Social Security fraud was already a problem when the global COVID-19 pandemic hit the United States early this spring. But now fraudsters have added brand-new ploys involving the public health crisis to exploit unsuspecting victims. CPAs can help their clients, and the public, by using their esteemed positions in the community to distribute information about […]

News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The National Association of State Boards of Accountancy (NASBA) issued an exposure draft Tuesday that is proposing changes to the Uniform Accountancy Act (UAA) Model Rules in support of the CPA Evolution initiative. NASBA and the AICPA have undertaken the CPA […]

More than 60% of Americans said in a recent poll they believe they will likely be personally affected by a natural disaster, such as a tornado, flood, earthquake, or wildfire in the next three to five years. And although 73% have taken at least one step to plan for a disaster, such as assembling food […]

News MANAGEMENT ACCOUNTING By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} Risk appetite plays an important role in organizational success and should be considered carefully by leaders as they make strategic decisions. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published new guidance on risk appetite focusing on how […]

Treasury and the U.S. Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance Friday night that provided some clarity on several loan forgiveness questions but didn’t address the two parts of PPP that arguably have generated the most concerns among the millions of small businesses and other entities that have received funding. Two […]

The International Auditing and Assurance Standards Board (IAASB) published a staff audit practice alert Friday that is designed to highlight key areas of focus for auditor reporting related to the coronavirus pandemic. The alert highlights potential implications for auditor and interim review reports related to the pandemic that include: Modifications to the auditor’s opinion due […]

As of May 18, the IRS has sent out 140 million stimulus checks, with around 10 million more to send. The funds are expected to help people pay their expenses and jump-start the economy, which has been in decline since the coronavirus hit U.S. soil. This money — $1,200 for individuals with adjusted gross income […]

The SEC voted to adopt amendments to its rules and forms for disclosing financial information about acquired or disposed businesses. The changes are intended to improve information for investors, facilitate more timely access to capital, and reduce the complexity and costs of preparing the disclosure. The new rules and forms are designed to help registrants […]

News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} An effort to transform the CPA licensure model took a step forward Wednesday when the AICPA governing Council voted to support its advancement during its virtual spring meeting. Council voted to support the CPA Evolution initiative, which is being undertaken by […]

FASB voted Wednesday to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements. The board originally had proposed amending the revenue recognition standard effective date just for franchisors that are not public business entities. But feedback FASB received on the […]