The NJCPA's IssuesWatch Podcast is a bi-weekly podcast where we discuss important developments in the New Jersey Legislature that have an impact on CPAs, the accounting profession and the business community.
How can public policy, private enterprise and smart regulation work together to build a stronger New Jersey economy? Eric Brophy, former Deputy Chief of Staff for Economic Growth to Governor Phil Murphy and now co-chair of the new Government & Regulatory Law Group at CSG Law, joined us to discuss his time in the Governor's Office shaping state economic initiatives, his new role at CSG and what's ahead for New Jersey's business and regulatory landscape. Topics discussed:The biggest policy or political challenge Eric facedHow New Jersey can best compete with neighboring states for major business investmentOne economic development initiative Eric wishes got more public attentionMisconceptions about how businesses can engage with state agenciesEric's new role at CSG Law Addressing common stumbling blocks for private entities dealing with state governmentMajor economic or regulatory trends shaping New Jersey in the next 3-5 yearsIf he had a magic wand, the one aspect of New Jersey's business climate Eric would improveResources:Connect with Eric BrophyAbout CSG Law's Government & Regulatory Law GroupEconomic and regulatory news
A new report from the Illinois CPA Society (ICPAS), titled The Readiness Divide, explores the disconnect between how early-career accounting and finance professionals view their skills and how their managers assess their readiness. Geof Brown, president and CEO of ICPAS, discusses the report's findings, including gaps in communication, critical thinking, problem solving and even tech skills – and what these gaps mean for the accounting profession. Topics discussed:Overview of the report and why it was createdThe disconnect between self-awareness and employer expectationsRisks if gaps in communication, critical thinking and problem-solving are not addressedPractical steps to close the divideFinal takeaways Resources:The Readiness Divide: How Next-Gen Accounting Talent Measures UpCareer Development Knowledge HubEmployee Management Knowledge Hub
We're covering three topics in this episode: proposed modernization of peer review administration requirements, proposed private-equity-related updates to peer review standards and guidance on attest client association. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Proposed Peer Review Standards Update No. 3, Modernizing Peer Review Administration RequirementsAICPA Seeks Comment on Administrative Peer Review Proposal for Firms with Private Equity Backing and Other Alternative Practice StructuresPEEC releases guidance on attest client association, simultaneous employmentAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
One of the hottest topics in the profession right now is compensation. Accounting Today recently released its 2025 Salary Survey, which offers a comprehensive look at pay across firms of all sizes and levels.Dan Hood, editor in chief of Accounting Today, breaks down the survey results and what they mean for firms, professionals and the CPA pipeline. Topics discussed:Key takeaways from the surveyWhy salaries have increasedManager and partner salary increases at smaller firmsImpact of total compensation packagesHow small firms are keeping upRethinking culture, career development and other non-monetary factors Resources:2025 Accounting Today Salary SurveyCareer Development Knowledge HubEmployee Management Knowledge Hub
Find out about the new standard from the Financial Accounting Standards Board that updates the guidance on accounting for internal-use software costs. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:FASB Issues Standard That Makes Targeted Improvements to Internal-Use Software GuidanceAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
This fall, a new advanced placement course is being piloted at 100 high schools across the country. AP Business with Personal Finance is designed to give high school students a strong foundation in business, economics and personal finance and, importantly for the accounting profession, it includes a significant unit on accounting. Hear about the impact of the course from Livingston High School's Alex Lamon - one of the teachers piloting the program - and Alexander Chang, a student who has taken the course. Topics discussed:Overview of the AP Business with Personal Finance courseInformation about the accounting unit of the courseStudent perspective on the AP courseImpact on providing students with business/accounting exposureOverview of Money Talks ConferenceHow students view accounting and financial literacy Resources:About AP Business with Personal FinanceNew Jersey Council for Economic EducationCPA Pipeline Knowledge Hub
The AICPA has issued an updated practice aid to help firms implement the new quality management standards. See if it can help you. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA unveils new QM resources to help firms meet Dec. 15 deadlineQuality management standards articles and eventsJoin the Accounting & Auditing Standards Interest Group
The filing deadline for New Jersey's three property tax relief programs is around the corner. Christina Quinones of the New Jersey Division of Taxation joins us to discuss who is eligible for each program and how to apply. Don't miss out on the relief you're entitled to. Topics discussed:Overview of property tax relief programsDetails on the Senior Freeze programApplication process and deadlinesHow to get in-person or online assistance Resources:Senior Freeze programANCHOR programStay NJ programProperty tax relief public events
The GENIUS Act includes robust new requirements for stablecoin users, including reserve backing; transparency and audits; anti-money laundering and sanctions compliance; and restrictions on marketing and yield. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Accounting and auditing articles and eventsCryptocurrency and digital assets articles and eventsJoin the Accounting & Auditing Standards Interest Group
Whether you call it soft skills, people skills, relational abilities or core professional competencies — communication, emotional intelligence and adaptability often make a big difference in a professional's career growth. CPA and author Jerry Maginnis returns to the podcast to discuss the role of soft skills in a successful career. Topics discussed:How soft skills can be a differentiator between average and outstanding professionalsHow the value of soft skills has changedThe most critical soft skills for young CPAsHow companies can better identify, nurture and reward soft skills among their teamsAn example of how soft skills played a crucial role for Jerry Resources:Jerry's book, Advice for a Successful Career in the Accounting Profession, How to Make your Assets Greatly Exceed your LiabilitiesCareer development articles, resources and events
The Financial Accounting Standards Board has issued a new standard for the measurement of credit losses for accounts receivable and contract assets. Are you prepared to implement it? *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:FASB Issues Standard that Improves Measurement of Credit Losses for Accounts Receivable and Contract AssetsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
As the next generation of accountants and finance professionals enters the workforce, one priority stands at the forefront: building a workplace that not only attracts younger talent but also keeps them engaged and inspired for the long haul. Alex Romero of Galasso Learning Solutions. Topics discussed:Understanding what younger talent valuesCreating a culture of belongingKey elements of emotional intelligence that foster retention and engagementThe importance of emotional intelligence for young professionalsOther important skills for young professionalsTactics to build an employee experience that retains and energizes Resources:Employee management articles, resources and eventsCareer development articles, resources and eventsLearn about Galasso Learning Solutions
Does your nonprofit receive government grants? The accounting rules may be changing. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Proposed FASB ASU: Government Grants (Topic 832)Accounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Mark Koziel, CPA, CGMA, the new president and CEO of the American Institute of CPAs, recently sat down with Aiysha (AJ) Johnson, MA, IOM, CEO and executive director of the NJCPA, to discuss numerous issues impacting the accounting profession. Topics discussed:Expanding the pathway to CPAMobility concernsAdditional efforts to attract more people to the professionOne Big Beautiful Bill (HR1)Other pending legislation impacting the professionThe future of the PCAOBImplementation of new quality management standardsMark's priorities for the coming year Resources:CPA Pipeline Knowledge HubNASBA Licensure Pathway TrackerOne Big Beautiful Bill Knowledge HubQuality Management Standards Knowledge Hub
Misinformation about the One Big Beautiful Bill was rampant even before it was signed into law on July 4. Joining us to separate fact from fiction about several provisions of the bill is Lauren Landolfi, CPA, shareholder and tax department practice leader at WilkinGuttenplan. Topics discussed:Myth 1: There are no federal taxes on Social Security incomeMyth 2: The new $40,000 SALT deduction cap is just for married filersMyth 3: There are no taxes on overtime or tipsMyth 4: There are no changes to the deductibility of charitable contributionsMyth 5: Gamblers can continue to deduct all of their lossesMyth 6: I still don't need to worry about the AMT Resources:Events and information about the One Big Beautiful Bill ActSocial Security Administration press release
Are you ready to step up your fraud detection game? Following three years of research, the AICPA's Auditing Standards Board has proposed updates to the Statement on Auditing Standards regarding auditors' responsibilities related to fraud. Get an overview of the proposal. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA Seeks Comment on Proposed Update to Auditors' Responsibilities Related to FraudAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Get a rundown on what's included — and not included — in New Jersey's $58.8 billion budget for fiscal year 2026.Topics discussed:Overall thoughts on the budget from the business community's perspectiveTax increasesAssistance to businessesProperty tax reliefMaintaining a budget surplusImpact of the One Big Beautiful Bill Act on New JerseyResources:More about New Jersey's budget
In a recent Forbes article, Paul Peterson, CPA, CEO and managing partner of Wiss, wrote that if you were designing the accounting profession from scratch today, it wouldn't look anything like the version most firms are still trying to maintain. Paul joins us for a discussion about how firms are adapting to the changes in career expectations, shifting client expectations, the impact of AI and more. Resources:Disruption In Accounting: The CPA Shortage Meets the Rise of AI (Paul's Forbes article)Firm Management Knowledge HubCPA Pipeline Knowledge Hub
Is AI taking over?? This episode takes a look at how artificial intelligence (AI) is transforming and helping the accounting profession. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA and CPA.com's 2025 AI in Accounting ReportAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
There's a new exposure draft from the AICPA Professional Ethics Executive Committee (PEEC) to clarify independence requirements for engagements subject to the Statements on Standards for Attestation Engagements (SSAEs). Get the details.*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***Resources:PEEC exposure draft seeks to clarify requirements for SSAE engagementsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Succession planning isn't just about stepping away; it's about protecting the future of a CPA firm, ensuring smooth leadership transitions, and maintaining client trust and operational continuity. Alvin Fennell and Stan Sterna from Aon join us to discuss how firms can mitigate risk when going through a leadership transition. Topics discussed:1:16 – How a strong, proactive succession plan helps small and midsize firms manage professional liability risk5:07 – Risk considerations for firms entering into a private equity deal10:40 – How firms can ensure continued client service during a leadership transition16:46 – The role of legal protections and buy-sell agreements during a firm transition25:01 – Insurance considerations Resources:Firm management and succession planning articles and eventsLearn more about Aon
In this special episode recorded at the NJCPA Convention & Expo, the team discusses environmental, social and governance (ESG) reporting: what it is, states that have specific requirements, considerations for auditors and more. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:ESG articles and eventsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Between rising client demands, tight deadlines and growing compliance responsibilities, CPAs in public practice are under more pressure than ever to do more with less. Ilya Radzinsky of TaxDome joins us to discuss how firms can efficiently meet client expectations and tailor their services based on what different clients want. Resources:Learn more about TaxDome and access their annual letterFirm management events, articles and resources
A new law, initiated by the NJCPA and the New Jersey Business and Industry Association, requires the state auditor to provide a plain-language summary of New Jersey's full financial picture — well beyond what's included in the annual budget. Former state treasurer Davis Rousseau joins us to discuss what's included in the new report and how New Jersey compares to surrounding states. Resources:Summary and Analysis of the Annual Comprehensive Financial ReportArticle: The State of New Jersey's Financial Health
Brad and his guests discuss three topics: the Financial Accounting Standards Board's exposure draft about debt modification and extinguishment of liabilities; reporting lines of credit on the statement of cash flows; and SSARS No. 27 on financial statements prepared as part of a consulting services engagement. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:FASB Seeks Public Comment on Proposal to Improve Accounting for Debt ExchangesSSARS No. 27 At a GlanceAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Good news for the accounting profession: Recent research shows that progress is being made in getting more young people interested in pursuing an accounting career. In this episode, we speak with Liz Barentzen of the Center for Audit Quality, who breaks down the significant findings of this study. We explore the factors contributing to this trend and discuss actions the profession can take to continue attracting and retaining talented young professionals.Resources:Expanding the Accounting Profession Pipeline reportCPA Pipeline Knowledge Hub
Good news for the accounting profession: Recent research shows that progress is being made in getting more young people interested in pursuing an accounting career. In this episode, we speak with Liz Barentzen of the Center for Audit Quality, who breaks down the significant findings of this study. We explore the factors contributing to this trend and discuss actions the profession can take to continue attracting and retaining talented young professionals. Resources:Expanding the Accounting Profession Pipeline reportCPA Pipeline Knowledge Hub
Good news for the accounting profession: Recent research shows that progress is being made in getting more young people interested in pursuing an accounting career. In this episode, we speak with Liz Barentzen of the Center for Audit Quality, who breaks down the significant findings of this study. We explore the factors contributing to this trend and discuss actions the profession can take to continue attracting and retaining talented young professionals. Resources:Expanding the Accounting Profession Pipeline reportCPA Pipeline Knowledge Hub
This episode looks at whether companies have implemented the FASB standard on current expected credit losses (CECL) and also includes a discussion about PCAOB's recent emphasis on the importance of audits. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Financial Instruments — Credit Losses (Topic 326) — Purchased Financial AssetsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
As part of the ongoing efforts to attract more people into the accounting profession, there are legislative efforts in New Jersey and across the country to create an additional pathway to CPA licensure. Get an update on where things stand and what's included in the legislation. Resources:CPA Pipeline Knowledge HubNJ-CPA-Political Action Committee
Brad and his guest, Marissa Flood, continue their discussion about post-implementation reviews, this time focusing on SAS 145. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA Statement on Auditing Standards No. 145, Understanding the Entity and its Environment and Assessing the Risks of Material MisstatementAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
In today's workplace, it's easy to get defined solely by your job title, rather than be seen as a whole person. But aren't you more than just your job title? Join us as we break down with John Garrett, author of “What's Your And?”, why your quirks, talents and humanity are just as important as your “professional” side. He'll define how work and personal passions can overlap to make us better professionals.See John and more fantastic speakers at the NJCPA 2025 Convention and Expo!
Brad and his guests focus on leases and discuss post-implementation review.*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***Resources:FASB post-implementation review processAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
You've heard the terms "fraud, waste, and abuse" everywhere, but do you really know what they mean and how they're uncovered? Join us as we break down these critical concepts with forensic accounting experts Megan Kelly, CPA, (FAZ Forensics) and Megan Sartor, CPA (SAX LLP). They'll define each term, explain the unique challenges of investigating them in government versus corporate environments, and walk us through the process of uncovering these costly issues. Resources:Fraud Detection and Prevention Knowledge Hub
Are you clear on NOCLAR? This episode focuses CPAs' responsibilities for reporting for noncompliance with laws and regulations (NOCLAR). *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:NOCLAR: What CPAs in business should knowNOCLAR: What CPAs in public practice should knowHow not to lose sleep over NOCLARAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Cryptocurrency is making headlines almost every day. Dr. Sean Stein Smith, CPA, and his guest Mark Eckerle, CPA, discuss the top crypto issues CPAs can help their clients with now and going forward. Topics include strategic bitcoin reserves, governmental pro-crypto pivot in 2025, pain points and an outlook for the remainder of 2025. Resources:Cryptocurrency Knowledge HubUnderstanding and Talking to Clients About Crypto – June 5 session by Sean Stein Smith at NJCPA Convention & Expo
Governor Phil Murphy recently issued his proposed budget for New Jersey's next fiscal year. The $58.1 billion proposal is 2.7% higher than the current year's budget and includes $1.2 billion in proposed tax increases. Our panel of public policy experts weigh in on numerous elements of the proposed budget, including the impact of potential cuts in federal aid to Medicaid and NJ Transit. Resources:New Jersey Budget news and information
Brad and his guests discuss the AICPA's post-implementation review of Statement on Auditing Standards No. 143: Auditing Accounting Estimates and Related Disclosures. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Statement on Auditing Standards No. 143: Auditing Accounting Estimates and Related DisclosuresAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
To address the talent shortage, firms have turned to several options, including raising fees, culling clients, outsourcing and offshoring. Rohan Singhai of Miles Talent Hub joins us to discuss accounting staffing trends and strategies. Resources:Miles Talent HubEmployee management articles, events and resourcesCPA pipeline news and resources
This episode covers two upcoming AICPA Auditing Standards Board exposure drafts, status of the PCAOB's firm and engagement metrics proposal and the PCAOB's audit focus series. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA auditing board approves two exposure drafts for public commentPCAOB withdraws proposed rules requiring extensive firm and engagement metricsPCAOB Audit Focus: Audit Committee CommunicationsAccounting and auditing articles and eventsFraud prevention articles and eventsJoin the Accounting & Auditing Standards Interest Group
The first month of President Trump's second term has been filled with a flurry of changes that impact businesses, including tariffs, steep cuts by the Department of Government Efficiency (DOGE) and restricted immigration. Daniel Munoz, business reporter at The Record, discusses the changes and how New Jersey's business community is reacting. Resources:March 13 Webinar: How Federal Policies Are Impacting New Jersey Businesses
Artificial intelligence (AI) is revolutionizing accounting, promising efficiency and accuracy. But why are firms still hesitant? In this episode, Zealogic's Anthony Geanoules dives into the game-changing potential of AI in accounting and the common concerns holding firms back. Gain practical insights for leveraging the power of AI. Resources:AI Knowledge HubZealogics
Brad and his guests discuss the recently issued FASB accounting standard update on expense disaggregation disclosures as well as guidance on non-GAAP financial measures. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:FASB ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective DateJournal of Accountancy article: Exercising caution with non-GAAP measures and disclosuresAccounting and auditing articles and eventsFraud prevention articles and eventsJoin the Accounting & Auditing Standards Interest Group
What are the major issues impacting college accounting education and what's being done to address them? Host Sean Stein Smith, CPA, sat down with Peter J. McAliney of Rutgers University to discuss. Resources:CPA Pipeline Knowledge Hub
This episode focuses on the key elements of internal controls. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Accounting and auditing articles and eventsFraud prevention articles and eventsJoin the Accounting & Auditing Standards Interest Group
When it comes to the accounting profession's talent crisis or the current landscape of diversity, equity and inclusion, it seems that everyone has an opinion. But what does empirical research tell us about how we should be looking at and addressing these two critical and connected issues? Donny Shimamoto, CPA, of Intraprise Techknowlogies and the Center for Accounting Transformation joins us to discuss two research reports that highlight strategies and approaches to improve retention, reduce turnover, and foster a more inclusive and equitable accounting industry. Resources:Download the research reports
Brad and his guest Matt Charne provide a rundown of 12 accounting and auditing standards and pronouncements from FASB, GASB and PCAOB. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Accounting and auditing articles and eventsGovernmental accounting articles and eventsJoin the Accounting & Auditing Standards Interest Group
The New Jersey Chamber of Commerce's legendary Walk to Washington is back after a five-year hiatus. Find out what this event is all about – and hear about one CPA's experience attending the event and what she's looking forward to this year. Resources:Walk to Washington
To start the new year, Brad provides a recap of accounting and auditing standards and updates from 2024. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Accounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Accounting professionals are entrusted to safeguard clients' most sensitive personal and financial information. Heidi Rogers from NJCPA member benefit provider CPACharge dsicusses four critical elements to lock down your data and keep client information safe. Resources:Learn more about CPAChargeArticle: 4 Ways to Protect Your Clients' DataCybersecurity Knowledge HubNJCPA Marketplace: Cybersecurity services
As the year comes to an end, there are two new accounting standards updates from the Financial Accounting Standards Board (FASB) — one on disaggregation of income statement expenses and another on induced conversions of convertible debt instruments. Brad provides an overview of both ASUs. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation DisclosuresASU 2024-04, Debt - Debt with Conversion and Other OptionsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
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