The world is transforming, and millennials are leading the way

Note: I wrote this post for the Business Learning Institute blog in February 2015, shortly before the eye-opening book When Millennials Take Over was published. Written by Jamie Notter and Maddie Grant, the book makes a fascinating claim: The conversation we’ve been having about millennials is misdirected. Instead of talking about differences between the generations, Notter and Grant say we should be talking about how millennials are going to change the ways we do business going forward. This...

DOL Speaker Headlines Employee Benefit Plan Event; New Certificate Offered

In response to a highly critical inspection report issued by the Department of Labor last year, the accounting profession has been actively offering programs to enhance auditor's performance of Employee Benefit Plan audits and compliance with related DOL and industry standards. Major programs in this effort include the MACPA's Employee Benefit Plan conference being held next week, and the AICPA's new Employee Benefit Plan Audit Certificates, demonstrating advanced training.   DOL's 2015...

PCAOB contemplates more random inspections

The Public Company Accounting Oversight Board is contemplating a shift in its inspection methodology, a board member told a financial reporting conference in New York City. The shift, said PCAOB member Jeanette Franzel, would be to increase the number of audits chosen at random, thereby increasing the scope of audits inspected. That's in addition to the PCAOB's longstanding emphasis on a "risk-based" approach to inspections. Her remarks were provided at Baruch College's 15th annual Financial...

Non-GAAP revenue driving comments from SEC's Division of Corporation Finance

Posted By: Edith Orenstein on May 05, 2016 in Accounting & Auditing
In remarks at a conference on May 5, SEC Deputy Chief Accountant Wes Bricker warned that presenting revenue on a basis other than Generally Accepted Accounting Principles − i.e., non-GAAP revenue − is likely to trigger a comment lettter from the SEC's Division of Corporation Finance. Although the SEC has permitted companies to provide non-GAAP information if such information is deemed by the company to be useful to investors and not misleading, the SEC has been particularly...

MACPA warns of overtime rule’s unintended consequences

UPDATE: DOL offers 'token reduction' in new overtime pay threshold (from the Washington Business Journal) With the Department of Labor hoping to publish its well-intentioned but severely overreaching new overtime rules within the next few weeks, the Maryland Association of CPAs joined the American Institute of CPAs in Washington on April 27 in an 11th-hour bid to convince officials that the rule is a bad idea. MACPA Executive Director Tom Hood (center in the photo at left) and Allen DeLeon (far...