In the wake of the Great Recession, FASB spent years deliberating new guidance intended to provide users with more useful information on the expected credit losses on financial instruments, the sudden ...

One of the objectives behind a progressive income tax structure is to achieve a redistribution of wealth by imposing higher taxes on those who earn more compared to those who earn less. Tax laws are ...

The past year has seen inflation reach levels not seen since the early 1980s. Under the circumstances, it can be instructive to revisit the accounting guidance developed for companies to report in ...

Until the issuance of Accounting Standards Update (ASU) 2013-07 [which introduced Accounting Standards Codification (ASC) 205-30 and amended other sections, primarily ASC 942-810, 960, 962, and 965-40 ...

The effects of corporate scandals can reverberate for years. Volkswagen, whose conspiracy to hide the emissions of its diesel engine vehicles was first uncovered in 2015, is still trying to repair its ...

After years of deliberation and comment, FASB’s long-awaited standard on accounting for credit losses, in the form of ASU 2016-13, was finally issued in 2016 and became effective in 2020. The ...

The proliferation of technology throughout modern business has created novel opportunities for financial statement fraud. But technology tools can also be leveraged to help detect and prevent fraud.

Many taxpayers oversimplify the rules surrounding the charitable contribution deduction. Most are aware that contributions to public charities were previously deductible up to 50% of adjusted gross ...

Under Internal Revenue Code (IRC) section 7216 and its concomitant regulations, a tax preparer must obtain the consent of a taxpayer before disclosing or using the taxpayer’s tax return information ...

The June 2017 installment of this column covered “Reporting on Restatement Adjustments after an Auditor Change” (http://bit.ly/2pQMClB). This installment expands ...

FASB’s recent guidance on accounting joint ventures, ASU 2023-5, is intended to resolve diversity in practice and simplify the accounting for these entities. But classifying a newly created entity as ...

Many respondents to The CPA Journal’s 2022 Practice Management and Tax Practice Survey (see p. 28 of this issue) reported that they have adopted new practice management tools to increase the ...