Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard.
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How investors can protect against inflation
CPA financial planners discuss this year’s nearly 6% inflation rate and what it could mean for investment portfolios.
FASB provides new private company practical expedient
Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the current price input of these awards offered as compensation, according to a new standard issued by FASB.
AI in manufacturing: Optimizing costs and enabling the workforce
Manufacturing leaders can use artificial intelligence to improve efficiency and drive growth. But taking full advantage of the technology requires upskilling the workforce.
Guidance issued for LLCs seeking tax-exempt recognition
The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
How CPAs can rise above a polarized political climate
A severely polarized political climate doesn’t have to stop CPAs from achieving their ambitions. Instead, a little empathy can go a long way, according to AICPA governing Council guest speaker Amy Walter, publisher and editor-in-chief of The Cook Political Report.
Government fiscal path, cybersecurity among US comptroller’s concerns
An unsustainable long-term fiscal path and cybersecurity concerns heightened by aging systems are among the biggest challenges the federal government faces, US Comptroller General Gene Dodaro said Tuesday at the fall AICPA governing Council meeting.
Videoconferencing with IRS now an option for all LB&I taxpayers
The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
PCAOB inspections show some improvement in 2020
Some improvement in audit performance was identified during 2020 PCAOB inspections compared with the previous year, according to a board staff report.
Creating the right visuals for your data
Two leading figures in the field of data visualization explain how CPAs can best use visual depictions of numbers and how history’s “heroes of visual thinking” transformed numbers into images that carry ideas and meaning.
6 ways to make the entire organization care about anti-fraud efforts
Recent conference speaker John Hall, CPA, discusses tangible steps to build a “defensive wall” against fraud and ethics breaches.
Time has come for firms to cull clients
Accounting firms see many opportunities in the marketplace but with an already stretched workforce, they are struggling to find the capacity to take on new challenges.
IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
The long-term-care quandary: Helping clients prepare
Long-term care is a critical topic when discussing retirement plans with aging clients.
5 tips for maintaining audit quality today and in the future
Amid continuing pandemic-related challenges, auditors have opportunities to maintain and improve the quality they deliver to clients and the public.
Social Security wage base, COLA set for 2022
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
CAS practices see 20% growth rate
Client advisory services practices saw a 20% growth rate in terms of net client fees per professional, according to the latest CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey.
New standard sharpens focus on risk-based auditing
The AICPA Auditing Standards Board issued a new standard designed to help auditors determine the areas that pose the greatest risks of material misstatement in an audit engagement and spend more of their time performing procedures in those areas.
PCAOB issues staff guidance on audit evidence from other sources
Advances in technology have resulted in the availability of volumes of new information to companies and their auditors. PCAOB staff guidance discusses the implications of this new information for the audit.
Private equity’s push into accounting
TowerBrook Capital Partners’ purchase of an ownership stake in EisnerAmper marked the first private-equity deal with a top 20 accounting firm. In a Q&A with the JofA, accounting firm consultant and M&A broker Allan D. Koltin discusses the mechanics of such a deal and the likelihood that there will be more PE forays into large accounting firms in the future.
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