Companies continue to increase transparency of external audit oversight | 6 factors to choose the right basis of accounting for your not-for-profit | Accountants' role in managing AI disruption
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November 15, 2017
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Accounting and Reporting Update
Handling revenue-recognition risks
The new revenue-recognition standard will operate from a principles-based methodology that could require companies to make various judgment calls. Companies can mitigate risk by keeping thorough documentation related to the decisions they make.
CFO (10/18) 
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Companies continue to increase transparency of external audit oversight
Investors and other stakeholders continue to gain access to more information about how audit committees choose and oversee external audit firms, according to an analysis by the Center for Audit Quality and Audit Analytics.
CGMA Magazine online (11/1) 
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Other News
Stay Afloat During Year End Close & Preparation
Survive the Year-End Riptide with Abila's Year-End Survival Guide for the Nonprofit Accountant. Consider the guide as your lifebuoy, designed to provide buoyancy and prevent drowning in the details of closing the books and planning for next year's fiduciary duties. Read the Year-End Guide today!
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Emerging Trends
Accountants' role in managing AI disruption
The accounting profession is bound to change as applications for artificial intelligence are discovered. An AICPA fall council session has addressed how accountants can prepare for the change and lead their communities' response to the technology.
Journal of Accountancy online (10/22) 
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Has your company embraced agility?
Organizational agility is key as companies deal with rapid changes in technology, regulations and market forces. Companies that operate in volatile industries are especially likely to say they have started agile transformations, but few have actually been completed, according to a McKinsey survey.
McKinsey (10/2017) 
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The Future of Accounting is RAD
Don't just survive the robot uprising - thrive. Learn how automation elevates the role of the accountant from number cruncher to trusted business advisor. Download "Robotic Accounting Department" whitepaper for a look at your future.
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Tax Corner
Tax Court allows business bad debt deduction
The Tax Court has determined that a taxpayer acted properly by claiming a business bad debt deduction after a loan he had given to a laundry business became worthless. Three requirements must be met for taxpayers to claim this type of deduction.
Journal of Accountancy print issue (11/2017) 
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Global Management Accounting Principles
Quality decision making has never been more important or more difficult. Download the Principles to guide best practices to ensure difficult decisions can be taken which will drive sustainable value. Download Now >
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Leadership Lessons and Tips
8 techniques to practice mental toughness
Learning to navigate through adversity can help a person succeed in any situation. A retired US Navy commander explains how high performers can discipline themselves to handle even the most stressful situations.
CGMA Magazine online (10/20) 
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Capability is critical to successful strategy
No strategy can succeed if employees don't have the capabilities and understanding to bring it to life. Rather than expecting employees to figure out what needs to be done on their own, leaders should integrate the development of new capabilities into their plans.
Harvard Business Review online (tiered subscription model) (11/1) 
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Other News
Tech Topics
Advice for mitigating cybersecurity threats
Finance leaders' involvement in cybersecurity is growing. Responses to cyberattacks include increased spending, according to a global survey.
CGMA Magazine online (10/25) 
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Is your organization ready for augmented reality?
Augmented reality, which superimposes digital data on the physical world, is expected to gain momentum and reshape how work is done across industries. This article offers a closer look at the technology, its relationship to virtual reality and its potential applications.
Harvard Business Review (tiered subscription model) (November-December 2017) 
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Creating an effective digital transformation
Organizations pursuing a digital transformation have to think about more than technology. It also requires a customer-centric approach that creates new business teams and fosters collaboration.
CIO (11/6) 
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Regulatory Developments
SEC issues warning about celebrities promoting initial coin offerings
The Securities and Exchange Commission has warned that celebrities endorsing initial coin offerings without disclosing their compensation for the promotion may run afoul of federal securities laws.
Reuters (11/1),  Bloomberg (free registration) (11/1) 
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AICPA News
Detecting and preventing the top 10 fraud schemes
The self-study course "Fraud Update: Detecting and Preventing the Top 10 Fraud Schemes" features real-world examples of updated fraud studies from KPMG, PwC and the Association of Certified Fraud Examiners to show how major frauds are perpetrated and to provide insight into types of cost-effective controls that can be implemented.
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Leverage the Power of Smart Resource Management for Tax
Attend this webcast to learn how tax departments can use smart resource management to deploy resources to best meet the ever-increasing needs of their organizations, investors and outside regulators.
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About the AICPA
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA 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, not-for-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers credentials for a number of specialized areas. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.
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