NJCPA IssuesWatch Podcast

In this episode, Brad and Frank dive into attestation activities – definitions of each, example scenarios and sample report language.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: Accounting and auditing articles and events Join the Accounting & Auditing Standards Interest Group

We take a deep dive into several components of Governor Murphy’s $55.9 billion proposed budget for New Jersey’s 2025 fiscal year, including the controversial corporate transit fee.   Resources: More about the budget proposal – https://njcpa.org/njbudget

This episode is all about NOCLAR: noncompliance with laws and regulation. Brad recaps the AICPA Professional Ethics Executive Committee's Interpretation on items including NOCLAR and discusses the PCAOB's controversial NOCLAR proposal.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: AICPA Professional Ethics Executive Committee Issues In...

Host Sean Stein Smith, CPA, welcomes Garrett Wagner, CPA, who shares his first-hand experiences with succession planning and provides tips and recommendations for firm leaders to ensure the successful continuation of their firms.   Resources: Succession planning articles, resources and events: https://njcpa.org/hub/succession

In this episode, Brad and Frank discuss the ins and outs of personal financial statements: methods of presentation, estimated current value, investment in a closely held business, real estate, compilations and more.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: Download Frank’s notes FASB ASC 274 – Personal Financial Statements AR-C Se...

Selling a business involves meticulous planning and strategic actions long before the “For Sale” sign goes up. Accountants play a pivotal role in helping clients with initiatives that can significantly boost the value of their company over several years. NJCPA member Sal Schibell, CPA, discusses strategies aimed at maximizing a business’s value years before the sale.   Resources: Succession planni...

Brad is joined by Paula Young, CPA, a partner at EisnerAmper, to discuss FAS 95 – Statement of Cash Flows: direct versus indirect method; what should be put into each of the three main sections; common errors and issues; “big R” and “little r;” and more.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: Summary of FASB Statement No. 95 Acc...

The 150-credit-hour requirement for CPA licensure is the topic of much debate. We recently surveyed more than 1,000 NJCPA member about the topic. Hear what they had to say about whether new hires without 150 hours pursue CPA certification, whether there are any discernable skill differences among candidates with 120 hour versus 150 hours, whether there should be alternatives to the 150 hours, and...

Get an update on two IRS code changes impacting crypto transactions: Section 6050I, which went into effect for all crypto transactions taking place after Dec. 31, 2023, and Section 6045, which is set to take effect for transactions occurring after Jan. 1, 2025. Get the ins and outs on these filing requirements. ** Earn CPE credit for this episode. Find out how at https://njcpa.org/nano . ** Resour...

Learn about three recent accounting standards updates and proposals: A FASB proposal related to debt conversion, AICPA guidance on the definitions of publicly traded entity and public interest entity; and a GASB statement on disclosure of certain risks.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB Proposed ASU – Debt with Convers...

ESG – environmental, social and governance – is considered by some to be a buzzword or a “woke” issue, while others see it as a business imperative. As a result, some companies are “greenhushing,” opting to stay quiet about their sustainability goals. In this episode, Andrew Winston, a leading expert on sustainability and corporate strategy, talks about the anti-ESG movement and the important role...

Brad and special guest Mike Kaplan discuss the Department of Labor’s latest assessment of the quality of employee benefit plan audit work performed by independent qualified public accountants. They also dissect a recent Wall Street Journal article about a court case that involves audit reports.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resour...

It might seem like yesterday that the Tax Cuts and Jobs Act went into effect, but the expiration of some of the provisions is on the horizon. Find out about the key provisions that impact businesses and individuals that are set to expire in the next couple of years - and what can and should be done now to prepare. We also discuss what might happen with these provisions based on various possible ou...

To kick off 2024, Brad fills you in on two FASB pronouncements that came out at the end of 2023: An ASU on accounting for and disclosure of crypto assets and an ASU on improvements to income tax disclosures.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB ASU 2023-08 – Intangibles – Goodwill and Other – Crypto Assets F ASB ASU 2023-...

Senator Steve Oroho, the only CPA in the state legislature, is retiring from his Senate position this month. As a CPA who specializes in wealth management, he has played a particularly prominent role in fiscal and economic issues. He shares his thoughts on the legislative environment in New Jersey and what the outlook is for 2024. Resources: NJCPA Legislative Action Center – https://njcpa.org/advo...

Crypto expert Dr. Sean Stein Smith, CPA, provides numerous updates: crypto lessons and takeaways from 2023; new and pending regulations (FASB ASU, IRC Section 6045 changes); tips for staying current on crypto developments; and more. Resources: Crypto Knowledge Hub – https://njcpa.org/hub/crypto

The NJCPA's new CEO, AJ Johnson, joined the CEOs of the New York and Illinois CPA societies and Accounting Today’s Dan Hood for a discussion on the CPA pipeline, diversity and other trends impacting the accounting profession. Resources: Full “On the Air” episode CPA Pipeline Knowledge Hub A CPA Diversity Report: Uncovering the Barriers to Success (ICPAs report) NJCPA members: Save on a subscriptio...

Year-end tax planning is upon us! Nicole and her guest, Laurie Smith, provide a rundown of tax issues individuals and companies should consider before the calendar switches to 2024. Topics include shifting income and deductions, retirement plan contributions and distributions, bonus depreciation, reporting digital assets, and more. Resources: Year-End Planning Knowledge Hub Tax Knowledge Hub Join...

Brad and Frank discuss a recent accounting standard update from the Financial Accountant Standards Board regarding segment reporting as well as recent remarks from the PCAOB chair regarding improving audit quality.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB ASU 2023-12 – Segment Reporting Remarks by PCAOB Chair Accounting and a...

Have you been charged an extra 3% at your local restaurant when you pay by credit card? Credit card surcharging and cash discounts are becoming more and more prevalent. But what are the rules around these programs, and how can businesses make sure they’re compliant? Eric Cohen, CEO of Merchant Advocate (an NJCPA member benefit provider), shed some light and provide guidance. Resources: Learn more...

What are recent graduates looking for in an accounting career – and how can firms match up to that to recruit and retain staff? Host Sean Stein Smith discusses this and other issues with Lauren Dunn, chief people officer at Wiss, and Joe Hunt, CPA, assurance manager at CLA. Resources: Employee Management Knowledge Hub Firm Management Knowledge Hub Webinar: Employee Retention: A New Way of Thinking...

Brad takes a more in-depth look at SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, which is effective for calendar 2023 audits.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: AICPA Statement on Auditing Standards No. 145 Accounting and auditing articles and events Join the Accounti...

As companies continue to face a shortage of accountants, many employers are increasing compensation and adding benefits and perks to attract and retain talent. Rich Singer, director of permanent placement services for Robert Half International, discusses the trends and the takeaways from the 2024 Robert Half Salary Guide. Resources: 2024 Robert Half Salary Guide Employee Management Knowledge Hub

Host Sean Stein Smith sits down with cybersecurity expert Edward Keck about the top tips and tricks for creating an effective cyber offense and defense, how to talk with clients about cybersecurity issues and how to start building out or expanding a cyber practice. Resources: Cybersecurity Knowledge Hub

How can artificial intelligence and automation be used by accountants and auditors? Brad and Frank discuss this, as well as PCAOB’s recent report on engagement quality review.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: PCAOB Spotlight: Inspection Observations Related to Engagement Quality Review Articles and events on automation in...