Accounting

  • FASB Makes Long-Awaited Nonprofit Proposal

    By:
    Chris Gaetano
    |
    Oct 10, 2017

    The question of whether a transaction should count as an exchange or a contribution—and whether a contribution is conditional or unconditional—is one that has long challenged not-for-profit accountants, with no real consensus as to the proper treatment. A new proposed accounting standards update, issued on Aug. 3 by the Financial Accounting Standards Board (FASB), aims to end this ambiguity by providing a consistent methodology. While it’s relevant mainly for nonprofits, if approved, it would apply to every entity that receives or makes contributions of cash and other assets. 

  • Sustainability Conference Takes Practical Bent to Responsible Business

    By:
    Chris Gaetano
    |
    May 12, 2017

    Now in its second year, the Foundation for Accounting Education’s (FAE) upcoming Sustainability Investment Leadership Conference is focused on turning theory into practice when it comes to sustainable business practices. Scheduled for May 17 at the New York Bar Association, the conference will feature a number of talks on how CPAs can apply processes like integrated reporting, supply chain management and other topics in corporate sustainability to their own practices. 

  • Newsmakers: FASB Staffers Discuss Board's Revenue Recognition Standard

    By:
    Chris Gaetano
    |
    Feb 21, 2017
    In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard on revenue recognition, which is set to take effect for public organizations on Dec. 15, 2017, and for nonpublic organizations on Dec. 15, 2018. The revenue recognition standard is one of the major features of the joint FASB/International Accounting Standards Board (IASB) convergence project, which was intended to produce a set of high-quality international accounting standards that can be used within either framework. Mary Mazzella, supervising project manager at the FASB, and Cullen Walsh, an assistant director at the FASB, are members of the FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG). Mazzella and Walsh took the time to respond to questions from The Trusted Professional about how the implementation process is progressing.
     

  • Beyond the Spreadsheet: Technological Changes Mean Industry Innovations for CPAs

    By:
    Chris Gaetano
    |
    Feb 14, 2017
    With business increasingly migrating out of the physical world and into the digital one, accounting firms are rethinking their practices in order to adapt to an era of big data, artificial intelligence and transactions verified through blockchain technology—changes that could have a disruptive impact on the profession as a whole. Whether these innovations are just picking up steam or are already widespread in the business world, they will have wide-reaching effects, ranging from what kind of work CPA firms do to how these firms are structured in the first place.
  • Cybersecurity expert: Best defense is common sense

    By:
    Chris Gaetano
    |
    Feb 6, 2017
    Cybersecurity risks are just as real for small charities as they are for multinational corporations. Without the big budgets to spend on an advanced cybersecurity program, however, nonprofits face more challenges, particularly when it comes to protecting donor information. Fortunately, there are measures even small organizations can take to protect themselves which won’t break the bank.  That was the message that Richard Nathan, a cybersecurity specialist, emphasized when speaking at the 39th Annual Nonprofit Conference on Jan. 12, sponsored by the Foundation for Accounting Education
  • Speakers reveal the many hats of the nonprofit CFO

    By:
    Chris Gaetano
    |
    Feb 6, 2017

    Years ago, the nonprofit CFO’s role was mainly operational: overseeing functions such as accounting, budgeting and investments. But today’s CFO must be on top of governance, information technology, funding, compliance regulations, risk mitigation, insurance, employee benefits, time management and contracts, said Ronald F. Ries, a partner at WeiserMazars LLP and a panelist at the Foundation for Accounting Education’s 39th Annual Nonprofit Conference on Jan. 12. 

  • NYSSCPA Marijuana Symposium addresses risks and benefits of the industry

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    With New York state having launched its medical marijuana program in January 2016 and all of its neighboring states administering their own medical marijuana programs, the NYSSCPA hosted its first Marijuana Symposium on Dec. 13, in order to educate the profession and the public, inform local and national decision makers, and host a forum for open and thoughtful discussion on one of the United States’ fastest growing industries. 

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