Some CPAs consider themselves clever for coming up with easy-to-remember passwords, but hackers are often wise to this tactic. Each year, SplashData compiles a list of millions of stolen passwords and sorts them in order of popularity. For 2017, here is a list of the top 10 most commonly used stolen passwords. To read the full article in the Journal of Accountancy, click: Account Management: Avoid Commonly Used Passwords.
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CPAs in small firms face many of the same operational challenges when it comes to running their firms. This is the first in an occasional series highlighting how individual practitioners tackled common issues. To read the full article in the Journal of Accountancy, click: Small Firm Spotlight: How I Recruit and Hire New Accountants.
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Employment and salary prospects for accountants are healthy across the board, but professionals with up-to-date expertise in data collection and analysis are most in demand, say recruitment specialists. To read the full article in InTheBlack, click: The Accounting Skills Most in Demand.
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Meet Your Advisory Team Selling a business is a one-time process for most owners. It is also a harrowing process involving professionals in many disciplines. Here is a description of the primary people assisting in the process.
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Moving from Facts to Opinion? ASC 820 under US GAAP and IFRS 13 issued by IASB provide a principal based framework for fair value measurement. Though fair value measurement guidance in US GAAP and IFRS are substantially in the same line, some minor differences exist. This article discusses the IFRS 13 and challenges in its implementation.
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How to Maintain Independence and Professionalism in a Complex and Changing Niche As divorce laws change, attorneys increasingly rely on financial experts such as business appraisers and forensic accountants. In this article, Robert D. Feder discusses the role of a financial analyst in the context of matrimonial law. He also covers some of the potential pitfalls of the trade.
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In Palmerino v. Palmerino, the Massachusetts Court of Appealsconsidered whether a trial court erred in valuing the husband’s grocery store. The trial court’s approach had not included discounts—and went further to state that the income approach is preferable for valuation. Find out what the court decides! In Giaimo v. Vitale, the Supreme Court of New York considers the dissolution of a company called EGA Associates. The case involved the sale of 19 residential buildings in Manhattan, accusations of fraud during discovery hearings on fair value, and the applicability of proposed discounts for marketability and built-in capital gains.
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Lawyers and Accountants Once Put Integrity First So asserts Mark W. Everson, commissioner of the IRS from 2003 to 2007, in an opinion piece for the Sunday NY Times: Three or four decades ago, investors and regulators could rely on these professionals to provide a check on corporate risk-taking. But over time, attorneys and auditors came to see their practices not as independent firms that strengthen the integrity of capitalism, but as businesses measured chiefly by the earnings of their partners. . . . Recent decades have seen a new model take root: a business plan tied to partner earnings. Obviously,…