General Article Archives - Page 4
Pool of Accounting Graduates and Potential Accounting Careers
A 2023 report by the American Institute of Certified Public Accountants (AICPA) noted that the number of college accounting graduates dipped in the 2021-2022 academic year. The report, “2023 Trends: A Report on Accounting Education, the CPA Exam and Public Accounting Firms’ Hiring of Recent Graduates”, indicated that about 47,000 students earned a bachelor’s degree in accounting in the 2021-2022 school year. This was down ...
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ASU’s falling under ASC Topic 326 Update 2016-13 —Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
This update was subsequently updated ASU2018-19, 2019-15, 2019-11, 2020-03, 2022- 02 Effective Date: Public entities that are U.S. Securities and Exchange Commission filers, this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, as amended by ASU 2019-10, fiscal years beginning after December 15, 2022, including interim periods within those fiscal ...
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FASB ISSUES ASU 2023-08 December 2023 INTANGIBLES – GOODWILL AND OTHER – CRYPTO ASSETS (SUBTOPIC 350-60) Accounting for the Disclosure of Crypto Assets
Why Is the FASB Issuing This Accounting Standards Update (Update)? The Board is issuing the amendments in this Update to improve the accounting for and disclosure of crypto assets. Stakeholder feedback, including from respondents to the 2021 FASB Invitation to Comment (ITC), Agenda Consultation, indicated that improving the accounting for and disclosure of crypto assets should be a top priority for the Board. Stakeholders stated that the ...
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"Customer First" is the Ultimate Goal of Process Improvements
Customer-centric finance departmentsExpectations for finance departments are increasing. Processes are becoming more complex. Regulations continue to increase. Those that rely on financial information to perform key business tasks are demanding the ability to make faster decisions. The finance department needs to keep changing and improving to keep up with these expectations. Efficiency and process improvement are a necessity because the ...
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Loper Bright Goes Up to Supreme Court and Implications for Federal Agency Regulations
An interesting non-tax case on the docket for the US Supreme Court’s current term could have far-reaching implications for the extent of federal agencies’ power in drafting regulations that interpret federal statutes, including US Treasury’s Regulations pursuant to the Internal Revenue Code (IRC). Recently, the Supreme Court agreed to hear a case questioning the validity of a federal regulation applicable to the fishing ...
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