Not-for-profit organizations continue to face an ever-evolving and challenging landscape. Executives and audit committees must deal with concerns ranging from attracting and retaining donors and…
The advantages of evidence-based decision making are clear, but there are several reasons why data-driven decision making is a relatively new concept for many notfor-profit…
Should CPA Firms Be Worried about Data Breach Claims?
Hurdles to Establishing Standing and Demonstrating Economic Viability
Driven by unceasing news reports, CPA firms are growing increasingly concerned that data breaches are increasing in both frequency and severity. With this deluge of…
CPAJ News Briefs
FASB, IASB News
FASB News FASB Approves Simpler Option for Reporting Some Intangible Assets of Nonprofit Hospitals As mergers and acquisitions (M&A) surge in the healthcare sector, not-for-profit…
When I served as Commissioner of Internal Revenue from 2003 through 2007, the two fears that kept me up at night were of a botched…
CPAJ News Briefs
FASB, SEC, PCAOB News
FASB News Income Tax Accounting Rules May Be Simplified FASB may simplify income tax accounting rules—one of the more complex topics in financial reporting—in targeted…
The Risks of Fraud Collusion
Are We Only Looking at Lit Corners?
The Association of Certified Fraud Examiners (ACFE), in reporting on collusion in its 2018 Report to the Nations(http://bit.ly/2BIITfH), indicates that there is a direct correlation between…
The AICPA Code of Professional Conduct proclaims that its members should serve the public interest, defined as “the collective well-being of the community” (Section 0.300.030, https://pub.aicpa.org/codeofconduct/Ethics.aspx#).…
CPAJ News Briefs
FASB, IASB, PCAOB News
FASB News Search Underway for New FASB and GASB Chairs The Financial Accounting Foundation (FAF) said it has launched a search to replace FASB Chairman…
Failure Study
A Needed Addition to the Accounting Toolkit
“Those who cannot remember the past are condemned to repeat it.” —George Santayana Public criticism of the accounting profession is intense. Users of financial statements…
CPAJ News Briefs
FASB News
Revised Proposal on Income Tax Disclosure Rules Issued On March 25, FASB issued a revised proposal to amend the disclosure rules under income tax accounting…
CPAJ News Briefs
FASB, PCAOB News
FASB News FASB Weighs Linkage of Debt Arrangements At its March 20 meeting, FASB continued to discuss its proposal to simplify the classification of debt…
CPAJ News Briefs
FASB, Audit Practice News
FASB News SEC Disclosure Rules to Be Pulled Into GAAP As part of a broader effort to simplify compliance without significantly altering the total mix…
CPAJ News Briefs
FASB, GASB News
FASB News Proposal Would Clarify Accounting Rules for Share-Based Payments to Customers On March 4, FASB published a proposal to reduce confusion related to how…
The Lawyer's duty is first of all to his client, and that duty frequently compels him to avail himself of technicalities and other means of…
CPAJ News Briefs
FASB, AICPA, SEC News
FASB News Garnett, Burnap, Hamel Named to Advisory Panels On February 25, FASB and its parent organization, the Financial Accounting Foundation (FAF), announced appointments to…
CPAJ News Briefs
FASB, PCAOB News
FASB News Board Backs Staff’s Convertible Instrument Disclosure Improvements FASB has backed a series of improvements to convertible instrument disclosures, including the format in which…
I have to take issue with Jason Ackerman's column, “It's Time to Fire Bad Clients” on “firing” bad clients (October 2018, http://bit.ly/2LwbKYu), This suggestion is flawed…
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 Proposal Would Offer Transition Relief for Credit Losses Standard On February 6, FASB issued a proposal intended to offer transition relief to businesses…
Helping Individuals Handle Medical Expenses
Working with a Medical Insurance Advocate
A Medical Insurance Advocate (MIA) helps individuals organize medical bills and negotiate coverage for medical services before and after receiving care. MIAs can save patients…
CPAJ News Briefs
FASB, IASB, AICPA News
FASB News Examination of Complex Liabilities, Equity Accounting to Begin At its February 13 board meeting, FASB plans to take action on a significant project…
CPAJ News Briefs
FASB, AICPA News
FASB News More Work Needed on Income Tax Disclosure Plan FASB expects to issue a brand-new proposal as part of its plan to make companies…
CPAJ News Briefs
FASB, IASB News
FASB News Companies Find Favorable Changes in Hedge Accounting Update FASB’s 2017 simplification of its complex hedge accounting guidance contained some high-profile changes that were…
CPAJ News Briefs
FASB, AICPA News
FASB News Roundtable on Credit Losses Standard Set FASB plans to hold a public roundtable on January 28 for banks, auditors, investors, and regulators 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…
CPAs Acting as Interim CFOs
How to Manage the Risk
Imagine a hypothetical CPA, Franklin Connors, providing bookkeeping and tax services to an equally hypothetical fast-growing online retailer named Cats Eats, which sells gourmet pet…
CPAJ News Briefs
FASB, PCAOB, GASB News
FASB News Examination of Complex Liabilities/Equity Accounting to Begin In early 2019, FASB plans to take its first official steps on a significant project to…
A short time ago, my assistant Alex showed me a check one of my business clients wrote for $1,000. The memo portended a suspicious purpose:…
The Wrong Way to Do the Right Thing
How to Prudently Deal with Employee Disability
Entrepreneurialism is alive and well, with thousands of upstarts becoming startups each year. The pattern is familiar: come up with a marketable idea, develop a…