Consider the following scenario: an individual has entered into a limited partnership that he knows is going bad, and he believes his investment will not be recovered. With careful planning, ...

Financial statement fraud is often thought of as an “inside job,” something perpetrated by the management or employees of the organization being audited. Occasionally, however, fraud is perpetrated by ...

A recent case serves as a convenient reminder for 2020 tax return elections. In Gurpreet S. Padda, et al. v. Comm’r (TCM 2020-154), a physician met the test for significant participation activities ...

This month’s column highlights the principal effects of FASB’s Accounting Standards Update (ASU) 2015-11, Simplifying the Measurement of Inventory. While the standard’s primary impact has been felt by ...

“Our Greatest Hits” is an effort to show our readers the most popular – and still avidly read – articles from our archives. This article originally appeared in our February 1992 Issue. Abstract – ...

Estimating the fair value of a nonmarketable financial instrument, or one that is restricted from sale, is conceptually challenging. Even though it could take significant time and effort to transact ...

The securitization of trade receivables is a multibillion-dollar sector, and it is growing. It is vitally important that U.S. GAAP correctly reflect the economics of these transactions. This article ...

CPAs need to be aware of current tax developments in key states to properly advise taxpayers doing business in multiple jurisdictions. It is crucial to regularly monitor developments in surrounding ...

As early as 2006, the IRS has recognized that “foreign outsourcing is not prohibited by … final regulations, which permit disclosure of tax return information outside of the United States if the ...

On June 26, 2023, the International Sustainability Standards Board (ISSB), an International Financial Reporting Standards (IFRS) Foundation initiative, released IFRS S1, General Requirements for ...

Not-for-profit organizations rely on a strong financial infrastructure in order to support their ongoing operations, ensure ...

Contrary to what many think, the typical audits of financial statements do entail certain responsibility for the detection of fraud. The author examines the differences between the conventional audit ...