The new revenue recognition standard released by FASB and the International Accounting Standards Board will result in significant changes for software companies. Intel Accounting Policy Controller Liesl Nebel, CPA, discusses these changes, including the departure from the vendor-specific objective evidence (VSOE) determination that has been a familiar part of previous U.S. GAAP standards. Nebel also provides insight into how the new standard will affect revenue recognition for hardware sales.
Telecommunications is one of the industries that will experience significant changes as a result of the new revenue recognition standard released by FASB and the International Accounting Standards Board. Accounting standard setters predict changes for telecommunications companies regardless of whether they use U.S. GAAP or IFRS for their financial reporting. AT&T Director of Accounting Bill Schneider, CPA, CGMA, discusses the challenges associated with recognizing revenue earlier for certain transactions, determining what performance obligations are, and a possible need for costly systems changes.
David Walker, CPA, a longtime crusader for government fiscal responsibility, recently released his final Comeback America Initiative report calling for action on the growing debt faced by the federal government as well as many state and local municipalities. A former U.S. comptroller general, Walker is closing the Comeback America Initiative to take on a new role in his advocacy and spend more time with his family. In this podcast, he explains what’s next for his advocacy and describes how CPAs can play a prominent role in encouraging responsible financing of government.
The SEC Division of Enforcement announced in July that it has formed a Financial Reporting and Audit Task Force dedicated to detecting fraudulent or improper financial reporting. In this podcast, forensic and litigation expert Colleen Vallen, CPA, of Citrin Cooperman in Philadelphia, discusses how CFOs and finance departments should review their systems and procedures as the SEC ramps up its scrutiny of financial reporting. Minor restatements, whistleblower reports, and new quantitative analytics all will provide the SEC with starting points as it takes a close look at financial reporting fraud.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its updated internal control framework on May 14. The update reflects changes in the business environment, such as advances in technology and globalization, that have occurred since COSO’s original framework was issued in 1992. In this podcast, COSO board member and Brigham Young University accountancy professor Doug Prawitt, CPA, Ph.D., describes the rationale behind the update of the framework, gives implementation tips, and describes how large and small public and private organizations can use the framework to improve their internal control systems – and their compliance and operations.
Not-for-profit accounting and auditing has undergone significant changes in recent years as the number of nonprofits (NFPs) registered with the IRS ballooned from 1.2 million in 1999 to more than 1.5 million 10 years later. In this podcast, CPA not-for-profit experts Chris Cole, Jennifer Hoffman, Frank Jakosz, and Andrew Prather discuss current NFP issues that face CPA preparers and auditors. The experts describe how the AICPA’s newly updated Not-for-Profit Entities Audit and Accounting Guide can be a resource for NFPs. Discussion topics include recent FASB updates, changes in the NFP investment arena, revenue recognition, gifts-in-kind valuation, and taxes and regulatory considerations.
The AICPA is developing the financial reporting framework for small and medium-sized entities (FRF for SMEs) to form the foundation for a new approach to financial reporting for privately owned, for-profit smaller enterprises that are not required to produce financial statements prepared in accordance with U.S. GAAP. Details of the proposed framework are described during this podcast by AICPA Vice President—Professional Standards and Services Chuck Landes, CPA, and two members of the project task force, Pat Piteo, CPA, and Tom Ratcliffe, CPA, CGMA. The goal of the project is to emphasize reliability and simplicity, meeting users’ needs without creating unnecessary costs for smaller enterprises.
The accounting profession is undergoing a period of unprecedented change. The increased globalization of the world economy, rapid advances in technology, and the retirements of myriad baby boomer CPAs will change the face of accounting. What does the future hold for CPAs? The JofA posed that question to five members of the "next-generation" of CPA leaders. The second segment of this two-part podcast features the story of a CPA firm that is in the process of closing its brick-and-mortar office and going 100% virtual. Other topics discussed include the special skills needed by CPAs in business and industry and the reasons why one of the panelists says that playing games is one of the best interview techniques an organization can use.
The accounting profession is undergoing a period of unprecedented change. The increased globalization of the world economy, rapid advances in technology, and the retirements of myriad baby boomer CPAs will change the face of accounting. What does the future hold for CPAs? The JofA posed that question to five members of the "next-generation" of CPA leaders. Part 1 of this two-part podcast looks at how the market for accounting services will evolve over the next two decades and how those changes will reshape the structure of CPA firms. Other areas of discussion include the steps that young CPAs should be taking to move into leadership roles and the skills that employers and cliens will demand of CPAs in the new accounting world.
In the second of a two-part series on the Committee of Sponsoring Organizations of the Treadway Commission's updated internal control framework, COSO Chairman David Landsittel, CPA, and three other prominent COSO experts—COSO Chair Emeritus Larry Rittenberg, CPA; AT&T Director of Accounting Bill Schneider, CPA, CGMA; and Chuck Landes, CPA, AICPA vice president, Professional Standards and Services Group—discuss the importance of the proposed updated operations and compliance objectives as well as the reporting objective and how organizations can benefit from implementing the framework.