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It’s official! North Carolina Governor Pat McCrory signed the proclamation document officially proclaiming September 18, 2015 as CPA Day of Service in North Carolina. This is the fourth consecutive year that a proclamation for this event has been signed by a North Carolina governor. McCrory’s proclamation displays his support of the profession, and further underscores…

By Jonathan Kraftchick Currently, there is no guidance on how to account for fees paid in a cloud computing arrangement (ex. software as a service). As the contracts have become increasingly frequent, divergence in practice from cloud customers has grown, as have costs to determine how to account for these fees. Previous guidance was aimed…

By Michael Edwards As part of its initiative to reduce the complexity of accounting standards (the Simplification Initiative), FASB has issued Accounting Standards Update (ASU) No. 2015-04, “Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets.”  The ASU gives an entity whose year-end does not coincide with a month…

It is with a heavy heart that we report the passing of Lifetime NCACPA member and board of directors’ member Malcolm “Mac” Harvey Lathan, Jr., who passed away peacefully at home on June 10, 2015. A Senior/Life member of NCACPA, Mac joined the association in 1975 and sat on the NCACPA Board of Directors since…

The U.S. CPA profession always has been committed to quality and continuous improvement in the services it provides. The audit is at the core of CPA services that protect the public interest. Maintaining the audit’s value and relevance is essential to the profession’s continued success, and audit excellence drives that value and relevance. On May…

May 29, 2015 The U.S. Labor Department’s Employee Benefits Security Administration has published its study on the quality of benefit plan audits performed by certified public accountants. The report, “Assessing the Quality of Employee Benefit Plan Audits,” reveals serious issues with the current system. “The existing patchwork of regulations and rules needs to be overhauled…

by Melisa Galasso There has been a lot of change in the area of Going Concern lately. It started with the issuance of Accounting Standards Update (ASU) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern in August 2014. This ASU was long awaited. Prior to ASU 2014-15, the responsibility…