News

A&A

Economic Optimism Among CPAs Climbs Upward: AICPA

The number of CPAs and financial executives who are optimistic about the US economy has surpassed the 50 percent mark for the first time since the recession, according to a new AICPA survey released on Thursday.
Technology

Creating Excel's Equivalent of MAXIF

Excel doesn't have a MAXIF function, but you can easily adapt the MAX function. Learn how to write a special type of formula known as an array formula that will do the trick instead. Just take it step by step.
A&A

Bramwell’s Lunch Beat: PCAOB Will Consider Standard on Related Parties Next Week

The menu for June 5 features specials on the SEC extending settlement schedule with Big Four firms in China, a health insurance strategy the IRS may not approve of, Fortune 500 companies’ tax shelters, and more.
A&A

Auditing Special Purpose Frameworks: Planning Document, Part 1

A Planning Document is a cost-efficient way to document inquiries from the planning phase and to coordinate and summarize the results of various risk assessment procedures.
A&A

Many Companies Slow to Implement 2013 COSO Framework

According to a new Protiviti survey, 48 percent of the more than 600 audit executives and professionals surveyed reported that their organization had not yet applied the new internal control framework as of the first quarter of 2014.
Technology

New Zealand-based Xero Makes Major Play for the Cloud

Yes, everyone talks about the cloud today and many are using it already. But for Xero CEO Rod Drury, the cloud is more than just another tool: It's the shape of things to come.
A&A

Bramwell’s Lunch Beat: BEPS Rollout Won’t Be a Piece of Cake

The menu for June 4 features specials on Senate tax extenders bill stalled until November, tax-evasion probe targets another Swiss bank, tactic Walmart uses to slash its tax bill, PwC resigns as Annie’s auditor, and more.
Education & Careers

AICPA Task Force May Turn CPE on Its Head

An AICPA task force report challenges CPAs to think about learning in new ways. From 10-minute for-credit webinars to the use of game elements, tomorrow's CPE may look very different.
A&A

Revenue Recognition Transition Group to Convene Next Month

The group will be tasked with informing the FASB and the IASB about potential implementation issues that could arise when companies and organizations implement the new accounting standard.
A&A

Scott London’s Golf Buddy, Bryan Shaw, Gets 5 Months in Jail

The Los Angeles-area jeweler, who was sentenced on Monday, received confidential client information and stock tips from London that helped him make at least $1.6 million in illicit profits over a two-year period.
Tax

Short Sales Lead to Unexpected Tax Hardships

Going through a short sale is hard enough, both financially and psychologically. And the expiration of a special provision may mean a huge tax bill for those who can least afford it.
A&A

Bramwell’s Lunch Beat: Big Four in China Talk Settlement with SEC

The menu for June 3 features specials on KPMG standing by Phil Mickelson, rankings of top audit firms in China, IBM avoiding accounting penalty from SEC, new buzz phrase in audit failures, and more.
Education & Careers

Working in Management: The Other Accounting Profession

An interview with IMA CEO Jeffrey Thomson reveals how different management accounting is from working in a firm. And why there are so few capable of stepping up.
Tax

Reports: 77,000 Banks Are Complying with US on FATCA

The list of companies that have registered with the United States includes 515 Russian financial institutions, plus more than 500 US businesses, such as Citibank NA and JPMorgan Chase & Co.
A&A

Lawmakers Oppose Proposed Changes to Accounting Method

In a letter last week, a bipartisan group of more than 110 House legislators urged Ways and Means Committee Chairman Dave Camp not to repeal the last in, first out inventory accounting measure in his tax reform plan.
Tax

How to Deduct Home Entertainment Expenses

Do you entertain clients at home? You may be blurring the lines between business and pleasure, but the IRS isn't. Here's how to avoid deduction problems by learning the IRS rules.
A&A

Bramwell’s Lunch Beat: Would KPMG Bail On Phil Mickelson?

The menu for June 2 features specials on how taxes could curb consumption of sugary drinks, tax question looms over Illinois governor’s race, roads – not gas – should be taxed, Donald Sterling’s huge tax bill, and more.
Education & Careers

What an Experienced Accountant Can Tell a Newbie

There are seven things I would tell my younger self. We can't go back in time, but we can pass our wisdom on to the next generation of accountants. Reflect on what's important.
A&A

Deal with Rothstein Kass Makes KPMG US Hedge Fund Leader

KPMG officials said the acquisition, which will be finalized in the coming weeks, will boost the Big Four firm’s presence in the alternative investments industry and capital markets, including hedge funds.

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