The CPA Journal - The Voice of the Accounting Profession
The CPA Journal is a publication of the New York State Society of CPAs, and is internationally recognized as an outstanding, technical-refereed publication for accounting practitioners, educators, and other financial professionals all over the globe.Edited by CPAs for CPAs, it aims to provide accounting and other financial professionals with the information and analysis they need to succeed in ...
Tax Treatment of Liquidations of Partnership Interests
Feb 9, 2021 — Redemption of a Partnership Interest. Redemptions of a partner’s entire partnership interests are governed by IRC section 736. That section does not affect the amount of income, gain, or loss that will be reported by the retiring partner; instead, it determines whether the income will be a capital gain (or loss) or ordinary income, and …
Using Ratio Analysis to Manage Not-for-Profit Organizations
Jun 5, 2019 — Therefore, in addition to agreeing upon a set of ratios to measure and monitor, each not-for-profit should also agree on a comparison group of five to ten peer organizations. Ideally, this group would consist of well-managed not-for-profits of similar size and mission. Because many ratios focus on profitability measures, their usefulness in ...
Interest Rate Swaps: Simplified Accounting for a Perfect Fair Value ...
Nov 27, 2017 — Companies routinely utilize interest rate swaps to reduce their exposure to changes in the fair value of assets and liabilities or cash flows due to fluctuations in interest rates. This article provides a background on interest rate swap programs and fair value hedging. It discusses the benefits and limitations of different methods of hedging ...
Tax Consequences of Settlement and Litigation Award Payments ...
Nov 20, 2018 — When an individual receives a settlement or litigation award payment, the likely first question is whether the payment is taxable. While CPAs may know that the answer will depend upon the claim underlying the lawsuit, several other questions can arise that will likewise depend on the facts and circumstances.
The Accounting Profession Is in Crisis - The CPA Journal
Dec 1, 2023 — 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 ...
Applying the New Accounting Guidance for Contributions
Apr 29, 2019 — In June 2018, FASB issued Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, with the stated purpose of providing guidance in evaluating whether transactions should be accounted for as contributions or exchanges. In addition, the update introduces the ...
The Future of Business Data Analytics and Accounting Automation
Jan 31, 2024 — The Value of Business Data Analytics. Michael Parrinello, CPA, is a partner at the Bonadio Group, a mid-sized accounting firm with offices in New York, Texas, and Vermont that was named among the Top 100 Public Accounting Firms in 2020 by Inside Public Accounting. Parrinello (2021) stated that many of the Bonadio Group’s small- to mid-sized clients pushed digital advancements in the past year.
FASB’s New Guidance for Contributions Received and …
May 10, 2019 — Although Accounting Standards Update (ASU 2018-08), Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, does not make any fundamental changes to the existing rules for how to treat contributions and exchanges, it aims to clarify the meaning of these terms and ...
The Use of Data Analytics in Auditing - The CPA Journal
Sep 13, 2023 — The accounting press has heralded the growing and transformational use of data analytics in accounting—auditing in particular. A recent poll regarding top priorities for audit leaders conducted by Gartner showed that “top focus areas for audit leaders in 2022 are attracting talent with nontraditional audit skills and effectively …