IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act
The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. The...
Beyond robotics: How AI can help improve the audit process
The CPA profession has been hearing a lot about Robotic Process Automation (RPA), a software technology that can help auditors sift through structured data.
GAO issues revised Yellow Book standards for government auditors
Revised standards issued Tuesday by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-quality governmental audits, which include audits of government entities and entities receiving government awards.
KPMG to Add 110 New Jobs in Stamford
Governor Dannel P. Malloy today announced that KPMG LLP, the U.S. audit, tax and advisory firm, plans to add 110 jobs over the next five years in a new Stamford office. The company recently signed a long-term lease and plans to renovate space in...
Connecticut CPA Magazine Feature - Five Steps to Prevent Complex Inventory Frauds
Fraudsters are becoming increasingly creative. Here’s how small and medium-sized enterprises in the manufacturing sector can guard against losses.
SEC adopts, proposes several new rules
The U.S. Securities and Exchange Commission voted Thursday to adopt and propose several new rules, including changes to the SEC’s whistleblower program and a requirement to use Inline XBRL in certain filings.
Digital Transformation Joins List of Challenges Finance Leaders Face
Digital transformation emerged prominently in 2017 as a critical business focus, according to the Benchmarking Accounting and Finance Functions: 2018 report from Financial Executives Research Foundation (FERF) and global staffing firm Robert Half.
FASB proposes update to definition of ‘collections’
FASB issued a proposal Tuesday that would realign the definition of “collections” with the definition used in the American Alliance of Museums’ Code of Ethics for Museums. Under current GAAP, an entity is not required to recognize...
FAF Issues 2017 Annual Report: Standards That Work
The Financial Accounting Foundation (FAF) today posted its 2017 Annual Report to the FAF website . The report is available in print, PDF , and interactive digital versions . The theme of the annual report is “Standards That Work.”
Multiple Challenges Coming With New Lease Accounting Standard
With a new lease accounting standard looming on the 2019-20 horizon, many companies are scrambling to plan for the transition, whether in advance of the deadline or on-time. Public companies need to adopt the new standard by Q1 2019 for most...

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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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