I have been following the virtual currency (VC) debate and marketplace for some years now, and would like to share my observations as a person…
CPAJ News Briefs
FASB/PCAOB News
FASB News Disclosure Framework Slated for September Publication FASB’s planned concepts statement aimed at improving how the board writes disclosure requirements for U.S. GAAP is…
CPAJ News Briefs
FASB/AICPA/IASB News
FASB News AICPA and CUNA Seek Extension of Credit Loss Standard’s Effective Date Some smaller financial institutions and private companies are worried that the transition…
CPAJ News Briefs
FASB/PCAOB News
FASB News FASB, IASB to Share Information on Performance Reporting Projects On June 18, FASB will meet with the IASB at its London office for…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
First Look at the Tax Cuts and Jobs Act
Impact on Estate Planning
The Tax Cuts and Jobs Act (TCJA) has doubled the amount that can be exempted from federal estate tax to $11.18 million per individual, effective…
CPAJ News Briefs
FASB/IASB News
FASB News Details of New Lease Guidance Complicate Implementation Efforts At first blush, FASB’s new lease accounting standard sounds simple enough: companies must tally everything…
First Look at the Tax Cuts and Jobs Act
Impact of the New 20% Pass-Through Deduction—Traps and Planning Opportunities
The new IRC section 199A, with its complex terms and limits, will be part of almost every tax preparer's life until at least 2026. The…
Defined benefit pension plans offer politicians a convenient way to satisfy public employee demands while providing the means to defer budgeted cash payments and hide…
CPAJ News Briefs
FASB/IASB News
FASB News Small Companies Face Difficult Implementation Process for Revenue Standard Representatives from small public companies and their auditors told FASB on May 10 that…
First Look at the Tax Cuts and Jobs Act
Impact of ‘GILTI’ on International Taxpayers
One of the central features of the Tax Cuts and Jobs Act of 2017 (TCJA) is its reformation of the U.S. system for taxation of…
Governmental accounting has a long history of development. Although the designation of specialized standards-setting bodies has been relatively recent, with the Governmental Accounting Standards Board…
Top Challenges Facing Not-For-Profit CFOs Today
Revisiting the Toughest Challenges
In April 2017, the authors wrote “Top Challenges Facing Not-For-Profit CFOs Today.” The intent of the article was to affirm how complex and diverse the…
Most CPAs practicing in the not-for-profit sector understand what a donor advised fund (DAF) is and how it is used to benefit both donors, as…
CPAJ News Briefs
FASB/AICPA News
FASB News Final Version of Disclosure Framework Amendments Slated for Mid-Year In the coming months, FASB plans to publish the guide it first proposed more…
CPAJ News Briefs
FASB/IASB News
FASB News Disclosure Framework Nears Completion FASB is close to finalizing a guide to help it write consistent, effective footnote disclosure requirements in new accounting…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Meeting with Healthcare Professionals to Address Issues, Trends FASB is scheduled to meet with the Healthcare Financial Management Association’s Principles and Practices Board…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
CPAJ News Briefs
FASB/IASB News
FASB News Guidance for Bad Debt Reserves to Remain in U.S. GAAP FASB has agreed to drop a proposal that would have erased some guidance…
Changes are coming on the international front for the Code of Ethics for Professional Accountants and Non-Compliance with Laws and Regulations (NOCLAR) standards. While the international code…
Shaping Financial Reporting Across the Globe
The Journey to Rediscovering a Passion
When I first enrolled for an undergraduate degree in electrical engineering at the University of Nairobi, Kenya, in 1987, I never would have envisioned a…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Simplified Transition Method to New Lease Standard Still Requires Extensive Effort As the 2019 public company effective date for FASB’s lease accounting standard…
In a time when houses can turn on their own lights and cars can almost drive themselves, it is no wonder that new technologies are…
A new series of cyber-related class action claims against at least 15 law firms could have serious implications into how CPA firms, and many of…
Three years ago, the server at the author's firm was hacked by a Russian scammer who got into the system by sending a phishing email…
CPAJ News Briefs
FASB/IASB/AICPA
FASB News Research for Performance Reporting Project Continues As FASB develops an outline for its project on performance reporting, the board wants its staff to…
The Importance of Independence
Considerations for Growing Firms
The “urge to merge” has profoundly affected the public accounting profession in recent years, as firms combine, acquire smaller boutique firms, expand service lines, and…
CPAJ News Briefs
ASB/AICPA/IASB News
ASB News Much Work Remains for Lease Standard’s Implementation As the 2019 effective date of FASB’s new lease accounting standard looms, many public companies are…
ICYMI | Applying the AICPA’s Professional Standards to Tax Practice
Best Practices for Minimizing Risk and Penalties
The AICPA's Statements on Standards for Tax Services (SSTS) are now an authoritative part of the Code of Professional Conduct. As such, they are now…
CPAJ News Briefs
FASB/IASB News
FASB News Disclosure Framework Project Nears Completion At its March 21 meeting, FASB weighed the external comments on the draft of the final version of…