Accounting & Auditing

Articles

The lease standard is delayed: Next steps for CPA firms and their clients
With the likely delayed implementation of the new lease accounting standard for privately-held companies, many organizations have shifted their focus away from the new lease standard to other priorities.

Client accounting services 101 [MNCPA]
Would you like to have a deeper relationship with your clients? Would you like to grow your business and its revenue, all the while having clients who are happy to pay for new and expanding services?

Revenue recognition transition: Users beware [MNCPA]
As many private companies are diligently working to adopt Topic 606 for year-end Dec. 31, 2019, let’s focus on just three complexities of the transition year.

What to know about unclaimed property
Unclaimed property laws can be confusing and can create traps for the uninformed. Under Minnesota’s law, a business that fails to report in a timely manner and remit unclaimed property may be hit with severe penalties and interest. 

Can accountants build an AI workforce? [MNCPA]
Accountants can leverage an AI workforce to reduce their workload and enable them to focus on higher-value services.

What you need to know about ASC 842 [MNCPA]
Lease implementation for nonpublic (private) companies is not for the faint of heart.

Powering your practice with predictive analytics [MNCPA]
Accounting firms in the United States are sitting on a valuable treasure trove of information. Few of them realize it, and even fewer of them are using it.

Practical issues related to bitcoin [MNCPA]
In the ever-evolving world of bitcoin, blockchains and the newest and greatest technological innovations, it’s easy to feel like your head is spinning.

Revenue recognition: It’s time to take control!  
Five years later, adoption is upon us! As a refresher, review the five steps in the updated revenue recognition model.

Understanding nonprofit parking and UBI
Nonprofit parking and taxes have led to more than a few questions under the Tax Cuts and Jobs Act.

Understanding construction overhead allocations
In the construction industry, there are many costs that are not directly allocable to job costs yet are vitally important to consider when estimating job costs, as well as accounting for them.  

8 questions for entrepreneurial accountants
Ask yourself these eight questions to get your organization on track.

Calculated risks enhance clients' experiences
Changing the structure of the traditional accounting firm also enhances employees' experiences

Cloud technology: The perfect solution to accounting software
Technology is always changing. Software packages and infrastructures require frequent updates or upgrades to avoid becoming outdated. That includes accounting software.

Keeping up with SSARS changes
SSARS 21, SSARS 22, SSARS 23 and SSARS 24 revised compilation and review report requirements

Write an audit report that gets results
Tips and tools to get your report read

PCAOB inspections and enforcement
In early December, the Public Company Accounting Oversight Board (PCAOB) announced a settled disciplinary order, pursuant to which a global network accounting firm admitted to issuing materially false audit reports, altering work papers, and providing false testimony. Among other sanctions, the firm agreed to pay an $8 million civil penalty -- the PCAOB's largest imposition of a civil penalty to date.

Business Perspective: Drake Software [MNCPA]
To learn more about Drake Software’s new accounting product, the Taxing Subjects Podcast invited Drake Accounting development manager Jay Eager to the studio for a chat.

Creating change with orange folders [MNCPA]
If there’s one universal truth in this world, it’s this: Creating change in an organization can be difficult.

Improvements made, but a few issues still linger [MNCPA]
From an audit perspective, these types of engagements are no longer considered “busy work.”

Keeping pace with accounting standards — an ongoing challenge [MNCPA]
The MNCPA General Industries Review Task Force received its highest number of financial statements for review in 2018, demonstrating a need for firms to receive assistance in meeting this challenge.

The case of Bailey Wick's bailiwick [MNCPA]
MNCPA member Chuck Selcer shares his knowledge about ethics requirements and laws with unique humorous fictitious stories.

MNCPA Perspectives blog posts

Independence: Don't lose it!
CPAs, too, have worked hard in the area of independence. Their reputation as professionals trustworthy of reporting on financial statements relies significantly on independence...

Why I love the MNCPA audit
You might notice a spring in my step and a sparkle in my eye. There’s excitement and anticipation in the air (at least in my corner of the office)...

Revenue recognition and leases: Angles you might have missed
After years of articles, news releases, CPE classes, and yes, posts by innumerable bloggers, I’d venture to say that it’s a rare CPA who hasn’t...

Familiarity: Threat or benefit?
Is familiarity a good thing or a bad thing? The correct answer is both “yes” and “no.” As with so many things, it all depends on the situation....

MNCPA membership is half off

Saving 50% just makes cents, right? But the savings don’t stop there. Keep an extra $20-100 in your pocket on most seminars, conferences and webinars when you join the MNCPA. That’s in addition to members-only access to online resources, career tools and networking opportunities. 

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