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CPEadvisory's November News Wrap-Up

November was an eventful month in the world of accounting. Read some of the top stories you need to know.

Last but not the lease-t: Preparing for the new leases accounting standards

In the first quarter of 2016, the IASB and FASB released new accounting standards on Leases -- IFRS 16 and ASC 844, respectively. To gain a better understanding of how and when companies plan to address the challenges of adopting the new Leases standards, Ernst & Young Global Ltd. (EY) and the Financial Executives Research Foundation, Inc. (FERF) conducted a survey of 125 companies called “Paving a path to success: preparing for new lease accounting standards.” See the results of the survey plus action you can take now to begin implementation.

SEC Names New Chief Accountant

The U.S. Securities and Exchange Commission announced that its Chief Accountant James Schnurr intends to retire from the agency, and Wesley R. Bricker will take his place. Bricker has served as Deputy Chief Accountant for the accounting group since 2015 and Interim Chief Accountant since July 2016. As Chief Accountant, Mr. Bricker will serve as the principal advisor to the Commission on accounting and auditing matters and lead the Commission’s Office of the Chief Accountant.

Best Types of Market Research for Accounting Firms

Market research pays off for professional services firms. In fact, one of our original research studies found that firms that conduct systematic research on target client groups are both more profitable and grow much faster. But which research do you trust?

Smart Year-End Tax Moves to Limit Your 2016 Tax Bill

Are your clients into saving money on their taxes? This is the time of year when many of us take stock of our lives, and it’s not a bad idea to apply that same introspection to your investment portfolio. The stock market has been surprisingly resilient, but that doesn’t mean everything in your portfolio escaped unscathed. Some last-minute trades could lower your 2016 tax bill, and you may be able to reap some tax-free profits, too.

How to Strengthen the Manager-Employee Relationship

A majority of professionals in accounting and finance roles say they are happy with their managers, but there are still certain areas where they feel their supervisors could improve, according to new research from staffing firm Accountemps. So, how can the manager-employee relationship be strengthened? Accountemps offers advice for both professionals and their bosses in four key areas.

2016 Accounting Trends - Client Bill Payment Survey Results

For accountants and bookkeepers, multiple methods exist to pay their clients’ bills. But which options are most commonly used and which are the most efficient? The 2016 Client Bill Payment Trends Survey polled 513 accounting and bookkeeping professionals to find out how they pay the bills now and how they’d like to see business bill payments evolve.

The Best Kept Secrets of Fraud Part 1

Fraud is everywhere. No business professional thinks they’re an easy mark. Yet thousands of fraudsters roam today’s organizations, and they’re making off with millions of dollars each year. These conniving crooks are relentless in exploiting our complacency, coming up with inspired twists on the same old cons. So, what are their secrets and what can we as auditors learn?

Uh-oh! Accounting mistakes worth noting:

  1. A Tacoma, Washington man who stole more than $2.3 million from his employer over a five-year period. He was sentenced Monday in U.S. District Court in Seattle to 46 months in prison for wire fraud.

  2. An internal review of Redcentric’s interim results for the six months ended 30 September has discovered misstated accounting balances in the group’s balance sheet, prompting the resignation of the company’s CFO.

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