Journal of Accountancy - Accounting, tax, auditing news
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Tax, accounting, auditing news - Journal of Accountancy
5 days ago · The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
5 best practices for intercompany accounting - Journal of …
Dec 1, 2016 · Increasingly complex multinational value chains, partly the result of industry consolidation or globalization, and more scrutiny from auditors and regulators are causing more and more companies to run into serious and costly intercompany accounting problems.. Improper or insufficient intercompany accounting practices are partly to blame. "Multinationals need to …
Fraud is suspected: Now what? - Journal of Accountancy
Aug 1, 2022 · LEARNING RESOURCES. Financial Statement Fraud, Corruption, and Asset Misappropriation — Part 1 and Part 2. Through narration by an industry subject-matter expert and practical scenario exercises, this two-module CPE course identifies the steps of a financial statement fraud investigation and the internal controls needed in place to deter and prevent …
Keep or toss? A guide to CPA firm record retention
Practitioners often find themselves with years, even decades, of records, and ask themselves, "Do I really need all of this?" If your file cabinet is ready for some overdue spring cleaning, consider the role of record retention before you purge.
Challenges to consider in auditing revenue recognition
Jul 1, 2020 · FASB's new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard requires consideration of a five-step framework that includes estimates on the revenue recognized for the accounting period (see the sidebar, "Independence …
Full disclosure: When tax transactions must be reported
Feb 1, 2022 · Businesses and individuals may structure their transactions in a tax-efficient manner, but when a transaction's expected tax results eclipse its economic substance, the IRS may deny those benefits. With President Joe Biden's administration wanting to reduce the tax gap — the estimated annual amount of taxes owed but unpaid — of as much as $1 trillion and to …
A new take on ethics and independence - Journal of Accountancy
Dec 1, 2018 · Ethics for CIMA members. While AICPA members follow the AICPA Code of Professional Conduct, Chartered Institute of Management Accountants (CIMA) members and students are required to abide by CIMA’s Code of Ethics.Like the AICPA Code, CIMA’s Code of Ethics is based on the IESBA Code. CIMA’s code establishes a conceptual framework that …
Preventing fraud with internal controls: A refresher
Aug 1, 2023 · Many leaders of organizations treat internal controls as a tedious task that sits at the bottom of their to-do list, and, because just about no one ever gets to the bottom of their to-do list, often those matters are never addressed.
Inherent risk and SAS No. 145: New concepts and requirements
Oct 13, 2022 · (Editors' note: All quoted material in this article comes from SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, as codified in AU-C Section 315.) Revised risk assessment guidance will require auditors to apply new concepts for calendar year 2023 audits.