The CPA Journal - The Voice of the Accounting Profession
The 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 ...
The Accounting Profession Is in Crisis - The CPA Journal
Dec 1, 2023 · The 150-hour requirement was intended to better prepare students for the profession and enhance the profession’s image. Advocates of the requirement expected that students would become better critical thinkers and thus better prepared for the evolving profession through a fifth year of education.
Equity Method Accounting - The CPA Journal
Apr 12, 2023 · In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU required that companies measure their equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value, with changes in fair value recognized in …
Asset Acquisition Accounting - The CPA Journal
Apr 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.
Tax Consequences of Settlement and Litigation Award Payments ...
Nov 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.
The New State of Administrative Law - The CPA Journal
Nov 12, 2024 · Impact on Tax Law. Loper Bright and Corner Post are significant decisions that lay the groundwork for a more plaintiff-friendly litigation landscape in challenging agency actions. In undoing Chevron, the Supreme Court has turned agency regulations not based on an explicit grant of authority from affirmative law to an expression of an agency’s position on a statute.
Basic Tax Reporting for Decedents and Estates - The CPA Journal
Aug 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
Feb 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 …
The Lingering Differences between IFRS and GAAP
Apr 15, 2024 · IFRS is the predominant set of accounting standards used by listed companies outside the United States. Some of these companies pursue and achieve a listing in the United States, and many of those companies submit IFRS-basis financial statements to the SEC to support their listing in the U.S. market.
How to Report Internal Control Deficiencies - The CPA Journal
Oct 24, 2017 · Drafting the Communications. It is necessary to clearly articulate significant control deficiencies (including material weaknesses) in written communications, generally as the main focus in the first sentence of each of internal control finding communicated, rather than to merely report the evidence or results of the deficiencies (i.e., the exceptions noted).