Financial reporting news from “News Digest.”
Inaugural scholarship benefits accounting students transferring from two- to four-year schools
The AICPA has awarded its inaugural Two-Year Transfer Scholarship to five students who have earned associate’s degrees in business, accounting, finance, or economics with a declared intent to major in accounting at a four-year college or university.
Expanding your app-titude
Getting more green with Kabbage … A new type of political spending: BuyPartisan … Online food-ordering services thrive with Seamless-GrubHub merger
Management accounting
Management accounting news from “News Digest.”
Will simpler also be better?
A number of standard setters and regulators are making efforts to reduce complexity in accounting standards and simplify financial reporting. These changes may free up finance employees from some reporting duties and allow them to focus on responsibilities that add more value to their organizations.
Identifying full-time employees who change jobs within an employer group
The IRS issued guidance under the Patient Protection and Affordable Care Act on how to measure the lookback period for an employee under the lookback measurement method when the measurement period applicable to the employee changes.
IRS disagrees with Tax Court on partners’ COD exclusion
The IRS will not acquiesce to Tax Court decisions allowing general partners who guaranteed the debt of their partnership and were not in bankruptcy in their individual capacity to exclude from gross income cancellation-of-debt (COD) income arising from a Title 11 bankruptcy proceeding of the partnership.
New challenges in a delicate process
FASB’s new going-concern standard creates many challenges for CPAs to consider. The Center for Plain English Accounting examines the new look-forward period, disparities with audit guidance, and a new triggering threshold.
Other people’s money
Seemingly disparate services such as investment advisory, bill-paying, and estate planning all have a common denominator: the CPA’s involvement with other people’s money.
AICPA’s revised confidentiality rule and Sec. 7216
The recently revised AICPA Code of Professional Conduct includes a new Confidential Client Information Rule under Section 1.700.001, which expands the guidance on maintaining the confidentiality of client information.
Weird Word tip
You can select a specific rectangular block of text in Word by pressing the Alt key, dragging an area with your mouse cursor on your Word document, and then copying and pasting the results.
Dependency rules can trip up taxpayers
A recent Tax Court case illustrates the problems taxpayers can face if they do not strictly adhere to the rules regarding dependents.
Will the next Windows be a 10?
We want to upgrade our older computers. Should we wait for the next edition of Windows to ship, and if so, what new features can we expect?
Adam Miller, CPA/ABV/CFF, CGMA
A conversation with Adam Miller, CPA/ABV/CFF, CGMA, CFO of Barron Lighting Group in Phoenix.
Hover pictures
I maintain an organizational chart in Excel, and I’d like to know if it is possible to have a picture of each employee pop up when I hover over his or her name?
Free backup gets easier
Windows 8/8.1 includes a new backup solution called File History. Here’s how to set it up.
A defining moment
I know that Word 2013 contains a thesaurus that can be accessed by selecting a word and clicking Shift+F7, but is there a similar function for accessing the definition of a word?
Don’t make it count
My Excel 2013 PivotTables sometimes default to using the COUNT function instead of the SUM function. Is there a setting adjustment that will always make SUM the default PivotTable result?
Technology
CPA firms have a long way to go before they are making effective use of social media, according to a new survey report.
Financial reporting
A FASB initiative designed to simplify GAAP has yielded a standard that eliminates the concept of extraordinary items from GAAP.
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
