News

Connecticut CPA Magazine Excerpt: Are You Ready for the 2022 Busy Season?

September 24, 2021

Complex workloads, staffing and work/life balance, the next pandemic surge, engaging and encouraging your team, pivoting for increased profitability … Are You Ready for the 2022 Busy Season?

  • accounting and auditing
  • career resources
  • practice management
  • technology and cybersecurity

Tips for working with first-time single audit clients

September 21, 2021

The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021 have provided billions of dollars to American businesses, state and local governments and not-for-profits. While this funding has provided relief, especially for nonprofits, it may cause complications for many recipients.

  • accounting and auditing
  • not-for-profit
  • federal tax

AICPA offers advice for employee benefit auditors

September 14, 2021

The American Institute of CPAs has released a set of questions and answers to help auditors of benefit plan financial statements deal with this complex field and a revised auditing standard.

  • accounting and auditing

The pandemic drives a need for better, deeper forecasting and analysis

September 14, 2021

A recent report from the Institute of Management Accountants discusses how predictive analytics, combined with knowledge of the business and scenario planning, can help organizations make better forecasts.

  • accounting and auditing
  • coronavirus

Lease accounting: Private companies on the clock after delay

September 10, 2021

In early 2020, the COVID-19 pandemic added another element of business disruption for organizations to manage while the effective dates to comply for FASB's new lease accounting standards were quickly approaching.

  • accounting and auditing

How the Pandemic Shaped Financial Reporting

September 03, 2021

Auditors issued fewer warnings that U.S. companies risked going out of business in 2020 despite the lethal threat that the coronavirus pandemic posed to retailers, manufacturers, and hospitality businesses.

  • accounting and auditing
  • coronavirus

Comment Letter on the Proposed Audit Quality Exposure Draft by Lew Kaufman

August 24, 2021

The following letter was submitted by Lew Kaufman, partner at Cohen, Kaufman, and Associates, LLC, CPAs in Milford. We share with Lew's permission. Don't forget - comments are due by August 31!

  • accounting and auditing

Lease accounting changes keep on coming

August 20, 2021

Private companies are facing a deadline on implementing the new lease accounting standard, but recent updates in the rules could make an impact on their financial statements and disclosures.

  • accounting and auditing

Comment Letter on the Proposed Audit Quality Exposure Draft by Martin Squire

August 19, 2021

The following letter was submitted by Martin H. Squire, partner at Blumenthal, Squire, and Blanck in Hamden. We share with Martin's permission. Don't forget - comments are due by August 31!

  • accounting and auditing

Revenue, lease accounting still challenge private companies

August 19, 2021

Revenue recognition and lease accounting remain a challenge for private companies after a one-year, pandemic-related delay in effective dates provided financial statement preparers some relief.

  • accounting and auditing
  • coronavirus

New Record Retention Requirements for Connecticut CPAs

August 18, 2021

The bill requires CPAs to keep work product and workpaper related to work for a client for at least seven years after creation unless the law requires a longer retention. Current law only specifies that CPAs must retain workpaper as required by law.

  • accounting and auditing
  • practice management
  • advocacy - state

Updated single audit guidance provided by OMB in 2021 Compliance Supplement

August 17, 2021

Federal requirements for single audits became a bit more clear Thursday when the Office of Management and Budget (OMB) released the 2021 Compliance Supplement, but some questions remain as OMB is expected to issue more guidance in two future addenda.

  • accounting and auditing

AICPA guidance addresses SVOG, RRF accounting questions

August 13, 2021

Technical Question and Answer (TQA) guidance issued Tuesday by the AICPA addresses how a recipient should account for a Shuttered Venue Operators Grant (SVOG) or a Restaurant Revitalization Fund (RRF) grant issued under COVID-19 relief programs administered by the U.S. Small Business Administration (SBA).

  • accounting and auditing
  • coronavirus

Audit committees benefit from accounting experts

August 02, 2021

Having accountants on the corporate board’s audit committee seems like a no-brainer, and a recent study suggests it helps companies and their investors.

  • accounting and auditing

FASAB releases standard for accounting and reporting for federal land

August 02, 2021

The Federal Accounting Standards Advisory Board released a standard Friday for accounting and financial reporting on government-owned land and delayed the effective date due to the pandemic.

  • accounting and auditing

SBA Streamlines Forgiveness Process for PPP Loans

July 30, 2021

The Small Business Administration (SBA) issued new guidance yesterday designed to accelerate the end of the Paycheck Protection Program (PPP) by streamlining the process for millions of small businesses and nonprofit employers to have their emergency payroll loans forgiven.

  • accounting and auditing
  • business and industry
  • advocacy - federal
  • coronavirus

Risk-taking is critical for women in accounting: Engage

July 29, 2021

Drawn in by an ad for SAP consultants that read, “Astronauts wanted,” Melanie Kanaka left her comfortable job in accounting at a major conglomerate in Sri Lanka — and almost immediately began questioning the decision.

  • accounting and auditing
  • business and industry
  • career resources
  • diversity
  • practice management

Navigating the Future of Accounting

July 28, 2021

The emergence of technology to serve nearly every facet of accounting, though hastened by the COVID-19 pandemic, has created new concerns for accountants. Chief among them is how can you recognize new opportunities and, perhaps more important still, how can you capitalize on them?

  • accounting and auditing
  • practice management
  • technology and cybersecurity

Rapid change, uncertainty to remain hallmarks of profession, say AICPA leaders

July 28, 2021

The key tactic for CPA firms moving forward, and also what successfully guided many of them through the pandemic, is strategic prioritization, according to a panel of American Institute of CPAs and CPA.com leaders who led the keynote session Wednesday at the 2021 AICPA Engage conference.

  • accounting and auditing
  • practice management
  • technology and cybersecurity

Small businesses face bookkeeping challenges, overdue invoices during pandemic

July 27, 2021

Small business owners have been coping with unpaid invoices and inadequate accounting during the pandemic and needed to cover expenses by selling family heirlooms and other valuables.

  • accounting and auditing
  • coronavirus