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Latest Articles

  • FASB 'Tentatively' Offers Reference Rate Reform Relief

    By:
    Chris Gaetano
    |
    Jun 20, 2019
    The Financial Accounting Standards Board (FASB) has "tentatively" approved relief for those affected by changes in reference rates following the phase-out of the London Interbank Offered Rate (LIBOR). 

  • SEC Overturns PCAOB Sanctions on Auditor

    By:
    Chris Gaetano
    |
    Jun 20, 2019
    The Securities and Exchange Commission (SEC), in a rare move, overturned sanctions leveled against an auditor by the Public Company Accounting Oversight Board (PCAOB). 

  • SEC Slightly Relaxes Rules on Auditor Independence

    By:
    Chris Gaetano
    |
    Jun 19, 2019
    The Securities and Exchange Commission approved an amendment that will change the analysis of determining when auditors can or cannot be considered independent when they have a creditor/debtor relationship with the audited entity. 

  • Australian Man Who Says He Invented Bitcoin Is Suing to Prove It

    By:
    Chris Gaetano
    |
    Jun 19, 2019
    Craig Wright, an Australian, has insisted that he is the mysterious Satoshi Nakamoto, the pseudonym behind the inventor of digital currency bitcoin, and while the cryptocurrency community has long been skeptical of these claims, he is now escalating his battle for recognition through a series of lawsuits against his critics. 

  • Report: Fewer Individuals Donating to Charity in Wake of Tax Law Changes

    By:
    Chris Gaetano
    |
    Jun 18, 2019
    Individual donations to charitable organizations dropped last year for the first time since the recession 10 years ago. 

  • SEC Probe Finds KPMG Auditors Cheating on Training Exams

    By:
    Chris Gaetano
    |
    Jun 18, 2019
    While the primary headline concerned KPMG paying a $50 million penalty to settle Securities and Exchange Commission (SEC) charges that the firm used inside information to cheat on firm inspections, the agency also found that auditors were using inside information to cheat on internal training exams meant to reinforce professional work standards. 

  • GAO Says Market Shifts Are Diminishing Tobacco Tax Revenue

    By:
    Chris Gaetano
    |
    Jun 17, 2019
    The Government Accountability Office said that a 2009 law creating separate excise tax treatments for various tobacco products has had the effect of encouraging tax avoidance and lowering overall revenues. 

  • Regulatory Roundup - June 11-17

    By:
    Chris Gaetano
    |
    Jun 17, 2019
    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. 

  • Cost of Cyberattacks in 2018 Estimated to be $654 Billion

    By:
    Chris Gaetano
    |
    Jun 17, 2019
    A recent report from digital strategy consulting firm ForgeRock calculates that, last year alone, cyberattacks cost U.S. companies a collective $654 billion. 

  • Congress Passes IRS Reform Bill

    By:
    Chris Gaetano
    |
    Jun 14, 2019
    The Senate has approved a wide-ranging IRS reform bill without a controversial provision regarding free filing, and it now awaits the president's signature.
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