven years ago (“Can Professionalism and Commercialism Coexist in CPA Firms?…
ICYMI | Implementing CECL During the Pandemic
Unexpected Consequences Revealed
In Brief The much-anticipated and -deliberated changes to the accounting for financial instruments ushered in by ASU-2016-13, Financial Instruments–Credit Losses, happened to take effect during an…
‘Flat Sum’ Settlements
An ‘End Run’ Around New York’s Reporting Requirements?
In computing a state resident's adjusted gross income for personal income tax purposes, New York, like many states, starts with the individual's federal adjusted gross…
Examining the Ethics Education Requirements for CPA Candidates
State-by-State Variations and the Quest for Mobility
In Brief Although ethics is undoubtedly at the core of what it means to be a public accountant, there has long been dispute and divergence…
Forté Capital’s Selected Statistics
Economic & Market Data
Forté Capital's Selected Statistics U.S. Treasury Yield Curve One of the driving factors in both the economic picture and the capital markets is the expectation…
I read with interest the collection of predictions for 2022 (“The State of the Profession: Predictions for 2022,” December 2021), and I have my own…
Book Review: Advice for a Successful Career in the Accounting Profession
Wiley, ISBN: 978-1119855286 by Jerry Maginnis
Jerry Maginnis has written a book that should be on the bookshelf of anyone in the accounting profession, from interested students to experienced practitioners. Advice for…
Implementation of Critical Audit Matters
Lessons from Other Countries
On October 23, 2017, the SEC approved Auditing Standard (AS) 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an…
Whether or not a business owner plans to sell or transfer their business in the next few years, obtaining a proper business valuation is critical.…
Expanding Options for Providing Attestation Services
A Review of AT-C Sections 205 and 206
In September 2020, the Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) 21, Direct Examination Engagements. Its provisions are effective for assertion-based and direct…
Accounting trend observers report that audit and assurance services regarding environmental, social, and governance reporting, as well as cybersecurity risks, continue to be prominent issues…
Asset Acquisition Accounting
Understanding the Available Guidance
A business combination is a transaction or event by which an acquirer obtains control of a business (i.e., the acquiree). If the acquisition of an…
Working from Home
State Income Tax Complications
The coronavirus (COVID-19) pandemic triggered an exodus of workers from their comfortable offices to the safety of their homes and other remote locations. For some,…
FASB Streamlines Income Tax Accounting
Some Simplification for Franchise Taxes
Recently, FASB issued a new Accounting Standards Update (ASU 2019-12), Simplifying the Accounting for Income Taxes. The new standard amends section 740 of the Accounting Standards…
In my role as an executive in residence at Rowan University in southern New Jersey, I have had the opportunity to meet with many students…
Seeking Truly Global Financial Reporting Standards
Should U.S. Standards Setters Re-Engage with IFRS (and the IASB and ISSB)?
In Brief For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S.…
This article is an updated and expanded version of one written by this author seven years ago (“Can Professionalism and Commercialism Coexist in CPA Firms?…
An Introduction to Lattice Allocations
A Better Method for Service Department Cost Allocations
The invention of the system of equations method (i.e., the reciprocal method) was a significant step in the allocation of service department costs to production…
The demands placed on CFOs and their related financial organizations are driven by the many hats that they wear in discharging their responsibilities. As summarized…
Finding Financial Experts for Audit Committees
What Compensation Can CPAs Expect?
In Brief Regulatory and market pressures have led to increased responsibilities for corporate audit committees, as well as greater demand for such members to possess…
As we enter our 125th year of representing and advocating for CPAs, I can't help but be struck by the footprint we have made on…
How Long is a Year?
A Deeper Look at 52/53-Week Reporting Conventions
In Brief Although many businesses operate on a fiscal year distinct from the calendar year, some use a distinctive 52/53-week fiscal year. This reporting convention…
The Complexity of Sales Taxation of Information Services
A Review of Recent New York Litigation
The proper taxation of “information services” under the New York Sales Tax Law can raise complex and costly issues resulting in difficult audits and even…
Implementing CECL During the Pandemic
Unexpected Consequences Revealed
In Brief The much-anticipated and -deliberated changes to the accounting for financial instruments ushered in by ASU-2016-13, Financial Instruments–Credit Losses, happened to take effect during an…