• NYC Housing Agency Makes Changes to CPA’s Report at Society’s Urging

    By:
    Chris Gaetano
    |
    Nov 27, 2017

    After three years of negotiations, the New York City Department of Housing Preservation and Development (HPD) has agreed to implement changes suggested by the NYSSCPA’s Real Estate Committee that bring a CPA’s report used in a tax exemption and abatement program known as J-51 into compliance with professional standards.

  • Finance Chiefs Turning Against Microsoft Excel

    By:
    Chris Gaetano
    |
    Nov 27, 2017
    Influential finance chiefs of major public corporations like Adobe are increasingly turning against popular business spreadsheet software Microsoft Excel, saying it's a relic of an earlier age that's getting in the way of today's businesses. 
  • Many Airbnb Listings Playing Host to Money Launderers

    By:
    Chris Gaetano
    |
    Nov 27, 2017
    Airbnb, the popular hotel-but-not-really-a-hotel service that's been taking the world by storm, has also been serving as a convenient tool to launder illicit cash. 
  • Banking Consortium Successfully Tests New Block Chain on Equity Swaps Market

    By:
    Chris Gaetano
    |
    Nov 20, 2017
    A group of large banks successfully concluded a six-month test where block chain technology was used to keep track of swaps contracts after execution. 

  • What NOT to Do In a Data Breach

    By:
    Chris Gaetano
    |
    Nov 20, 2017
    While there's quite a lot of advise on what to do when experiencing a data breach, a recent article in the Harvard Business Review points out times when companies made serious errors in the wake of a cyber attack. 
  • House Republicans Pass Tax Bill

    By:
    Chris Gaetano
    |
    Nov 17, 2017
    House Republicans yesterday passed their version of the tax reform bill 227 to 205. 
  • PCAOB Proposes $259.9 Million Budget

    By:
    Chris Gaetano
    |
    Nov 17, 2017
    The Public Company Accounting Oversight Board proposed a slightly slimmed down budget of $259.9 million, about 3.2 percent less than last year's budget. 
  • Technology Already Transforming Audits, But Regulators Must Catch Up

    By:
    Chris Gaetano
    |
    Nov 17, 2017
    The age of data analytics is already transforming the audit profession, but regulators have been slow to adapt to this new world, according to speakers at the Foundation for Accounting Education's Auditing Standards Conference on Nov. 16.
  • CFPC's Cordray to Resign at End of Month

    By:
    Chris Gaetano
    |
    Nov 16, 2017
    Richard Cordray, the head of the Consumer Financial Protection Bureau, announced that he will be stepping down from his position at the end of this month. 
  • What Sole Proprietors and Small Firms Need to Know About the New Peer Review Law

    By:
    Colleen Lutolf
    |
    Nov 16, 2017
    Now that Gov. Cuomo signed the peer review bill into law on Oct. 23, firms with two or fewer CPAs that provide attest services to clients and want to continue to provide them will need to undergo a peer review every three years.
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  • SEC to Give Companies a Little More Time on Revenue Recognition Implementation

    By:
    Chris Gaetano
    |
    Nov 15, 2017
    The Securities and Exchange Commission said that it will go a little easy on companies working to implement the new revenue recognition rules, as it won't issue comment letters regarding the company's compliance with the new standards, at least during the beginning stages. 
  • Study: Expensive Audits Not Necessarily Good Audits

    By:
    Chris Gaetano
    |
    Nov 15, 2017
    A study looking at differential audit fee shocks by large versus small accelerated filers has found that there's no substantive relationship between the size of the audit fee and the quality of the audit, measured as decreases in discretionary accruals and a lower likelihood of subsequent restatements of audited financial reports. 
  • Speakers Discuss Newer, Slightly Simpler Affordable Housing Tax Programs

    By:
    Chris Gaetano
    |
    Nov 15, 2017
    Accounting and auditing for affordable housing programs has gotten easier this year, according to speakers at the Foundation for Accounting Education's Real Estate Conference on Nov. 14
  • Regulatory Roundup: Nov. 8-14

    By:
    Chris Gaetano
    |
    Nov 14, 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.
  • Speaker: Manhattan Real Estate Market Had Flat 2017

    By:
    Chris Gaetano
    |
    Nov 14, 2017
    The Manhattan real estate market didn't do particularly badly in 2017, but then again it didn't do particularly well either, according to a speaker at the Foundation for Accounting Education's Real Estate Conference today. 
  • Poll: "Intelligence" Seen as Least Valuable Feature for New Hires

    By:
    Chris Gaetano
    |
    Nov 13, 2017
    Being smart is only important for a minority of hiring managers when deciding on which candidates they should hire. 
  • NYC-based Company Introduces "Climate Leave"

    By:
    Chris Gaetano
    |
    Nov 13, 2017
    Fog Creek, which makes management software, has implemented a new policy that accounts for wild weather patterns: climate leave. 
  • Howard Levy Remembers Samuel Person, 'a True Icon of Our Profession'

    By:
    Howard B. Levy
    |
    Nov 13, 2017
    On November 11, 2017, a true icon of our profession, a practitioner and a legendary educator of other professionals, Sam Person, passed away at age 86. 
  • Bernie Madoff Victims to Get $772.5 Million From U.S. Govt. Fund

    By:
    Chris Gaetano
    |
    Nov 10, 2017
    The U.S. government is distributing $772.5 million to 24,000 victims of Bernie Madoff's Ponzi scheme, collected through seized assets and settlement agreements with people and companies connected to the case.
  • Study: It's Better to Have Help When Making Financial Decisions

    By:
    Chris Gaetano
    |
    Nov 9, 2017
    Brain scans show that the part of people's brains associated with stress are much more active when evaluating different financial options, unless they have someone else around to help. 

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