NewsFlash Aug. 24, 2017

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Bitcoin Seeks Recognition from U.S. GAAP

Thomson Reuters

The Financial Accounting Standards Board (FASB) is conducting early stage research about developing an accounting standard for digital currency and the technology that underpins it. With the use of digital currency increasing, proponents say inconsistent accounting practices are becoming a problem.

As the digital currency Bitcoin becomes more of a household name, the FASB is considering whether it needs to develop accounting guidance for digital currencies.

To read the full article, click here.


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AICPA Asks IRS to Change Partnership Audit Rules

By Michael Cohn
Accounting Today

The American Institute of CPAs is recommending a set of changes to the Internal Revenue Service’s proposed partnership audit regulations.

To read the full article, click here.


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PCAOB Urges Improvement in Broker and Dealer Audits

By Ken Tysiac
Journal of Accountancy

Auditors of brokers and dealers should take several steps to enable the highest quality in the engagements they perform.

To read the full article, click here.


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The Road to Finance Transformation

By Chris Schmidt
CFO.com

For CFOs, the lure of the destination — genuine data-driven decision-making that drives enterprise-wide innovation — is worth the difficulty of the journey.

To read the full article, click here.


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E-Systems Maintenance Slated for Labor Day Weekend

By Jeff Stimpson
Accounting Today

The Transcript Delivery System, TIN Matching, e-file Application, ACA and Registration Services will not be operational during this time. The IRS asks that users refrain from accessing e-services to conduct business during this period.

To read the full article, click here.


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New Ideas on Accounting for Grants and Contributions [Podcast]

By Chris Cole
Accounting Today

FASB recently proposed new guidance on nonprofit accounting for contributions and grants; in this podcast, AICPA associate director and nonprofit expert Chris Cole walks us through what it means.

To read the full article, click here.


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Reminder: 2017’s Standard Business Mileage Rate Drops From 2016’s

By Julian Block
Accounting Web

Some reminders for your clients who use their cars for business reasons: the IRS okays use of one of two methods to figure business-driving deductions; actual expenses or a standard mileage rate that’s adjusted upward each year to take inflation into account.

To read the full article, click here.


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Meet AICPA Chair Kimberly Ellison-Taylor at the 2017 Accounting & Business Show

 

 

Kimberly Ellison-Taylor opens the 2017 Accounting & Business Show and shares first-hand insights into the profession. Ellison-Taylor emphasizes the importance of preparation, anticipation, accountability and "taking bold steps" to ensure a bright future.  She also highlights big data, cybersecurity and assurance and advisory services as key emerging issues. Learn what you need to be successful in 2017 and beyond.  

Register Now


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Image: Scott Price
Scott Price
FICPA Congratulates Scott Price –
A-LIGN Earns Place on 2017 Inc. 5000 List of
Fastest-Growing Private Companies in America

Scott Price, past Board Chair of the FICPA, started A-LIGN to provide compliance and security solutions to organizations that needed information security. A-LIGN is one of the few firms in the nation that is a licensed CPA firm, Qualified Security Assessor Company, accredited ISO 27001 certification body, and accredited FedRAMP 3PAO. In the last three years alone, we have assisted over 1,200 clients annually with their security and compliance needs and have added over 80 employees to provide responsive and exceptional service.

Read More

 


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FICPA Firm Outreach

It is not every day when you see a CPA sporting Ronald McDonald shoes, but fun when it happens!  Matt Newberger of Concannon, Miller and Co. modeled them for the FICPA’s Morgan G. Watson, Director of Business Development, and Mia Thomas, Director of Customized Learning during their recent visit to the firm. Concannon Miller & Co., located in St. Petersburg, FL have a client base of McDonald franchise owners and was one of four FICPA member companies in the Tampa Bay area were visited earlier this month.  Other visits were with members at the Tampa firm of Cohen & Grieb, the Financial Operations and Internal Audit areas at Tampa International Airport, and the Clearwater firm of PDR CPAs & Advisors.

Visits with our members highlight that there are some common challenges; the rapid pace of change in the profession and the competition to attract, develop and retain talent are frequently shared conversational topics. Members are interested in staying current with Best Practices and how to encourage staff to pursue taking the CPA exam. They enjoy furthering their professional knowledge and appreciate the advocacy efforts of the FICPA.

The FICPA serves the diverse needs of CPAs in public accounting and business and industry. We want to hear from you; what FICPA benefits do you value? Please contact Morgan and Mia to discuss how the FICPA can work with you to best serve your professional needs.

FICPA Firm Visits - Aug. 2017

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Tech Tip: How to Delete Google Chrome
Browsing History, Cache and Cookies

FICPA

Chrome does an excellent job of storing your browsing history, cache and cookies to optimize the performance and usability of surfing the internet. That said, if you’re privacy-minded or just like to run a tight ship, clearing away old browser data is a good practice to do on a regular basis.

To read the full article, click here.


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In Memoriam

Gayle Sherb Apr. 8, 2017


Look for the next issue of FICPA NewsFlash Sept. 7, 2017.

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