Entries by Nick Patti

New Guidance for Accounting for Government Grants

A new accounting standard coming in the future provides guidance on how for-profit and private companies should account for government grants. Prior to this update, U.S. GAAP did not contain comprehensive guidance for business entities receiving government grants. As a result, many companies relied on analogizing to other accounting frameworks when recording these transactions, which […]

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Ethics of AI in Accounting

AI has become a normal part of daily life, and accounting is no exception. Firms are now experimenting with various AI tools to streamline routine tasks and analyze large amounts of data faster than ever. As these tools grow more capable, they also bring a wave of ethical concerns that the profession can’t ignore. Questions […]

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What is Blockchain Accounting?

Blockchain is a revolutionary technology transforming the accounting landscape. But what exactly is it? Blockchain is a type of shared database that stores information differently from typical databases; it stores data in blocks linked together via cryptography. While various types of information can be stored on a blockchain, it’s most commonly used for ledgers. A […]

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IRS Launches Paperless Filing Initiative

It’s no secret that even mentioning the IRS can instantly conjure out images of paper piles and processing. However, in a bold move, the IRS recently announced its decision to shift toward paperless filing for nearly all IRS correspondence starting in 2024 — with the goal of having all paperless tax processing by the year 2025. […]

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