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…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Our article in the December 2017 issue of the Journal, “Alternative Dispute Resolution for Accounting and Related Services Disputes,” makes the following statement that needs to…
CPAJ News Briefs
FASB/GASB News
FASB News Fair Value Disclosure Rules Scaled Back On March 7, the FASB published an update to U.S. GAAP to improve the information businesses disclose…
I was reading the December 2017 issue of The CPA Journal, and saw letters (“Continuing the Discussion on the Meaning of Fiduciary,” Vincent J. Love and…
CPAJ News Briefs
FASB/AICPA/PCAOB News
FASB News Proposal to Allow Greater Capitalization of Cloud Computing Costs FASB has released a proposed amendment to U.S. GAAP for public comment to clarify…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Estates and Trusts
On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Most of the provisions affecting estates and…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on State Taxation
On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…
The Decision Relevance of Financial Reporting
An Exclusive CPA Journal Panel Discussion
In the past few years, three major accounting standards—revenue recognition, leases, and financial instruments—have been the subject of discussion and preparation for CPAs across…
CPAJ News Briefs
FASB/IASB/GASB News
FASB News Streamlined Pension Disclosure Rules Move Forward Two years after releasing a proposal to improve the disclosure requirements for pensions and other postretirement benefits,…
CPAJ News Briefs
FASB News
Technical Corrections for Hedge Accounting Standard Put on Hold At its February 14 meeting, FASB backed away from issuing a limited, technical correction for its…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Businesses
On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate…
CPAJ News Briefs
FASB/IASB News
FASB News FASB Addresses Questions About Hedge Accounting At its February 14 meeting, FASB discussed technical questions that have arisen since the publication of an…
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/PCAOB News
FASB News Comment Letters Back Simplified Transition to Lease Standard Companies, audit firms, and professional groups expressed approval of FASB’s proposed easing of the transition…
Gift Horse or Trojan Horse?
Helping Beneficiaries Avoid Hidden Tax Liens
It is the worst-case scenario for many individual taxpayers: a lien on their property. While a lien is not the same as seizure, as the…
U.S. Macro Outlook for Tax Reform
A Plan That Doesn’t Get It Done
The sweeping changes to the tax code passed by the Trump administration and the Republican Congress will significantly impact the near-term economic outlook. The $1.5…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News Lease Standard’s Technical Corrections Head to Final Status FASB has approved a slate of minor technical corrections to the lease accounting standard that…