Our latest issue is all about sustainability, often defined as long-term value creation. For New York State CPAs, that sustainability can show up in various…
FASB News More Changes May be in the Pipeline for Lease Accounting While FASB said earlier this year that it would hold off on making…
FASB News Staff Propose Data Quality Committee Rules, Other Updates to GAAP Taxonomy FASB’s taxonomy staff has issued a proposal that would incorporate seven additional…
FASB News Multinationals May Get Converged Standards on Rate Regulation, Government Grants Multinational companies, many of which have routinely asked for converged solutions for U.S.…
FASB News Inflation Reduction Act Could Impact Future Accounting Standards FASB Chair Richard Jones on August 23 hinted that legislation in the Inflation Reduction Act…
ICYMI | Working from Home
State Income Tax Complications
The coronavirus (COVID-19) pandemic triggered an exodus of workers from their comfortable offices to the safety of their homes and other remote locations. For some,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
I read with interest “Article on the New Working World of the COVID-19 Pandemic” (Hila Fogel-Yaari and Kelly Gebhart, March/April 2022) of The CPA Journal.…
FASB News SEC Accepts 2022 Q3 Supplemental GAAP Taxonomy FASB said the SEC accepted the 2022 Q3 Supplemental GAAP Taxonomy, which includes improvements to the…
My daughter is learning about volume and liquid capacity in her math class. She frequently asks me questions like, “How many quarts are in a…
FASB News Trustees Seeking Members for Key Advisory Body FASB’s trustees announced on August 2 that the application period is now open for new members…
Working with CPAs in the Wealth Management Business
A Reflection
When Brian Mackey, Jesse Mackey, and I decided 10 years ago to start 4Thought Financial Group (4TFG), it was a process to feel comfortable with…
FASB News Improvement to Supplier Finance Program Disclosure Rule is Credit Positive, Moody’s Says FASB’s recent decision to make changes to the disclosure of supplier…
Qualified Business Income Deduction and the Self-Employed
Utilizing the Deduction Before It Sunsets
The Tax Cuts and Job Act of 2017 (TCJA) included a new 20% deduction, known as the Qualified Business Income (QBI) deduction under IRC Section…
FASB News Two SEC Commissioners Urge FASB, GASB Trustees Not to Govern Over ESG Reporting. Two conservative SEC commissioners—Hester Peirce and Mark Uyeda—urged the Financial…
Calvin Harris, , CPA I want to take a moment to introduce myself to you. I am Calvin Henry Harris Jr., CPA, your new NYSSCPA…
FASB News Taxonomy Update for Long-Term Insurance Rules Proposed FASB staff have proposed an update to the U.S. GAAP Taxonomy with respect to a recently-proposed…
Whether or not a business owner plans to sell or transfer their business in the next few years, obtaining a proper business valuation is critical.…
FASB News Pay Attention to Inventory Rules When Reporting Freight Costs Private Company Council (PCC) Chair Candace Wright said she wants to raise awareness about…
FASB News Report Explains Process to Establish New Rulemaking Priorities FASB has published a report about its process for establishing new technical and research agendas,…
This article is an updated and expanded version of one written by this author seven years ago (“Can Professionalism and Commercialism Coexist in CPA Firms?…
FASB News Project to Fix Acquisition Accounting Rules Dropped FASB voted unanimously to drop its project aimed at improving the accounting for asset acquisitions and…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
ICYMI | Smoke and Mirrors
Race and the Black CPA
Change is in the air for accounting. Many promises have been made about increasing diversity, particularly for Black accountants. But have all the projects, initiatives,…
FASB News Stick with Simple Principle for Income Statement Expenses, Say Advisers Trying to break up income statement expenses into smaller components can quickly become…
FASB News Revising Income Tax Disclosure Rules Won’t be Simple FASB could approach revisions to income tax disclosure rules through the lens of management, according…
The Centers for Disease Control and Prevention (CDC) reports that 61 million adults in the United States have some type of disability affecting mobility, cognition,…
IASB News IFRS Taxonomy Staff Seeking Public Input on Mapping ESG Disclosure Rules On May 26, the IFRS Taxonomy staff said they are seeking public…
A First Look at the Addenda to the 2021 OMB Compliance Supplement
Helpful Guidance for Auditors and Not-for-Profit Organizations
The guidance and requirements that auditors must follow to perform single audits, including program specific audits, are included in the U.S. Office of Management and…
FASB News Foundation Trustees to Propose Draft of Strategic Plan This Year The Financial Accounting Foundation (FAF) will soon issue a draft of its three-to-five-year…