The current technological transformation in accounting and taxation shows that “companies have a large appetite for increasing complex analytics, even| The CPA Journal
May/June 2025 | The CPA Journal
Commentary The pace of economic growth has been gradually slowing down since the lively pace of summer 2023. In fact, some predicted recession for the first half of 2025 based on the uncertainty of government tariff policy. While the first quarter of this year was weak, the second quarter turned in a solid 3% growth. […] The post Forte Capital’s Selected Statistics appeared first on The CPA Journal.| The CPA Journal
Decentralized finance (DeFi) is an emerging peer-to-peer system for conducting financial activity on the blockchain without the need for third-party intermediaries or financial institutions. Although still in its infancy, DeFi activity has increased exponentially over the past few years. Unlike centralized exchanges, such as Binance and Coinbase, DeFi protocols are typically barebones, if not entirely […] The post Demystifying ‘DeFi’ appeared first on The CPA Journal.| The CPA Journal
Robotic Process Automation (RPA) continues to proliferate in organizations. Responding to governance challenges and impacts on financial reporting, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently issued a guidance publication, “Achieving Effective Internal Control Over Robotic Process Automation.” Per the press release accompanying the guidance’s issuance, it “presents an RPA governance framework […] The post COSO Issues Guidance on Robotic Proce...| The CPA Journal
The 23rd Annual Financial Reporting Conference, hosted by Baruch College, New York, N.Y., on May 1, 2025, brought regulators and standards setters together with financial statement preparers and users to discuss emerging issues affecting the accounting profession. The conference began with opening remarks from Richard Jones, FASB Chair, who stressed that even as the board […] The post A Conversation with PCAOB Chair Erica Williams appeared first on The CPA Journal.| The CPA Journal
In today’s data-rich environment, business are always looking for a way to capitalize on available data for new insights and increased efficiencies. Given the escalating volumes of data and the increasing intricacy of financial transactions, Python serves as a robust and scalable platform for CPAs to automate repetitive tasks, manage extensive datasets, and develop customized […] The post Automating Data Analysis with Python Dashboards appeared first on The CPA Journal.| The CPA Journal
The discussion around diversity, equity, and inclusion (DEI) initiatives intensified following the death of George Floyd in 2020, prompting more corporations to invest in DEI programs. Recently, President Trump’s Executive Order 14173, “Ending Illegal Discrimination and Restoring Merit-Based Opportunity,” has reignited debate surrounding DEI by questioning the fairness and necessity of affirmative action policies and […] The post Are Corporate DEI Efforts Sustainable in Today’s Envi...| The CPA Journal
Imagine this scenario: in a tax planning meeting with a client, a CPA identifies a great opportunity to reduce their tax liability—perhaps through a retirement plan. The client then turns to their investment advisor to establish the account, expecting a seamless handoff. But instead of handling it, the advisor pushes the responsibility back onto the […] The post Getting Rewarded for Serving Clients appeared first on The CPA Journal.| The CPA Journal
Column Editor’s Note: This article is the first in a series that will spotlight academics detailing their experience and research in the field of accounting and DEI across different, and sometimes familiar, spaces. This article features noted scholar Dr. Sedzani Musundwa, winner of the Private and Public Sector Academic of the Year Award for her dedication […] The post In Times Like These appeared first on The CPA Journal.| The CPA Journal
Can the users of financial statements and annual reports rely upon the charts in them for accuracy? A sample of 50 public companies’ yearly reports collected by the author found that 86% had at least one broken chart. Even worse, these are just the errors discovered by an external party; how many other issues remain […] The post The Danger of Bad Charts appeared first on The CPA Journal.| The CPA Journal
Editor's Note: This article is the first of a series in a new column, Corporate Governance Corner, exploring corporate governance issues and the role CPAs| The CPA Journal
In Brief The rising popularity of artificial intelligence (AI) has made many CPAs feel unsure about the ways in which their profession may be affected. There are already some tedious tasks that AI can help humans complete, such as summarizing longer documents for ease of reading. As AI technology improves, many professionals are looking for […] The post How Artificial Intelligence May Impact the Accounting Profession appeared first on The CPA Journal.| The CPA Journal
The U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair, Inc. (138 S. Ct. 2080, 2018) overturned years of precedent that had precluded states from imposing sales taxes on sellers who derived sales from a state but had no physical presence there (e.g., payroll or property). Today, the impact of Wayfair has reached far beyond sales […] The post How Wayfair’s Economic Nexus Has Redefined Business Tax Obligations appeared first on The CPA Journal.| The CPA Journal
In Brief Of the many kinds of technologies that professionals have encountered in recent years, artificial intelligence (AI) presents perhaps the greatest challenge. CPAs that do not become comfortable with AI and integrate it into their toolkit risk falling behind the technology curve. This article aims to demystify the AI concept for accountants and provide […] The post Strategies for CPAs to Become Artificial Intelligence (AI) Savvy appeared first on The CPA Journal.| The CPA Journal
The accounting profession stands at an inflection point. We’re facing both a generational pipeline crisis and an accelerating wave of technological disruption. Emerging technologies—artificial intelligence (AI) in particular—has captured the profession’s attention, for good reason. While some headlines predict AI will render traditional accounting roles obsolete, the reality is far more nuanced, and far more […] The post Meeting the Moment appeared first on The CPA Journal.| The CPA Journal
In Brief The SEC’s new cybersecurity rules require public companies to promptly disclose cybersecurity incidents and detail their risk management strategies. These rules mandate reporting significant cyber incidents within four business days and providing updates on previously reported incidents. They also require disclosures about risk management processes, impacts on business strategy, and board oversight roles. […] The post The SEC Finalizes Rule on Cybersecurity Disclosures appeared f...| The CPA Journal
As early as 2006, the IRS has recognized that “foreign outsourcing is not prohibited by … final regulations, which permit disclosure of tax return information outside of the United States if the taxpayer consents to such disclosure” (Notice of Proposed Rulemaking, Reg-137243-02). In more recent years, a growing number of U.S. tax return preparers have […] The post Considerations for Tax Return Preparers Outsourcing Overseas appeared first on The CPA Journal.| The CPA Journal
In Brief While still in the early stages of its development, generative artificial intelligence (GenAI) shows promise in empowering professionals by| The CPA Journal
May/June 2025 | The CPA Journal
There has been growing pressure—from investors, from the Financial Stability Board (FSB), and from the International Organization of Securities Commissions (IOSCO)—for companies to disclose their greenhouse gas (GHG) emissions. Many stakeholders were awaiting the issuance of standardized climate disclosure rules from the U.S. Securities and Exchange Commission (SEC). In the meantime, California enacted the first […] The post California Provides a Welcoming Environment for the Evolution ...| The CPA Journal
In Brief Over the years, numerous studies have revealed racial disparities in hiring practices, specifically detailing the favoring of White over Black applicants by employers. By conducting a blind study of callbacks for eight fictitious applicants of various races, genders, and resume qualities, a recent study found that although White applicants still held a significant […] The post Diversity, Equity, and Inclusion Hiring in Public Accounting appeared first on The CPA Journal.| The CPA Journal
While NASBA and the AICPA have long supported the 150-hour pathway to CPA licensure, opinions differ as to whether the 30 credits beyond the bachelor’s degree produce more qualified professionals. The 150-hour requirement has been widely credited with creating a barrier to entry for minority candidates. The past few years have seen increasing debate among […] The post ICYMI | NASBA and the AICPA Propose an Alternative Path to CPA appeared first on The CPA Journal.| The CPA Journal
The accounting profession is facing a severe crisis due to a shortage of accountants. Significantly fewer students have selected accounting as a major. As a direct result of enrollment declines in accounting programs, candidates sitting for the CPA exam have also decreased from 48,004 first-time candidates in 2016 to 32,188 in 2021, a drop of […] The post ICYMI | The Accounting Profession Is in Crisis appeared first on The CPA Journal.| The CPA Journal
In Brief The Boeing case is a cautionary tale of what can go wrong when a company fails to develop and implement sound internal quality controls that protect operational processes and encourage a culture of safety. At Boeing, whistleblowers reported problems with operating processes that were ignored by management and weren’t always reported to the […] The post The Story of Boeing’s Failed Corporate Culture appeared first on The CPA Journal.| The CPA Journal
In Brief Operational controls and their impact on the financial statements represent a significant challenge for management accountants. The authors present a case study of an industrial manufacturer and its external auditors. They describe the company’s five “gateways” of inventory control and their critical importance to materials management and the annual inventory check. * * […] The post The Five Gateways of Inventory Control appeared first on The CPA Journal.| The CPA Journal
Note from Column Editor Tracey J. Niemotko: Jack Woods is currently a senior at Marist University, pursuing a bachelor's degree in professional| The CPA Journal
Featured | The CPA Journal
The recent U.S. inflation measures show that high prices have not departed yet—and they continue to fuel an affordability crisis in critical sectors like healthcare, housing, food, and education. For nonprofits delivering vital services to struggling individuals, families, and communities this economic reality pushes them into a financial vise of higher operating costs and decreased […] The post How Nonprofits Can Adapt Their Operational and Financial Strategies in Today’s Economic Envi...| The CPA Journal
Audit and tax firms have long understood that the traditional services for which they are being engaged (e.g., conducting an independent audit, preparing and filing of a Form 990, or providing agreed upon procedures) are dependent on the skills, knowledge, and expertise of the internal finance teams of their clients. Many organizations may not have […] The post The Benefits of a CAS Practice Specializing in Not-for-Profit Organizations appeared first on The CPA Journal.| The CPA Journal
Amid the flurry of proposed rulemakings that were published in the month prior to President Trump's inauguration, the Treasury Department published the| The CPA Journal
While the audit process generally has an overwhelming connotation, there are several steps that a not-for-profit (NFP) organization can take to make the audit process much smoother year over year. This article will review what happens in the external audit: how NFPs can plan, document, and prepare for the audit, and what steps NFPs can […] The post Tips for a Smooth Nonprofit Audit Process appeared first on The CPA Journal.| The CPA Journal
Amid the flurry of proposed rulemakings that were published in the month prior to President Trump’s inauguration, the Treasury Department published the long-awaited proposed amendments to 31 CFR Part 10, better known as Circular 230. Broadly speaking, Circular 230 is the document that sets forth the standards for professionals who practice before the IRS. While […] The post Treasury Issues Proposed Regulations Amending Circular 230 appeared first on The CPA Journal.| The CPA Journal
CPA firms are constantly confronted by regulatory, compliance, and ethics issues in the face of an unpredictable and changing world. Hot topics like environmental, social, and governance (ESG) reporting mandates, accounting standards for digital assets, lease accounting complications under ASC 842, and most notably the Corporate Transparency Act (CTA), illustrate the breadth of challenges that […] The post Applying Problem Solving Tools to Ethical Conundrums appeared first on The CPA Journal.| The CPA Journal
In Brief Over the years, numerous studies have revealed racial disparities in hiring practices, specifically detailing the favoring of White over Black| The CPA Journal
In Brief The Boeing case is a cautionary tale of what can go wrong when a company fails to develop and implement sound internal quality controls that| The CPA Journal
One hundred years ago, an enterprising, bright, savvy, but uneducated young Polish immigrant started a modest business that would eventually grow to| The CPA Journal
In Brief The Boeing case is a cautionary tale of what can go wrong when a company fails to develop and implement sound internal quality controls that| The CPA Journal
In Brief The Boeing case is a cautionary tale of what can go wrong when a company fails to develop and implement sound internal quality controls that| The CPA Journal
In Brief The proliferation of technology throughout modern business has created novel opportunities for financial statement fraud. But technology tools| The CPA Journal
The accounting profession is facing a severe crisis due to a shortage of accountants. Significantly fewer students have selected accounting as a major. As| The CPA Journal