Reader’s Digest: Information for CPAs

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. 

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. 

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.

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. 

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

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.