Top influencing skills accountants need
Words such as “influence”, “communications” and “emotion” don’t readily slot into the everyday vernacular, let alone the working tasks, of most management accountants. Yet, increasingly they’re all broader skill sets that are being built into...
3 tips to help your clients with revenue recognition implementation
Public companies adopted the new guidance in 2018, and soon private companies will get their turn. The guidance is effective for private entities in 2019 for annual reporting periods, and in 2020 for interim periods. Here are a few key things...
Why the CPA licensure process could change
This episode addresses how and why CPA licensure requirements might evolve as a result of the technological revolution that’s transforming the accounting profession. The episode’s guest is Carl Mayes, the associate director for CPA Quality and...
State issues warning about small business ‘Connecticut Certificate of Existence’ mailing scam
The mailing suggests that Connecticut businesses must pay a fee of $112.50 to CT Certificate Service in order to obtain copies of their "Connecticut Certificate of Existence."
Podcast: A closer look at continuing threats to CPA licensure
Ideanomics unveils virtual fly-through of $400M Fintech Village
The new owner of UConn’s former West Hartford campus, Ideanomics, has unveiled a more detailed look at its vision for a massive development called Fintech Village. With remediation of polychlorinated biphenyls now underway, and asbestos cleanup...
FASB to propose delaying effective dates for 4 major standards
FASB plans to propose delaying effective dates for four key standards for certain groups of financial statement preparers after a series of votes taken at a board meeting Wednesday. The plan to delay effective dates for certain companies for...
5 things you need to know about the new auditor reporting standards
You may have heard that we issued a new auditor reporting standard effective for audits of financial statements for periods ending on or after December 15, 2020. The standard was designed to enhance the relevance and transparency of the...
FASB Staff Issues Q&A to Help Organizations Estimate Expected Credit Losses on Financial Assets
The Financial Accounting Standards Board (FASB) staff today issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to Accounting Standards Update No. 2016-13, Financial...
FASB Seeks Stakeholder Input on Certain Identifiable Intangible Assets and the Subsequent Accounting for Goodwill
The Financial Accounting Standards Board (FASB) today issued an Invitation to Comment (ITC) seeking stakeholder input on the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for...

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FASB Makes Decisions on Leasing Standard Simplification

The Financial Accounting Standards Board (FASB) has made decisions to reduce costs and ease the implementation burden of the Leases standard for preparers.

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FASB Proposes Reorganizing Consolidation Guidance

FASB issued a proposal on September 20 that would reorganize and clarify the consolidation guidance in FASB Accounting Standards Codification Topic 810.

Stakeholders told the board that the consolidation guidance is difficult to understand and navigate. Proposed Accounting Standards Update, Consolidation (Topic 812): Reorganization, is an attempt to address those concerns.

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AICPA Audit Documentation Resources

Through its enhanced oversights, the AICPA Peer Review Program has found that the most common cause of material non-conformity in audits is a lack of documentation. Peer reviewers will be increasing their emphasis on this area moving forward. The AICPA has a new, free toolkit to help you document audits appropriately and comply with standards. It includes a tool for evaluating SOC 1 reports, model working papers, and more.

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Not-for-Profit Statements Being Overhauled by ASU 2016-14

By Lisa A. Ritter, CPA, CFE

The Financial Accounting Standards Board (FASB) revised the not-for-profit reporting model in its Accounting Standards Update (ASU) 2016-14, released in August 2016. ASU 2016-14 is effective for fiscal years beginning after Dec. 15, 2017. The most significant provisions of the update address four areas: classification of net assets, liquidity disclosures, functional expenses, and the classification and disclosure of underwater endowments.

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  Finding the Value in Fair Value

By Gretchen G. Naso, CVA

Over the past 15 years, fair value accounting has evolved to become a part of many private companies’ financial statements. This evolution has not come without controversy. Due to its heavy reliance on assumptions and professional judgment, fair value reporting is dismissed by critics as an art, not a science, and is often considered unreliable.

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    Time Is Running Out to Comply with the New FASB Revenue Recognition Standard
Planning for Lease Accounting Standard Should Be in Process, Too

By Kevin Bogle, KPMG LLP

Research indicates that some companies may have trouble meeting the reporting deadlines on at least one of two major accounting standards that financial statement preparers must implement over the coming two years. Revenue recognition – the more immediate, as it goes into effect on Jan. 1, 2018, for calendar-year-end public companies and Jan. 1, 2019, for calendar-year-end non-public companies – may represent a significant change, and one that many companies may be behind in implementing.

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