Business/Industry Concentrations

Statement No. 65, Items Previously Reported as Assets and Liabilities, clarifies the appropriate reporting of deferred outflows of resources and deferred inflows of resources to ensure consistency in financial reporting. Statement No. 66, Technical Corrections—2012, enhances the usefulness of financial reports by resolving conflicting accounting and financial reporting guidance that could diminish the consistency of financial reporting.

The Governmental Accounting Standards Board has issued for public comment a proposed Statement that would provide U.S. state and local governments with standards for financial reporting regarding government combinations (mergers, acquisitions, and transfers of operations) and disposals (sales and transfers) of government operations.

The Internal Revenue Service has launched a new online search tool, Exempt Organizations Select Check, to help users more easily find key information about tax-exempt organizations, such as federal tax status and filings.

What You Should Know about Your Local Government’s Finances: A Guide to Financial Statements, 2nd edition, is a comprehensive primer on local government annual reports for taxpayers, elected representatives, and other people who need information about cities, counties, towns and villages.

The U.S. Government Accountability Office has issued the final 2011 Revision to Government Auditing Standards (a.k.a. the Yellow Book).

President Barack Obama signed into law the Three Percent Withholding Repeal and Job Creation Act (H.R. 674). The act repeals a requirement that 3 percent of payments be withheld by the federal or state governments or their instrumentalities or subdivisions (including multistate agencies) to any person for services or property.

When you join a nonprofit board, you're making a step to advance organizations by willingly giving your time, sharing your skills and talents, and financially supporting their mission, values and initiatives. E-YoungCPA talked with two NJSCPA members, both under 30, who serve on nonprofit boards.

If you are a CPA with a minimum of five years of experience in the accounting profession and a passion for what you do and technology, then the CITP Credential may be right for you.

At a time when government – local, state and federal – is engulfed in real concerns and political rhetoric about public finances, you’d think it would make sense for CPAs take a leadership role in government.

Sometimes pursuing a career can be as easy as taking the shortest route to the end zone. Auggie Cipollini subscribed to that philosophy on the football field in college, and he's taken a very similar approach to his career in accounting.