Time-sensitive circumstances make estate and insurance planning in 2021 an important consideration. The three major factors that will influence planning in the coming months are…
FASB News Chief Accountants Caution Against Tinkering with Statement of Cash Flows Finance chiefs at some of the nation’s largest companies told FASB that the…
A Corporate Governance Anomaly
Requiring Outside Auditors to Disclose CAMs May Have Unintended Consequences
Generally accepted audit standards (GAAS) require an auditor to communicate significant findings from the audit to those charged with governance in the entity being audited,…
FASB News Special Meeting on Board’s Five-Year Agenda The Financial Accounting Standards Advisory Council (FASAC), the FASB’s main advisory body, held a special session on…
ICYMI | Pandemic Payroll
How a Permanent Remote Workforce Will Affect Taxes
Most businesses throughout the United States have introduced or expanded their work-from-home policies in the wake of the coronavirus (COVID-19) pandemic, forcing companies to adjust…
CPA firms found themselves, as all businesses had over the past year, facing the chaotic economic landscape created by the coronavirus (COVID-19) pandemic. Just as…
FASB News ‘Last-of-Layer’ Hedging Renamed, Expanded Model Proposed FASB said it changed the name “last-of-layer” to the “portfolio layer” hedging method, and will propose expanding…
The Consolidated Appropriations Act of 2021 (CAA) (P.L. 116-260) funds the government for its fiscal year ending September 30, 2021, and makes major tax changes…
FASB News Companies Say Proposal on Acquired Revenue Earning Contracts Would Ease Accounting Costs T-Mobile US Inc., Cisco Systems Inc., IBM Corp., Pfizer Inc., and…
The Consolidated Appropriations Act of 2021 (CAA) (H.R. 133), which has become notorious for its length of 5,593 pages, funds the government for its fiscal…
A First Look at the American Rescue Plan Act of 2021
Provisions Affecting Individual Taxpayers
On March 11, 2021, President Biden signed into law H.R. 1319, the American Rescue Plan Act of 2021 (ARPA). In the midst of the coronavirus…
FASB News EITF Limits Scope of Proposal on Forwards, Options FASB should limit the scope of an October 2020 proposal to freestanding equity-classified written call…
FASB News Segment Reporting Discussions Continue On March 10, FASB discussed segment reporting issues, work that ultimately could provide investors with more useful disclosures about…
One of the most amazing things that CPAs can do is give other people the tools they need to realize their goals. CPAs teach their…
ICYMI | It’s Amazing What CPAs Can Do
From a Farm in Taiwan to a Firm in New York
Editor's Note: This article originally appeared in the February 2016 Issue of The CPA Journal. It introduced what we hope will become a regular print and multimedia series of…
FASB News Agenda Requests from Big Four Rejected FASB voted against adding two projects to its technical agenda, one to clarify rules related to common…
Although for more than half of my 53-year career in auditing, I managed to avoid any involvement with government GAAP. Yet I found myself interested…
IASB News Advisory Council to Discuss Post-COVID-19 Workplan The IFRS Advisory Council held discussions this week on an on-site workplan for the global accounting rulemaker…
When people reach a certain age, a questioning of purpose and direction often happens. Although the entertainment media often satirizes such events, the opportunity to…
CPA financial planners can help clients not only grow their investments but also save money on common costs. Planning for medical costs can represent a…
FASB News Taxonomy Guides on Disclosures for Consolidation Rules Proposed On February 16, the FASB staff announced that the public can now weigh in on…
Many CPA firms report that advisory and consulting operations have become their fastest-growing segments due to high client demand—and high margins—for these services. IBISWorld (https://www.ibisworld.com/),…
Pandemic Payroll
How a Permanent Remote Workforce Will Affect Taxes
Most businesses throughout the United States have introduced or expanded their work-from-home policies in the wake of the coronavirus (COVID-19) pandemic, forcing companies to adjust…
FASB News Early Application Permitted for Simpler Rules on Convertible Instruments On February 9, FASB reminded public companies that simpler, more cost-efficient new accounting rules…
ICYMI | Building a Diverse Professional Community
Perspectives from the Chinese American Society of CPAs
Editor's Note: On the occasion of The CPA Journal's 90th anniversary of publication, the editors asked the leadership and members of the Chinese American Society of CPAs (http://www.cascpa.org)…
FASB News FASB Adds Three New Members to Nonprofit Advisory Panel FASB announced three new members to its Not-for-Profit Advisory Committee (NAC), the panel that…
The accounting profession continues to face a rapidly changing marketplace requiring changing skills and competences. Some of the most significant changes have been the result…
FASB News Banking Sector Urges Expanded Proposal on Evaluating Goodwill Triggering Events FASB’s December 2020 proposal to ease accounting for evaluating goodwill triggering events would…
IASB News Rules Related to Accounting Policies, Disclosures Expected Next Month In February, the IASB will modify rules on the disclosure of accounting policies, and…
As accounting faculty at a public university, the authors believe the accounting profession has an obligation to combat implicit bias. Some may object that addressing…