FASB News Independent Joint Ventures Getting Specific Disclosure Rules FASB continued to hammer out a proposal for joint venture formations, voting on the disclosures that…
FASB News Same Expense Disclosures to Be Required for Single and Multiple Segment Companies FASB continues to build a proposal for segment disclosures, as the…
FASB News Advisers Call for More Specificity in Investor Outreach FASB’s main advisers said the board should be more specific in its investor outreach, citing…
FASB News Federal Reserve Pushes for FASB Rules on Digital Assets The Board of Governors of the Federal Reserve System added its voice to that…
ICYMI | Remote Work Arrangements
Payroll and Income Tax Issues for Employers and Employees
There has always been a small remote workforce, but for the past year the coronavirus (COVID-19) pandemic and the government-ordered shutdowns that followed made remote…
FASB News Second FASB Forum for CPE Providers Announced FASB will host its second online training forum next month for professionals and companies who offer…
FASB News FASB Discussions with Nonprofits Include Revenue, Contributions FASB met on September 14 with its Not-for-Profit Advisory Committee (NAC) to focus on issues that…
FASB News Feedback on Agenda Consultation Document Expected Late this Year FASB will discuss public feedback received from its agenda consultation document later this year…
ICYMI | Pandemic Perceptions
Accounting Firms’ Organizational Support during COVID-19
The onset of the coronavirus (COVID-19) pandemic forced many CPA firms to mandate work-from-home arrangements for their employees. How has this sudden shift in the…
FASB News Efforts to Modernize Technology Systems to be Completed Next Year The Financial Accounting Foundation’s (FAF) project to replace the obsolete technology used to…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Professor Ed Ketz of Penn State rightly calls out the large accounting firms, in “The Myth of Independence” (March 2020). He joins a wave of…
FASB News Subtle Rebuke over Investor Outreach Efforts FASB published a detailed report of its outreach with investors, which showcased how it regularly engages with…
Remote Work Arrangements
Payroll and Income Tax Issues for Employers and Employees
There has always been a small remote workforce, but for the past year the coronavirus (COVID-19) pandemic and the government-ordered shutdowns that followed made remote…
FASB News Concerns Resurface over Corporate Stock Buybacks FASB should appoint a study group to determine the proper accounting and reporting of the financial results…
The Taxation of Nonfungible Token Transactions
Beware the Implications of Intangible Investments
Most CPAs are likely familiar with cryptocurrencies such as Bitcoin and Ethereum. These currencies are considered fungible, because they can be directly exchanged for other…
FASB News Pending Disclosure Rules on Government Incentives Don’t go Far Enough FASB has gotten a lukewarm response from market watchers on pending new disclosure…
FASB News Eight Issues Surfaced in Post-Mortem of Revenue Accounting Rules FASB said eight topics surfaced as challenges for public companies in its post-implementation review…
Leveraging Low-Cost Technology to Attract the Next Generation of Clients
Adapting to a Changing Environment
Providing services for current clients is often easier for CPA firms than recruiting new clients or tailoring existing services. Although CPAs should strive to meet…
IASB News Extra 290 Days for Feedback on Proposed Disclosure Rules Users of IFRS standards will get an extra 290 days to evaluate proposed changes…
Book Review | Corporate Law and the Theory of the Firm: Reconstructing Corporations, Shareholders, Directors, Owners, and Investors (The Economics of Legal Relationships)
By Wm. Dennis Huber; Routledge, 2020, ISBN 978-0367895532
In Corporate Law and the Theory of the Firm, author Wm. Dennis Huber, an attorney and CPA with graduate degrees in economics and finance, challenges…
FASB News Should the EITF’s Purview be Broadened? Some accounting professionals have suggested that FASB broaden the Emerging Issues Task Force’s (EITF) purview so that…
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…
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…
FASB News Life Insurers Ask for Expanded Hedge Accounting Proposal Recent comments from the insurance sector advocated that a recent FASB proposal to provide a…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
FASB News Decisions on Restricted Equity Stock Sales Would Cause Investment Funds to Overstate Assets FASB’s recent decisions related to valuing equity securities that are…
The Volunteer Treasurer’s Handbook
Book Review
Howard Levy has done a great service to both the nonprofit community and to those who serve it. So few resources are available to provide…
FASB News Two GAAP Taxonomy Implementation Guides Proposed for Public Comment FASB’s Extensible Business Reporting Language (XBRL) staff said companies can now weigh in on…
FASB News Annual Goodwill Impairment Test Might Be Eliminated FASB said it favored doing away with the annual goodwill impairment test for public companies, signaling…