The top 8 issues facing accounting practices today
Constant changes to the tax system, hiring and retaining staff, and understanding the impact of technology on your practice – these are all challenges for the modern accounting firm.
Blockchain: The Future of Record-Keeping
One of the greatest perceived issues for accountants in a technological landscape reshaped by the forces of blockchain is just that – a perceived issue. The perception stems from the fact that blockchain is often referred to as a distributed...
The Danger Of Not Understanding Blockchain And Its Impact
Analysts project that blockchain can save $15–20 billion annually by 2022 in the financial services industry.
SEC Accepts 2018 GAAP Financial Reporting Taxonomy
Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2018 GAAP Financial Reporting Taxonomy. The FASB also announced that the SEC has accepted the 2018 SEC Reporting...
Marcum Launches Robotic Process Automation Service for Clients
Marcum announced that it has launched a new service utilizing “bot” technology to automate repetitive manual processes and streamline many data-driven functions for its clients. Marcum’s new Robotic Process Automation (“RPA”) Service leverages...
Four new opportunities blockchain could create for auditors
Not sure what blockchain is? Don’t worry, you’re not alone. It’s a digital, distributed ledger that contains every transaction since its creation.
Connecticut CPA Magazine Feature: FASB Proposes Not-for-Profit Accounting Standards Update
Michael J. Rolleri, CPA and Robert Wnek, J.D., LL.M.
Connecticut CPA Magazine Feature: Make Sure You’re Prepared for the FASB Revenue Recognition Standard
By Marcus R. Harwood, CPA, MSPA, Partner, BlumShapiro
Rick Richardson, CPA/CITP, CGMA Featured in Journal of Accountancy's Blockchain, AI Podcast
With the accounting profession on the brink of tremendous change from blockchain, artificial intelligence, and automatic, the Journal of Accountancy pulled together a panel of three experts for a podcast discussion on "How AI, blockchain, and...
SEC publishes new requirements for cybersecurity disclosures
Public companies received new guidance from the SEC on Wednesday on the disclosures they should make related to cybersecurity.

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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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