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,…
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…
Oil and Gas Companies May Receive Relief from Lease Standard
FASB/AICPA/ISAB News
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…
It’s Amazing What CPAs Can Do
Made to Measure
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…
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…
Fair Value Accounting and Reliability
The Problem with Level 3 Estimates
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…
The State of FASB’s Simplification Initiative
Toward a Simpler GAAP
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…
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…
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…
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…
California Multitiered Partnerships
An Overview of a Complex Area
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…
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,…
The PCAOB’s Proposed New Auditor’s Report
A Sneak Peek at What Lies Ahead
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,…
A Historical Episode of Professional Skepticism
The SEC’s Thomascolor Case against Haskins & Sells
“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…
The Materiality Mystery
The Gap in GAAS
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…
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…
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…
Transforming the PCAOB’s Agenda
Keynote Address
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…
Accounting for Leases
The New Standard
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,…
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…
Transition Issues, Non-GAAP Measures, and Disclosures
Opening Remarks from the SEC and FASB
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…
Making Financial Reporting More Responsive to Users’ Needs
Highlights from the 15th Annual Baruch College Financial Reporting Conference
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…
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…
FASB’s New Standard for Classifying Deferred Taxes
An Expedient Solution
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…