Outsourced finance and accounting is one of the fastest growing areas for CPA firms and one of the leading values firms can offer their clients.…
CPAJ News Briefs
IASB, GASB, AICPA News
IASB News IFRS Taxonomy to become Mandatory, EC Says Companies that use international financial reporting standards to prepare their financial statements need to tag them…
Reviewing Contracts with Customers
How CPAs Can Advise Business Owners
CPAs do not review contracts or practice law, but if they fail to pose common sense legal questions to their business clients, those clients may…
CPAJ News Briefs
FASB, PCAOB, SEC News
FASB News CPAs, Companies Pushing for Accounting and Disclosure Rules for Cryptocurrencies U.S. GAAP does not have specific guidance on how to account for and…
CPAJ News Briefs
FASB, GASB News
FASB News U.S. Chamber of Commerce Asks for Revision of Implementation Process The U.S. Chamber of Commerce has asked FASB to follow a process that…
CPAJ News Briefs
FASB, AICPA News
FASB News Private Companies, Nonprofits to Get Update on Major New Accounting Rules FASB will hold a webcast on June 17 for private companies and…
CPAJ News Briefs
AICPA, GASB, IASB News
AICPA News ASB Publishes New Auditor Reporting Standards On May 8, the AICPA’s Auditing Standards Board (ASB) published a set of standards intended to improve…
CPAJ News Briefs
FASB, IASB News
FASB News FASB Tries to Align with IFRS when Possible, Golden Says According to Chairman Russell Golden, FASB has endeavored—when possible—to align U.S. GAAP with…
CPAJ News Briefs
FASB News
FASB News Financial Accounting Foundation President and CEO Polley Resigns On April 26, Teresa Polley, president and CEO of the Financial Accounting Foundation (FAF), resigned…
I often ask myself whether we are doing enough to be good stewards for America's future. How will future generations be impacted by the actions…
CPAJ News Briefs
FASB, IASB News
FASB News Noski Reappointed Chairman of Financial Accounting Foundation Former senior banking executive Charles Noski has been reappointed to an additional term as chairman of…
Not-for-profit organizations continue to face an ever-evolving and challenging landscape. Executives and audit committees must deal with concerns ranging from attracting and retaining donors and…
The advantages of evidence-based decision making are clear, but there are several reasons why data-driven decision making is a relatively new concept for many notfor-profit…
Should CPA Firms Be Worried about Data Breach Claims?
Hurdles to Establishing Standing and Demonstrating Economic Viability
Driven by unceasing news reports, CPA firms are growing increasingly concerned that data breaches are increasing in both frequency and severity. With this deluge of…
CPAJ News Briefs
FASB, IASB News
FASB News FASB Approves Simpler Option for Reporting Some Intangible Assets of Nonprofit Hospitals As mergers and acquisitions (M&A) surge in the healthcare sector, not-for-profit…
When I served as Commissioner of Internal Revenue from 2003 through 2007, the two fears that kept me up at night were of a botched…
CPAJ News Briefs
FASB, SEC, PCAOB News
FASB News Income Tax Accounting Rules May Be Simplified FASB may simplify income tax accounting rules—one of the more complex topics in financial reporting—in targeted…
The Risks of Fraud Collusion
Are We Only Looking at Lit Corners?
The Association of Certified Fraud Examiners (ACFE), in reporting on collusion in its 2018 Report to the Nations(http://bit.ly/2BIITfH), indicates that there is a direct correlation between…
The AICPA Code of Professional Conduct proclaims that its members should serve the public interest, defined as “the collective well-being of the community” (Section 0.300.030, https://pub.aicpa.org/codeofconduct/Ethics.aspx#).…
CPAJ News Briefs
FASB, IASB, PCAOB News
FASB News Search Underway for New FASB and GASB Chairs The Financial Accounting Foundation (FAF) said it has launched a search to replace FASB Chairman…
Failure Study
A Needed Addition to the Accounting Toolkit
“Those who cannot remember the past are condemned to repeat it.” —George Santayana Public criticism of the accounting profession is intense. Users of financial statements…
CPAJ News Briefs
FASB News
Revised Proposal on Income Tax Disclosure Rules Issued On March 25, FASB issued a revised proposal to amend the disclosure rules under income tax accounting…
CPAJ News Briefs
FASB, PCAOB News
FASB News FASB Weighs Linkage of Debt Arrangements At its March 20 meeting, FASB continued to discuss its proposal to simplify the classification of debt…
CPAJ News Briefs
FASB, Audit Practice News
FASB News SEC Disclosure Rules to Be Pulled Into GAAP As part of a broader effort to simplify compliance without significantly altering the total mix…
CPAJ News Briefs
FASB, GASB News
FASB News Proposal Would Clarify Accounting Rules for Share-Based Payments to Customers On March 4, FASB published a proposal to reduce confusion related to how…
The Lawyer's duty is first of all to his client, and that duty frequently compels him to avail himself of technicalities and other means of…
CPAJ News Briefs
FASB, AICPA, SEC News
FASB News Garnett, Burnap, Hamel Named to Advisory Panels On February 25, FASB and its parent organization, the Financial Accounting Foundation (FAF), announced appointments to…
CPAJ News Briefs
FASB, PCAOB News
FASB News Board Backs Staff’s Convertible Instrument Disclosure Improvements FASB has backed a series of improvements to convertible instrument disclosures, including the format in which…
I have to take issue with Jason Ackerman's column, “It's Time to Fire Bad Clients” on “firing” bad clients (October 2018, http://bit.ly/2LwbKYu), This suggestion is flawed…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…