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Jeffrey B. Travis, CPA

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IRS offers automatic method to change accounting for new revenue recognition standard

A new revenue procedure makes it easier for companies to conform with FASB’s revenue recognition standard.

via Jay-Z’s attorneys say SEC subpoena is weapon in ‘celebrity hunt’:

Lawyers for the hip-hop mogul don’t want him to testify in a probe of a firm he did business with more than a decade ago.

3 time-saving tips to enhance your audit workflow: There are ways to save time while ensuring you are producing the highest quality audit and providing excellent client service. Time-saving tips that will enhance your audit workflow (June 12, 2018). | Manual processing of reconciliations is a critical audit matter: As the deadline approaches to comply with the new auditing standard adopted last year by the PCAOB, auditors are girding to disclose CAMs for the first time in their reports. | AuditFile offers report writer add-on for Word: The audit automation software provider has introduced a free tool for Microsoft Office users.

HR’s culture shift: Tackling workplace sexual harassment while navigating legal definitions

Human resources professionals are looking to fight bad behavior driven by upper management.

Source: Does Silicon Valley’s ‘bro culture’ pervade IT elsewhere?:

Many workers in the technology departments across a range of industries describe behavior that may fall short of a legal definition of sexual harassment, but is still disturbing and could contribute to low employee morale and high turnover.

Sexual harassment in the professional workplace: behind the research: An industry-wide study of the impact and implications of sexual harassment reveals striking implications for the modern workplace and a path forward.

Preparing for the new lease accounting standard

Companies need to realize that the challenge ahead is bigger than accounting.

via U.S. posts biggest budget deficit since 2012 as tax income falls:

The Treasury recorded a $215 billion shortfall in February—its largest in six years—as revenue declined after passage of the Tax Cuts and Jobs Act.

Sexual harassment is a bigger problem than accountants think: Men and women who work in accounting say there’s a low prevalence of sexual harassment in the profession; the numbers suggest otherwise.

No one’s sure who qualifies for this $415B tax deduction

Congressional Republicans created a juicy new break for business owners when they rewrote the U.S. tax code late last year. Three months later, hundreds of thousands of U.S. employers still don’t know if they can claim it.

Source: Unifying Financials and Inventory

White paper on understanding the value of managing financials and inventory on a single integrated business management system.

Problems found in 40 percent of audits worldwide: The International Forum of Independent Audit Regulators reported on issues with how firms are scrutinizing accounting estimates, testing internal controls, checking revenue recognition and more.

The accounting profession: The year ahead

Pre-tax season update

via With tax season just around the corner, this web seminar will cover the latest regulatory and legislative developments, including last-minute year-end activity in Congress.

Internal audit profession making tech advances:  Internal auditors are getting more involved in technology initiatives like cybersecurity and data analytics, according to several new reports.