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April 19, 2021

Tips for for-profits applying NFP accounting rules for PPP funds

For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.

April 13, 2021

Offensive acronym leads to GASB’s name change proposal

The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”

March 30, 2021

FASB provides goodwill triggering relief for private companies, not-for-profits

Private companies and not-for-profits have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.

March 18, 2021

Vacation and sick day accruals during the pandemic

Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.

March 15, 2021

Climate change disclosure comments sought by SEC

The Securities and Exchange Commission is seeking public comment on its disclosure rules and guidance related to climate change disclosures.

March 5, 2021

FASAB reappoints Scott for second term as chair

The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.

March 4, 2021

New SEC enforcement task force to focus on climate, ESG compliance

The Securities and Exchange Commission announced that it is creating a new Climate and ESG Task Force to identify compliance problems related to environmental, social and governance issues.

March 3, 2021

GASB proposes new guidance on compensated absences

Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.

March 2, 2021

Assessing goodwill impairment amid COVID-19

Goodwill impairment has become an area of increased focus since the beginning of the coronavirus pandemic. Here’s what CPAs need to know about goodwill impairment at this challenging time.

February 25, 2021

Automation to drive big shifts in corporate reporting

A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.

February 24, 2021

SEC places new focus on climate-related disclosures

The SEC’s Division of Corporation Finance will place greater focus on climate-related disclosures in public company filings after a directive issued by SEC Acting Chair Allison Herren Lee.

February 18, 2021

CPA news to know: Why mobile workforce tax legislation matters

This express version of the JofA podcast offers insight into mobile workforce legislation, a recent FASB update, and more.

February 17, 2021

A road map for ESG disclosures and assurance

As interest grows in environmental, social and governance information, a new resource provides insights for auditors to assist their clients with ESG disclosures and assurance.

February 10, 2021

FASB approves private company and NFP goodwill triggering event alternative

Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.

February 5, 2021

5 steps for reliable ESG reporting amid growing demand

The demand for environmental, social, and governance reporting is increasing. CPAs have a critical role in meeting that demand, and companies can take action now to enable enhanced ESG reporting.

January 28, 2021

FASB simplifies revenue recognition for private company franchisors

FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.

January 7, 2021

FASB clarifies scope of reference rate relief

FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.

December 22, 2020

AICPA white paper tackles blockchain and SOC for Service Organization reports

The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.

December 21, 2020

5 accounting considerations for divestitures and carveouts

Divestitures, spinoffs and carveouts are business strategies that may be pursued by more companies amid the economic fallout from the coronavirus pandemic. These tips can assist in the accounting for these moves.

December 21, 2020

FASB proposes goodwill evaluation relief for some private companies, NFPs

FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.