9 posts categorized "AICPA Communications" Feed

Tips on Tackling Revenue Recognition Implementation

Shutterstock_112806709“It has been a massive undertaking.”

“There are seven major differences between the old and new guidance.”

“The standard changed the accounting answer for us in a few areas.”

Those are just a few observations from leaders at Oracle regarding their experience implementing the Financial Accounting Standards Board’s landmark accounting standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance supersedes the current guidance in Accounting Standards Update 605, Revenue Recognition. The standard’s initial effective date was deferred, but now it’s almost here. Organizations that haven’t done so already definitely need to take the necessary steps toward compliance ASAP, and firms should advise their clients, too.

To learn more about Oracle’s successful approach to revenue recognition implementation, AICPA Chairman Kimberly Ellison-Taylor, CPA, CGMA, Global Accounting Strategy Director for the Financial and Professional Services Industries for Oracle America, sat down with two colleagues to discuss the company’s experiences preparing to put the standard to work.    

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How One Next-Gen CPA Dreams Big: Part 2

Jeff Badu - CopyWe spoke with Jeff Badu shortly after he launched his own firm, Badu Tax Services, LLC. Jeff has a bold, intrepid, entrepreneurial spirit and is passionate about helping people and giving back to society. He recently started Badu Investments and is preparing to take the PFS exam this summer so he can broaden the range of services he offers to his clients, who are primarily millennials. In this second part of the interview, we continue to explore Jeff’s journey.

AICPA: We learned a great deal about what drives you in the first part of our conversation. You spoke about your passion to help people and your entrepreneurial spirit. And you’re planning to take the PFS exam this summer. What is motivating you?

Jeff Badu: As a CPA, I get to help people solve some of their most challenging financial problems. I am very passionate about helping people in general, and with their financial future in particular. I work mainly with millennials, like me, and use different strategies to help reduce their income tax liability and maximize retirement and other savings. I find that people tend to prefer working with someone they can relate to, and my clients come to me because we identify with each other.

I have been interested in taxes since I was in middle school. It seems natural to me that tax compliance and planning are key ways to help people plan for their future. It’s very important to me to increase people’s understanding of the significance of making wise financial choices, which I try to do with my radio show, website and social media presence. Being able to increase my own expertise and offer a range of services so that I can be seen as the go-to trusted adviser is what’s prompting me to take the PFS exam this summer.

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Finding Success by Prioritizing Diversity & Inclusion

RichardcaturanoThe basic reason for diversity and inclusion (D&I) is obvious: supporting people from various diverse backgrounds is the right thing to do. The business drivers are also becoming more widely recognized—D&I fuels innovation, increases business performance, attracts top talent and more. Specifically within accounting, when we recruit, retain and advance diverse individuals, our profession is more reflective of the clients and the communities we serve.

Despite these excellent reasons, there’s still a hesitation within the accounting profession to fully embrace D&I—perhaps due to a perceived lack of time, resources or understanding of where to begin or how to move forward. So how can D&I make its way to the top of an accounting firm’s agenda?

Leadership can send a powerful message, by elevating D&I to a strategic priority and going beyond just adopting it as a philosophy. Leaders who are bringing success to their organizations by prioritizing D&I also accept that it must be ever-evolving. They recognize that it is a business imperative that not only keeps them competitive but also resonates with their personal values.

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Employers: 5 Tips to Make Work from Home Policies Successful

Part II

Remote workersWorking from home brings with it a special set of challenges and benefits for employees, covered in Part 1 of this series. But what if you’re the employer? An increasing number of employers – from boutique firms to huge organizations – offer their employees everything from flexible work arrangements to full-time remote work. Many have found that with the right protocols in place, flexible work arrangements benefit employers as well.

Increasingly Small World 

There’s an online video featuring two co-workers...they walk, stop for coffee, cab to work…they’re apparently working on a project together. At first they seem to be in the same place at the same time. Then it hits you – the locales are different, the cultures are different, even the time zones. But when they work, they work as one.

This concept of working together from a variety of locations has been around for years – particularly for CPA practices. Many small, medium and large firms have incorporated the idea of a remote workforce. Technology has completely changed the profession by [more easily linking employees and in] opening up new ways to add value for practices, employers, employees and even clients.

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Candidates: Take Note of CPA Exam Score Holds in 2017

The Q2, Q3, and Q4 2017 score release dates are posted to the Score Release Timeline page of the AICPA’s CPA Exam page. Candidates should pay special attention to the tables below as scores will only be released once following the close of each testing window. The score holds were previously announced in December 2016. For complete information regarding Exam scoring, please visit the Examination Scoring and Scoring FAQ pages.

The National Association of State Boards of Accountancy will release scores to candidates and state boards of accountancy based upon the target score release dates listed in the tables below.

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Summer Reading Recommendations

Summer reading 3Part III

Looking for things to read on your summer vacation? Here is the third and final installment of the AICPA summer reading recommendations. You can catch up if you missed Part I or Part II.

Valrie Chambers, CPA, MBA, Ph.D, Associate Professor of Taxation and Accounting, Stetson University, and regular AICPA Insights contributor recommends:

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AICPA Insights Celebrates Five Years

20386-312 AICPA Insights 5th Anniversary_update_R4-2

 

Summer Reading Recommendations

Summer reading 2Part II

Looking for things to read on your summer vacation? Here is the second installment of the AICPA summer reading recommendations. Missed Part I? You can find it here.

Tammy Atkins, Manager, Brand Management recommends:

  • All the Light We Cannot See by Anthony Doerr (2014)

This Pulitzer Prize-winning book is set during WWII. A blind French girl and young orphaned German boy offer the experience of war through children/young adults’ eyes. The young girl flees Paris with her father. The boy is enrolled in an academy for Hitler youth. The story gradually connects the two so that eventually their paths cross.

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Summer Reading Recommendations

Summer readingPart I

Nothing says summer vacation like a few good beach (or mountain, lake, backpacking… you get the picture…) reads. The AICPA Communications staff joined forces to present you with a diverse collection of books we think will make your summer vacation, wherever that may be, even more enjoyable.

Christopher Almonte, Manager, Communications recommends:

  • The Innovator: How a Group of Hackers, Geniuses and Geeks Created the Digital Revolution by Walter Isaacson (2014)

From the author who wrote the biography of Steve Jobs comes the story of how computers and the internet were created.

  • David and Goliath: Underdogs, Misfits and the Art of Battling Giants by Malcolm Gladwell (2013)

Challenge how you think about obstacles, disadvantages and setbacks to reshape the way you think of the world around you.

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