Building a team with diverse backgrounds, experience, and skills is essential to fostering rich conversations and thoughtful decision making. This is why pursuing diversity, equity,…
Just as the number of young students entering the profession has been shrinking, increasing numbers of older CPAs have been leaving due to forced retirement.…
FASB News Questions on Applicability of U.S. Deferred Tax Accounting to OECD Pillar Two Rules FASB staff have been fielding questions about the applicability of…
FASB News Part of Proposal on Lease Accounting Draws Skepticism FASB’s November 2022 proposal on lease agreements between commonly controlled entities received mixed reviews with…
The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp…
Greetings Fellow Members and CPAs. Welcome to an ever-changing world! I have written this phrase in December 2022, but it could also apply to 2020,…
FASB News Board Will Issue Rule for Tax Credit Investments FASB has unanimously agreed with its Emerging Issues Task Force (EITF) that a proposal related…
PCAOB News Analysis Finds Decline in Number of Critical Audit Matters The PCAOB published post-implementation review (PIR) reports on its recent pronouncements on critical audit…
There are many reasons why CPAs decide to leave public accounting firms. Based on my experience, I believe some of these reasons are personal and…
FASB News Proposal Raises Red Flags Over Definition of Joint Venture FASB may need to revise the definition of a joint venture in order for…
Many chief financial officers (CFO) managed to navigate their organizations through the financial difficulties of the past two years. Yet, businesses are still struggling; according…
This past year has been more chaotic than most for companies, especially those with overseas operations in Ukraine or Russia. The following are some of…
FASB News Private Companies Back Proposal on Related Party Leases Under Common Control The Private Company Council (PCC), threw its support behind FASB’s November proposal…
FASB News Small Private Construction Companies Not Complying With New Revenue Rules Small private companies in the construction sector appear oblivious to the fact that…
There are many reasons why CPAs decide to leave public accounting firms. Based on my experience, I believe some of these reasons are personal and…
Housing is only one of the many costs of sending a child to college, but it is also an area that presents parents with numerous…
FASB News Investors Await Disclosure Rules on Income Taxes Paid FASB Chair Richard Jones reassured advisers that a proposal the board plans to issue next…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Book Review: Ethical Obligations and Decision Making in Accounting: Text and Cases, Sixth Edition
By Steven M. Mintz, and William F. Miller
The day I finished reading this ethics textbook, I saw a school bus full of kids traveling at least 40 miles per hour on a…
Finding relevance and meaning in work that serves professional and societal goals … having the ability to communicate effectively to make a difference … giving…
FASB News Advisers Offer Tepid Approval on Board Developing Rules for Government Grants FASB’s main advisory body said the board should advance its efforts to…
FASB News Proposed Clarification of Lease Accounting Rules for Subsidiaries Controlled by the Same Parent Company FASB has proposed what could be the eighth round…
Fixing the Crisis in Accounting
Five Steps to Attracting Tomorrow’s CPAs
The United States is facing an acute shortage of CPAs. In fact, accountants are leaving their jobs in unprecedented numbers (AICPA, 2021 Trends Report, https://bit.ly/3RmyE4T), at…
FASB News Proposed Concepts for Recognizing and Derecognizing Financial Statement Items FASB has issued a proposal for public comment on the concepts it plans to…
Teaching Accounting Students an Alphabet Soup of Technology
Preparing the CPA Evolution and the Digital Workplace
As digital transformation becomes ubiquitous, corporations and firms have digitized business processes at record speed, especially during the COVID-19 pandemic. Disruptive technologies, such as robotic…
FASB News Small Public Filers Urge Efforts on Accounting Rules for Government Grants FASB’s current research on accounting for government grants should be advanced to…
The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp…
FASB News Two Standards and Two Proposals Coming by Year-End, Plus a Peak into 2023 For the remainder of this year, FASB plans to publish…
From the very first certified public accountancy law (passed in 1896 in New York State) to the present day, the accounting profession and the nature…
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…