Accounting

  • Society Offers Suggestions on Foreclosed Properties Proposal

    By:
    CHRIS GAETANO
    |
    Mar 3, 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. 
  • NYSSCPA Session Focuses on ACA Details

    By:
    RICHARD J. KORETO
    |
    Feb 25, 2014
    The Affordable Care Act is always making news, whether because of court challenges or technology issues. But getting relatively little attention have been the details of how it works—who needs to sign up and how, what subsidies are available and the costs and variations among the plans. Daniel G. Mazzola, CPA, CFA, a member of the NYSSCPA Personal Financial Planning Committee, took a step to rectify this in a Feb. 11 presentation for CPAs titled, "How Will The Affordable Care Act Affect Me?"
  • Speaker: Nonprofits Must Cover Their Bases Under Revitalization Act

    By:
    CHRIS GAETANO
    |
    Feb 25, 2014
    As the first major reform of not-for-profit corporation laws in 40 years, the Nonprofit Revitalization Act brings significant changes to how organizations are expected to operate within New York state, Michael J. Cooney, Esq., a member of the committee that helped to craft the legislation, said at the FAE’s 36th Annual Nonprofit Conference.
  • NYSSCPA Sends Message to D.C. About Baucus Pitch, Firm Rotation

    By:
    CHRIS GAETANO
    |
    Feb 24, 2014
    The NYSSCPA is urging Sen. Charles E. Schumer (D-N.Y.) to lend his voice to two critical accounting issues making the rounds on Capitol Hill. In a letter dated Dec. 18, the Society wrote to Schumer concerning a proposal put forward by Sen. Max Baucus (D-Mont.), chair of the Senate Finance Committee.
  • FAF Gives FAS 157 High Marks in Postimplementation Review

    By:
    Chris Gaetano
    |
    Feb 24, 2014
    In a just-completed review of Financial Accounting Standard (FAS) 157, Fair Value Measurements, which established a single definition of fair value and set a framework for measuring and disclosing it, the Financial Accounting Foundation (FAF) said that the measure achieved its purpose, and that the Financial Accounting Standards Board (FASB) made the right call when it issued the rule in 2006.
  • Bitcoin Gets the Full Treatment in New York

    By:
    RICHARD J. KORETO
    |
    Feb 20, 2014
    To many, virtual currencies—of which Bitcoin is the best-known—are anything from a fad that will soon fade to an unwitting tool of drug runners that should and will be shut down soon. But in New York—a world financial leader since the 17th century—both the state Department of Financial Services and the local U.S. attorney's office are voicing opinions on the future of virtual currencies. And some sophisticated people in the legal and financial communities joined them in exploring tantalizing and troubling world of virtual currencies, while thousands listened and the press took notice.
  • Pending FASB guidance raises questions about operations

    By:
    CHRIS GAETANO
    |
    Feb 19, 2014
    As part of a wide-ranging effort to improve how nonprofits present their financial statements, the Financial Accounting Standards Board (FASB) has put forth a tentative definition of what counts as nonprofit operations—and, in the process, has raised new questions about how organizations should talk about their assets, speaker Hilda H. Polanco said at the Foundation for Accounting Education’s 36th Annual Nonprofit Organizations Conference on Jan. 16. 
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