GASB to Consider Postponing Effective Dates of Certain Statements and Implementation Guides
The Governmental Accounting Standards Board (GASB) today announced that it has added a project to its current technical agenda to consider postponing all Statement and Implementation Guide provisions with an effective date that begins on or after...
Governor Lamont Authorizes Virtual Shareholders' Meetings
Order 7I temporarily suspends the statutory requirement for in-person shareholders’ meetings for Connecticut business corporations.
Coronavirus Impact on Peer Review
The American Institute of CPAs has detailed some immediate steps they are taking to make life easier for you during this pandemic. Offsite System Reviews We understand the impact that travel restrictions and health concerns may have in your...
Accounting remains an essential business in the latest guidance issued by the Lamont administration.
The essential businesses or nonprofits designated in this guidance are not subject to the in-person restriction set forth in Executive Order 7H.
Single audit related developments regarding the Novel Coronavirus
The issuance of an OMB memo has led to confusion, specifically as it relates to the memo's discussion of a potential extension of the single audit submission deadline by 12 months.
GASB Issues Proposal Addressing Certain Component Unit Criteria and Section 457 Deferred Compensation Plans
The Governmental Accounting Standards Board (GASB) today issued a proposed Statement that would increase consistency and comparability related to the reporting of fiduciary component units in circumstances in which the organization does not have...
SEC Accepts 2020 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2020 GAAP Financial Reporting Taxonomy (Taxonomy) and the 2020 SEC Reporting Taxonomy (SRT). The 2020...
FASB Issues Narrow-Scope Improvements to Financial Instruments Guidance
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that makes narrow-scope improvements to various aspects of the financial instruments guidance, including the current expected credit losses (CECL)...
John W. Auchincloss Named Executive Director, Financial Accounting Foundation
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it has appointed John W. Auchincloss as the executive director of the Foundation. The FAF is the organization that oversees the Financial Accounting Standards...
Defining Your Role in Implementing New Revenue Recognition
This year will be marked by several momentous events: Brexit, the XXXII Olympiad, and a U.S. presidential election among others. But for many CPA practitioners, 2020 will be remembered as the year their private company and nonprofit clients...

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    Connecticut CPA magazine feature
Blockchain Brings Exponential Disruption, Growth Potential to Accounting

By Geoff Hopkins, Director, Technology and Management Consulting, RSM

Distributed blockchain was conceptualized and put into practice as a public and peer-to-peer autonomous ledger. As the core component of bitcoin, it immediately solved a digital currency double spending problem without a trusted authority or central administrator.


  Connecticut CPA magazine feature
Client Data Is a Virtual Treasure Trove:
Why CPA firms must be vigilant about cybersecurity

By Mark R. Torello, CPA, CFE, CISA; Chair, CTCPA Technology Interest Group

Because CPA firms have access to a virtual treasure trove of data, we’re vulnerable to hackers and, therefore, held to higher levels of compliance requirements at both the state and federal levels. As accounting professionals, we should embrace these laws, because standardization and guidance are good for our industry and our clients. However, the myriad cybersecurity-related laws can be challenging to navigate.

    Risk Alert – Social Engineering for CPAs

As with many fraud schemes perpetrated against accounting professionals, social engineering has obtained a greater level of sophistication. This development has arisen in response to increased awareness and vigilance of such schemes. Recent variations of the schemes have emerged to create a stronger appearance of legitimacy.



Cybersecurity: A top concern among accounting professionals
The latest facts, court rulings, and new regulations

Stan Sterna, JD, Vice President, Risk Management, Aon Insurance Services

Safeguarding your clients’ nonpublic information from cyber-criminals is a top priority for CPA firms. In fact, the latest data breach statistics from RSA Security show an alarming increase in the number of exposed consumer records across industries:

  • 4,149 reported breaches exposing 4.2 billion records
  • 53% of all breaches resulted from hacking by outside sources
  • 91% of all breaches were electronic, as opposed to stolen hardware



Creating a Disaster Plan to Ensure Your Company’s Security

By Paul C. Ursich, CPA, and Robert Risk, Wiss & Company LLP

When it comes to defending your enterprise from undefined catastrophes, traditional disaster recovery tactics are no longer adequate. If cyber terrorists seize your company’s critical information, or if human error or natural disasters erase your company’s data, your resources cannot be swiftly returned by outdated recovery methods.