July 2020

AUDITING

Challenges to consider in auditing revenue recognition

To perform a high-quality audit, practitioners need a thorough understanding of FASB’s new standard and its implications for their clients’ financial statements.

FINANCIAL REPORTING

Accounting for sale and leaseback transactions

FASB’s new standards for revenue recognition and lease accounting have significantly changed the accounting for these popular transactions.

FINANCIAL REPORTING

FASB’s new cloud computing standard reduces complexity

In its Accounting Standards Update No. 2018-15, FASB’s guidance on how to account for implementing a cloud computing service contract aligns with buying an asset.

TECHNOLOGY

Technology lessons from the pandemic — and beyond

The upheaval of the coronavirus crisis caused the accounting profession to turn to technology like never before. Our technology roundtable discusses what was learned — and what the future holds.

TAX

Former kiddie tax rules restored

Congress reverses changes made to the kiddie tax in the Tax Cuts and Jobs Act, allowing affected taxpayers to amend their returns.

ADVERTISING SUPPLEMENT

Ask the expert: Investing with an eye on taxes

Duncan Gates is Avantax’s Strategist–TSI Advisor Experience. In this role, he is responsible for providing education on tax-related topics and concepts, advisor training, and distribution of the Tax-Smart Investing platform.

COLUMNS

FROM THIS MONTH'S ISSUE

Promises of ‘fast and easy’ threaten SOC credibility

CPAs who provide Service and Organization Control (SOC) examinations warn that an ongoing push for high-volume SOC services may come at the cost of quality and objectivity.