NJCPA IssuesWatch Podcast

Culture is more than just a buzzword for today’s accounting firms. As firms grapple with the shortage of accountants, the importance of culture, work-life balance, diversity and wellness cannot be understated. Rachel Anevski of Matters of Management and Jessica Levin of Seven Degrees share insights gleaned from their many years of working with New Jersey accounting firms. Resources: Firm Managemen...

There are new auditing standards going into effect for periods ending on or after Dec. 31, 2023. Are you ready??   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: AICPA Statement on Auditing Standards 143 - Auditing Accounting Estimates and Related Disclosures AICPA Statement on Auditing Standards 145 - Understanding the Entity and Its Env...

New Jersey offers numerous property tax relief programs, but the requirements and filing deadlines for each are different, which causes confusion and likely leads to taxpayers leaving money on the table. Ellen Steinberg, Esq., a tax attorney and chair of the New Jersey Senior Council, breaks it all down. Be sure you’re getting the money you’re entitled to! Resources: New Jersey Property Tax Relief...

The decline in the CPA pipeline is a major topic of conversation across the nation, and companies and CPA firms have been dealing with the shortage of accountants. But a sector that is being hit particularly hard is state and local government. More than 150 municipalities have received credit downgrades due to late or incomplete audits— which impacts all of the taxpayers in the municipality. NJCPA...

Learn about recent FASB codification amendments, revised AICPA interpretations related to fees, and a PCAOB release on the auditor’s use of confirmation and other amendments.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB Accounting Standards Update 2023-06 – Disclosure Improvements AICPA Professional Ethics Division New and revise...

In the past year, more than a third of business organizations, including accounting firms, suffered at least one cyber incident attacking their accounting and financial data. Joe Peters from Gallagher Affinity discusses the cyber landscape, various cyber threats and how cyber insurance can help protect you against financial loss due to a cyber crime. Resources: Cyber liability and data breach insu...

Sean Stein Smith, CPA, talks about the latest developments in automation impacting the accounting profession. Topics include ChatGPT, how firms are using automation, what types of automation are available and how CPAs can speak to clients or colleagues about automation. Resources: Automation articles and events

Are you ready for the new quality management standards? It’s not too soon to get started.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: AICPA releases new quality management standards Quality management standards: How to identify risks and design responses Accounting and auditing articles, resources and events Join the Accounting &...

Communication is the foundation of all relationships, whether personal or professional. And how you listen is just as important as how you speak. Dave Delaney, founder of Futureforth, joins us to discuss how actively managing and monitoring these skills can yield dividends on your career investment. Resources: Download The Nice Method (enter code IssuesWatch) Career Development Knowledge Hub

Learn about recent FASB activity, including a new standard on business combinations and an upcoming standard on accounting for crypto assets.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB Accounting Standards Update 2023-04: Liabilities - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121 FASB Accountin...

Accountants and accounting firms continue to grapple with whether and how to leverage artificial intelligence (AI), though most agree that their companies will be impact by AI in some way. We sat down with Leon Grassi of Sax LLP to talk about the impact of artificial intelligence and automation tools on the accounting profession: the adoption of ChatGPT and other tools; the expectations, risks and...

Get guidance on applying the AICPA Conceptual Framework for Independence as it relates to identifying common threats and taking steps to identify and apply safeguards.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: AICPA practice aid: Conceptual Framework Toolkit for Independence New Jersey Law & Ethics course schedule CPA License R...

New Jersey’s lawsuit environment is the fourth most expensive in the nation, according to a report by the U.S. Chamber of Commerce. And New Jersey was on the American Tort Reform Foundation’s Judicial Hellhole watchlist in 2022. Anthony Anastasio of the New Jersey Civil Justice Institute provides insight and guidance for how businesses can reduce their liability exposure. Resources: New Jersey Civ...

In this episode, Brad discusses a proposed FASB standard on reporting comprehensive income and the results of the PCAOB’s inspection of broker/dealer audits.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB Seeks Public Comment on Proposal to Improve Disclosures Around Income Statement Expenses PCAOB Annual Report on the Interim Insp...

July was a busy tax month in New Jersey. The “convenience of employer” payroll tax rule was implemented, and changes to the corporation business tax (CBT) went into effect. NJCPA member Nicole DeRosa, CPA, of Wiss, provides the details.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: Article: New Jersey Enacts Payroll Tax "Convenience of...

Think private equity (PE) is only for large CPA firms? Not necessarily so. Phil Whitman of Whitman Transition Advisors discusses recent private equity deals and how virtually every CPA firm can take advantage of PE and other nontraditional methods of investment and firm growth. This episode is sponsored by Whitman Transition Advisors – https://whitmanbiz.com Resources: NJCPA member benefits from W...

Frank joins Brad to discuss the results of a recent FASB Private Company Council meeting; the results of the PCAOB’s “absolutely unacceptable” findings on audit quality; and AICPA guidance on accounting for digital assets.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: Recap of FASB Private Company Council June meeting PCOAB Report: Aud...

New Jersey CPAs were decidedly less pessimistic about the New Jersey and national economies in this year’s NJCPA economic survey. Roosevelt Bowman, senior investment strategist with Bernstein Private Wealth Management, helps us make sense of the survey results and shares his insights on inflation, recession and prospects for the future. Resources: Full survey results – [link to come] More about th...

Crypto continues to be in the headlines, so Dr. Sean Stein Smith, CPA, is back to fill us in. He covers the possibility of Bitcoin ETF; the status of the SEC’s lawsuit against Ripple; prospects for the FedNow payment system and the impact it could have on crypto; and how CPAs can talk to clients about cryptoassets. Resources: Follow Sean Stein Smith on Twitter Blockchain and Cryptocurrency Knowled...

In this episode, Brad shares information about a proposed ASU from the Financial Accounting Standards Board (FASB) on purchased financial instruments. He also discusses AICPA guidance on proposed adjustments as well as new implementation guidance from the Governmental Accounting Standards Board (GASB).   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***...

New Jersey has a $54.3 billion budget for its 2024 fiscal year. It’s $1 billion higher than the budget Governor Murphy proposed several months ago, and it passed at the last moment. Find out what’s included, and why the budget process is being criticized. Resources: New Jersey Budget information and resources

Brad delves into an older – but still very important – topic: disclosure of risks. He provides reminders about AICPA and FASB guidelines and real-world examples of commonly missed and misunderstood risks.    *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: FASB Codification – Disclosure Accounting & Auditing Knowledge Hub Join the Accou...

In this special episode recorded at the NJCPA Convention & Expo, Brad and his guests discuss a new chapter of the FASB Conceptual Framework regarding reporting entities; guidance from the AICPA about developing technology skills; and changes to the PCAOB inspection report.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: New chapter o...

Host and crypto expert Dr. Sean Stein Smith, CPA, provides updates on cryptoasset accounting and taxation, including FASB accounting changes, NFT taxation, crypto tax assessment and collection, and market and regulatory headlines applicable to accountants. He also provides five key questions CPAs should ask clients who are interested in getting involved with cryptoassets. And he wraps it up with h...

This episode revisits current expected credit losses (CECL) and accounting for digital assets and cryptocurrency, and also discusses a proposed FASB standard on profits interests awards.   *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano . ***   Resources: How will CECL affect your not-for-profit? AICPA Accounting for Credit Losses resources FASB Credit Losse...