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…
CPAJ News Briefs
FASB, PCAOB News
FASB News Board Takes its Time on Performance Reporting Project FASB is mulling big changes to the information companies provide in their income statements, but…
CPAJ News Briefs
FASB, IASB, PCAOB News
FASB News Banks to Air Concerns on Credit Losses Standard at January Roundtable In January, FASB plans to hold a roundtable with bankers, auditors, and…
ICYMI | Advancing Diversity within the CPA Profession
An Interview with Alfonzo Alexander
While society has come a long way in its diversity efforts, the fact that many corporations have yet to implement diversity programs shows that the…
CPAJ News Briefs
FASB, AICPA, PCAOB News
FASB News No Standards Setting Action Expected on Cryptocurrencies While digital currencies such as Bitcoin may generate headlines, companies do not use them enough to…
ICYMI | Mergers and Acquisitions of Accounting Firms
When, How, and Why to Merge
It seems that every week, there is news of another merger within the accounting profession. Legally speaking, however, very few combinations of accounting firms are…
CPAJ News Briefs
FASB, PCAOB, IASB News
FASB News Input Sought on Complex Liabilities, Equity Accounting Guidance FASB wants to hear ideas from members of two advisory panels on how to sharpen…
Lies, Damned Lies, and Cost Accounting
How Capacity Management Enables Improved Cost and Cash Flow Management
By Reginald Tomas Lee, Sr. Business Expert Press, 2016, ISBN 978-1631570650, $34.95 (paperback) Reviewed by Ronald J. Baker One of the 20th century's most influential…
CPAJ News Briefs
FASB, PCAOB, IASB News
FASB News Investors Call for More Detailed Note Disclosure on Cash Taxes As FASB prepares to draw up a new slate of income tax disclosures,…
In 2018, public companies are expected to buy back $1 trillion of their stock. Current accounting rules provide no accounting to shareholders for the profit…
CPAJ News Briefs
FASB, IASB News
FASB News IAC to Offer Input on Segments, Disclosures FASB will hear input from its Investor Advisory Committee (IAC) on two early-stage projects that could…
CPAJ News Briefs
FASB/PCAOB News
FASB News No New Guidance Planned for Financial Reporting Effects of Tax Reform Between guidance from the Big Four accounting firms, technical inquiries to FASB’s…
CPAJ News Briefs
FASB/PCAOB News
FASB News Kroeker: Banks Need to Implement Credit Loss Standard on Schedule Despite pleas from banks, trade groups, and some lawmakers for FASB to delay…
In the August 2018 article, “Are Audit Committees Worth the Cost?” (http://bit.ly/2pkOuCA), Arthur Radin suggests that audit committees be eliminated. Unfortunately, the article focuses entirely…
CPAJ News Briefs
FASB/AICPA News
FASB News FASB to Debate Car Lender Concerns on Credit Loss Standard At its November 14 meeting, FASB will consider the concerns that underwriters of…
Sid Kess, James Grimaldi, and James Revels offer some important advice to recent graduates (“Financial Planning for Workers in the Gig Economy,” August 2018, http://bit.ly/2NmdHL3). This…
CPAJ News Briefs
FASB/IASB/PCAOB News
FASB News More Bankers Push Regulators to Delay Credit Losses Standard The American Bankers Association and 50 state bank associations appealed to the Financial Stability…
CPAJ News Briefs
FASB/PCAOB/GASB News
FASB News Banks Pressure Federal Regulators for Changes to Credit Losses Standard On October 17, a trade group representing large U.S. banks requested that financial…
CPAJ News Briefs
FASB/IASB News
FASB News Private Companies Rush to Meet Revenue Recognition Effective Date With the 2019 effective date of FASB’s revenue recognition standard rapidly approaching, private companies…
CPAJ News Briefs
IASB/AICPA News
IASB News Insurance Standard May Face Two-Year Delay The IASB is ready to debate delaying the effective date of its insurance accounting standard when it…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
SEC Chief Accountant Wesley Bricker addressed the importance of objective financial reporting and the role of accountants and auditors in his speech before the Baruch…
CPAJ News Briefs
FASB/PCAOB/SEC News
FASB News Banking Regulators to Finalize Rule Offering Capital Relief On September 18, federal banking regulators said they plan to finalize a rule to ease…
CPAJ News Briefs
FASB/PCAOB News
FASB News National Standards Setters Decry European Plan for Local Changes to IFRS National accounting standards setters, accounting organizations, and professional groups oppose a European…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
In 1990, William Weiss wrote “What's Going On in Business Schools?” (Management Accounting, May 1990), a critical look at a business and accounting academic environment that did…
CPAJ News Briefs
FASB/IASB/AICPA News
FASB News FASB to Study Cost of Options in Accounting Standards To help auditors and companies save money, FASB often gives private companies the option…
I read with interest “First Look at the Tax Cuts and Jobs Act: Impact on Individual Charitable Giving” by Mark A. Nickerson in the April…
SEC Chief Accountant Wesley Bricker addressed the importance of objective financial reporting and the role of accountants and auditors in his speech before the Baruch…