A more sophisticated cyberattack than WannaCry | What FASB has in store for not-for-profits | FASB issues proposal for consolidation of VIEs
June 23, 2017
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A more sophisticated cyberattack than WannaCry
The WannaCry cyberattack that occurred in May came after a seemingly more sophisticated and dangerous attack that hit a business in April. During the April incident, attackers targeted a contractor's computer, installing ransomware in an apparent attempt to cover up the fact that they had stolen the contractors' credentials.
The New York Times (free-article access for SmartBrief readers) (6/22) 
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A&A Report
What FASB has in store for not-for-profits
Financial Accounting Standards Board members understand that preparers and auditors face challenges with multiple efforts for implementation of key standards. As a result, the pace of standard setting may slow in the coming months, but one key new project is on the horizon.
Journal of Accountancy online (6/22) 
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FASB issues proposal for consolidation of VIEs
A proposed Accounting Standards Update would give private companies an alternative for financial reporting associated with consolidation of variable-interest entities.
Journal of Accountancy online (6/22) 
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Forget value billing. Think value building.
Can value pricing really impact your firm's bottom line? It's unlikely. Tax, accounting, audit and payroll make up most of your firm's revenue, and those services aren't good candidates for value pricing. Fortunately, there are simpler, more practical ways to build sustained value for your firm. Download our free whitepaper.
Financial Focus
What to know before you pay off your mortgage early
When deciding whether to pay off a mortgage before retirement, it's important to consider factors such as your income level, attitude toward debt and the tax implications involved.
CNBC (6/22) 
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Get Access to CPE for only $199
Use promo code CPX2 to subscribe to the AICPA CPExpress online learning library before 6/30. Access 450+ CPE-eligible learning courses on essential topics including, Accounting, Ethics, and more. Subscribe to CPExpress
Tax Spotlight
Tax provisions in the Senate health care bill
The Senate Republicans' bill to replace the Affordable Care Act would repeal many of the law's tax provisions. Here's a look at the tax changes in the bill.
Journal of Accountancy online (6/22) 
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Elevate your practice
Take your practice to new heights with AICPA Tax Section membership. Get the resources you need to run a more efficient, client-centered practice. You'll also get the Annual Compliance Kit — a comprehensive collection of client engagement letters, checklists and organizers. Join today for only $99!
Career Development
Summer jobs: More than money in your pocket
Summer jobs provide valuable work experience and help youth develop professional skills and discover their talents. Association staff share memories of their summer jobs and what they learned.
AICPA Insights (6/22) 
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Before reducing stress, you must figure out the source
The first step to handling your stress effectively is to determine exactly what is causing it. When considering external sources of stress, try to avoid labeling the annoying behaviors of others as character flaws, which can increase stress.
Harvard Business Review online (tiered subscription model) (6/21) 
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Understanding your business' growth capacity
If any part of an organization is routinely operating at maximum capacity, achieving additional growth may be difficult. This article discusses how to determine whether your company is at capacity and what you can do to lay the foundation for expansion.
Inc. online (free registration) (6/22) 
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Policy & Regulatory
Fed stress test finds banks well-capitalized
All 34 banks that underwent the Federal Reserve's annual stress test cleared the first round.
Bloomberg (6/22),  Reuters (6/23),  The Wall Street Journal (tiered subscription model) (6/22) 
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Workplace ethics: Find employees who fit
A free CGMA report discusses the importance of cultivating and maintaining a strong ethical culture within organizations. Download Ethical Due Diligence in Hiring and Assessing Professional Accountants to explore how companies can screen potential employees to determine if they will fit with their culture, as well as what questions candidates might ask potential employers.
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New learning option for internal control expertise
The COSO Internal Control Certificate Program's online self-study option is your opportunity to pace your learning according to your schedule, then follow up with the certificate exam. Upon successful completion, you'll receive a digital badge to share in your professional network.
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You can have the nine greatest individual ballplayers in the world, but if they don't play together, the club won't be worth a dime.
Babe Ruth,
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About the AICPA
The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations and federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.
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