• FASB Chair Russell Golden Outlines Priorities for Second Term

    By:
    Chris Gaetano
    |
    Dec 7, 2016
    Russell Golden, who was re-appointed chair of the Financial Accounting Standards Board (FASB) in November, outlined his priorities for his next term during a speech he gave yesterday at an AICPA conference. 
  • Survey: Client Accounting Services Increasingly Significant Source of Revenue for CPA Firms

    By:
    Chris Gaetano
    |
    Dec 7, 2016
    CPA firms are increasingly relying on client accounting services like CFO support as a major revenue driver, now making up nearly 10 percent of the profession's overall revenues. 
  • Regulatory Roundup, Nov. 30-Dec. 6

    By:
    Chris Gaetano
    |
    Dec 6, 2016
    Regulatory bodies including the IRS, the AICPA and SEC released their announcements of the past week.
  • PCAOB Imposes Record $8 Million Settlement With Deloitte Brazil

    By:
    Chris Gaetano
    |
    Dec 6, 2016
    The Public Company Accounting Oversight Board (PCAOB) has come to an $8 million settlement with Deloitte's Brazil affiliate, making it the biggest civil penalty the board has ever assessed. 
  • FAE Speaker: NYC Human Service Nonprofits on the Brink, Payroll to Payroll

    By:
    Chris Gaetano
    |
    Dec 2, 2016
    Many nonprofit organizations are meant to help people who are down on their luck, but some nonprofits themselves, particularly those that focus on human services, are just as vulnerable, according to Allison Sesso, executive director of the Human Service Council and a speaker at the FAE's Exempt Organizations Conference on Dec. 1. 
  • Survey: Audit Fees Rose 3.2 Percent in 2015

    By:
    Chris Gaetano
    |
    Dec 2, 2016
    A report from the Financial Executives Research Foundation has found that company audit fees rose by a median of 3.2 percent in 2015. 
  • IRS Launches New Online Tool for Basic Account Information

    By:
    Chris Gaetano
    |
    Dec 2, 2016
    The IRS has launched a new online tool for taxpayers, who will be able to use it to access basic information on themselves such as the amount they owe for tax, penalties and interest.
  • NYS Charity Bureau Chief: Auditors, Volunteers Share Responsibility in Preventing Embezzlement

    By:
    Chris Gaetano
    |
    Dec 1, 2016
    New York State Charity Bureau Chief James Sheehan says that charities and other nonprofit organizations like youth sports leagues and volunteer fire departments remain particularly vulnerable to embezzlement and fraud. He cited a simple lack of expertise and interest within their leadership as a major factor for such financial deceit. Still, there are ways to prevent these problems from occurring in the first place, and he said the audit function is a vital part in assisting these organizations in complying with regulations.
  • Trump Picks Steve Mnuchin for Treasury Secretary, Wilbur Ross for Commerce

    By:
    Chris Gaetano
    |
    Nov 30, 2016
    President-elect Donald Trump has named Steve Mnuchin, his campaign's national finance chairman, as his nominee for Secretary of Treasury, and Wilbur Ross, an investor who helped Trump resurrect his then-ailing casino company in the 90s, as Secretary of Commerce. 
  • IFRS Foundation Makes "Tweak" to Constitution

    By:
    Chris Gaetano
    |
    Nov 30, 2016
    The IFRS Foundation, the organization that oversees the International Accounting Standards Board, has amended its constitution to, among other things, reduce the size of the board and change the geographical distribution of its trustees. 
  • Regulatory Roundup, Nov. 23-29

    By:
    Chris Gaetano
    |
    Nov 29, 2016

    With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily we here at The Trusted Professional have collected relevant regulatory announcements from this past week and put them here in one place to help you stay on top of regulatory issues or matters. This is the first of a regular series that will let you know what you may have missed in the past seven days. 

  • Study: Having a Younger Supervisor Can Hurt Morale, Performance

    By:
    Chris Gaetano
    |
    Nov 29, 2016
    A recent study from the Journal of Organizational Behavior has found that workers in companies where there are more younger managers of older employees had more negative emotions on the job, which translates into a penalty to financial and organizational performance. 
  • SEC Critiques Tesla for Use of Non-GAAP Metrics

    By:
    Chris Gaetano
    |
    Nov 29, 2016
    The Securities and Exchange Commission criticized electric car company Tesla Motors over its use of non-GAAP revenue calculations that the commission felt was outside the realm of acceptability, leading the company to eventually drop its use of non-GAAP metrics from earnings filings. 
  • SEC Names Wesley Bricker as New Chief Accountant, Replacing James Schnurr

    By:
    Chris Gaetano
    |
    Nov 28, 2016
    The Securities and Exchange Commission has named Wesley Bricker, a former PwC audit partner, as the new chief accountant, replacing outgoing head James Schnurr, who was seriously injured in a bike accident in April and is still in physical rehab for his injuries. 
  • WTO Rules Against Boeing Tax Subsidies, Declares Them Illegal

    By:
    Chris Gaetano
    |
    Nov 28, 2016
    The World Trade Organization has ruled against Washington State, saying that the tax break it gave to aerospace company Boeing to incentivize local production of the 777x jet violates international trade agreements and, should the ruling be upheld on appeal, must be removed. 
  • Overtime Pay Increase Rule, Set for Dec. 1, Faces Challenges

    By:
    Dominic G. Diongson
    |
    Nov 22, 2016

    The new overtime pay rule that goes into effect Dec. 1 faces challenges from legislators and President-elect Donald Trump, who begins his term in January, according to The Wall Street Journal.

  • IRS Casts Wide Net in Bitcoin Probe, Demands Exchange Provide Info on All US Customers

    By:
    Chris Gaetano
    |
    Nov 21, 2016
    The IRS has decided to get around the relatively anonymous environment that characterizes Bitcoin by simply demanding that Coinbase, one of the largest virtual currency exchanges, give them the personal data of all U.S. users that made transactions through the company between 2013 and 2015. 
  • New Generation of Ransomeware Promises to Leak, Not Destroy, Data

    By:
    Chris Gaetano
    |
    Nov 21, 2016
    Security experts over the past few months have discovered a new trend in malware. While many malicious programs will threaten to destroy your data if you don't pay a ransom to its controllers, a recent crop of new programs instead threatens to spread that data far and wide. 
  • US Dollar at 13-Year High Poses Risks to Global Growth, Corporate Profits

    By:
    Dominic G. Diongson
    |
    Nov 18, 2016
    The U.S. dollar at a 13-year high is raising concerns that the strong American currency will heighten risk, including undermining global economic growth and drag down U.S. corporate profits, according to The Wall Street Journal.
  • US, Peru Seize $30 Million in Counterfeit Dollars

    By:
    Dominic G. Diongson
    |
    Nov 18, 2016

    The U.S. Secret Service, in conjunction with the Peruvian government, seized $30 million in fake dollar bills, for the biggest bust of counterfeit American currency in the agency’s history. Authorities found six counterfeit plants, eight counterfeit manufacturing presses, and more than 1,600 printing plates and negatives of different denominations. 

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