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GASB issues accounting guidance for irrevocable split-interest agreements

GASB issued recognition and measurement guidance Tuesday for governments that benefit from irrevocable split-interest agreements. A typical irrevocable split-interest agreement provides benefits to at least two beneficiaries—a government...

Anti-fraud controls cut significantly into losses, new report finds

The presence of anti-fraud controls such as management reviews and telephone hotlines can greatly reduce the damage done by fraud schemes. And the use of such controls is slowly on the rise. Those are two of the trends identified in the 2016...

The Spirit of Accounting

Great news, good news, no news and mostly bad news Here are four short essays about recent events. GREAT NEWS We’re heartened by two February announcements. Specifically, the Financial Accounting Foundation announced that Dr. Christine...

CFO Outlook Dims in Q1

CFOs’ expectations for revenue, earnings, capital spending and domestic hiring declined in the first quarter and are at a nearly six-year low, according to a new survey from Deloitte. Deloitte’s quarterly CFO Signals survey found that...

Medical Tax Deduction Rising to 10% Threshold

They may not know it, but this may be the last year that some of your older clients will be able to claim a medical expense deduction. Currently, the deduction for unreimbursed medical and dental expenses is limited to the excess above 7.5...

Most Small Businesses Lack Succession Plans

There's a threat to local family businesses looming out there, and it's called succession-planning procrastination, according to a new study. A survey of 100 privately held businesses in the Philadelphia region, including South Jersey and...

How the U.S. presidential election is shaping business decisions

While the presidential election is still many months away, it is already shaping CPA executives’ view of the future, however slightly, according to survey data released Wednesday by the AICPA. About 64% say the election will factor into...

Applications from exempt organizations do not contain protected return information

Organizations claiming the IRS targeted them for their political beliefs won a victory in the Sixth Circuit when the court denied the IRS’s petition to avoid having to disclose information about other organizations that were on the...

How to Turn Post Tax Season Into Business Valuation Season

When accounting or valuation professionals position themselves as trusted advisors with the ability to offer consulting, they can leverage their knowledge of a business’s financial data to provide a useful service that extends far beyond...

Valuation: Teach Clients To Treat Their Businesses As An Investment

To grow your business valuation services, consider helping your clients learn how to treat their business like an investment. Doing so can generate repeat valuation engagements while boosting your role as a trusted advisor. Only 5 percent of...