CPA Practice

APRIL 27, 2023

The Financial Accounting Foundation (FAF) has given the financial reporting community an opportunity to raise potential concerns about compliance with the due-process procedures of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

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CPA Practice

OCTOBER 18, 2023

The award, presented since 1944, is the highest honor bestowed by the AICPA, recognizing CPAs “whose influence on the accounting profession has been especially notable.” Robert Herz has had invaluable impact on the growth and success of the accounting profession throughout his distinguished career,” Golden said.

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CPA Practice

AUGUST 23, 2023

The Financial Accounting Standards Board (FASB) issued a new standard on Wednesday that addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. A government may also be a member of the group.

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ThomsonReuters

FEBRUARY 8, 2024

In other words, the assumptions are the basis for all accounting principles. Established by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), GAAP is a set of standardized accounting rules, requirements, and practices to guide how financial statements are prepared and presented.

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Going Concern

JANUARY 25, 2023

When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules 1 , accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!”

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Going Concern

DECEMBER 22, 2023

Dyson Named PCAOB Chief Information Officer [ PCAOB ] The Public Company Accounting Oversight Board (PCAOB) announced Wednesday the appointment of Pamela C. And I felt that both emotionally and professionally… and [so have] all of our people,” she tells The Australian Financial Review. As CIO, Ms. PwC declined a request by Sen.

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ThomsonReuters

FEBRUARY 1, 2024

It was thought that shady financial reporting practices by some publicly-traded entities caused (or partly caused) the financial calamities. Acting on this suspicion, the federal government worked with the accounting profession to make a change by standardizing financial reporting and establishing best practices.

Non-Profits 52

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inDinero Accounting

JUNE 29, 2023

The history of GAAP dates back to 1929 when the Committee on Accounting Procedure was founded by the American Institute of Accountants and tasked with developing uniform accounting standards. Additionally, GAAP ensures that businesses remain compliant with government regulations regarding financial reporting.

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Going Concern

APRIL 15, 2024

Without explicitly referring to PwC’s actions in Australia, it said “Public trust in the accountancy profession continues being buffeted by recurring high-profile corporate failures and ethical lapses in firms.” “A billion to Intel Corp., one of the first of the $39 billion in grants it will make under the CHIPS and Science Act.

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Going Concern

OCTOBER 7, 2022

Accounting’s Big Lie — and How to Fix It [ Project on Government Oversight ] A colossal conflict of interest compromises the auditing of public companies and the financial security of everyone who depends on them. The Project On Government Oversight is planning a conference on what to do about it.

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ThomsonReuters

DECEMBER 6, 2022

The spotlight on environmental, social, and governance (ESG) continues to intensify as businesses are increasingly being called upon to disclose more about their ESG performance and strategies. The Rise of ESG. ESG, as we now know it, began to take form in the mid-2000s; however, the philosophy that drives it has been around much longer.

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ThomsonReuters

JANUARY 18, 2024

CPA responsibilities to clients As a trusted advisor in an increasingly complex financial landscape, certified public accountants (CPAs) have significant responsibilities for the services they provide to their clients. They also need one year of accounting-related work experience. However, this is no longer the case.

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Withum

AUGUST 17, 2023

Reporting on Environmental, Social, and Corporate Governance (ESG) can often seem overwhelming due to the multitude of acronyms, surveys, standards, and ratings, coupled with changing ESG criteria. The area of ESG reporting is rapidly developing, and many standards and regulations are yet to be established.

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PYMNTS

AUGUST 15, 2019

Enterprise lease accounting software company LeaseAccelerator is teaming up with Clearlink Partners to help joint clients ease the administrative burden of complying with changes in lease accounting standards. The companies announced their partnership in a press release issued Wednesday (Aug.

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Going Concern

MARCH 22, 2024

The decision will likely set up another showdown with Australian politicians who have strongly criticised the firm for not sharing the report, and frustrate government departments that have believe it should be shared. Movers and Shakers Jackson M. Day to the role of director of technical activities.

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Going Concern

MARCH 4, 2022

SEC Chief Accountant Lauds FASB for Engaging Investors, Stakeholders on Potential New Standards [ JD Supra ] Paul Munter, acting chief accountant for the SEC’s Office of the Chief Accountant, on Feb.

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Cherry Bekaert

OCTOBER 25, 2023

After a period of relative inactivity, standard setters have issued four new standards. The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06.

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Going Concern

NOVEMBER 18, 2022

Then it becomes a choice of giving it to the government or building the house of your dreams.”. Federal agents raid San Luis Obispo accounting firm [ CalCoastNews ]. Financial Accounting Foundation issues new strategic plan [ ABA Banking Journal ]. Among the 25 bullet points, No. Other Stuff.

Technology 76

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Cherry Bekaert

MARCH 19, 2019

Almost one year has passed since the Financial Accounting Standards Board (“FASB”) released guidance for contributions accounting, but several nonprofit organizations still struggle with understanding the new provisions.

Account 40

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Xero

DECEMBER 13, 2023

Trend #4: Carbon accounting the next frontier for compliance We’re well into the critical decade of climate action and pressure will begin to mount on governments and industries to reduce their carbon emissions to meet the IPCC’s 2030 deadline.

Technology 86

Technology accounting and finance Education Entertainment 86

Going Concern

MARCH 24, 2023

The federal government levies taxes on collectibles held for more than a year at a top rate of 28%. Accounting Board Seeks Crypto Standards Requiring Firms to Report Price Shifts [ CoinDesk ] U.S. It generally levies a top 20% rate on other investments.

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Going Concern

AUGUST 11, 2023

to Kansas City when a Fresno tax processing center closed in September 2021 have not been found, the report from the government watchdog said. Ball’s effort was opposed by a law firm that also took on the accounting firm, but wanted unclaimed reward money to go to a consumer advocacy group that works on behalf of people nationwide.

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PYMNTS

MARCH 6, 2019

Corporate accounting standards are changing, with the Financial Accounting Standards Board adopting new standards in ways companies report on leases, hedging and other financial activity. In the U.K., In the U.S., But researchers warn that corporates continue to find ways to hide the bad news.

Finance 55

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Going Concern

MAY 12, 2023

Former NSW Supreme Court justice Anthony Whealy, KC, now the chair of the Centre for Public Integrity, said the federal anti-corruption legislation could catch government contractors, such as PwC, and operated retrospectively. 1, 2024, the Financial Accounting Foundation said.

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Going Concern

JUNE 17, 2022

FASB Seeks Comments On Grants, Reschedules NPO Webcast [ The Nonprofit Times ] The Financial Accounting Standards Board (FASB) issued an Invitation to Comment (ITC), on its “Accounting for Government Grants by Business Entities: Potential Incorporation of IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, into Generally (..)

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Withum

OCTOBER 11, 2023

Even though Congress may have recently provided bi-partisan legislation by passing the continuing resolution to keep the government funded through November 17 th , it is unclear whether similar bi-partisan legislation can be passed in order to retain and support continued R&E practices in the United States.

income tax 80

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PYMNTS

JUNE 17, 2019

Separately, at the state level, in California , a number of certified public accountants (CPAs) are calling for an industry watchdog to clarify the standards in place for cryptocurrency-related accounting. million for allowing transactions and clients to violate sanctions against North Korea.

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PYMNTS

OCTOBER 28, 2019

The Big Four auditing firms — EY, Deloitte, KPMG and PwC — have recently requested that the Financial Accounting Standards Board (FASB) provide clarity in how corporates should classify their reverse factoring or supply chain financing agreements, adding more fuel to a long-standing debate as to whether such trade financing tools are debt.

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Going Concern

APRIL 7, 2023

If liquidity issues arise for these banks, they may need either to issue additional debt capital at higher interest rates or to sell those loans to become more liquid,” said Tom Linsmeier, an accounting professor at the University of Wisconsin and former member of the Financial Accounting Standards Board.

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auditor chartered accountant audit accounting and finance 102

Going Concern

MARCH 25, 2022

Deloitte revenue from federal government contracts for calendar year 2021 as reported to AusTender amounted to $265.3 This was a 23 per increase – or $51 million – over the 2020 calendar year, when Deloitte enjoyed $214 million worth of federal business.

tax return 52

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Snyder

NOVEMBER 22, 2022

Accepted accounting principles: Generally Accepted Principles vs International Financial Reporting Standards. The Financial Accounting Standards Board ( FASB ) is the authoritative source of guidance for private companies, non-profit organizations and other industry groups when it comes to setting accounting principles.

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Cherry Bekaert

FEBRUARY 8, 2023

Standard setters were relatively inactive this past year. The Financial Accounting Standards Board (FASB) issued only six new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) issued only three new GASB Statements in 2022.

Non-Profits 40

Non-Profits income tax Government Account 40

Cherry Bekaert

MAY 9, 2024

The Governmental Accounting Standards Board (GASB) has issued Statement No. 102, Certain Risk Disclosures , to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. What Does GASB 102 Change?

financial statements 52

financial statements Government Manufacturing accounting and finance 52

Cherry Bekaert

JULY 20, 2023

Standard setters have been relatively inactive this year. The Financial Accounting Standards Board (FASB) has issued only two new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) has not issued any new GASB Statements in 2023.

income tax 75

income tax Legal accounting and finance Tax 75

Shay CPA

JANUARY 31, 2024

Stay up on lease accounting requirements Lease accounting has changed a lot in the last five years. With new changes to generally accepted accounting principles (GAAP) from the Financial Accounting Standards Board, companies have had to adjust how they report their leases.

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Going Concern

MAY 27, 2022

Supreme Court rejects red states’ bid to block Biden accounting metric [ The Hill ] The tool in question, known as the “social costs” of greenhouse gases, is a set of values that help the government calculate the climate costs or benefits of its actions. H&R Block? Who are these people they surveyed?

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auditor audit accounting standards Technology 94

Cherry Bekaert

JANUARY 29, 2024

The Financial Accounting Standards Board (FASB) issued nine Accounting Standard Updates (ASUs), and the Government Accounting Standards Board (GASB) issued only one new GASB Statement in 2023. For summaries of standards issued in the first three quarters, view our previous rundowns here.

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