Fiduciary Duty, Due Care, and the Public Interest
WEBApr 3, 2020 · Fiduciary duty. Fiduciary duty is a legal concept established by law, not by any accounting, auditing, or other related professional standard. Black’s Law Dictionary defines fiduciary duty as “a duty of utmost good faith, trust, confidence, and candor owed by a fiduciary (such as a lawyer or corporate officer) to the beneficiary (such as a lawyer’s client or a shareholder); a duty to act ...
Tax Treatment of Liquidations of Partnership Interests
WEBFeb 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 whether the remaining partners will be able to deduct a ...
History of the Auditing World, Part 1 - The CPA Journal
WEBNov 25, 2020 · The history of modern auditing coincides conveniently with the history of The CPA Journal. The 1930s not only saw the NYSSCPA begin publication of what would become the Journal—it also witnessed the establishment of public company auditing, of the recognition of the central role of generally accepted accounting principles, and the beginning and slow evolution of auditing standards and the ...
Tax Consequences of Settlement and Litigation Award Payments ...
WEBNov 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.
Basic Tax Reporting for Decedents and Estates - The CPA Journal
WEBAug 3, 2021 · Gift and Estate Tax Returns. A fiduciary generally must file an IRS Form 706 (the federal estate tax return) only if the fair market value of the decedent’s gross assets at death plus all taxable gifts made during life (i.e., gifts exceeding the annual exclusion amount for each year) exceed the federal lifetime exemption in effect for the year of death—$11.7 million for 2021.
Practical Illustrations of the New Leasing Standard for Lessees
WEBOct 4, 2017 · A fter a nearly 10-year collaboration to develop a converged standard on leasing, on Jan. 13, 2016, the IASB issued IFRS 16, Leases, and on Feb. 25, 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases—Topic 842.The two standards differ on some points, but each accomplishes the joint objective of recognizing that leases give rise to assets and liabilities that should appear on ...
Accounting Ethics Education - The CPA Journal
WEBOct 19, 2021 · McGraw-Hill Irwin, 2000). The CPA Journal has contributed to the discussion about teaching ethics to accounting students, including a paper by this author that explores the role of the “Giving Voice to Values” (GVV) methodology discussed below (Steven Mintz: “Reimaging Ethics Education,” September 2017, pp. 98-102).
Major Revisions to the Auditor's Report - The CPA Journal
WEBApr 7, 2021 · Overview of Changes to Audit Reports. The ASB’s changes greatly impact auditor reports. Briefly, the changes included: 1) moving the opinion to the first part of the report; 2) adding more titles; 3) disclosing management’s and the auditor’s responsibility for going concern issues; 4) introducing key audit matters (KAM); and 5) expanding the disclosure of auditor responsibilities.
Managing the Risks of Client Acceptance and Continuance
WEBFeb 12, 2020 · The negative actions of clients can sometimes rebound on auditors, damaging that reputation; preventing this means carefully vetting clients and their activities at every stage of an engagement. The authors share advice from several professionals on proper practices for client acceptance, continuance, and—when necessary—disengagement.
Accounting for Operating Leases - The CPA Journal
WEBJan 12, 2022 · As of the end of Chipotle’s second quarter, the company reported approximately $2.37 billion of ROU assets (50.9% of total assets) and approximately $2.70 billion of operating lease liabilities (86.4% of total liabilities). Total liabilities for the company increased 279% from pre-ASC 842 levels.