In the News: PCGAAP, Protecting Elderly Clients
Paul Stahlin, CPA, AICPA chairman, wrote an editorial titled ‘One-Size GAAP’ Does Not Fit All for The CPA Journal, a New York State Society of CPAs publication, on the need for differences in accounting standards for privately-held companies. Stahlin highlights the recommendations of the Blue Ribbon Panel on Private Company Financial Reporting, including the creation of a separate board with standards-setting authority under the Financial Accounting Foundation’s oversight and changes and modifications to existing U.S. GAAP, where appropriate, for private companies.
Ted Sarenski, CPA/PFS, chairman of the AICPA’s elder-planning task force, was quoted in an Investment News article regarding steps financial advisers can take to prevent their elderly clients from being taken advantage of financially. Sarenski offers advice on red flags, such as unusual spending habits and interest income or dividend income dropping from one year to the next to look for when reviewing their clients’ financial statements.
Tom Hood, CPA, president and CEO of the Maryland Association of CPAs, wrote a blog post on the MACPA blog, asking ‘What is your edge? How do you create it and sustain it in your organization?’ Hood links to a video of himself speaking about what MACPA has learned from working with young professionals both in Maryland and throughout the nation and how organizations can engage their people and tap their energy, knowledge and enthusiasm to ultimately make the organization better.
Nick Fiore wrote an article on AccountingWEB about a topic which is sure to please many parents of young children - the costs of day camp may qualify for the “child and dependent care” tax credit, which covers child care costs incurred while a taxpayer is gainfully employed. The article notes that parents who work or are looking for work must arrange for the care of their children over the summer when school isn’t in session and therefore, the cost of day camp may count as an expense towards this credit. The costs of overnight camp, summer school or tutoring programs, however, do not qualify for the credit.
If you come across a recent article on the profession that you think is particularly interesting, let me know in the comments section or send me an email.
Have a nice weekend!