Latest Articles

  • Regulatory Roundup: Dec. 4-10

    By:
    Chris Gaetano
    |
    Dec 10, 2018

    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.

        
  • SEC Seeking More Holistic Approach to Regulation, Greater Emphasis on Financial Reporting Quality

    By:
    Chris Gaetano
    |
    Dec 10, 2018
    Securities and Exchange Commission Chair Jay Clayton and Chief Accountant Wesley Bricker, during an AICPA conference on current SEC and PCAOB developments today, outlined their approach to financial regulation, which emphasizes greater reporting quality as well as a more holistic approach—one in which regulators and the entities they oversee understand themselves as part of an integrated system working together to produce high-quality financial data. 
  • New PCAOB Taking 'Clean Sheet' Approach to Inspections

    By:
    Chris Gaetano
    |
    Dec 10, 2018
    The Public Company Accounting Oversight Board (PCAOB), following 100 percent turnover from its previous members last year, is taking what Chair William D. Duhnke III said was a "clean sheet" approach that re-evaluates every aspect of the inspection process.
  • Congrats to NYSSCPA members with 40-year anniversaries!

    By:
    NYSSCPA Staff
    |
    Dec 7, 2018
    The following list includes NYSSCPA members with 40th anniversaries. A list of members with 70th, 60th and 50th anniversaries will be published on page 19 of the December 2018 issue of The Trusted Professional.


     

  • Speaker: Appeals Process Adapting to Growing Budget Constraints

    By:
    Chris Gaetano
    |
    Dec 7, 2018
    The IRS appeals process, like the agency as a whole, has had to become creative in doing more with less in the face of growing budget constraints, which have limited the scope of what agents can do. 
  • Taxpayer Advocate: IRS Has 81 Percent False Positive Rate for Refund Fraud

    By:
    Chris Gaetano
    |
    Dec 7, 2018
    National Taxpayer Advocate Nina Olson, speaking at the Foundation for Accounting Education's IRS Practice and Procedures Conference on Dec. 7, said that the IRS is in dire need of a new fraud filtering system, as the current one has a false positive rate—the proportion of returns the IRS marked as potentially fraudulent that in fact came from legitimate taxpayers—of 81 percent.
  • Poll: Lease Standard Implementation Expected to Run Into the Millions for Many Companies

    By:
    Chris Gaetano
    |
    Dec 6, 2018
    A recent poll has found that, for more than half of companies, 51 percent, the costs expected to implement the new lease accounting standard is anticipated to run between $1 million and $5 million. 
  • Switching from 'CFPB' to 'BCFP' Estimated to Cost Firms $300 Million

    By:
    Chris Gaetano
    |
    Dec 6, 2018
    Plans to change the name of the Consumer Financial Protection Bureau (CFPB) to the Bureau of Consumer Financial Protection (BCFP) would require that firms pay a total of about $300 million to accommodate the change.  
  • PCAOB Now Pilot Testing Its Impending Requirements for Disclosure of Critical Audit Matters

    By:
    Ruth Singleton
    |
    Dec 5, 2018

    Last year, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard that will significantly expand the auditor’s report, requiring auditors to disclose any “critical audit matters” (CAMs) that they encounter during their audits. With the implementation dates of this new standard fast approaching, the PCAOB has been working with companies conducting “dry runs” of the standard.

  • EY CEO and Chair Announces Plans to Step Down

    By:
    Chris Gaetano
    |
    Dec 4, 2018
    Mark Weinberger, CEO and chair of Big Four firm Ernst & Young, announced that he plans to step down next July.