Accounting

  • N.Y. Fed enforcement inspector: ‘Gaping hole’ in interbank communications leaves door open for money launderers

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    Movies like “Scarface” and TV shows such as “Narco” glamorize drug lords for using banks to funnel their money into legitimate accounts and businesses. But money laundering is a serious crime, and CPAs must remain vigilant to avoid being used as unwitting intermediaries, according to panelists at the Foundation for Accounting Education's recent Anti–Money Laundering Conference in Manhattan. 

  • Newsmaker: IASB’s Hoogervorst Readies for Round Two

    By:
    Chris Gaetano
    |
    Jun 7, 2016

    Hans Hoogervorst begins his second term as chair of the International Accounting Standards Board (IASB) in July. When appointed in 2011, he was facing a global economy still recovering from the economic crisis, as well as several major projects with the Financial Accounting Standards Board (FASB). He took the time to talk to the Trusted Professional about his reflections on his first term, as well as his priorities for the future. 

  • Adding PFP to Your Practice? Experts Offer Step-by-Step Guidance

    By:
    Chris Gaetano
    |
    Oct 5, 2015

    Do CPAs have a place in personal financial planning (PFP)? A few decades ago, that might have been a provocative question. Take, for example, “Accountants as Financial Planners,” a 1991 New York Times story about the AICPA’s efforts to highlight CPAs who ventured into PFP. Putting the accounting profession on the defensive, the article wondered, “Why should the public get their financial advice from CPAs, as opposed to non-accountants?” (Stuart Kessler, an NYSSCPA past president who was interviewed for the piece, offered one succinct answer: Because CPAs “are bound by enforceable standards of conduct. The CPA is thought of in the public mind as being independent and objective.”)

  • New York State Medicaid Chief to Keynote Healthcare Conference Thursday

    By:
    Maya Lindsay
    |
    Sep 22, 2015
    Jason Helgerson, the state’s Medicaid chief, will be the keynote speaker at the NYSSCPA's 2015 Health Care Conference on Thursday, Sept. 24 at the Society’s 14 Wall Street office. Helgerson is expected to share insights on the state’s new Delivery System Reform Incentive Program (DSRIP), a key feature of the effort to lower New York’s $53 billion in Medicaid spending—the second highest of any state in the country—while also holding healthcare providers more responsible for improved service.
  • Society to FAF: Don’t Dilute the PCC

    By:
    Chris Gaetano
    |
    Jun 23, 2015
    In the three years since it was created, the Private Company Council (PCC) has become such an important part of the standards-setting process that the Financial Accounting Foundation (FAF) should both increase support for the new body and significantly expand its reach, the NYSSCPA said in a recent comment letter. 
  • FAF Proposes One-year Delay of Revenue Recognition Standard

    By:
    Chris Gaetano
    |
    May 25, 2015

    The Financial Accounting Foundation (FAF)—which houses both the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB)—issued a formal proposal on April 29 to delay the implementation of the new revenue recognition standard by one year for both public and private companies. 

  • New FASB Proposal Brings Sea Change to Nonprofit Financial Reporting

    By:
    Chris Gaetano
    |
    May 11, 2015
    The Financial Accounting Standards Board (FASB) has taken the next step in its bid to update reporting rules for nonprofit organizations, the first overhaul of this area in more than 20 years. The board released an exposure draft, “Presentation of Financial Statements of Not-for-Profit Entities,” outlining likely changes, on April 22. 
Page