Reader’s Digest: Information for CPAs

By Charles Hall | Accounting and Auditing

Feb 14

Here are a few articles (and one TED talk) that I believe you will find of interest as a CPA.

readers digest - information for CPAs

What AI Is--and Isn't

This TED talk provides you with a better understanding of artificial intelligence (AI). Educator and entrepreneur Sebastian Thrun is interviewed by Chris Anderson. Watch What AI Is--And Isn't. In the talk, Sebastian discusses how Udacity students created self-driving code in forty-eight hours.. In another AI example, he demonstrates the use of AI to diagnose skin cancer--even better than board-certified dermatologists. 

Revenue Recognition: A Private Company Disclosure Guide

Many of you are in the middle of adopting ASC 606 - Revenue from Contracts with Customers. As you have discoverd, there are many new disclosures to include in your financial statements. If you're looking for 606 disclosure examples for private companies, you'll find them here. Liz Gantnier with Dixon Hughes Goodman has created a wonderful guide. See section D. 

Langley Air Force Base Secretary Faked Payroll for 17 Years, Giving Herself an Extra $1.46 Million

This articles proves again that fraud schemes don't have to be complicated to be successful. In 2017, the fraudster's base pay was $51,324 but she took home $119,585. Between 2001 and 2018, she falsely claimed 47,8247 overtime hours. Read the article here.

Lease Accounting: Bus Example

This article provides a great summary of GASB 87 lease journal entries. It also shows you how to compute the right-of-use asset and lease liability. Check out Lease Accounting: Bus Example from BakerTilly. (You'll see a link to download the presentation.) If you audit governments or work for one, you'll find this article useful. The effective date of GASB 87 is years beginning after December 15, 2018. 

White House proposes folding PCAOB into SEC by 2022

The White House is proposing to fold the PCAOB into the SEC. Read about it here in an Accounting Today article.

Book Recommendations

If you missed my book recommendations last month, you'll see five that I recommend here. They will make you a better CPA--and person.

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About the Author

Charles Hall is a practicing CPA and Certified Fraud Examiner. For the last thirty years, he has primarily audited governments, nonprofits, and small businesses. He is the author of The Little Book of Local Government Fraud Prevention and Preparation of Financial Statements & Compilation Engagements. He frequently speaks at continuing education events. Charles is the quality control partner for McNair, McLemore, Middlebrooks & Co. where he provides daily audit and accounting assistance to over 65 CPAs. In addition, he consults with other CPA firms, assisting them with auditing and accounting issues.

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