Withum

DECEMBER 5, 2023

Accounting Standards Update 2021-07 Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards was issued to address concerns raised by stakeholders about the cost and complexity of determining the fair value of equity classified share awards for private companies.

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CPA Practice

FEBRUARY 7, 2023

The comment letter notes that the proposed change in the standard is presented without any apparent explanation or evidence for the need for such a change. To address these issues, the letter calls upon the PCAOB to: Maintain AS 2605 as the standard for evaluating internal auditors’ involvement in the confirmation process.

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Menzies

NOVEMBER 3, 2022

Menzies LLP - A leading chartered accountancy firm. Which accounting standard should you use? When preparing a set of financial statements in the UK there is a choice of accounting standard to apply in order to comply with UK Companies Act 2006. Is there a requirement to use either UK GAAP or IFRS?

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Withum

FEBRUARY 1, 2023

One hope to remedy the situation was for Treasury to grant relief under Section 473. Business Interest Deduction Limitations The Tax Cuts and Jobs Act of 2017 expanded the interest deduction limitations under IRC Section 163 by creating section 163(j).

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ThomsonReuters

JANUARY 3, 2022

To help evaluate disclosure obligations as they pertain to supply-chain finance, SEC Staff suggests that you include a discussion of the following in Securities Act and Securities Exchange Act registration statements and in periodic reports, particularly in the Management’s Discussion and Analysis (MD&A) section : .

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Shay CPA

OCTOBER 25, 2023

Under Accounting Standards Update 2017-11 from the Financial Accounting Standards Board (FASB), you don’t necessarily always need to classify financial instruments with down round features as liabilities. Your accountant can help you figure out if you need a valuation allowance. Section 409A.

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Ryan Lazanis

APRIL 18, 2023

AI helps individuals and businesses manage financial data efficiently by analyzing transactions, cash flow, budget, and accounting data to identify trends, errors, and areas of improvement. AI can also help with document management, enabling auditors to easily locate and access relevant financial records and data.

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PYMNTS

APRIL 29, 2020

Accounts receivable at many businesses continue[s] to grow as their customers hold onto cash,” Jason Brodmerkel, CPA, AICPA senior manager, Accounting Standards, said in the announcement. Providing liquidity for accounts receivable would help encourage growth and investments in business.”.

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ThomsonReuters

DECEMBER 19, 2023

Effective July 1, 2022, the Infrastructure Investment and Jobs Act reinstated the Section 4661 excise tax on chemicals (other than ODCs) and the Section 4671 tax on imported chemical substances. Blog For more information on claiming green tax credits, see our guide to environmental IRS forms. Identify ESG-related tax incentives.

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CPA Practice

MAY 18, 2023

across all four sections of the Uniform CPA Examination, pass all four sections on their first attempt and have completed testing in 2022. The American Institute of CPAs has announced the 50 winners of the 2022 Elijah Watt Sells Award. This award is granted to CPA candidates who obtain a cumulative average score above 95.50

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ThomsonReuters

OCTOBER 5, 2023

Each section of the amortization schedule communicates information to the borrower and lender. Many intangibles are amortized under Section 197 of the Internal Revenue Code. Amortization is usually conducted on a straight-line basis over a 10-year period, as directed by the accounting standards.

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Cherry Bekaert

APRIL 5, 2023

Expert Accounting, Internal Control, and Governance Services Get You Ready and Keep You Compliant We specialize in Internal Audit solutions tailored to the unique needs of both large and small publicly traded companies, those preparing for an initial public offering and private companies merging into an existing public company.

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ThomsonReuters

APRIL 18, 2023

Accounting standards In recent years, the accounting profession has seen its share of changes in accounting standards , including the new revenue recognition standard and more recently, the new lease accounting standard (ASC 842).

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Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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CPA Practice

JANUARY 30, 2024

18 initiated administrative and cease-and-desist proceedings against a longtime assurance partner at top 15 accounting firm Marcum who is accused of improper professional conduct by repeatedly not following U.S. auditing standards over a 10-year period. The Securities and Exchange Commission’s enforcement division on Jan.

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ThomsonReuters

NOVEMBER 8, 2022

Accounting Standards Update (ASU) No. Catalyst: US GAAP: Business Combinations/Catalyst: Section 310 , Recognition and Initial Measurement. The Checkpoint resources below provide much-needed clarity. Checkpoint Edge resources: New FASB Rules Issued on Revenue Contracts Acquired in Business Combinations.

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CPA Practice

NOVEMBER 6, 2023

The survey – conducted every two years by the AICPA & CIMA’s Private Companies Practice Section (PCPS) and CPA.com, the AICPA’s business and technology arm – is the profession’s largest practice management benchmarking tool. That rate eclipses the 4.2%

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MineralTree

OCTOBER 5, 2023

Ensuring that the AP function is properly integrated into the month-end close process is essential for accurate financial reporting and compliance with accounting standards. For example, they may reconcile vendor statements with the AP ledger to ensure there are no discrepancies or missed invoices.

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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.

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PYMNTS

OCTOBER 25, 2019

Top accountancy firms are asking the Financial Accounting Standards Board (FASB) to clarify how corporates should report on supplier finance programs that are in place, according to Compliance Week reports on Friday (Oct.

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PYMNTS

OCTOBER 26, 2018

Amid reports this week that changes to accounting standards are coming over the next few weeks, the Securities and Exchange Commission (SEC) has said that financial professionals, including accountants, must be mindful of cybersecurity risks.

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Withum

JULY 11, 2023

International accounting standards will require sustainability disclosure alongside finance statements. Furthermore, these reporting standards will require the adoption of internal controls that can support an independent audit. Below is a summary of some sustainability reporting standards mining companies will be subject to.

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PYMNTS

DECEMBER 12, 2019

Now, the SEC is urging businesses to disclose their supply chain financing arrangements in their Management’s Discussion and Analysis section of financial statements, reports said. The SEC’s remarks follow requests by the Big Four U.S.

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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.

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Snyder

NOVEMBER 17, 2022

Why we love this blog: Accounting Today is a reliable source with 35 years of experience in the field. This magazine deals with all the crucial matters of accounting like tax preparation and tax law, bookkeeping and accounting standards, auditing, financial planning, wealth management, and the latest accounting technology.

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Going Concern

JANUARY 11, 2024

The application or implementation of auditing, quality control, and independence standards related to the audits of the financial statements of domestic and/or foreign public companies or broker-dealers registered with the SEC. capital markets or broker-dealers registered with the SEC.

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CPA Practice

JUNE 1, 2023

across all four sections of the Uniform CPA Examination, pass all four sections on their first attempt and have completed testing in 2022. This award is granted to CPA candidates who obtain a cumulative The American Institute of CPAs (AICPA®) is pleased to announce the 50 winners of the 2022 Elijah Watt Sells Award.

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inDinero Accounting

JUNE 24, 2021

According to accounting standards, a financial report presents a company’s assets, liabilities, income, expenses, equity, shareholder position, and cash flow in a period (i.e., An amount (typically a dollar amount) and each section are totaled. IFRS is short for international financial reporting standards.

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Ryan Lazanis

JUNE 8, 2023

All kinds of accounting topics, from taxes to software recommendations and business strategies can be discussed. As such, joining accounting forums can be valuable, even if you’re a vet or just starting out. Why Join Accounting Forums? I already hinted at the general benefits of joining accounting forums.

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Going Concern

JANUARY 20, 2023

ESG Companies parachute accountants in to fix flawed ESG data [ Financial Times ] Accountants and auditors are muscling in on the preparation of climate data amid concern that companies are still far from ready for disclosure rules being drawn up by regulators around the world. In 2020, it said the process would be complete by 2026.

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Going Concern

JULY 29, 2022

It puts pressure on what companies report in their financial statements, the rules for which are crafted by the Financial Accounting Standards Board. Listen to this man: There are exactly 523 days before the #CPA evolution takes effect and the BEC section disappears from the CPA exam. ” 521 days now. Don’t wait.

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Going Concern

JANUARY 27, 2023

The agency said in 2020 that assumptions the company used from 2013 to 2019 were potentially not compliant with Cost Accounting Standards, regulations that govern cost accounting requirements for government contracts. The company has been facing questions on those issues from the Defense Contract Management Agency since 2019.

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Going Concern

FEBRUARY 2, 2024

Remember: there is no substitute for the AICPA Professional Standards; this discussion is not intended to cover all the requirements contained in the relevant sections of that authoritative guidance. In particular, the revision reflects a change in approach from quality control to quality management.

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