Many individuals desire to make charitable bequests but are not certain how to do so or how they work. This is an area where a…
Retaining a Fiduciary Investment Advisor
Employers Need Up-front Information, Not Belated Explanation
Whether or not the government enacts the Department of Labor (DOL) fiduciary rule requiring retirement plan advisors to act in the employer's best interest, employers…
I enjoyed Richard Kravitz's article in the April issue of the CPA Journal (“Serving the Public Interest,” p. 14). The message's import deserves some comment.…
On June 1, the PCAOB proposed an expansion of auditors’ responsibilities for examining clients’ use of accounting estimates. The board said additional guidance is necessary…
The AICPA’s Financial Reporting Executive Committee (FinREC) issued 12 working drafts of interpretive guidance for six industries— asset management, engineering and construction, gaming, health care,…
Since 2013, FASB has regularly given private companies extra time to adopt new accounting standards. Now the board may be ready to extend a similar…
I started my career with Lybrand, Ross Bros. & Montgomery (LRB&M) in 1952. Back then, life was simpler for CPAs. If you had the credentials,…
Sridhar Ramamoorti and Barry J. Epstein have written two articles published in The CPA Journal (“Today's Fraud Risk Models Lack Personality,” March 2016, http://bit.ly/2m7UUoX; “When…
FASB News Small Business Advisory Committee Seeks U.S. GAAP Exemptions Some members of FASB’s Small Business Advisory Committee (SBAC) have told the accounting board that,…
In Brief While most individuals probably think their insurance covers them for every conceivable occurrence, many policies have numerous gaps in coverage. Excess liability coverage…
We are what we pretend to be, so we must be careful about what we pretend to be. —Kurt Vonnegut, Mother Night (Introduction) For most…
FASB News Businesses, Auditors Repeat Concerns about Debt Classification. Businesses, professional groups, and audit firms repeated concerns they raised to the FASB while the board…
In contemplating the nuances of why financial planning makes sense for CPAs, I thought of the old story about the ship with the stubborn captain.…
I was born in London, England, to parents of Indian descent and grew up in a single-parent household most of my childhood. My mother had…
CPAJ News Briefs: FASB, IASB, and AICPA
Clarifying Accounting For Intangible Assets May Take Years
FASB News Clarifying Accounting for Intangible Assets May Take Years The accounting for intangible assets has been a contentious accounting issue for most of FASB’s…
In Brief With the Baby Boom generation facing retirement, America may soon witness the largest wealth transfer from one generation to another in its history.…
Humans versus Robots
Who to Turn to for Investment Advice?
There is much discussion in the financial planning world about the disruptive impact of technological advances on the industry, particularly the possibility of the “robo-advisor”…
A recent CPA Journal article “Assisting Individuals with Charitable Legacies” (Sidney Kess and Edward Mendlowitz, April 2016, http://bit.ly/2nmSxfx) describes different ways donors may structure bequests.…
FASB News Podcast Series Launched on Implementation of Revenue Standard FASB began a series of podcasts on May 11 about its landmark revenue recognition standard.…
People today live with more uncertainty than in the past. To some extent, this is because new technology and vehicles of communication, not to mention…
Nasty financial weather is raining down on many state and local governments. Retirement benefits and related obligations have grown into thunderheads, seeded by decades of…
Profiles in Community-Oriented, Socially Engaged Professionals
It’s Amazing What CPAs Can Do
Accounting as a profession carries a public interest responsibility that also contributes significant value to society. Accounting can also lead one to some amazing careers,…
FASB News Conceptual Framework Discussion to Resume FASB resumed discussions on its effort to complete its Conceptual Framework—an internal guide to help the board set…
Serving the Public Interest
Improving Government Reporting and Promoting Sustainable Corporate Governance
When discussing accounting and financial reporting for governments, we need to acknowledge that corporations dominate the global economy. Fifty-two of the world's largest 100 economies…
FASB News Credit Loss Standard Advisory Panel Plans to Review Implementation Questions FASB plans to hold a meeting of its Transition Resource Group on June…
Much has been written over the past several years, and especially in the last few months, about the evolving role of the CFO in the…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Insurance companies are firsthand witnesses to losses and lawsuits incurred by professional accounting firms. While insurance companies obviously want to minimize payouts, it is certainly…
Much has been written on white-collar financial fraud. There are myriad books and articles on how to protect oneself from fraud, how to detect fraud,…
Accreditations and Designations for the Practicing CPA
Friends or Foes?
Aspiring CPAs work diligently to attain the CPA designation and to maintain that designation through mandatory continuing professional education (CPE) courses. Several issues often arise…