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The Governmental Accounting Standards Board has issued an implementation guide that includes questions and answers related to recently released GASB standards on accounting and financial reporting for fiduciary activities. Implementation Guide No. 2019-2, Fiduciary Activities, is effective for all reporting periods beginning after Dec. 15, 2018. Continue Reading
Finding qualified staff is once again most CPA firms' top concern, according to the 2019 PCPS CPA Firm Top Issues Survey. Many firms also name keeping up with changes in tax law a pressing issue, likely a reflection of the impact of the Tax Cuts and Jobs Act on the profession. Firms also rank privacy and security as an important concern. Continue Reading
Rapid technological advancement has the National Association of State Boards of Accountancy and the AICPA exploring ways to change CPA licensure requirements to reflect the skills and knowledge CPAs increasingly need. NASBA and the AICPA are requesting feedback on five guiding principles that are meant to inform the evolution of the licensure model. Continue Reading
The experts in Journal of Accountancy's annual technology roundtable assert that to benefit from the potential of new technologies, the accounting profession needs to develop new skills and new ways of thinking. Continue Reading
Legalized cannabis is a fast-growing industry, but providing services to cannabis businesses carries risk for CPA firms. Here are factors to consider related to this practice area. Continue Reading
The AICPA Auditing Standards Board (ASB) issued standards May 8 that are designed to enhance the communicative value of the auditor’s report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing and Assurance Standards Board (IAASB) and the PCAOB. Continue Reading
Last year, NASBA and the AICPA launched the CPA Evolution initiative to explore ways to evolve CPA licensure to integrate technological and analytical expertise. Continue Reading
Although many of you had different ideas for how to evolve the CPA licensure model, there was overwhelming agreement that the profession should evolve to align with the changing marketplace. Continue Reading
Tempting as it may be for CPAs to comply with such requests, providing the requested assurances could put CPAs and their licenses at significant risk. Continue Reading
Keeping the following points in mind can ease the tax extension discussion and help your clients understand the process. Continue Reading