The demands placed on CFOs and their related financial organizations are driven by the many hats that they wear in discharging their responsibilities. As summarized…
Finding Financial Experts for Audit Committees
What Compensation Can CPAs Expect?
In Brief Regulatory and market pressures have led to increased responsibilities for corporate audit committees, as well as greater demand for such members to possess…
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…
How Long is a Year?
A Deeper Look at 52/53-Week Reporting Conventions
In Brief Although many businesses operate on a fiscal year distinct from the calendar year, some use a distinctive 52/53-week fiscal year. This reporting convention…
The Complexity of Sales Taxation of Information Services
A Review of Recent New York Litigation
The proper taxation of “information services” under the New York Sales Tax Law can raise complex and costly issues resulting in difficult audits and even…
Implementing CECL During the Pandemic
Unexpected Consequences Revealed
In Brief The much-anticipated and -deliberated changes to the accounting for financial instruments ushered in by ASU-2016-13, Financial Instruments–Credit Losses, happened to take effect during an…
ICYMI | State of the Profession
Analyzing the Results of the 2021 Practice Management Survey
In Brief The seventh annual 2021 NYSSCPA–Rosenberg Survey identifies trends from the national 23rd Annual Practice Management Survey and provides profitability and growth data of…
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…
In addition to the human health, remote work environment, and technology challenges presented by the coronavirus (COVID-19) environment, tax practitioners have had to absorb and…
The increasing complexity of business, whether it be from technology or globalization, has placed more responsibilities on an entity's CFO and financial organization. In addition,…
In October 2016, FASB issued Accounting Standards Update (ASU) 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, amending Accounting Standards Codification (ASC) Topic 740. The new…
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 | Accounting for Operating Leases
Initial Observations
This article examines the initial impact of the adoption of ASU 2016-02 (ASC Topic 842, Leases), which requires lessees to record assets and liabilities for…
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…
In Brief Tax departments are always looking for ways to streamline their processes and procedures, and provide greater value-added services to management. Tax analytics and…
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…
The Accounting Profession and the Pandemic
Temporary and Long-term Changes
When the entire world shut down because of the coronavirus (COVID-19) pandemic, the accounting profession had to adapt quickly. Not only did many CPA firms…
ICYMI | Tax Software in the Ongoing Pandemic Environment
20th Anniversary/2021 Annual Survey of New York State Practitioners
In Brief CPAs continued to deal with a global pandemic during the 2021 tax season, requiring many tax practitioners to work from home, often while…
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…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
By Cece Leung; Lioncrest Publishing, ISBN: 978-1-5445-2114-5 Reviewed by Dan Torpey Cece Leung's Dear Accountant is an innovative and creative work in accounting. It is both inspiring…
The accounting profession has a long and respectable history, and has made important contributions to business, commerce, and economies for hundreds, if not thousands, of…
It can be hard to know which medical insurance to use during the age of retirement when someone continues working. This is especially true when…
FASB News Most Investors Don’t Voluntarily Weigh-in on Key Topics FASB has to go beyond the norm to reach investors for input about accounting topics,…
Big data, artificial intelligence, and blockchain are among the biggest technology trends in accounting and finance (Bernard Marr, “The 6 Biggest Technology Trends in Accounting…
The buzzword in CPA firms these days is advising: How do we get our firm to do more advising, how do our teams become advisors, and…
The popular accountant stereotype portrays a person who lacks creativity, sitting alone crunching numbers. Those within the profession know that this portrayal is inaccurate and…
Understanding CPA Mobility
How to Abide by the Rules
Although CPA mobility laws and regulations have significantly eased the process for CPAs to practice across licensing jurisdictions, recent enforcement reports of the New York…
FASB News FAF Trustees to Meet on February 15 The Financial Accounting Foundation (FAF), the trustee body with oversight responsibility of FASB and GASB, will…