IN BRIEF Fraud risk management has become increasingly important in the current business environment. How CPAs can best apply ...

Under Internal Revenue Code (IRC) section 1031, direct swaps can be difficult to accomplish because the parties may not each have something the other wants. To facilitate exchanges, IRC section 1031 ...

While the use of sustainability reporting has grown in the United States in the absence of a legal mandate and as a result of demand from stakeholders, the lack of a nationwide legal mandate has ...

The US Department of Justice (DOJ) and IRS are currently conducting a criminal investigation into potential abuses of Puerto Rico’s Act 60 tax incentive program, and the government has reportedly ...

Accounting Standards Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, modifies the accounting and reporting of foreign currency forward ...

The recent surge in inflation has led managers to reassess the best inventory valuation methods—first-in-first-out (FIFO) or last-in-first-out (LIFO). In times of rising prices, FIFO typically results ...

For several years now, declining enrollments in universities and high turnover at firms have posed a serious threat to the accounting profession’s viability. The solution is not merely a numbers game, ...

The AICPA Auditing Standards Board recently issued SAS 134, Auditors Reporting and Amendments, Including Amendments Addressing Disclosures of Financial Statements, and SAS 135, Omnibus Statement on ...

Nonprofits face many unique challenges, and auditors are a crucial component in ensuring they not only meet regulatory obligations but also strive for accuracy and excellence in reporting. Auditors ...

State legislatures and tax departments sometimes find out-of-state professional athletes who play games in their states an irresistible source of taxable income. Tennessee, however, bit off more than ...

Currently, in order to be licensed, CPA candidates must earn a bachelor’s degree (usually 120 hours), earn 30 hours beyond the bachelor’s degree (which may entail completing a master’s degree), and ...

In the course of fulfilling its mandate to protect investors, the PCAOB has conducted inspections of public firm audits and collected this data in order to analyze whether audit deficiencies (and, ...