The corporate finance professionals who climb the value chain will be interpreters and collaborators, able to leverage data as a strategic asset while working across functions to solve problems and innovate.
Mobile devices and cloud computing are paving myriad paths to progress and profit for the accounting profession, but these technologies also have opened up two major new fronts in the war against cybercriminals. This article offers advice gathered at the AICPA Practitioners Symposium and TECH+ Conference on how to counter these threats.
Organizations with fewer than 100 employees significantly trail larger organizations in formal antifraud controls, according to a recent survey. Instituting basic antifraud measures could save small businesses from costly instances of fraud that could lead to bankruptcy.
ETHICS / COMPILATION AND REVIEW
Under revisions to professional standards proposed by two AICPA committees in June, CPAs who prepare financial statements for clients would consider that a nonattest bookkeeping service and would no longer be required to perform a compilation service with respect to those financial statements unless separately engaged to do so.
TAX / FINANCIAL REPORTING
The last-in, first-out (LIFO) method is a tax-advantaged way to value inventory. As the world moves from U.S. GAAP to IFRS (which prohibits LIFO), the LIFO conformity rule will create more difficulties for taxpayers. The authors provide illustrations of prepared financial statements that meet the conformity rule.
TAX / MANAGEMENT ACCOUNTING
Companies can grow through mergers and acquisitions, but to succeed, they must manage tax compliance throughout due diligence, integration, accounting and financial reporting, and the post-acquisition phase.