A CPA’s product? It’s value, not time

CPAs talk a good game about adding value to their clients’ lives. Then we send them the bill, which all too often has nothing to do with value. Too many CPAs continue to cling to the increasingly outdated billable hour. It’s a practice with deep roots in the CPA profession — in many professional services, in fact. And it makes less sense as time goes on. Think about it: We’re asking clients to pay us for our time, not for the service we provide or the value we...

MACPA testifies on appeal bond cap

The MACPA brought a strong panel of witnesses to a Maryland General Assembly Judiciary Committee hearing earlier this week, testifying in support of HB 171, "Judgments - Appeals - Supersedeas Bonds." HB 171 would amend the $100 million supersedeas bond (appeal bond) cap instituted by the Maryland General Assembly last year, to specify a lower appeal bond cap of $5 million for small businesses. The bill defines 'small businesses' as entities having fewer than 250 employees.  Introducing the MACPA...

New SAS clarifies audits under PCAOB standards, GAAS

Posted By: Edith Orenstein on February 04, 2016 in Accounting & Auditing
A newly released auditing standard issued by the American Institute of CPAs, Statement on Auditing Standards No. 131, clarifies requirements applicable to audits performed in accordance with auditing standards issued by the Public Company Accounting Oversight Board for entities that are outside the formal jurisdiction of the PCAOB. The issue has arisen with increasing frequency, since the PCAOB’s formal jurisdiction per se − incorporating the full panoply of PCAOB auditing standards,...

FASB proposal targets eight cash flow issues

Posted By: Edith Orenstein on February 01, 2016 in Accounting & Auditing
A proposal released by the Financial Accounting Standards Board tackles eight issues in cash flow reporting. The proposed Accounting Standards update provides guidance to reduce the diversity in practice in the Statement of Cash Flows. The eight issues contained in the proposal, entitled "Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments," were originally identified and considered by the FASB's Emerging Issues Task Force, an advisory group to the FASB...

CPA Day receives warm welcome at Statehouse, despite snow on the ground

Posted By: Edith Orenstein on January 22, 2016 in Legislative / Regulatory&Taxation
Neither snow nor busy season kept more than 130 CPAs from descending on Annapolis for CPA Day 2016. Organized by the Maryland Association of CPAs, the annual event includes legislative briefings, meetings between members and their district delegates and senators, and a legislative luncheon. Following the area’s first snowfall of the year and with a record-setting blizzard predicted to begin the next day, the die-hard MACPA members who participate in CPA Day year after year and some new faces --...