The FASB recently issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This content will become testable on the CPA exam in January 2018.
Displaying: February 2017
Going concern considerations to become testable on AUD January 2018
Sitting for AUD next January? SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern is a standard that applies to all audits of a complete set of financial statements, including financial statements prepared in accordance with a general purpose or a special purpose framework. It will become testable on the CPA exam January 1, 2018.
Are You Raising Red Flags with Potential Clients?
The IRS is cracking down on fraudsters this tax season and that includes warning taxpayers about “return preparer fraud”. It’s unfortunate, but there are people who set-up shop each season to perpetrate refund fraud, identity theft and other scams that hurt taxpayers. This tax season it is imperative that you represent yourself as a qualified, […]
5 things to do if you don’t land accounting internship
Sometimes we don’t land the dream internship we hoped for, but there are still ways to garner experience, and that is what the recruiters and firms are looking for. Here are 5 ways to get creative and start building that experience.
Video: CPA Exam study tips from Surgent
Welcome to a new weekly feature of Passing Insights! Surgent CPA Review's Student Development Manager, Jessica Sandhu, is currently sitting for the CPA Exam. Each week, Jessica shares her insights into her own study process. This week, find out what she does to de-stress when studying for the exam.
2017 Tax Season Issues to Communicate with Clients
Does this tax season seem a bit crazier than most? Between a new White House Administration (and the changes that come when the party in power changes) and increased security from the IRS, things seem to be a bit askew. While it’s always important to communicate with clients, it’s especially important to communicate changes and updates […]
Tip of the month: Review your state’s CPA certification requirements
Once you pass those four dreaded sections of the CPA Exam, it doesn’t mean you have reached the finish line! There are requirements you must fulfill before you can put those three letters (CPA) at the end of your name. We break down these requirements.
Calculate your CPA Exam Misery Index
Remember the Misery Index from your college Economics class? We've applied it to CPA exam prep using cost of CPA review, hours studying, and sections taken. The lower your score, the better!
AICPA announces fewer simulations on the 2017 CPA Exam
Taking the CPA Exam in 2017 after April 1? We've got great news for you! On February 1, the AICPA announced there will be less task-based simulations on the exam.
For Tax Preparers, the Distinction Between Customer or Client is an Important One
As a tax preparer, CPA, or accountant, do you have customers or clients? Most would say clients without hesitation. But the distinction is an important one. Strictly defined, a customer is someone who buys goods or services from a store or business. The word “client” can also mean “customer,” according to the American Heritage Dictionary, […]