Keep or toss? A guide to CPA firm record retention
网页When determining which records should be kept or purged, consider retaining items that document or support the firm's: Client/engagement evaluation process: Such as signed engagement letters, client acceptance checklists, engagement acceptance approvals, and client disengagement letters. Administrative records: Such as fee and billing records ...
A new take on ethics and independence - Journal of Accountancy
网页2018年12月1日 · Professional accountants are required to apply the conceptual framework to identify, evaluate, and address threats to independence. Independence "of mind" and "in appearance" requires adherence to the fundamental principles of integrity and objectivity. New and improved provisions help accountants apply the conceptual framework when …
Accounting for sale and leaseback transactions
网页On Dec. 31, 2021, the seller-lessee would record the transaction as shown in the table "Journal Entry Based on Amortization Table.". The seller-lessee would make similar entries for the remaining nine years. Next, assume the contract provided Smith Corp. with an option to purchase the building on Jan. 1, 2026, for $12,000,000 and that the assets similar to …
Journal of Accountancy - Accounting, tax, auditing news
网页How to add the JofA to your Apple News app. This quick guide walks you through the process of adding the Journal of Accountancy as a favorite news source in the News app from Apple. The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
Challenges to consider in auditing revenue recognition
网页2020年7月1日 · 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, …
Tax compliance after M&As - Journal of Accountancy
网页2017年12月1日 · Tax compliance after M&As. Elections, carryovers, and debt offer plenty of issues to track following either a stock or an asset deal. Accounting for merger and acquisition (M&A) activity is a common challenge for tax compliance professionals. Since each transaction can result in unique tax issues, a one - size - fits - all approach rarely …
Fraud is suspected: Now what? - Journal of Accountancy
网页2022年8月1日 · As AU - C Section 240 states: "Although the auditor may suspect or, in rare cases, identify the occurrence of fraud, the auditor does not make legal determinations of whether fraud has actually occurred" (¶ .3). The legal determination of whether fraud has occurred is made by a judge or jury, not by management and not by the auditor.
The pros and cons of LLCs - Journal of Accountancy
网页2018年12月1日 · The pros and cons of LLCs. This popular entity choice serves a wide variety of purposes. By Walter D. Schwidetzky, J.D., LL.M. December 1, 2018. Image by DigtialStorm/iStock. TOPICS. The use of the limited liability company (LLC) has mushroomed in popularity over the past two decades. IRS statistics show a 66% …
Tax news and information - Journal of Accountancy
网页2024年9月1日 · Tax practitioner complaint leads to review of advocate phone service. A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration. August 1, 2024.
Tax, accounting, auditing news - Journal of Accountancy
网页2024年9月13日 · A letter asks the Department of Homeland Security to add accounting to its STEM Designated Degree Program List in an effort to bolster talent acquisition. Next 20. The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.