In Brief As CPAs continue to expand into providing financial and other advisory services, one area of interest is business valuation services. The author explains…
ICYMI | Questioning the Effectiveness of Independent Audit Committees
Does the Current Regulatory Regime Improve Reporting Quality?
In Brief At the root of over a decade of regulation and best practices is the premise that the structure and independence of a company’s…
ICYMI | The Audit Report Returns to Its Roots
An Historical Perspective on Critical Audit Matters
The evolution of the standard audit report has been slow and cautious over the past century. Most recently, in 2011, the AICPA's Auditing Standards Board…
The Statement of Cash Flows Turns 30
Common Reporting Deficiencies and Recent Changes
This past year marked the 30th anniversary of the statement of cash flows as a required financial statement. FASB's efforts in developing the then-new standard…
Opening Remarks: The Road to Better Financial Reporting
Reflections on Comparability and Convergence
About the Speakers Wesley Bricker serves as the chief accountant for the SEC's Office of the Chief Accountant (OCA). (Editor's note: Bricker left the SEC in…
Opening Remarks: Aiming Toward the Future
Building Trust, Quality, and Confidence
About the Speakers Wesley Bricker serves as the chief accountant for the SEC's Office of the Chief Accountant (OCA). (Editor's note: Bricker left the SEC in…
In Brief Sustainability investing continues to grow in popularity, but the lack of standardization in sustainability reporting poses a challenge for investors wishing to maximize…
XBRL Data Comparability
XBRL Data Comparability Current Use of Extensions and Opportunities for CPAs
In 2004, the SEC initiated the “Interactive Data Voluntary Program,” which encouraged publicly traded companies to voluntarily submit SEC filings using the Extensible Business Reporting…
The disclosure of nonfinancial information took on an increased importance when the European Union issued Directive 2014/95/EU (http://bit.ly/305nwzg) concerning reporting of sustainability information by large…
Until the issuance of Accounting Standards Update (ASU) 2013-07 [which introduced Accounting Standards Codification (ASC) 205-30 and amended other sections, primarily ASC 942-810, 960, 962,…
Mastering Fiduciary Activity Reporting For Governments
An Explanation of GASB Statement 84
In Brief GASB recently updated its guidance on the reporting of assets held by governments in a fiduciary capacity. While the clarification on how to…
In Brief The risk of fraud or noncompliance with rules and regulations is ever present in the current business and legal environment. Managing this risk…
ICYMI | Auditors’ Increased Responsibilities Under the PCAOB’s New Audit Reporting Standards
Communicating Critical Audit Matters
In Brief For more than 70 years, the auditor's report has remained virtually the same, following a simple pass/fail template. Recent changes issued by the…
ICYMI | CAM Vs. KAM: A Distinction without a Difference?
Making Judgments in Reporting Critical Audit Matters
In Brief Since the last economic downturn, attention has turned to the auditor's report, which had remained largely unchanged for decades. In response to a…
The Current State of Sustainability Reporting
A Work in Progress
In Brief Sustainability investing continues to grow in popularity, but the lack of standardization in sustainability reporting poses a challenge for investors wishing to maximize…
Mandatory Nonfinancial Reporting in the EU
Implications for U.S. CPAs
As a result of new regulation in the European Union (EU), in 2018 many companies will issue their first annual reports containing mandatory nonfinancial disclosures.…
Sustainability Reporting Becomes the New Normal
An Interview With Tim Mohin
As part of our Voices of the Profession series, The CPA Journal speaks with Global Reporting Initiative CEO Tim Mohin about the most significant issues in sustainability…
In Brief Sustainability investing continues to grow in popularity, but the lack of standardization in sustainability reporting poses a challenge for investors wishing to maximize…
Over the next 20 to 30 years, the United States is expected to experience one of the largest transfers of wealth in modern world history…
As noted by the PCAOB in its Release 2017-001: “there are situations in which an auditor may be required by law or regulation, or voluntarily…
ICYMI | Implementing ASU 2016-14 on the Presentation of Not-for-Profit Financial Statements
Changes Aim to Provide More Relevant Information and Perspective
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate…
In 2016, FASB issued ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, effective for fiscal years beginning after December 15, 2017. The standard is…
The June 2017 installment of this column covered “Reporting on Restatement Adjustments after an Auditor Change” (http://bit.ly/2pQMClB). This installment expands on that theme, providing guidance…
Shaping Financial Reporting Across the Globe
The Journey to Rediscovering a Passion
When I first enrolled for an undergraduate degree in electrical engineering at the University of Nairobi, Kenya, in 1987, I never would have envisioned a…
The Decision Relevance of Financial Reporting
An Exclusive CPA Journal Panel Discussion
In the past few years, three major accounting standards—revenue recognition, leases, and financial instruments—have been the subject of discussion and preparation for CPAs across…
CPAJ News Briefs
FASB/IASB/GASB News
FASB News Streamlined Pension Disclosure Rules Move Forward Two years after releasing a proposal to improve the disclosure requirements for pensions and other postretirement benefits,…
Auditors’ Increased Responsibilities Under the PCAOB’s New Audit Reporting Standards
Communicating Critical Audit Matters
In Brief For more than 70 years, the auditor's report has remained virtually the same, following a simple pass/fail template. Recent changes issued by the…
CPAJ News Briefs
FASB News
Technical Corrections for Hedge Accounting Standard Put on Hold At its February 14 meeting, FASB backed away from issuing a limited, technical correction for its…
Accounting for Credit Losses Under ASU 2016-13
Anticipating the Impact on Reporting and Disclosure
The method used in determining the appropriateness of an allowance for credit losses (ACL) has been a challenging financial reporting issue for decades. The 2008…
The Audit Report Returns to Its Roots
An Historical Perspective on Critical Audit Matters
The evolution of the standard audit report has been slow and cautious over the past century. Most recently, in 2011, the AICPA's Auditing Standards Board…