These graduate accounting students are all winners of the 2016 Masters Scholarship, awarded by the CalCPA Accounting Education Committee. Each were awarded a scholarship in the amount of $3,000.

  • Jonathan deSmidt, Master of Science, Accounting, Cal Poly, San Luis Obispo
  • Ophelia Ding, Master of Science, Taxation, San Jose State University
  • Nathaniel Nocum, Master of Accountancy, National University
  • Nadine Oettl, Master of Science, Accountancy, Cal State University, Easy Bay
  • Yanan “Ivy” Zou, Master of Professional Accountancy, University of California, Irvine

New Audit Research Summaries Database

The Auditing Section of the American Accounting Association has launched a free database containing summaries of auditing research published in various journals and organized into a topical framework.

The database will help audit practitioners by ensuring they have the latest research at their fingertips when preparing for and conducting an audit. The database contains more than 700 summaries on various auditing aspects, including standard setting, client acceptance/continuance, auditor selection/changes, risk management, engagement management and corporate governance matters, among other subjects.

Visit the database, which will be updated monthly, online.

Survey: Non-GAAP Measures Help Provide Full Performance Picture

Most corporate financial reporting executives said they use non-GAAP financial measures to supplement GAAP information and help stakeholders better understand their financial performance, according to a KPMG survey. The respondents said that the use of non-GAAP measures tends to be consistent across their industries.

The survey of more than 475 attendees found that a vast majority of organizations remain in the early stages of implementing the new revenue recognition accounting requirements, which may forecast a last-minute dash for some to the finish line in 2017. 

Among other items that keep financial reporting executives up at night: 

  • 24%: Future regulatory mandates, such as changes to lease accounting standards. 
  • 22%: Staying ahead of investor reporting demands, such as corporate social responsibility and non-financial information. 
  • 21%: Maintaining effective internal control over financial reporting.

A Trifecta of Accounting Standards

The big three Accounting Standards Updates (ASUs)─ASU 2014-09, Revenue from Contracts with Customers; ASU 2016-02, Leases; and ASU 2016-13, Financial Instruments-Credit Losses─from the Financial Accounting Standards Board pose significant challenges for CPAs. And, as their effective dates loom near, practitioners are sometimes realizing the substantial level of work involved in applying these standards.

To helps practitioners with upcoming implementation, the Center for Plain English Accounting is offering some in-depth and practical guidance on the ASUs.

What’s New for 2016 Tax Returns?

The FTB has released information on new standard deductions, exemptions, contributions and more for the upcoming tax season. Highlights include increases in personal and dependent expenses; new funds taxpayers can choose to voluntarily contribute to; new California Motion Picture and Television Production Credit; and a change to the information return due date.

CalCPA Service Awards: Make a Nomination

The nomination period for CalCPA’s annual service awards is open through April. Nominate an outstanding member or firm for:

  • Public Service Award: Given to a CPA who has been especially active in service to the profession and community.
  • Public Service Award for Firms: Aims to recognize firms for their public service contributions on the local, state or national level.
  • Distinguished Service Award: Granted either on the basis of long and distinguished service or for some singular act resulting in extraordinary contribution to the profession, CalCPA and/or the community.

The application deadline is March 31.