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…
This article considers the role CPAs take in nongovernmental nonprofit organizations and explores the opportunities for CPAs to help nonprofit food relief organizations face the…
FASB News FASB’s ESG Research Dives into Nuances of Derivatives Accounting Rules FASB’s research into financial instruments that are linked to environmental, social, and governance…
Let's start at the beginning. What is the story of how you came into the NYSSCPA? How did you get your start? My undergraduate degree…
FASB News Amortization of Goodwill Will Heighten Non-GAAP Usage, Panel Says FASB’s tentative decision to require companies to amortize goodwill amounts will not provide investors…
FASB News Private Company Council to Mull Project on Distinguishing Liabilities from Equity The Private Company Council (PCC) will consider whether it is feasible to…
ICYMI | Paycheck, Culture, Work-Life Balance
How to Attract and Retain Millennial Accountants
Millennials are the future of the accounting profession. Much has already been written about their generation's preferences and the implications for employers. To attract and…
Accounting—at least as an independent field of study—is becoming obsolete in today's technology- and analytics-focused world. Its value lies in its interdisciplinary applicability and position…
FASB News Government Involvement in New Areas Needs Study for Project on Grants Rules New areas of government involvement not seen in the past might…
The purpose of this essay is to provide some reflections about my 40-year career as an accounting educator. My focus will include the inspiration for…
ICYMI | The ESG Reporting Journey
Take the first steps … before it’s too late
Environmental, social, and governance (ESG) reporting is no longer considered a soft investment. Market demand and regulatory guidance are coalescing quickly. Consistent and transparent financial…
AICPA News CPA Firms Increasingly Hiring Diverse Graduates More diverse graduates are getting into the accounting and finance functions at U.S. CPA firms, according 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…
FASB News No Extension of Troubled Debt Restructurings Rule The FASB has rejected a request by two AICPA panels that the board extend the troubled…
I read with interest the collection of predictions for 2022 (“The State of the Profession: Predictions for 2022,” December 2021), and I have my own…
Book Review: Advice for a Successful Career in the Accounting Profession
Wiley, ISBN: 978-1119855286 by Jerry Maginnis
Jerry Maginnis has written a book that should be on the bookshelf of anyone in the accounting profession, from interested students to experienced practitioners. Advice for…
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 Troubled Debt, Segment Reporting Slated for Discussions On April 6, FASB discussed whether to extend the troubled debt restructurings (TDR) relief rule it…
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,…
FASB News Revised Income Tax Disclosure Project Won’t Be Controversial FASB revised the objective of its income tax disclosure project to focus on targeted improvements,…
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 No Heavy Focus on Perks for Government Assistance Research Project Trying to scope recognition and measurement accounting rules on government assistance could prove…
As we enter our 125th year of representing and advocating for CPAs, I can't help but be struck by the footprint we have made on…
FASB News Definition of SOFR to be Amended for Accounting Rules FASB voted to amend the definition of the Secured Overnight Financing Rate (SOFR) in…
FASB News Credit Losses, Leases Among Topics at CPE Forum FASB’s semiannual online training forum for professionals and companies that offer accounting for continuing professional…
FASB News Debate over Revising Goodwill Accounting Rules Continues On March 2, FASB continued hammering out revisions it aims to propose about the reporting of…
ICYMI | A New Approach to Finally Stop the Hackers
Increased Risks Require New Solutions
Everyone knows that hacking is a huge problem that typically results in the theft of large amounts of confidential information. But they don't know a…
FASB News Trustees Working on Protocols to Reopen to Visitors The nation’s two main accounting rulemaking boards have not yet fully opened their offices to…
FASB News Private Companies Misjudging Effort Needed to Adopt New Lease Accounting Rules Some private companies have misjudged the amount of backwork that FASB’s new…