After receiving comments from various stakeholders following an initial proposal in 2017, on Sept. 13, the FASB rereleased proposed Accounting Standards Update, Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent). The standard applies to all for-profit and not-for-profit companies that have outstanding debt and prepare a classified […]
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SOC for Cybersecurity: A guide to managing risk for CPAs
One of the biggest concerns for organizations in today’s business environment is cybersecurity. Cybersecurity in its most basic form is the protection of electronic data from unauthorized or criminal access and use. As businesses capture more and more data, both internally in relation to the operations of the company and externally in relation to the […]
FASB releases ASU 2018-01 on land easements
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, that clarifies the application of the new leases guidance to land easements. Lease amendments (ASU 2016-02 and 2018-01) are effective for public entities with annual periods beginning after December 15, […]
COSO updates enterprise risk management framework
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released the ERM (Enterprise Risk Management) Framework: Enterprise Risk Management–Integrating with Strategy and Performance on September 6, 2017. This is COSO’s first significant update to the original 2004 ERM document, Enterprise Risk Management–Integrated Framework. The provisions of the updated ERM framework become testable on the […]
FASB simplifies accounting for derivatives and hedging instruments
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The provisions of the new ASU are effective for fiscal years beginning after Dec. 15, 2018. The content becomes testable on the CPA Exam Jan. 1, 2019. ASU No. 2017-12 […]
FASB simplifies accounting for certain financial instruments
The FASB issued Accounting Standards Update No. 2017-11, which simplifies accounting for certain financial instruments and will be testable on the CPA Exam in April 2019. Taking FAR in Q2 2019 or later? You'll want to know this material!
Tips to stand up for yourself against bullying in the workplace
It’s time to put an end to the entire "Mean Girls" phenomenon that is still prevalent beyond high school – the kind that exists in the workplace. Read more for how to protect yourself and your coworkers from workplace bullying.
Why leadership is about coaching: 5 tips for new leaders
You'll need to demonstrate leadership skills to advance in your career, even if you're not currently a manager (leader). So how do you do so? You exercise some coaching! Here are 5 tips for coaching a team, and yourself, to victory.
Health check: 7 steps to manage stress for accounting professionals
At the end of the day, it is crucial to remember what made you choose your job or profession; what drew you in is satisfaction and enjoyment. While any job at any level can be stressful, the trick is to keep the stress at a manageable level. Here are 7 tips to manage stress.