FASB Issues New Standard on Reporting of Repurchase Agreements

June 18, 2014 

FASB Issues New Standard on Reporting of Repurchase Agreements

The Financial Accounting Standards Board (FASB) has issued a new standard to improve the financial reporting of repurchase agreements and other similar transactions. Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements.

Isaac M. O'Bannon

 Taxpayers Offered New Options in Offshore Voluntary Disclosure Program

June 18, 2014 

Taxpayers Offered New Options in Offshore Voluntary Disclosure Program

The Internal Revenue Service has made significant changes to its offshore voluntary compliance programs, with the intent of providing new options to help both taxpayers residing overseas and those residing in the United States. The agency says the changes are anticipated to provide thousands of people a new avenue to come into compliance with their…

Isaac M. O'Bannon

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June 17, 2014 

Why Your Firm Should Rethink Cloud Security

Despite the growth of cloud-based technology, many accountants are hesitant to move all of their client data and firm management systems online. A survey conducted by CPA2Biz last fall found that 43 percent of CPAs have their doubts about the security of cloud-based applications, feeling “somewhat confident” or “not confident at all.”

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June 17, 2014 

Report Shows the Top Priorities for Accounting Firms

On average, accounting firms have a pre-tax net profit margin of more than 20 percent. This underscores the success that most firms have with controlling costs and with the overall management of the firm’s finances. Managers, however, often allow quantitative measures like this to overshadow equally – if not more – important qualitative measures of…

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June 17, 2014 

Ohio Accountancy Board Approves 10-Minute CPE Program

The Accountancy Board of Ohio and the Ohio Society of CPAs has approved a new CPE program that offers certified professional education in 10-minute increments. Ohio joins the Maryland Association of CPAs in the new 10-minute CPE program, which it announced on May 30 of this year, following approval by the Maryland State Board of…

Isaac M. O'Bannon

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June 17, 2014 

QuickBooks Connect to Bring Together SMB Owners, Accountants and Developers

Intuit, the company behind QuickBooks, TurboTax and many other financial and business technologies, has announced that it will hold its first-ever multi-community user conference. The event, called QuickBooks Connect, will offer entrepreneurs, small business owners, accountants and developers a unique experience "to come together, be inspired and get growing."

 The Importance of CIOs in the Wireless Age

June 17, 2014 

The Importance of CIOs in the Wireless Age

The explosion of wireless broadband networks is ushering in a new era of promise for corporations and heightening the prominence of Chief Information Officers, Chief Technology Officers and other senior corporate technology mangers, according to a new report.

Isaac M. O'Bannon

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June 17, 2014 

Five Steps to Securely Share Financial, Tax and Accounting Files

If your office is like most, it’s going mobile. From financial spreadsheets and payroll information to tax forms and client communications, many CPAs are accessing critical client data via their mobile devices. As a result, the risk of data leakage is becoming a heightened priority for the modern accounting firm.