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Why and How: Artificial Intelligence, Part I

One of the hot areas of emerging technology is Artificial Intelligence or AI. You know a topic is hot when products use the terminology in their name or in their marketing materials. We’ve see this done with “ease of use”, Cloud Computing, and Blockchain. Artificial Intelligence is so hot of a topic among the development community that the marketing teams are saying products have AI when in fact, they do not. Because of this, I’ve been using the approach of calling this “artificial”...

AICPA President Melancon Calls for Reimagining of Accounting

The potential for a tremendously successful future lies within the grasp of the accounting profession, according to American Institute of CPAs (AICPA) president and CEO Barry Melancon — provided accountants are willing to imagine that future and start reaching out for it. Driving the need to reimagine the profession are the multitude of changes — technological, demographic, social, political and more — that are reshaping the markets and economies that accountants operate in. These changes...

FASB Simplifies Accounting for Nonemployee Share-Based Payments

The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. The ASU expands the scope of Topic 718, Compensation—Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and...

Supreme Court Clears Way for Sales Taxes on Online Purchases

The U.S. Supreme Court handed down its anticipated decision in South Dakota v. Wayfair. The case challenges South Dakota’s application of its sales tax to internet retailers who sell into South Dakota but have no property or employees in the state. At issue is the case Quill Corp. v. North Dakota from 1992, which set the property or employees standard for sales taxes using the Court’s (debated) dormant commerce clause power to restrict state taxation of interstate commerce.

How Firms Should Respond to IT Threats

When an accounting firm first starts growing, employees make IT and data storage decisions on the go, but before you know it, different employees are using different software as a service (SAAS) products to store data, collaborate on work and submit projects and your IT team has no control over it.