Take 10 minutes to get an update on the latest accounting and auditing news from the FASB, AICPA and PCAOB. FASB updates are related to revenue recognition, fair value and equity security sale restrictions, the 2022 GAAP financial reporting taxonomy and the results of a recent Private Company Council meeting. Other topics include the AICPA’s proposed changes to peer review, PCAOB staff guidance on audit evidence and PCAOB’s move to strengthen the lead auditor’s oversight of other auditors. FASB Proposes Improvement to Fair Value Guidance for Equity Securities - https://www.fasb.org/cs/Satellite?c=FASBContent_C&cid=1176177298509&pagename=FASB%2FFASBContent_C%2FNewsPageProposed Technical and Other Conforming Improvements for the 2022 GAAP Financial Reporting Taxonomy - https://www.fasb.org/cs/ContentServer?c=Document_C&cid=1176177632103&d=&pagename=FASB%2FDocument_C%2FDocumentPageProposed Changes to AICPA Standards for Performing and Reporting on Peer Reviews - https://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/peerreview/downloadabledocuments/pr-clarified-standards-ed.pdfEvaluating Relevance and Reliability of Audit Evidence Obtained from External Sources - https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/standards/documents/evaluating-relevance-and-reliability-of-audit-evidence-obtained-from-external-sources.pdf?sfvrsn=48b638b_6PCAOB Solicits Additional Public Comment on Proposed New Requirements for Lead Auditor’s Use of Other Auditors - https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-solicits-additional-public-comment-on-proposed-new-requirements-for-lead-auditor-s-use-of-other-auditorsAttend the Accounting & Auditing Conference, Nov. 9 - https://njcpa.org/conferencesJoin the Accounting & Auditing Standards Interest Group – https://njcpa.org/groups

NJCPA IssuesWatch Podcast

87: A&A Update with Brad Muniz – 10/19/21

The New Jersey Legislature returns in November. What can we expect? Will we see movement on the Business Alternative Income Tax (BAIT) clean-up bill and other issues important to Garden State CPAs and the business community? Top New Jersey lobbyist Dale Florio gives us his insight on what might be accomplished during the lame duck session and the new legislative session that begins in January 2022. He also discusses the prospects for the Nov. 2 election in which the Governor and all 120 seats in the Legislature are up for vote. Legislative issues impacting New Jersey CPAs - https://njcpa.org/advocacyNew Jersey CPA Political Action Committee - https://njcpa.org/pac 

86: New Jersey’s Short-Term Legislative Outlook

Our latest 10-minute accounting and auditing update provides a speed round on various FASB, AICPA, CAQ and PCAOB updates:FASB ASU 2021-06 - https://www.fasb.org/cs/Satellite?c=Document_C&cid=1176177037677&pagename=FASB%2FDocument_C%2FDocumentPageFASB Disclosure of Supplier Finance Program Obligations - https://www.fasb.org/jsp/FASB/FASBContent_C/ProjectUpdateExpandPage&cid=1176175475663FASB Exposure Draft: Fair Value Measurement of Equity Securities Subject to Contractual Sale - https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176177297732&acceptedDisclaimer=trueAICPA SAS 134 – Auditor Reporting and Amendments - https://www.aicpa.org/content/dam/aicpa/research/standards/auditattest/downloadabledocuments/sas-134.pdfCAQ – How Climate-Related Risk Considerations Intersect with the Audited Financial Statements - https://www.thecaq.org/news/center-for-audit-quality-resource-highlights-how-climate-related-risk-considerations-intersect-with-the-audited-financial-statements/AICPA Exposure Draft: Unpaid Fees - https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/2021-September-unpaid-fees.pdfAICPA Exposure Draft: Accounting Standards Implementation Services - https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/2021-september-accounting-standards-implementation.pdfPCAOB Solicits Additional Public Comment on Proposed New Requirements for Lead Auditor’s Use of Other Auditors - https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-solicits-additional-public-comment-on-proposed-new-requirements-for-lead-auditor-s-use-of-other-auditorsPCAOB Adopts Rule to Create Framework for HFCAA Determinations - https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-adopts-rule-to-create-framework-for-hfcaa-determinationsU.S. Department of Labor to assess employee benefit plan audits - https://www.njcpa.org/article/2021/09/14/dol-to-conduct-audit-quality-assessment-of-2020-plan-year-filings Additional resources:AICPA Ethically Speaking Podcast - https://www.aicpa.org/interestareas/professionalethics/ethically-speaking.htmlOct. 6 Webinar: What CPAs Need to Know About ESG – https://njcpa.org/plusESG Knowledge Hub – https://njcpa.org/hub/esgJoin the NJCPA Accounting & Auditing Interest Group – https://njcpa.org/groups

85: A&A Update with Brad Muniz – 10/5/21

On September 20, NJCPA CEO and Executive Director Ralph Albert Thomas sat down with Jack Ciattarelli, Republican candidate for New Jersey Governor — and member of the NJCPA — to discuss issues important to the business community and the CPA profession. Find out Mr. Ciattarelli’s vision for New Jersey when it comes to the state budget, taxes, business policies, infrastructure improvements, pension funding and more.

84: IssuesWatch LIVE - Q&A with Jack Ciattarelli

Our latest 10-minute accounting and auditing update addresses FASB’s adoption of the 2021 SEC reporting taxonomy; lease standard reminders; the Center for Audit Quality’s guidance about external auditors’ responsibilities with regard to illegal acts; and significant upcoming changes to employee benefit plan audits. Mentioned in this episode:2021 SEC Reporting Taxonomy - https://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176175722790Illegal Acts: The External Auditor’s Responsibilities - https://www.thecaq.org/illegal-acts-the-external-auditors-responsibilities/EBP audits set for major changes, more transparency - https://www.journalofaccountancy.com/news/2021/sep/ebp-audits-changes-transparency.html

83: A&A Update with Brad Muniz – 9/21/21

With 2021 marking the 100th anniversary of the first Black accountant to be licensed as a CPA in the United States, various organizations have come together to produce a year-long national awareness campaign to recognize Black CPAs and push for greater progress to be made in achieving diversity, equity and inclusion in the CPA profession. Hear from Crystal Cooke, the director of diversity and inclusion at the American Institute of CPAs, about the Black CPA Centennial celebration; what firms and individuals can do to enhance the recruitment and advancement of Black CPAs; and her advice for Black prospective CPAs.  Black CPA Centennial – https://BlackCPACentennial.cpaAICPA diversity and inclusion initiatives and resources – https://aicpa.org/diversityNJCPA Diversity, Equity and Inclusion Knowledge Center – https://njcpa.org/diversityDiversity, Equity and Inclusion Conference, Oct. 21 – https://njcpa.org/conferences

82: Black CPAs: Honoring the Past and Building the Future

This 10-minute episode includes updates on FASB, AICPA and PCAOB issues, including accounting for the employee retention credit; revenue recognition; lease accounting; reporting and attestation of environmental, social and governance (ESG); and audits of broker-dealers. Mentioned in this episode: Revenue, lease accounting still challenge private companies - https://www.journalofaccountancy.com/news/2021/aug/revenue-lease-accounting-still-challenge-private-companies.html ESG Reporting and Attestation: A Roadmap for Audit Practitioners - https://www.thecaq.org/esg-reporting-and-attestation-a-roadmap-for-audit-practitioners/ 5 steps to successful ESG reporting - https://www.fm-magazine.com/news/2021/aug/steps-to-successful-esg-reporting.htm PCAOB Annual Report on Interim Program Related to Audits of Brokers and Dealers - https://pcaob-assets.azureedge.net/pcaob-dev/docs/default-source/inspections/documents/2020-broker-dealer-annual-report.pdf?sfvrsn=d8914df5_4 

81: A&A Update with Brad Muniz - 9/7/21

If you've ever wondered how polls work and whether they’re actually reliable, this is the episode for you. Join us for a fascinating discussion with one of the most respected pollsters in the country - Patrick Murray, director of Monmouth University Polling Institute - as he gives us the scoop on how polling works and what current polling is telling us about President Biden, COVID vaccines and the New Jersey gubernatorial election. Monmouth University Polling Institute – Website: https://monmouth.edu/polling-insitute | Twitter @MonmouthPoll Patrick Murray on Twitter @PollsterPatrick Contribute to the NJ-CPA-PAC: https//njcpa.org/pac   

80: Peeling Back the Curtain on Political Polling

The latest 10-minute accounting and auditing episode includes updates on Financial Accounting Standards Board (FASB) and American Institute of CPAs (AICPA) issues, including: FASB approved the Private Company Council’s Practical Expedient to Measure Grant-Date Fair Value of Equity-Classified Share-Based Awards What CPA firms need to know about the AICPA proposed Statement on Quality Control Standards AICPA issued a technical question and answer on the Shuttered Venue Operators Grant and Restaurant Revitalization Fund Grant accounting by recipient Bitcoin basics for nonprofits: Accepting and valuing crypto asset gifts 

79: A&A Update with Brad Muniz – 8/24/21

What’s the latest on New Jersey’s cannabis regulations — and what do CPAs need to know to serve clients in the industry? A panel of experts weighs in. More cannabis-related news and events – https://njcpa.org/topics/cannabis NJ Cannabis Insider – https://njcannabisinsider.nj.com NJ CannaBusiness Association – https://newjerseycannabusiness.com 

78: Cannabis in New Jersey: What CPAs and Advisors Need to Know

We’re excited to add a bi-weekly accounting and auditing update to the IssuesWatch Podcast. These 10-minute episodes are hosted by Brad Muniz, CPA, partner in charge of accounting and auditing at SobelCo. This inaugural episode addresses: FASB: ASU 2021-05 – Leases AICPA: SAS 144 – Use of Specialists and the Use of Pricing Information | Accounting and Auditing for Digital Assets Practice Aid | CPA Evolution Accounting for the NJ BAIT SPAC restatements NJCPA: Aug. 24 webinar: 2021 Single Audits: New Triggers Resulting from COVID-19 Funding | Accounting & Auditing Standards Interest Group 

77: A&A Update with Brad Muniz – 8/10/21

Recent data suggests that we’re witnessing a nationwide decline in both new CPAs and college accounting program enrollments. Why is this happening, and what can be done about it? Do the profession and the CPA license have a branding problem? Are accounting firms and companies doing anything to adapt? We discuss all of this and more in an eye-opening conversation with Todd Shapiro and Kari Natale from the Illinois CPA Society. * Access the Decoding the Decline report at icpas.org/cpapipeline.

76: Decoding the Decline in the CPA Pipeline

This was one of the most unusual budget seasons in New Jersey's history! Instead of being several billion dollars short, as was projected when the fiscal year 2021 budget was being drafted, the state has seen a $10 billion surplus. Listen to our interview with NJBIA's Chris Emigholz to find out where all of that money is going.

75: The 411 on New Jersey's New Budget

 If you or your clients need help creating a business plan, accessing grants, contacting the New Jersey Division of Taxation, or navigating permitting or other regulatory requirements, be sure to learn about the New Jersey Business Action Center. Executive Director Melanie Willoughby discusses the advocacy, assistance and resources the NJBAC provides to business owners for free. #IssuesWatch #Podcast #njbac #newjersey #nj #njbusiness #njbusinesses 

74: Free Help for New Jersey Business Owners

  Hear a lively discussion about pressing New Jersey issues from a panel of seasoned journalists. This episode includes highlights from the New Jersey Business and Economic Roundtable hosted at the NJCPA Virtual Convention on June 18. Hear what our panelists — Tom Bergeron of ROI-NJ, John Reitmeyer of NJ Spotlight News and Rhonda Schaffler of NJ Business Beat — have to say about the state budget, outmigration, the commercial real estate market, property taxes, the upcoming elections and more.  

73: New Jersey Business and Economic Roundtable

The NJCPA's IssuesWatch Podcast is a bi-weekly podcast where we discuss important developments in the New Jersey Legislature that have an impact on CPAs, the accounting profession and the business community.

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NJCPA IssuesWatch Podcast

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