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July 2016 Issue

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ICYMI | The PCAOB’s Proposed New Auditor’s Report

A Sneak Peek at What Lies Ahead

By  Allan B. Afterman, PhD, CPA

December 2017 0

In May, the PCAOB issued a proposed standard, “The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion,” which,…

Featured

ICYMI | Paying for Higher Education

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

September 2017 0

For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…

News & Views

Oil and Gas Companies May Receive Relief from Lease Standard

FASB/AICPA/ISAB News

By  Thomson Reuters Checkpoint

August 2017 0

FASB News Oil and Gas Companies May Receive Relief from Lease Standard FASB wants to give utilities and oil-and-gas companies some relief when they switch…

News & Views

It’s Amazing What CPAs Can Do

Made to Measure

By  Richard H. Kravitz, MBA, CPA

July 2016 0

This issue features our annual coverage of Baruch College's Financial Reporting Conference. Each year, leading regulators, issuers, auditors, and users discuss the most pressing issues…

Publisher's Column

A Night to Remember

By  Joanne S. Barry, CAE

July 2016 0

In March, I announced to CPA Journal readers that the New York State Society's 119th Annual Dinner would be a bit different this year—a different…

Columns

Fair Value Accounting and Reliability

The Problem with Level 3 Estimates

By  Sung Gon Chung, PhD, Cheol Lee, PhD and Santanu Mitra, PhD

July 2016 0

FASB's efforts to expand the use of fair value accounting have rekindled the debate on the costs and benefits of the approach. Proponents argue that…

Feature Articles

The State of FASB’s Simplification Initiative

Toward a Simpler GAAP

By  Jefferson P. Jones, Phd, CPA

July 2016 0

In Brief In recent years, FASB has made a priority of removing unnecessary complexity from FASB's accounting standards. The author gives a detailed accounting of…

Columns

Understanding the Various Kinds of 401(k) Service Fee Arrangements

By  Sheldon M. Geller, JD, CPA

July 2016 0

Plan sponsors and investment committees must understand the way in which 401(k) plan assets are used to pay plan service providers and investment advisors in…

Columns

Little Estate Planning Tips That Add Up

By  Martin Shenkman, JD, CPA/PFS, AEP

July 2016 0

Often, some of the most valuable estate planning results are achieved not by using the big-picture items like bypass trusts, discounts, or note sales, but…

Columns

Paying for Higher Education

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

July 2016 0

For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…

Columns

California Multitiered Partnerships

An Overview of a Complex Area

By  Eddie Delgado, Krista Schipp, CPA and Corey L. Rosenthal, JD

July 2016 0

New York CPAs often have to address issues regarding California multitiered partnerships on behalf of their clients. This complex area of tax law has been…

Columns

A Tax Return Do-Over?

By  Michael Sardar, JD

July 2016 0

It is not often in life that one is able to hit pause, rewind, and redo something that has already happened. To many taxpayers' surprise,…

Columns

The PCAOB’s Proposed New Auditor’s Report

A Sneak Peek at What Lies Ahead

By  Allan B. Afterman, PhD, CPA

July 2016 0

In May, the PCAOB issued a proposed standard, “The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion,” which,…

News & Views

A Historical Episode of Professional Skepticism

The SEC’s Thomascolor Case against Haskins & Sells

By  Dale L. Flesher, PhD, CPA and Gary J. Previts, PhD, CPA

July 2016 0

“To perform their role properly—to assure that reported financial and economic successes are not illusory—auditors must approach their jobs with independence and skepticism.” —PCAOB Chairman…

News & Views

The Materiality Mystery

The Gap in GAAS

By  Howard B. Levy, CPA and Julian Jacoby, CPA (retired)

July 2016 0

This article is intended primarily to provide an airing of omissions and other flaws in generally accepted auditing standards, primarily regarding the use of materiality…

Feature Articles

Financial Instruments – Where Are We?

By  Norman Strauss, Mark LaMonte, Susan Cosper, Kirk Silva and Robert Uhl

July 2016 0

The fourth panel of the 15th Annual Financial Reporting Conference assessed the status of recognition and impairment of financial instruments in light of FASB's new…

Feature Articles

Current Developments in the Private Sector

By  Norman Strauss, Susan Cosper, Patrick Durbin, Robert Laux and Alison Spivey

July 2016 0

The third panel of the 15th Annual Financial Reporting Conference covered recent financial reporting developments in the private sector. Topics included the new revenue recognition…

Feature Articles

Transforming the PCAOB’s Agenda

Keynote Address

By  Jeanette Franzel, CPA, CFA, CGFM, CIA

July 2016 0

Reliable financial reporting and high quality auditing is very important; it's critical to investor protection, critical to trust in our system, and critical to the…

Feature Articles

Accounting for Leases

The New Standard

By  Norman Strauss, Prabhakar Kalavacherla, Mark LaMonte, Marc Siegel and Amie Thuener

July 2016 0

The second panel of the 15th Annual Financial Reporting Conference covered FASB's new standard on accounting for leases. The standard, which is 500 pages long,…

Featured

Current Developments at the SEC

By  Norman Strauss, Wesley Bricker, Michael Kronforst and Michael Maloney

July 2016 0

At the first panel of the 15th Annual Financial Reporting Conference, the panelists discussed the SEC's recent activities and plans for the future. Topics included…

Feature Articles

Transition Issues, Non-GAAP Measures, and Disclosures

Opening Remarks from the SEC and FASB

By  Wesley Bricker and Marc Siegel

July 2016 0

Wesley Bricker Deputy Chief Accountant, SEC Credible, reliable, and useful financial reporting for investors requires not only high-quality accounting and auditing standards, but also robust…

Feature Articles

Making Financial Reporting More Responsive to Users’ Needs

Highlights from the 15th Annual Baruch College Financial Reporting Conference

By  CPAJ Staff

July 2016 0

Every year, Baruch College's Annual Financial Reporting Conference brings together leading representatives of the regulatory, standards setting, and user communities. The 15th conference, held on…

July 2016 Issue

In this Issue: July 2016

By  CPAJ Staff

July 2016 0

This issue features our annual coverage of Baruch College's Financial Reporting Conference. We have published the highlights of the conference for several years now to…

News & Views

FASB’s New Standard for Classifying Deferred Taxes

An Expedient Solution

By  Charles E. Jordan, DBA, CPA

June 2016 0

For companies issuing classified balance sheets, current U.S. GAAP requires deferred taxes to be reported in two amounts (i.e., the net current deferred tax asset…

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Our Latest Content

  • Adapting to Constant Change March 2023
  • CPAJ News Briefs: FASB, PCAOB, IASB March 2023
  • Critical Audit Matter Reporting March 2023
  • Reassessing the Erroneous Refund Penalty March 2023
  • Keynote Session March 2023












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