Investors, creditors, and other users of financial information are increasingly looking beyond audited financial statements when making investment decisions. The culture in the United States and around the globe is shifting towards environmental and social issues, and reexamining how corporations are addressing these priorities. This and other non-GAAP reporting is expanding, with virtually no generally accepted guidance and little assurance. The reports are not comparable, are prepared using multiple guiding frameworks, and are generally un-audited. The accounting profession must address the relevance of these reports and the reliability of this new information.
Financial oversight is a key responsibility of nonprofit boards, but many members lack the understanding of finance or nonprofit accounting to effectively perform this duty. As their trusted advisor, a CPA is perfectly positioned to equip board members for this critical task and ensure that their nonprofit maintains strong governance. Here are six ways to get them there:
Over the years, the question about buying a wealth management practice has been posed to me by many CPA firms. If you've got a longer time horizon, acquiring a wealth management practice could be a great idea. But the difference between finding a good acquisition versus just any acquisition can be a make-or-break decision. Here are the things to look for in your due diligence process.
Economists warn that a fiscal storm is brewing, with prolonged recession the likely result. Bankruptcy filings seem imminent, and there will be a growing need for CPAs to assist their clients in financial distress. CPAs should be aware of the following key issues and opportunities when their clients face Chapter 11.
As more baby boomers retire, more professional CPAs are needed to take over firm leadership nationwide. By 2030, all baby boomers will be over 65. It's been dubbed the Great Retirement and the Silver Tsunami, and it gives up-and-coming CPAs an opportunity for new partners to buy into existing firms. But how?
Practices are terminated regularly. Some are sold in their entirety, some piecemeal, some are merged, some abandoned and some "stolen." No one can stay in their practice forever, although some accountants think that is the case and make no arrangements whatsoever while others plan with as much detail as they can think of. Here are some alternatives.
Usually when a practice is sold, the seller sticks around long enough to introduce the buyer to the clients and assures the client they will be available if any problems develop or to field calls when necessary.
A lot of asset blood, liability sweat andequity tears are shed during every professional’s CPA Exam journey. No journey is the same, but every person is trying to reach the same destination: Pass all four sections of the Exam and become a certified public accountant. There are many methods to the madness, so here are five tips to keep you progressing forward:
Here are 3 new Q&As on the "Information System Services" interpretation. In addition to the related podcast miniseries, division staff have published these questions and answers to help clarify the revised interpretation.
Conceptual framework toolkit updates. AICPA has updated the conceptual framework toolkits to align with international role and mindset requirements.
Want to know how to approach an ethical issue as it applies to your CPA credential? The AICPA recently published an article with information on how to think about issues and where to find guidance.
Not only is it possible for CPAs to double their income by offering financial planning services, more CPAs than ever are implementing this client service to do exactly that.
How is the state applying their Red Tape Reduction efforts to licensure? MTCPA met with leaders to find out!
Here’s how to get CPA firm partners destined to hold on until the bitter end to loosen their grip and successfully hand off their firms to the next generation.
After we celebrate our nation's independence we should all check on our professional independence.
In a recent 1889 Institute blog, one of my colleagues discussed one suggested cure for occupational licensing: universal recognition. Its shortcomings became obvious with a bit of thought: it only helps some consumers (those close enough to the state border to be worth traveling to) and it only helps them a little bit – allowing out of state practitioners to practice in the state doesn’t boost the supply of practitioners to anything like the same degree eliminating the licensing requirements would. Sure, universal recognition makes a certain kind of sense, if you don’t think too hard about the immorality of requiring government permission to sell your labor. After all, why would a hair stylist trained in Oklahoma be lower quality than a hair stylist trained in Kansas?
Put a good idea in the hands of CPAs, and they’ll find innovative ways to make it even better. That’s exactly what’s happening right now with the new .cpa web domain.
The IRS shares the errors detected during the 2022 tax filing season.
Hear about the exposure drafts directly from Nancy Miller, a PEEC member who chairs the task force responsible for the proposed code revisions related to compliance audits. Nancy and Melissa Powell, a manager in the ethics division, talk about the changes, why PEEC believes they’re necessary, and what they’d like to hear from you. Never miss an episode. You can follow Ethically Speaking at Apple Podcasts, Google Podcasts, Spotify, or wherever you stream content. Just search for “Ethically Speaking” and look for our jolly citrus logo
The ‘retirement ideal’ has been changing for years. Older people are increasingly unretiring, changing the shape of this life stage.