• CPAs Expect Audits to Come with Bigger Price Tags under New PCAOB Rule

    By:
    Chris Gaetano
    |
    Oct 3, 2017

    More time, more risk and more expense—this is what auditors expect will be the effect of a recent Public Company Accounting Oversight Board (PCAOB) measure expanding the standard auditor’s report. Under the rule, formally approved by the board on June 1, the standard auditor’s report will include, among other things, the communication of “critical audit matters (CAM),” or information that the PCAOB believes investors and other users would find relevant.

  • SEC Chief Outlines Cybersecurity Steps in Wake of EDGAR Hack

    By:
    Chris Gaetano
    |
    Oct 3, 2017
    SEC Chair Jay Clayton outlined what the commission plans to do in the wake of a recent data breach that allowed hackers to potentially access market-moving information in the EDGAR system. 
  • Microsoft to Release New Version of Excel With More Features

    By:
    Chris Gaetano
    |
    Oct 3, 2017
    Microsoft announced that it plans to release a new version of Microsoft Excel, with more features that could make life just a little bit easier for accountants. 
  • Regulatory Roundup: Sept. 27-Oct. 3

    By:
    Chris Gaetano
    |
    Oct 3, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • IRS Awards Equifax a $7.2 Million Fraud Prevention Contract

    By:
    Chris Gaetano
    |
    Oct 3, 2017
    In an irony of Sophoclean proportions, the IRS has awarded a $7.2 million fraud prevention contract to credit rating agency Equifax, which recently made headlines when it announced a massive data breach that affected potentially 44 percent of the U.S. population. 
  • Society Weighs in on IASB Disclosure Initiative

    By:
    Chris Gaetano
    |
    Oct 2, 2017
    The NYSSCPA advised the International Accounting Standards Board (IASB) to set clear requirements and avoid confusion with regards to the board's Principles of Disclosure initiative, which aims to improve disclosure quality for companies using IFRS. 
  • Study: Your Family Member Probably Won't Pay Back the Money You Lent Them

    By:
    Chris Gaetano
    |
    Oct 2, 2017
    While many no doubt have already learned this the hard way, a recent study has found that if you lend money to a family member, it is unlikely that you will get all of that money back. 
  • FASB Proposes Lease Standard Tweak to Account for Land Easements

    By:
    Chris Gaetano
    |
    Sep 28, 2017
    The Financial Accounting Standards Board (FASB) has proposed changing the lease accounting standard to clarify that, yes, a land easement should be evaluated as a possible lease, though there would be a practical expedient for those granted prior to the standard's approval. 
  • House Republicans Release Tax Plan Framework

    By:
    Chris Gaetano
    |
    Sep 28, 2017
    House Republicans, through the Ways and Means Committee, released the general framework under which they plan to craft more specific changes to tax policy. 
  • Speakers: Transition to Value-Based Medicaid Payment Looks Good So Far, But Much Remains to Do

    By:
    Chris Gaetano
    |
    Sep 27, 2017
    Health care in New York has come a long way since the global economic crisis forced major budget cuts in Albany, but State Medicaid Director Jason Helgerson, speaking at today's NYSSCPA Healthcare Conference, said that, even seven years later, there's still a lot to do.
  • To curb fraud, IRS will request more info on biz clients in 2018

    By:
    Chris Gaetano
    |
    Sep 26, 2017

    The IRS has announced that, in 2018, it will be asking tax preparers for more information about their business clients as part of an effort to curb identity theft and fraud. In a news release dated July 25, the agency was not specific about exactly what the new information would be, listing, instead, examples of the kind of information tax professionals “may be asked to provide when filing their business, trust or estate client returns.”

  • Regulatory Roundup Sept. 20-26

    By:
    Zach Simeone and Ruth Singleton
    |
    Sep 26, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • Hackers Breach Deloitte Data, Access Confidential Client Emails

    By:
    Chris Gaetano
    |
    Sep 25, 2017
    Hackers were able to breach Big Four firm Deloitte, breaking into the firm's global email server and accessing confidential client emails. 
  • Court Rulings Could Nearly Double Home Health Aid Costs

    By:
    Chris Gaetano
    |
    Sep 25, 2017
    Two separate state court rulings have determined that home health aides that work 24-hour shifts must be paid for all 24 hours, not the 13 that has been traditional industry practice, a move that could effectively double costs for clients. 
  • PwC Plans to Open Law Firm in U.S.

    By:
    Chris Gaetano
    |
    Sep 22, 2017
    Big Four firm PricewaterhouseCoopers is planning to launch a law firm in the U.S., reflecting a growing emphasis on legal services alongside traditional business and accounting practice areas on the part of large CPA firms across the world. 
  • SEC Releases Interpretative Guidance on Pay Ratio Rule

    By:
    Chris Gaetano
    |
    Sep 22, 2017
    The Securities and Exchange Commission has released interpretative guidance on the controversial pay ratio rule that mandates that companies to disclose the ratio of compensation between the CEO and rank-and-file employees. 
  • SEC Says Hackers Accessed EDGAR System, May Have Used Info for Inside Trading

    By:
    Chris Gaetano
    |
    Sep 21, 2017
    The Securities and Exchange Commission disclosed that hackers illegally accessed market-moving information through breaching the EDGAR system last year, and may have later used the files for insider trading. 
  • Research Finds Consistent Personality Traits in CEOs

    By:
    Chris Gaetano
    |
    Sep 21, 2017
    A new study says that a certain set of consistent personality traits tend to appear in those picked to be CEOs, versus CFOs or COOs. 
  • Data Breaches Grew 160 Percent Since 2016

    By:
    Chris Gaetano
    |
    Sep 20, 2017
    The first six months of this year have seen a 160 percent increase in the number of documents lost, stolen or compromised in data breaches compared to the same period of time last year. 
  • FASB Proposes Reorganizing Topic 810 Consolidation Guidance

    By:
    Chris Gaetano
    |
    Sep 20, 2017
    The Financial Accounting Standards Board (FASB) has proposed reorganizing the consolidation guidance located in Topic 810 in response to stakeholder feedback saying that the way it's currently arranged in the accounting literature is confusing. 

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