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Under a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) that has received little media attention, many workers have lost a substantial tax relief mechanism that, in [...]

In May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers (Topic 606), arguably the most comprehensive change to accounting principles ever amassed. Almost every [...]

In Brief Current Disclosures Don't Provide Enough Information Cash balance pension plans can present concerns to corporate adopters that should be addressed and properly disclosed in their financial statements. The [...]

Do you like the look of fancy financial presentations but think they are just for Fortune 500 reports? How can you utilize the software and talent you already have to [...]

There is a pressing need for a new approach to audit risk assessment because the traditional method relies solely on the knowledge of the auditor and ignores the potential contributions of the auditee's staff. The traditional approach holds that the auditor alone must perform audit steps, such as completing questionnaires, designing flowcharts and writing narrative reports, to protect the independence between the auditor and the auditee. A new approach that makes use of the knowledge and experience of both the auditor and the auditee's employees is developed using the 'Renaissance' method proposed by Makosz and McCuaig (1990). This method requires the joint effort of the auditor and auditee in determining auditable entities, related risk exposures and the probability of occurrence. The new risk assessment approach is found to generate audit information that is broader in scope and is superior in both quality and quantity.

The status of Internet financial reporting (budgets, CAFRs, and popular reporting) by the 100 largest U.S. cities is documented. The research is important to establish a baseline against, which to compare the growth of Internet reporting in light of the new effort by the government financial officers association (GFOA).

There is growing concern in the investment community that certain practices of earnings management are eroding public confidence in external financial reporting and impeding the efficient flow of capital in [...]

In recent years, several practitioners have asked me, 'Why can't X student audit?' Perhaps the answer lies in the following series of e-mails (edited for the sake of anonymity) received [...]

Results are presented from a survey of 161 accountants who quit their jobs at public accounting firms. Unlike previous studies which treated job-changing accountants as a homogeneous group, this study accounts for differences by sex, function, and the organizational structure of the accounting firms. The results of the study indicate that the most common causes of employee turnover, whether for men or women, managers or staff workers, can be controlled by accounting firms. Accounting firms can reduce turnover by improving communication and providing opportunities for professional growth.

In our article 'Disclosing Cash Balance Formulas' (August 2003), we noted that the courts had not found these types of plans to discriminate based on age. Recently, however, the U.S. [...]