Latest Articles

  • Regulatory Roundup: Dec. 11-17

    By:
    Chris Gaetano
    |
    Dec 17, 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.

  • Acclaimed Champion of Equal Employment Rights for Women to Speak at Women’s Leadership Forum in January

    By:
    Chris Gaetano
    |
    Dec 14, 2018

    Lilly Ledbetter, who will present a speech on transforming workplace culture at the NYSSCPA’s Women’s Leadership Forum on Jan. 18, 2019, made headlines when she took her employer, Goodyear Tire & Rubber Company, to court over years of pay discrimination. While the U.S. Supreme Court ruled against her, holding that her claim was time-barred, the aftermath prompted the passage of the Lilly Ledbetter Fair Pay Act into law in 2009. She took the time to talk to The Trusted Professional about the current state of affairs for professional women, as well as their ongoing challenges.

  • GAO Gives Facelift to Government Audit Standards, Clarifies Key Points

    By:
    Chris Gaetano
    |
    Dec 14, 2018

    In July, the U.S. Government Accountability Office (GAO) released its latest revision of Generally Accepted Government Auditing Standards (GAGAS)—also called the Yellow Book—which supersedes the 2011 version. Yellow Book standards are used for audits of governmental agencies, usually on the federal level, as well as for audits of the private entities that contract with them. Susan M. Barossi, chair of the NYSSCPA’s Government Accounting and Auditing Committee, said that the major difference between the 2011 and 2018 versions involves presentation.

  • Ethics CPE Regulatory Changes Set to Take Effect in 2020

    By:
    Ruth Singleton
    |
    Dec 14, 2018

    While acknowledging that the NYSSCPA is opposed to the changes, the New York State Board for Public Accountancy has approved regulatory language implementing new ethics continuing professional education (CPE) requirements. New York-licensed CPAs will be required to complete two credits of ethics CPE every year, rather than the current four credits every three years. In addition, two out of six credits every three years will have to include a New York state-approved ethics course, while the other four can be in a variety of ethics topics, including behavioral ethics. The changes will apply to registrations ending on or after Jan. 2, 2020, but because of a delay in new regulations going before the Board of Regents for approval, there is a possibility that the changes will go into effect later than that. 

  • FASB Chair Says No to Delaying Lease Standard Implementation

    By:
    Chris Gaetano
    |
    Dec 14, 2018
    Russell Golden, the chair of the Financial Accounting Standards Board (FASB), said that  there are no plans to delay the effective date of the new lease standards, despite the struggles companies have faced in preparing for implementation. 
  • AICPA Proposes Forensic Accounting Standards

    By:
    Chris Gaetano
    |
    Dec 14, 2018
    The AICPA has released an exposure draft for engagements of forensic services—the first of its kind— which would apply to all AICPA members and member firms,
  • CFOs Getting Nervous as Almost Half Believe Recession Will Come in 2019

    By:
    Chris Gaetano
    |
    Dec 13, 2018
    The nation's CFOs see storm clouds gathering on the horizon, as a recent survey has found that nearly half anticipate that an economic recession will start in 2019, and even if that's not the case, the vast majority believe it will come in 2020. 
  • FCC Advisory Panel Releases Model Legislation to Tax Internet-Dependent Firms

    By:
    Chris Gaetano
    |
    Dec 13, 2018
    The Federal Communication Commission's Broadband Deployment Advisory Committee has released draft model legislation that would enable states to tax firms dependent on companies that depend on the internet, the proceeds from which would go into state rural broadband deployment funds that would help bring faster internet access to sparsely populated areas.
  • Public Company Audit Fee Growth Nearly Doubled in One Year

    By:
    Chris Gaetano
    |
    Dec 12, 2018
    While the rate of growth of audit fees for private companies and nonprofits slowed or remained steady between 2016 and 2017, the same cannot be said of the rate of growth of audit fees for public companies, which a recent analysis found had nearly doubled in the same time period. 
  • Big Four Firms in U.K. Disclose Dozens of Partners Let Go Due to Misconduct

    By:
    Chris Gaetano
    |
    Dec 12, 2018
    The U.K. branches of the Big Four firms have revealed that, over the past few years, they have fired dozens of partners for inappropriate behavior that includes bullying and sexual misconduct.