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Book Review

Finance & Accounting for Lawyers, Second Edition, by Brian Peter Brining, JD, CPA BVR has just released Finance & Accounting for Lawyers, Second Edition, by Brian Peter Brining, JD, CPA. The purpose of this edition is to provide the reader, lawyers particularly, with a technical overview of accounting principles and methods so the knowledge can be applied in the practice of law. In the finance and v ...

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“Little Big Data”

Get Clients to Count on Your Accounting Is it the valuation of a small privately held company with three employees? Or a large multi-national with employees in the thousands? Perhaps it is reviewing assets in a highly contested divorce. One way or another, you are trying to reach a decision, an opinion, or a conclusion from the data in front of you. Using big data, you must compose a story and present the d ...

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Challenges Continue for African-American Accountants

Leaders of the accounting profession have made substantial efforts to increase diversity in the workforce, but a survey suggests that more needs to be done to improve inclusion of African-American staff. Among other things, leaders should seek to prevent unconscious bias and ensure that informal networks are welcoming of diverse membership. To read the full article in the Journal of Accountancy, click: Chal ...

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How to Interview for Soft Skills

It is increasingly important for accountants to have soft skills such as problem-solving acumen, flexibility, and the ability to communicate well. Rian Powell, senior director of recruiting at Chicago-area staffing and recruiting firm LaSalle Network, explains the right questions to ask during job interviews to assess candidates’ soft skills. To read the full article in the Journal of Accountancy, click: Ho ...

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International Audit Standard Addresses Estimates

A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts. To read the full article in the Journal of Accountancy, click: International Audit Standard Addresses Estimates. ...

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Building a State-of-the-Art M&A Target

A firm can enrich its value to prospective suitors by investing in a top-notch IT infrastructure and exhibiting a willingness to embrace new technologies. To read the full article in Journal of Accountancy, click: Building a State-of-the-Art M&A Target. ...

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Add Value to Audits with Client-Focused Analytics

Accounting services are rapidly becoming commoditized, and when clients don’t perceive a clear difference between service providers, they may choose the least expensive option. This is especially true for audit services, where clients—as well as auditors themselves—may see little difference between the work of competing firms. To read the full article in Journal of Accountancy, click: Add Value to Audits wi ...

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Lease Accounting Standards: Are Multinationals Sitting on a “Leaseberg” of Huge Proportions?

New lease accounting standards come into force at the start of next year which will fundamentally change how companies can report off-balance sheet financing.  How will the new rules affect finance leaders? To read the full article in Accountancy Age, click: Lease Accounting Standards: Are Multinationals Sitting on a “Leaseberg” of Huge Proportions? ...

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Do You Know Where Your Client Data Is?

No financial technology innovation has saved advisors more time than when custodians began transmitting data files to firms.  Prior to this change, client data was updated by taking statements and keying them into the portfolio accounting system.  At the end of each quarter, statements were stacked thick and the data entry sprint began so that client reporting and billing could be completed. To read the ful ...

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How AI, Blockchain, and Automation Will Reinvent Accounting

The accounting profession sits on the cusp of unprecedented change.  Transformative technologies will reshape virtually every corner of the accounting world.  For CPAs to survive and thrive, they will need to learn—and unlearn—on a scale and at a pace that can seem overwhelming.  To help CPAs prepare, the JofA gathered three of the profession’s top technology experts for its annual accounting technology rou ...

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Blockchain Considerations for Management and Auditors

Members of the accounting profession are being challenged to gain a deep understanding of how ledger technology and digital currencies work.  As the use cases for blockchain multiply, accountants and auditors need to consider how the existing accounting and auditing rules relate to distributed ledger technology. To read the full article in the Journal of Accountancy, click: Blockchain Considerations for Man ...

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Association, CPA.com Launch “Shark Tank” for Startups

The Association of International Certified Professional Accountants and CPA.com are launching an early-stage company accelerator to promote innovation and give the profession early insight into disruptive technologies.  The Association and CPA.com Startup Accelerator will provide funding and other support to as many as five early-stage companies that emerge from a competition. To read the full article in th ...

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The Value of Using the Services of a Forensic Accountant in Legal Matters

Engage and Assist Legal Counsel It is critical that the right person with the right expertise, training, and background be selected. This article will describe the various areas of specialization in which a forensic accountant performs, how counsel should select the right professional for the job, and the benefits of using a forensic accountant. ...

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Will Planned Derivatives Accounting Changes Stem Flow of Restatements, Improve Risk Management?

New Accounting Rules Could Encourage use of Derivatives Changes to accounting rules for derivatives may prompt companies to start using reasonable derivative-based risk-management tools, said Jim Kroeker of the Financial Accounting Standards Board.  Kroeker suggested this was one possible benefit of FASB's proposal for hedge accounting, which could be issued in September. To read the full article in Bloombe ...

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Einstein and Valuation: It’s All Relative!

It’s Responsible and Efficient to Begin Appraisals by Granting Certain Assumptions and Respecting Precedent. Here’s Why. All kinds of news, findings, and rulings come out that might affect the work of financial consultants and appraisers every day. When can you know when a precedent is important or something you can ignore? Or, put another way: what information is most important to pay attention to? Rand Cu ...

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“Health Scare for Small Businesses” — WSJ Law Blog — Growing Trend — Stories in NYT, Economist, WaPo, CNN, Forbes, US News & World Report, The Hill, & More.

Ahead of the new health-care law, small firms worry about crossing the crucial 50-person threshold — and about rising premium rates  Emily Maltby at the WSJ Law blog reports on increasing concerns about the forthcoming healthcare laws among small business owners.  This seems to be a prominent issue and concern among small business owners, and has been noted in most every major media outlet in recent weeks, ...

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Afraid of Being Sued? 4 Ways to Keep Lawyers at Bay —Inc.com

Here are four surprising ways to protect yourself in a law suit and keep legal fees to a minimum. Kevin Daum at Inc. advises:  "Shakespeare said, "First kill all the lawyers." Maybe this seems a tad aggressive, but then again, for most people the last thing you look forward to is someone showing up at your door with a subpoena. Whether a lawsuit is business related or personal, the thought of engaging an at ...

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