Accounting Author Barry Jay Epstein Advises Rapid Deployment by CPA Firms of New GAAP Codification.Accounting Expert Warns of Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Risk Resulting from Delayed Implementation CHICAGO -- Accountants who fail to implement the new FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Accounting Standards Codification[TM] (ASC ASC Ambulatory surgery center, see there ) that went into effect on July 1, 2009 face increased litigation exposure, according to Dr. Barry Jay Epstein, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , lead author of the recently released accounting book titled, "Wiley GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Codification Enhanced." "This is a sleeper issue that may not become fully apparent to some accounting firms until they are deep into their busy audit season in the first quarter of 2010," warns Epstein, a consulting and litigation partner with the Chicago-based accounting firm Russell Novak & Company LLP LLP - Lower Layer Protocol (www.rnco.com). "Now is the best time to update audit files so that firms are ASC compliant, which will obviate criticisms in routine peer reviews and possibly also in future adversary proceedings." Accounting firms should take the following five steps now to conform to the Accounting Standards Codification, according to Epstein: 1. Assign a partner or other senior level CPA within the firm to oversee ASC adoption 2. Train all accountants and support staff in the use of the restructured professional literature 3. Implement a thorough review of all files to identify references, such as technical memoranda supporting audit positions taken, that require updates 4. Determine appropriate treatment for compliance with FASB Statement No. 168, which implemented ASC 5. Document the actions taken by the firm Accounting for leases under FASB Statement 13, which has been in place since November 1976, is just one example of a widely used accounting standard. Effective for interim and annual periods ending after September 15, 2009, this and thousands of other U.S. GAAP pronouncements are now reorganized into a single source organized by topic and subject. Accounting firms that are slow to adopt these new standards face a loss of credibility and may be subject to future charges of accountant malpractice. Intended as a resource to help accounting firms successfully navigate this transition, the book "Wiley GAAP Codification Enhanced" contains complete coverage of all levels of GAAP, with fully integrated cross-references to the new ASC. About the Book Wiley GAAP Codification Enhanced By Barry J. Epstein, Ralph Nach, and Steven M. Bragg John Wiley & Sons, Inc. ISBN ISBN abbr. International Standard Book Number ISBN International Standard Book Number ISBN n abbr (= International Standard Book Number) → ISBN m : 978-0-470-49828-6 Adobe E-Book, 1,440 pages, April 2009, US $110.00 http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470498285.html Editors: A book review copy is available on request to the contact below. Author interviews can be arranged. The next annual edition, "Wiley GAAP 2010," is expected later this year. About Accounting Expert Dr. Barry Jay Epstein, CPA Lead author Dr. Barry Epstein is a Partner in the Chicago accounting firm Russell Novak & Company LLP (www.rnco.com). He is an international accounting expert on Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP) and International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). (IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System ). Dr. Epstein provides technical consultation on GAAP, IFRS, auditing standards, litigation consulting, and Sarbanes-Oxley audit committee compliance. He works extensively with attorneys and government agencies in the areas of securities litigation, white collar defense, financial fraud, accountants' liability, securitization accounting, and accounting for derivatives. See also www.ifrsaccountant.com and www.ifrsaccounting.com. |
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