News
 

< Return to List

News

The GWSCPA Federal Issues and Standards Committee Provides Comments to the Proposed SFFAS, Insurance Programs

The Greater Washington Society of Certified Public Accountants (GWSCPA) Federal Issues and Standards Committee (FISC) appreciates the opportunity to provide comments on the Federal Accounting Standards Advisory Board’s (FASAB) Exposure...

FASB issues standard to simplify share-based payment accounting

FASB issued a new standard Wednesday that is designed to make accounting for share-based payment transactions less complex for public and private companies. Accounting Standards Update (ASU) No. 2016-09, Compensation—Stock Compensation...

IAASB issues summary financial statement audit reporting guidance

The International Auditing and Assurance Standards Board (IAASB) has issued guidance on the auditor’s responsibilities related to an engagement to report on summary financial statements derived from financial statements audited by that same...

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...