How to end chronic procrastination | What auditors of brokers and dealers need to know about audit planning | New IASB standard aims for consistent accounting for insurers
May 19, 2017
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How to end chronic procrastination
A significant number of people are chronic procrastinators, and the problem could get worse as the number of distractions increases. Here's a look at how to break the habit, including splitting overwhelming tasks into smaller chunks and rewarding yourself after completing a job.
Entrepreneur online (5/16) 
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A&A Report
What auditors of brokers and dealers need to know about audit planning
The complex areas that auditors of brokers and dealers need to consider carefully as they plan their audit and attestation engagements include risk assessment procedures, auditor communication requirements and revenue recognition. A new audit risk alert issued Thursday by the Center for Audit Quality addresses these and other key topics in audit planning for auditors of brokers and dealers.
Journal of Accountancy online (5/18) 
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New IASB standard aims for consistent accounting for insurers
A new standard issued Thursday by the International Accounting Standards Board aims to provide transparent reporting about insurers' financial position and risk.
Journal of Accountancy online (5/18) 
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Financial Focus
What you'll need to retire early
Retiring early is doable, but it means that you'll need to save more money in fewer years of work. Important steps include planning for health insurance and managing your expenses.
CNNMoney (5/17) 
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Tax Spotlight
Election to group activities for purposes of passive activity loss rules
The Tax Court agreed with a taxpayer that he had not elected to group two activities together under the passive activity rules. As a result, the taxpayer, a surgeon who had invested in a surgical center he did not manage, was permitted to offset losses from that investment against other passive activities.
The Tax Adviser (5/2017) 
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Career Development
Top 5 reasons to dig into the CPA Exam Blueprints
Every CPA candidate needs an exam strategy, and it should include studying with the CPA Exam Blueprints. There are plenty of reasons why the blueprints should be the go-to study guide for candidates. If you haven't checked them out yet, here are five reasons you should.
AICPA Insights (5/18) 
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Strategic Focus
Change your mental model to pursue a new strategy
Embracing a disruptive new strategy is just as much about making sure you have the right mental model in place as it is about revamping your business model.
Harvard Business Review online (tiered subscription model) (5/17) 
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Policy & Regulatory
Trump signs repeal of safe harbor for state-run retirement plans
President Donald Trump signed a resolution doing away with the safe harbor designed to help state governments set up retirement plans for private-sector workers.
Pensions & Investments (free access for SmartBrief readers) (5/19) 
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Market Update
Bitcoin rises to record close near $1,900
Bitcoin climbed to a record of $1,875.08 Thursday. With the technology supporting bitcoin appearing to become more stable, it is attracting new interest from investors.
CNBC (5/18) 
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Italy may enact "web tax" for internet giants
A "web tax" to be collected from multinational internet companies is being debated in Italy's parliament. The revenue from the tax would be earmarked for stimulating investment and economic growth in Italy.
Market News International (5/18) 
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AICPA News
Nominate a young CPA for a leadership award
Know a young CPA who demonstrates outstanding leadership? It might be you! Here’s an award to consider: The Outstanding AICPA Young CPA Award recognizes a standout CPA 40 or younger who exemplifies excellence. The deadline is May 31.
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Engage virtually
Attend AICPA ENGAGE online and get thought-leading content from the comfort of your home or office. The profession’s premier conference event gives you access to as many as six conferences. Earn up to 35 hours of CPE with one registration fee.
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Great artists are people who find the way to be themselves in their art. Any sort of pretension induces mediocrity in art and life alike.
Margot Fonteyn,
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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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