2016 News Archive
 

< Return to List

Articles

5 Reasons Accounting Firms Should Have A Formal Mentoring Program

Prior to the recession, young leader training and formal mentoring programs to support recruitment and retention were all the rage. Well, mentoring is more critical than ever, but for different reasons and in slightly different forms. BKR...

IRS Changes in Tax Return Due Dates Promise to Help Preparers Next Year

The Internal Revenue Service will be making some changes in the due dates next year for several types of business tax returns, which should give accountants a little extra breathing room. “In general I think most CPAs are looking forward to...

FASB Addresses Breakage Recognition, Derivative Contract Novations

FASB issued financial reporting standards Thursday that address recognition of breakage for prepaid stored-value products and the effects of derivative contract novations on existing hedge accounting relationships. Both standards are the result...

International Audit Regulators Seek Faster Improvement

Audit regulators across the globe saw some improvement in audit quality in their latest annual survey, but they say the pace of improvement needs to be faster. Forty-three percent of inspected audits of public interest entities that were included...

IRS to Fix Controls over Obamacare Tax Credits

The Internal Revenue Service plans to strengthen its controls over the accounting for the Premium Tax Credit, which helps subsidize health insurance premiums under the Affordable Care Act, after a government watchdog found discrepancies of $447...

FASB eliminates effective dates for private company alternatives

A new financial reporting standard issued by FASB on Monday will allow private companies to forgo a preferability assessment the first time they elect any of the four private company accounting alternatives. The Private Company Council (PCC) was...

How to Lead an Effective Internal Audit Function

Leaders of the most effective internal audit functions demonstrate five key qualities, according to PwC’s 2016 State of the Internal Audit Profession Study. Expectations for internal auditors are high. In the survey of more than 1,600 chief...

Why FASB Should Hit Pause

Earlier this year, the Financial Accounting Standards Board voted to require companies to add to their balance sheet most of the leases they use. This rule, one among hundreds, could swell balance sheets by as much as $2 trillion and make...

3 Tips for Accounting Firm Practice Management

It’s no surprise that the accounting industry and its professionals are focused increasingly on how global markets impact practice management and client service. But when asked about the top three concerns among accounting firm leaders, BKR...

Career Builders and Killers for CPA Firm Staff

I was recently asked by CPA Leadership Institute, one of the industry’s finest resources for cutting edge CPA practice management, to describe the most common career builders and career killers for staff professionals. Here was my response:...