Book Review: Blockchain Basics: A Non-Technical Introduction in 25 Steps
The CPA Journal
by Yigal Rechtman, CPA, CFE, CITP, CISM
20h ago
By Daniel Drescher. Apress Business, 2017, ISBN 978-1-4842-2604-9. As blockchain and, its derivative, virtual currency become ubiquitous in commerce, business, and Main Street, there have been many attempts to explain what the underlying concepts are (e.g., by this author in “The Reality of Blockchain and Its Limitations,” CPA Journal, July 2018, https://bit.ly/3zQVKu2). This book, Blockchain Basics: A Non-Technical Introduction in 25 Steps, by Daniel Drescher, takes the reader by the proverbial hand and walks them through easy-to-understand steps of how blockchain is construct ..read more
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CPAJ News Briefs: FASB, IASB, GASB
The CPA Journal
by Thomson Reuters Checkpoint
2d ago
FASB News Will FASB Need to Consider AI in Overhaul of Accounting for Software Costs? FASB may need to consider how artificial intelligence (AI) would not only fit into its project on accounting for software costs, but also its general standards-setting process, according to recent board discussions with small public companies. The increasing prevalence of AI and its role in the accounting profession have been on the minds of financial statement preparers, raising various issues, as indicated in a discussion by the board’s Small Business Advisory Committee (SBAC). In a closed session, the issu ..read more
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Simplification May Not be so Simple
The CPA Journal
by Nathan S. Slavin, PhD, CPA
2d ago
ASB issued ASU 2021-08, Business Combinations (Topic 805)–Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to address the diversity in practice on the accounting for contract assets and contract liabilities acquired in a business combination. Contract assets and contract liabilities fall under the guidance for revenue recognition, which is covered under ASC 605, Revenue Recognition. Assets and liabilities in a business acquisition are valued at their respective fair values under ASC 805, “Business Combinations”; any residual value is allocated to good ..read more
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Audit Committee Penetration Testing Considerations
The CPA Journal
by Joel Lanz, CPA/CGMA/CITP/CFF, CISM, CISSP, CFE
4d ago
Whether responding to heightened regulatory expectations or confirming trust in their organization’s ability to repel a cyberattack, performing penetration testing (i.e., “pen test”) continues to be a hot topic at audit committee meetings. Sighs of relief frequently accompany the good news of a passed pen test and sometimes create favorable bonus considerations for management. A poor pen test typically results in blame (and in some cases shame) throughout the organization, time-intensive meetings, and additional expense to resolve identified issues. Some organizations charge the audit committe ..read more
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Mitigating the Negative Impacts of Job-Related Stress
The CPA Journal
by Sammie Parsley, DBA, CPA, CMA, CIA, CGMA
1w ago
Although stress in public accounting is unavoidable, especially during the busy season, excessive amounts can be dysfunctional for both individual CPAs and their firms. Prolonged exposure to high levels of stress can lead to psychological symptoms of depression and anxiety. Stress-related illnesses can decrease performance, generate health problems for individuals, increase group health premiums for organizations, increase absenteeism, and increase turnover. CPA firms can proactively address these stress-related costs by recognizing the drivers of the stress and tailoring responses accordingly ..read more
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CPAJ News Briefs: FASB, IASB, AICPA
The CPA Journal
by Thomson Reuters Checkpoint
1w ago
FASB News Advances Made on Proposal on the Concept of Measurement FASB has made progress on the concept of measurement—a chapter being developed in the conceptual framework that will determine the amount companies would record in financial reports for items that bring economic benefit. FASB Concepts Statement (CON) 8, Conceptual Framework for Financial Reporting, is an in-house guide the board uses to determine the way items like assets, liabilities, revenues, and expenses get recorded in financial statements—and how. The board is developing a proposal for public comment on “Chapter 6, Measure ..read more
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Financial Reporting Quality during COVID-19
The CPA Journal
by Jiali (Jenna) Tang
1w ago
The COVID-19 pandemic has added to the uncertainty and confusion faced by stakeholders. As companies incur revenue loss, plan for recovery, and start to adopt new business models, the proper disclosure of financial performance, changes in strategy changes, and the views of management become issues of concern. Information pertaining to uncertainties often cannot be conveyed through the tabular disclosure of GAAP earnings, but is better expressed through the narrative reporting in non-GAAP metrics and management discussion and analysis (MD&A). Non-GAAP Reporting Companies have used non-GAAP ..read more
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Current Developments in California, Florida, Indiana, and Pennsylvania
The CPA Journal
by Corey L. Rosenthal, JD
1w ago
CPAs need to be aware of current tax developments in key states to properly advise their clients that are doing business in multiple jurisdictions. This article provides an overview of some key developments in California, Florida, Indiana, and Pennsylvania. California: Extension of Filing Deadline for Taxpayers Impacted by Winter Storms California Governor Gavin Newsom extended the California income tax deadlines to file individual and business income tax returns and payments to October 16, 2023, for taxpayers affected by the December and January winter storms. The extension applies to taxpay ..read more
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Single Audits Are Not What They Used to Be
The CPA Journal
by John D'Amico, CPA
1w ago
In Brief The past several years have seen large sums of federal assistance directed to not-for-profit organizations in order to aid in dealing with and recovering from the COVID-19 pandemic. This funding has come with changes to audit requirements for recipients. CPAs advising such organizations should stay up to date on federal programs and single audit requirements. *** The COVID-19 pandemic resulted in a tremendous amount of additional federal financial assistance being awarded to nonfederal entities over the past three years. Some of the programs that these funds were awarded from were n ..read more
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Leveraging Business Skills in Counseling the Recovering Addict
The CPA Journal
by Eric A. Kreuter, PhD, CPA, CFE, CGMA, CMA, MAFF
2w ago
Accountants can deploy their technical training, skills, and experience in helping powerless persons as a way of giving back to the community. This article describes how I found a path to helping people recover from addiction to alcohol and other drugs. One need only reflect on the high death rate due to the opioid crisis and the dangerous proliferation of fentanyl in the United States to see why more must be done. Rather than stigmatize the addict, I believe we should see chemical addiction as a disease and help those who are affected by it find sustainable ways of overcoming its grip. After ..read more
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