The CPA Journal - The Voice of the Accounting Profession
WEBThe CPA Journal is a publication of the New York State Society of CPAs, and is internationally recognized as an outstanding, technical-refereed publication for accounting practitioners, educators, and other financial professionals all over the globe.Edited by CPAs for CPAs, it aims to provide accounting and other financial professionals with the information and analysis they need to succeed in ...
Major Revisions to the Auditor's Report - The CPA Journal
WEBApr 7, 2021 · Overview of Changes to Audit Reports. The ASB’s changes greatly impact auditor reports. Briefly, the changes included: 1) moving the opinion to the first part of the report; 2) adding more titles; 3) disclosing management’s and the auditor’s responsibility for going concern issues; 4) introducing key audit matters (KAM); and 5) expanding the disclosure of auditor responsibilities.
Basic Tax Reporting for Decedents and Estates - The CPA Journal
WEBAug 3, 2021 · Gift and Estate Tax Returns. A fiduciary generally must file an IRS Form 706 (the federal estate tax return) only if the fair market value of the decedent’s gross assets at death plus all taxable gifts made during life (i.e., gifts exceeding the annual exclusion amount for each year) exceed the federal lifetime exemption in effect for the year of death—$11.7 million for 2021.
Tax Treatment of Liquidations of Partnership Interests
WEBFeb 9, 2021 · Redemption of a Partnership Interest. Redemptions of a partner’s entire partnership interests are governed by IRC section 736. That section does not affect the amount of income, gain, or loss that will be reported by the retiring partner; instead, it determines whether the income will be a capital gain (or loss) or ordinary income, and whether the remaining partners will be able to deduct a ...
Tax Consequences of Settlement and Litigation Award Payments ...
WEBNov 20, 2018 · When an individual receives a settlement or litigation award payment, the likely first question is whether the payment is taxable. While CPAs may know that the answer will depend upon the claim underlying the lawsuit, several other questions can arise that will likewise depend on the facts and circumstances.
Managing Data as an Asset - The CPA Journal
WEBJun 24, 2019 · Managing data as an asset starts the process of valuing it as one. Best practices require that the asset comply with global regulatory requirements; achieve the organization’s goal; and meet reliability, accuracy, completeness, validity, and timeliness attributes. Data users in the organization will not use data if its quality does not meet ...
The Past, Present, and Future of Forensic Accounting
WEBApr 10, 2020 · The Origins of Forensic Accounting. The world of forensic accounting has been developing for the past 70 years. Some credit the beginning of the understanding of fraud as a subject of scientific study to the 1934 work of Donald Cressey and Edwin Southland, who coauthored Principles of Criminology. This authoritative text defined and described the fraud triangle, which made its way to the ...
Depreciable Asset Lives - The CPA Journal
WEBSep 8, 2016 · FASB currently emphasizes that depreciation accounting “is a process of allocation, not of valuation” and describes it as the expense that results from the systematic and rational allocation of the cost of a productive facility or other tangible capital asset, less salvage (if any), as equitably as possible to the periods during which ...
Asset Acquisition Accounting - The CPA Journal
WEBApr 4, 2022 · The key consideration when classifying a transaction as an asset acquisition or a business combination is the definition of a business. In January 2017, FASB issued Accounting Standards Update (ASU) 2017-01, Clarifying the Definition of a Business.This ASU provides a new framework for determining whether a transaction is an asset acquisition or a business combination transaction.
Managing the Risks of Client Acceptance and Continuance
WEBFeb 12, 2020 · The negative actions of clients can sometimes rebound on auditors, damaging that reputation; preventing this means carefully vetting clients and their activities at every stage of an engagement. The authors share advice from several professionals on proper practices for client acceptance, continuance, and—when necessary—disengagement.