Accounting

  • FASB, IASB Release Final Form of Revenue Recognition Standard

    By:
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    Jul 1, 2014
    After six years of discussion, outreach, exposure and re-exposure, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued the final version of their revenue recognition standard, which introduces fundamental changes to how revenue is recorded in financial statements.
  • Society Presses NYC to Make Real Estate Program Form GAAP, GAAS Compliant

    By:
    CHRIS GAETANO
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    Apr 29, 2014
    In a comment letter published on March 11, the NYSSCPA urged New York City’s Department of Housing Preservation and Development (HPD) to modify a form for its J-51 real estate program that is currently out of sync with generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS)—leaving CPAs who are asked to certify the paperwork in an awkward position.   
  • Family Office Panelists: Give Trust Beneficiaries a Voice

    By:
    CHRIS GAETANO
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    Apr 29, 2014
    When drawing up a trust, it helps to educate beneficiaries about the process or even include them in it, as it can instill in them a sense of ownership and help them to understand why certain controls are being put into place, according to panelists at the Foundation for Accounting Education’s Family Office Conference on Feb. 5.
  • NYSSCPA Promotes “Exchange”

    By:
    RICHARD KORETO
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    Apr 15, 2014
    NYSSCPA members are used to participating in discussions on the Society’s Facebook page and LinkedIn group, as well as in other social media ventures. Now, the NYSSCPA is taking it to the next level with a new online community exclusively for members and organized specifically by committee and chapter. The Society’s new site “Exchange—the NYSSCPA’s Social Network,” gives members the ability to extend their networking activities at society events by continuing to engage with colleagues after attending a committee meeting or FAE course. 
  • Society to FASB: widen reach of foreclosed properties proposal

    By:
    CHRIS GAETANO
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    Apr 9, 2014
    The NYSSCPA generally agreed with a proposal from the Financial Accounting Standards Board (FASB) that would standardize the treatment of foreclosed properties when they’re backed by a loan from the U.S. Department of Housing and Urban Development (HUD), but said that the guidance should be applied well beyond the residential developments that were the focus of the exposure draft.
  • Demand For Sustainability Information is Clear, But Its Place in Regulatory Regime is Not

    By:
    CHRIS GAETANO
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    Apr 8, 2014
    Public companies are increasingly under pressure to produce corporate sustainability reports—disclosures that go beyond the bottom line and paint a picture of an entity’s environmental and social impacts. However, the question of how this data can be accurately conveyed and how it relates to an entity’s legal regulatory filings remains a subject of debate—as evidenced by a recent butting of heads between the Securities and Exchange Commission (SEC) and a new organization that has released its own set of voluntary guidelines for sustainability reporting.
  • Getting unstuck: How to press the “restart” button in your career

    By:
    PEI-CEN LIN, CPA, SPHR
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    Apr 4, 2014
    Spring, with its spirit of renewal, is the perfect time to breathe new life into your career (and dust off all those work-related resolutions you made on New Year’s Day). These six action items will help you to keep your professional pursuits moving in the right direction, especially if you’ve been on cruise control all winter. 
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