It’s no secret that CPAs take pride in their standing as trusted advisers to their clients. What’s not so well known is that CPAs can gain—and in many cases, literally profit—from the advice of those same clients. Client advisory boards offer CPA firms and other businesses the opportunity to
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Management accounting
Bridging compensation gaps in a merger
Accounting-firm mergers must overcome numerous obstacles. One of the most common—and challenging—involves compensation and benefits for partners and staff. Merging firms usually have differences in compensation levels, compensation methods and benefits packages. It’s crucial for staff and partner retention that the merging firms combine the varying systems into one without
SEC Amendments Change Net Worth Calculation for “Accredited Investors”
The value of a person’s home will not count as an asset when calculating net worth to determine whether that person may invest in certain unregistered securities offerings, according to SEC rules amendments released Wednesday. Final Rule Release No. 33-9287 explains changes made to conform the SEC’s definition of an
PCAOB Reproposes Standard on Communications with Audit Committees
The PCAOB on Tuesday reproposed for comment an audit standard, Communications with Audit Committees, and related amendments to PCAOB standards. Initially, the standard was proposed on March 29, 2010. According to a PCAOB news release, the reproposed standard is designed to align communications requirements with performance demands in other PCAOB
COSO Releases Draft of Updated Internal Control Framework
An exposure draft released Monday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) seeks comments on an updated internal control framework designed to help organizations perform with more agility and confidence. COSO set out to update its nearly 20-year-old framework for new technology demands and capabilities, in
AICPA Letter to PCAOB Raises Concerns About Mandatory Audit Firm Rotation
The AICPA recommended that the PCAOB refrain from imposing mandatory audit firm rotation. AICPA Chairman Greg Anton, and President and CEO Barry Melancon signed a comment letter sent by email Wednesday to the PCAOB stating that mandatory audit firm rotation is costly and has the potential to hinder audit quality
Survey of CPAs Shows Economic Pessimism Still Prevalent, But Shrinking
Pessimism about the U.S. economy among CPA decision makers has shrunk slightly, but remains high, according to the AICPA Economic Outlook Survey for the fourth quarter of 2011. Forty percent of the 916 qualified respondents in the survey said they were somewhat or very pessimistic about the economy. That was
New Auditors’ Reporting Model Proposal Set for Release in Q2
The PCAOB’s proposal for a new auditors’ reporting model should be completed by the second quarter of 2012, PCAOB Chairman James Doty said Monday. Speaking at the AICPA’s National Conference on Current SEC and PCAOB Developments in Washington, Doty gave an update on the PCAOB’s initiative on the form and
PCAOB Boosts Budget 11.4% to Accommodate Increased Inspections
The PCAOB has increased its budget for the 2012 fiscal year by 11.4%, or $23.3 million, over the 2011 budget, according to a news release. The 2012 budget is approximately $227.7 million, compared with $204.4 million for the 2011 fiscal year. The budget is subject to SEC approval. Staffing and
Survey: CFOs Anticipate Hiring in Accounting and Finance
CFOs expected to hire more accountants and other finance professionals early next year. But many were having a hard time finding skilled professionals to fill the positions, according to a survey by staffing services firm Robert Half International. Twenty percent of 1,408 CFOs at U.S. companies said they expected to
Building Blocks of a Successful Financial Close Process
Financial close systems, processes, people and their interconnectivity can be complex, but successful improvements to the process can be achieved by introducing some simple building blocks that are inexpensive to implement. Regardless of company size or complexity, all successful financial close processes require continuous communication, comprehensive documentation and a flexible,
The Lowdown on High Potentials
CPA firms trying to attract and retain top talent should emphasize career growth opportunities, salary and paid time off while maintaining an open-door policy that makes management accessible. That summarizes the key findings of the AICPA’s Private Companies Practice Section (PCPS) 2011 Top Talent Survey, which aims to help PCPS
High-Potential CPAs, the BIG Picture
Editor’s note: Also read “The Lowdown on High Potentials” in the December 2011 issue of the JofA. With the 2011 edition of its Top Talent Survey, the AICPA’s Private Companies Practice Section took a look for the first time at high-potential CPAs working in the business, industry and government (BIG)
Planned Job Cuts Dip Slightly in November, Challenger Says
The pace of U.S. job-cut announcements slowed slightly in November, but the 11-month total for 2011 exceeds the 12-month total from 2010, global outplacement firm Challenger, Gray & Christmas announced Wednesday. Planned job cuts unveiled by U.S.-based employers in November decreased 13% from the same month in 2010, when employers
Revised Revenue Recognition Proposal Unveiled
FASB on Monday released a revised exposure draft on the financial reporting requirements for recognizing revenue from contracts with customers. The proposed standard, which was released for public comment jointly with the International Accounting Standards Board (IASB), makes a number of changes to a joint ED issued in June 2010
Business Basics in Brazil
Brazil is a nation rapidly on the rise. In 2010, the country’s economy grew 7.5%, making it the seventh-largest in the world, according to the World Bank. In 2011, Brazil’s GDP is expected to grow 4.5%, slower than last year but still a healthy pace. And growth over the next
AICPA, CIMA Gearing Up for Jan. 31 CGMA Launch
The AICPA and the Chartered Institute of Management Accountants (CIMA) have set Jan. 31 as the launch date for their new joint credential, the Chartered Global Management Accountant (CGMA). “What we’re creating is a very significant global community,” Charles Tilley, CIMA’s chief executive, told members of AICPA’s governing council Monday.
Economist Predicts Moderate Growth
The economy is not sliding back into recession, but GDP will only expand at an annual rate of 2% to 2.5% until the housing market recovers, according to Martin Regalia, senior vice president–economic and tax policy for the U.S. Chamber of Commerce. Speaking Tuesday to the AICPA governing Council in
Intergovernmental Financial Dependency: Why It Matters
Current economic conditions, including job losses, illiquid credit markets, an ailing construction industry and reduced consumer spending, have combined to increase risk and uncertainty not only across all private industries, but also in the public sector, including local governments, states and, perhaps most importantly, the federal government. AICPA Statement of
Act Public Before Going Public
After several years of increasing numbers of U.S. companies making initial public stock offerings, starting in late summer 2011, some companies postponed going public as economic and market conditions grew turbulent and uncertain. But even a holding pattern might have some advantages if companies use that time to better prepare
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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.
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