NJCPA IssuesWatch Podcast

On Aug. 16, 2022, President Biden signed the Inflation Reduction Act, which includes a sweeping set of tax, climate and health care reforms. NJCPA member Nicole DeRosa, CPA, of Wiss & Company LLP, provides a 10-minute rundown of the Act’s tax provisions affecting corporations and individuals.   Resources: Inflation Reduction Act Knowledge Hub

Accounting professors from three New Jersey universities weigh in on the decline in the CPA pipeline. Find out about accounting enrollment trends at their schools and what they’re hearing from their students. And discover what they think should be done to get more students to pursue an accounting career — or, as one guest phrased it, to “swipe right on accounting!” Topics include:   Accounting enr...

Learn about FASB’s proposed ASU on long-duration insurance contracts, important reminders about employee benefit plan audits, the SEC’s concerns about gamification of stocks and new IRS procedures for accounting method changes.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: • FASB Proposes to Improve Certain Transition Requirements in L...

It’s quite an accomplishment to pass the CPA Exam. But only a handful of exam passers each year earn the Elijah Watt Sells award for outstanding Exam performance. Two NJCPA members — Lorena Carpina, CPA, of Grant Thornton, and Joseph Breen, CPA, of Withum — recently did just that. Hear about their approach to the Exam; what employers can do to nurture their CPA candidates; how the profession can h...

Brad is joined by Frank Boutillette, and they discuss results of the CAQ Audit Partner Pulse survey, PCAOB inspection areas for 2022, SEC’s project agenda, a new GASB proposal regarding disclosure of governmental risks and International Standards on Auditing 220 regarding the definition of an engagement team.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano...

New Jersey’s $50.6 billion budget for fiscal year 2023 budget is like the budgets for the past three years: not a normal budget drafted in normal times. NJBIA’s Chris Emigholz is back with us to discuss where all of the money for this record-high budget is coming from, what the money is being spent on and what we might see in the future.

This episode covers FASB updates, including ASU 2022-03 on fair value measurement and the 2021 Agenda Consultation Report. It also covers several AICPA updates, including new NOCLAR requirements and accounting and auditing for digital assets.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB ASU 2022-03 – Fair Value Measurement of Equ...

Five thought leaders who were featured speakers at the NJCPA Convention & Expo talk about how the accounting profession can transform, innovate and grow. Find out what Donny Shimamoto, CPA; Gene Marks, CPA; Jim Bourke, CPA; Scott Clemons, CFA; and Kecia Williams Smith, CPA, say CPAs can do to prepare themselves and their companies for the mega changes coming in the next few months and years.  

One of the most impactful, yet most underutilized, tools to drive a business forward is data analytics. While at the NJCPA Convention & Expo in June, host Sean Stein Smith, CPA, sat down with Melissa Dardani, CPA, to discuss the positive impact that data analytics, automation and other tech trends can have on the accounting profession and businesses.    Resources: Data Analytics Knowledge Hub...

In this special episode filmed at the NJCPA Convention & Expo, Brad Muniz and Frank Boutillette provide updates on ESG issues under consideration by FASB and SEC; the AICPA’s proposal to update compliance audit definitions; recent trends and proposed disclosure rules for SPACs; and more.   *** This episode qualifies for nano CPE credit. Find out more at  https://njcpa.org/nano . ***   Resource...

New Jersey has a long history in the film and television industries, but it’s now seeing explosive growth. In just four years, spending by TV and film productions in New Jersey has grown from $50 million annually to $440 million. One of the things contributing to this growth is the state’s film and digital media tax credit. We talk to Dave Smith, vice chair of the New Jersey Motion Picture & T...

The AICPA Auditing Standards Board recently approved new quality management standards. And various standards-setting bodies continue to issue regulations and guidance around environmental, social and governance (ESG) reporting. Find out what all of this means for your firm or company.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: New q...

Jeremy Nau, CPA, joins host Dr. Sean Stein Smith, CPA, to discuss technologies that are impacting the accounting profession — and what current and future CPAs need to do to prepare for the future. They also discuss how firms can attract and retain professionals.   Resources: Connect with Jeremy Nau: LinkedIn | Twitter The Way Forward Knowledge Hub Blockchain and Cryptocurrency Knowledge Hub

In survey after survey, employers state that soft skills are either as important or more important than hard skills. But the term “soft skills” has gotten a bad rap over the years. A better term, according to Thomas Metelski - a CPA and the founder of Jump Coaching & Consulting - is enhanced people skills (EPS). Thomas shares how CPAs can use the five “As” to improve their EPS.   Resources: Ar...

This episode covers recent FASB activity on accounting for crypto assets, AICPA guidance for auditors, findings from a recent audit quality survey and report, and more.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB to Consider Setting Rules on Companies’ Crypto Accounting, Disclosure AICPA Technical Questions and Answers (TQAs) 91...

Michael Bryan, CPA, is a familiar name to many New Jersey CPAs because of his position as the director of the New Jersey Division of Taxation from 2010 to 2015. Mike is now back at the Division heading up the audit division. Find out about the Division’s tax audit priorities, red flags that typically trigger an audit, the prevalence of tax fraud in New Jersey and the Division’s plans to modernize...

Learn about the AICPA’s recent audit quality survey, SEC updates on climate and ESG matters, new GASB standards and projects, and international accounting news.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: AICPA audit quality survey SEC Extends Comment Period for Proposed Rules on Climate-Related Disclosures AICPA Practice Considerati...

NJCPA member Joe Tarasco, CPA, is back to share his insights on several key trends expected to impact CPA firms in the rest of 2022 and beyond. He weighs in on the Great Resignation, flexible work arrangements, employee skill development, succession planning, technology adoption, advisory services and more.   Resources: Learn more about Joe and Accountants Advisory Group Attend Joe’s session, “Tre...

This episode covers changes to employee benefit plan audits, FASB’s proposed updates to reference rate reform guidance, important ERC accounting guidelines and PCAOB, SEC and U.S. DOL updates.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Additional resources: FASB Proposes Updates to Reference Rate Reform Guidance SAS 136, Forming an Opinion and...

Steve Sweeney was the longest-serving Senate President in New Jersey history. But even though he’s now out of office, he hasn’t withdrawn from politics and public policy. The newly formed Steve Sweeney Center for Public Policy at Rowan University will be tackling tough issues that would reduce costs and improve efficiency in New Jersey, including multi-year budgeting, consensus forecasting, pensio...

Private equity is starting to make inroads among CPAs firms. With a history of unsuccessful attempts at outside ownership of CPAs firms, is private equity destined to the same fate? And will the strong M&A activity among firms continue? Host Dr. Sean Stein Smith, CPA, discusses this and more with Garrett Wagner, CPA, of C3 Evolution Group.   Additional resources: More about C3 Evolution Group...

Learn about FASB’s newest ASU on financial instruments, the FASAB’s proposed new conforming amendments, Ukraine effect on audits, data security concerns, PCAOB guidance on the confirmation process and more.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Additional resources: FASB ASU 2022-02 – Financial Instruments – Credit Losses, Troubled Debt R...

Private equity (PE) funding is a mystery to many CPAs and others in the business community. Yet, PE has exploded in growth over the past 40 years while public financing has dropped dramatically. PE expert Mike Lorelli of Faster Landings provides an overview of PE, common misconceptions, why there’s been a dramatic rise in PE investing and more.   Additional resources: Learn more about Mike Lorelli...

April 9, 2022, marks the 110th anniversary of the NJCPA’s first female member, Dora Roworth. To help commemorate her groundbreaking achievements, we talked with five female NJCPA members about what drove them to become CPAs, the role that women play in the accounting profession and the messages they have for the next generation. Featuring: Evelyn McDowell, CPA, associate professor at Rider Univers...

Get an update on FASB’s first ASU for 2022, which covers derivatives and hedging. Other topics include the AICPA’s recent exposure draft on audits of group financial statements and new ethics guidance for CPAs.    *** This episode qualifies for nano CPE credit. Find out more at  https://njcpa.org/nano . ***   Additional resources: FASB ASU 2022-01, Derivatives and Hedging FASB EITF 21-A, Accountin...