Is It Time to “Retire” Full Costing?
Field of Study: Accounting
Contemporary cost accounting for manufactured inventories is based on 73-year-old Generally Accepted Accounting Principles (GAAP). With overhead as a percentage of total manufactured costs having increased significantly since the original rule was developed, the opportunity for “earnings management” in financial statements has also increased. The implications are broad and do not impact only manufacturing companies. Jonathan Schiff, PhD and professor of accounting at Fairleigh Dickinson University, makes the case to reconsider this aspect of GAAP with a view towards improving alignmentwith the current business reality.
Auditing Standards Update: NOCLAR, Management Specialists and Pricing Services
Field of Study: Auditing
The AICPA has issued guidance in 2021 on a number of issues that impact the auditor’s work. In
February, an Exposure Draft was issued dealing with Non-Compliance with Laws and Regulations (NOCLAR). In June, new guidance was issued on the use of specialists and pricing information. Ahava Goldman, associate director with the AICPA, reviews the standards in detail and explains the implications of the new rules.
New Immigration Proposed Legislation – How It May Affect You
Field of Study: Business Law
In January 2021, President Biden sent an immigration bill to Congress in his effort to modernize the current immigration system. The U.S. Citizenship Act of 2021 will provide pathways to citizenship and strengthen labor protections, prioritize smart border controls, and address root causes of migration. Roxanne Levine, partner at Tarter, Krinsky & Drogin and an immigration law expert for over 25 years, reviews the most significant changes in the new immigration comprehensive reform proposal under the Biden administration.
The Employee-Manager Relationship in Today’s Work Environment
Field of Study: Business Management & Organization
The pandemic has resulted in a dramatic increase in working from home, and with working from home comes changing expectations. The remote environment that has existed in the pandemic has put some strain on the relationship between managers and employees. Julie Kantor, executive coach, management consultant and founder of JP Kantor Consulting, reviews the issues that have developed from a work from home environment during the pandemic. She also offers some suggestions for how to improve the new experience for employees and managers alike.