February 2015 - Journal of Accountancy

Five common judgment biases can have a negative impact on accounting and auditing decisions. Learn how to spot these biases, and take a short quiz to see how they can affect your judgment.

Gift cards are a source of convenience for customers and a source of revenue for companies. But accounting for gift cards can be inconvenient. Finance must pay attention in particular to the recognition of breakage income related to unredeemed amounts on cards.

The financial planning and analysis department at Baker Hughes is more valuable and more collaborative thanks to a three-step employee-development process, the company’s Michael Kinney, CPA, explains.

Accountants can leverage the training and experience they have in managing compliance risks to become strategic risk advisers for their organizations.

How well do you know how to prevent, detect, and respond to data breaches? Find out in this month’s Fraud IQ quiz.

How taxpayers can guard against doubling the statute-of-limitation period for the IRS to assess tax.

Following this five-step process can help auditors avoid a common psychological trap and the risk that they will overlook important contradictory evidence.

Learn about your decision-making process with this short quiz.

A monthly look at mobile apps that can make the CPA’s job and life better. This month: SlideShark makes PowerPoint on iPads less painful … Online storage/synchronization: Dropbox, et al.

Approximately 30% of claims brought against CPAs in the AICPA Professional Liability Insurance Program are made by third parties. Moreover, nearly 60% of the program’s 2013 financial statement services claims related to the failure to detect a misstatement or a disclosure error, especially going-concern disclosures.