Episodes

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 Losses information FASB Issues Proposal to Clarify Accounting Guidance Related to Profits Interest Awards V...

The process of applying for a cannabis license in New Jersey is long and complicated. Fortunately, there’s a free new program to help. Penni Wild joins us to talk about the Cannabis Training Academy that is being launched by the New Jersey Business Action Center – and how CPAs can help in the licensing process. Resources: Slides about Cannabis Training Academy Cannabis Training Academy New Jersey Business Action Center - or 1-800-JERSEY-7 NJCPA Cannabis Conference, Aug. 2 Cannabis Knowledge H...

How can and should auditors leverage artificial intelligence? Brad and Frank take a look at the pros and cons. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: Why Auditors Should Pay Attention to AI Artificial Intelligence Is a Game Changer for Auditors AI and Automation Knowledge Hub Accounting & Auditing Knowledge Hub Join the NJCPA Accounting & Auditing Standards Interest Group

Two accounting educators discuss the major issues being raised around the 150-credit requirement to qualify for CPA licensure. Host Dr. Sean Stein Smith, CPA, talks with Dr. Josh McGowan, CPA, of Troy University about whether the requirement should change, feedback from students and recent graduates, alternative pathways to earn the 150, and where things might go from here. Resources: CPA Pipeline Knowledge Hub Follow Josh on Twitter - @Jmcgowan3838 Follow Sean on Twitter - @SeanSteinSmith

The decline in the CPA pipeline continues to dominate accounting headlines. A broad, profession-wide effort is now underway to address the root causes of the pipeline challenge. Jan Taylor, CPA, academic in residence and senior director at AICPA & CIMA, joins us to discuss the Pipeline Acceleration Plan, which includes measure to increase awareness about the profession, provide an alternative path to obtain the final 30 credits needed for licensure, equip firms with tools to attract and retain t...

There is widespread concern and speculation amid the nation’s three recent bank failures. Mike Affuso, CEO and president of the New Jersey Bankers Association, helps us understand what's been happening, what it means for investors and consumers, the role that the debt ceiling fight and interest rate hikes are playing, and what the next steps may be. Resources: U.S. Debt Clock New Jersey Bankers Association

In this episode, Brad provides insight into the FASB Codification, a tentative decision on accounting for software costs and the results of the Center for Audit Quality’s audit quality reports analysis. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB Codification Center for Audit Quality – Audit Quality Reports Analysis Accounting & Auditing Knowledge Hub Join the NJCPA Accounting & Auditing Standards Interest Group

The Corporate Transparency Act was enacted to help combat money laundering, terrorist funding, tax fraud and other financial crimes. What many people don’t realize is that the Act includes a reporting requirement for most businesses — and there is a hefty non-compliance penalty. Ed Zollars, CPA, discusses the reporting requirements, which businesses are required to report, when they must file the report and the role that CPAs should play. Resources: FinCEN Beneficial Ownership Information Repo...

Learn about FASB’s conceptual framework regarding reporting entities and the areas that PCAOB staff will be focusing on in 2023 inspections. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB Conceptual Framework: The Reporting Entity PCAOB Staff Priorities for 2023 Inspections Accounting & Auditing Knowledge Hub Join the NJCPA Accounting & Auditing Standards Interest Group

What is the impact of artificial intelligence and blockchain on forensic accountants? Host Sean Stein Smith, CPA, talks with forensic expert Stacey Ferris, CPA, about fraud in the crypto space, common pain points for practitioners, crypto regulations, keeping up with ChatGPT and other AI technologies, and more. Resources: FASB Proposes Improvements to Accounting for Crypto Assets Litigation Services Knowledge Hub Crypto Knowledge Hub Connect with Stacey on LinkedIn

In this episode, Brad discusses two recent FASB ASUs related to leases and investments as well an AICPA standard on audits of group financial statements. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB ASU 2023-01, Leases – Common Control Arrangements - https://njcpa.org/stayinformed/hubs/topics/full-article/2023/03/27/fasb-improves-leases-guidance-on-related-party-arrangements FASB ASU 2023-02, Investments – Equity Method and Joint...

Any way you slice it, 2022 was a bumper year for financial fraud — and 2023 could be worse. Hear from a forensic accountant about warning signs of fraud, why cases go undetected, the motivations of fraudsters and what CPAs can do to help their clients or their business prevent fraud. Resources: Fraud Prevention and Detection Knowledge Hub Join the NJCPA Forensic and Valuation Services Community

What are the causes and implications of the recent failures of Silicon Valley Bank and other banks? Brad and Frank provide insights. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: Accounting & Auditing Knowledge Hub Join the NJCPA Accounting & Auditing Standards Interest Group

Is Governor Murphy’s $53.1 billion proposed budget for New Jersey’s 2024 fiscal year good or bad for New Jersey residents and business owners? While there are no new taxes or tax increases, is this level of spending sustainable? And what are the prospects that major changes will be made as the proposed budget is scrutinized by the Legislature? Tune in to the latest episode of the IssuesWatch Podcast where two public policy experts weigh in on all of these questions and more. Additional resource...

Get important updates and guidance related to going concern. This episode also covers risk and uncertainty and concentration of credit risk in light of the two recent bank failures. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: Accounting & Auditing Knowledge Hub Join the NJCPA Accounting & Auditing Standards Interest Group Slides

Will artificial intelligence replace CPAs? We asked a chatbot and a human what they think. Resources: Artificial Intelligence Knowledge Hub Join the Emerging Technologies Interest Group Follow Sean Stein Smith on Twitter

This episode explores the tentative FASB decisions regarding common control arrangements in leases and recent guidance from the Center for Plain English Accounting regarding accounting for pass-through entity taxes. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: Feb. 15 FASB board meeting on Leases (Topic 842): common control arrangements Video of meeting Tentative decisions Accounting & Auditing Knowledge Hub Join the NJCPA Accounting...

What will 2023 hold in store for the business community in New Jersey? Chris Emigholz, chief government affairs officer for the New Jersey Business & Industry Association, provides his insights and predictions on bills that are helpful and harmful to businesses. Resources: New Jersey Business & Industry Association IssuesWatch Live: New Jersey Budget Analysis – free webinar on March 21 or 28 NJCPA Legislative Action Center

Recent activity and decisions by FASB, AICPA, PCAOB and GASB are covered in this episode. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB tentative board decisions on crypto assets, hedge account and income taxes Free access to FASB Accounting Standards Codification AICPA Audit Guide – Assessing and Responding to Risk in a Financial Statement Audit - (payment required) CPA Exam Blueprint PCAOB Spotlight – Insights on the Remediatio...

Get a rundown on the tax issues impacting businesses and individuals this year as compared to last year. Topics include the business interest expense limitation; research and experimental expenditures; pandemic relief program updates; business mileage rates; bonus depreciation; new corporate AMT; child tax credit and child/dependent care credit; Earned Income Tax Credit; charitable deductions; educator expense deduction; and more. Resources: IRS Tax Practitioners Hotline: 866-860-4259 New Jer...

To combat the shortage of accountants, we need to make accounting a more appealing career choice. Key to doing that, says Dan Hood, editor-in-chief of Accounting Today, is for those already in the profession to focus on the positive by telling fewer war stories and more success stories. Listen to Dan’s insights about hiring challenges, the use of automation, trends in outsourcing and offshoring, and more. Resources: Accounting Today Staff Recruitment & Retention Knowledge Hub Webinar: 2023 Hir...

Learn about important reminders about FASB regulations regarding credit losses and leases; audit considerations related to an entity using a service organization; and recent SEC announcements. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB credit losses guidance FASB leases guidance AICPA AU-C 402 – Audit Considerations Related to an Entity Using a Service Organization SEC Seeks Candidates for Small Business Capital Formation Advis...

When it comes to buying, selling, gifting or receiving cryptocurrency, what’s taxable and what isn’t? And what about air drops, mining, hard forks and purchasing goods and services with crypto? Get the answers in this podcast episode with Sean Stein Smith, CPA, and Nicole DeRosa, CPA. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: CoinLedger Cryptocurrency Knowledge Hub Federal Taxation Knowledge Hub Join the Emerging Technologies and/o...

The accountant talent shortage isn’t just affecting public accounting firms, it’s also impacting corporate finance and accounting. Sheryl Estrada, who has been covering this issue for Fortune’s CFO Daily, shares the insights she’s gained talking with senior staff at a variety of companies about their hiring trends. Learn what steps they’re taking to recruit and retain accounting talent and whether there's a preference for candidates with a CPA license or an MBA. Resources: Subscribe to Fortune...