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March 2023

20 | Managing interest rate risk 38 | Tax Matters
with FASB’s new hedging Late special-use valuation permitted
flexibility Tax benefits denied for lack of profit
Find out how to apply FASB’s motive
updated hedge accounting guid-
ance, which more closely aligns a 42 | Technology Q&A
company’s financial reporting with Review quick tips for Excel. Plus,
the results of its risk management learn to use Outlook more efficiently
strategy. with flags and rules.

26 | Improve audit sampling 46 | The Last Word
This month’s TOP STORIES efficiency with Excel’s Solver Kapil Mehta, CPA, CGMA,
tool relocated from his home in India to
6 | The changing role of This Excel tool with artificial intel- Torrance, Calif., where he used his
the CFO ligence capability can significantly accounting and finance skills to create
reduce the time and effort auditors efficiencies, improve cash flow, and
Finance chiefs have greater opportunities devote to sampling estimation tasks. turn around a struggling carved-out
than ever to be change agents and guide acquired entity.
the future direction of their organizations.
12 | CFOs prepare to face a
turbulent economy

Finance leaders, including the CFOs
of Dow Inc. and the Property Insur-
ance Company of America, share
useful strategies that helped their
companies survive economic slumps.

ON THE COVER AND TOP LEFT: IMAGE BY JOZTAR/GETTY IMAGES; BOTTOM LEFT: IMAGE BY PM IMAGES/GETTY IMAGES;

CENTER: IMAGE BY STUDIOM1/GETTY IMAGES; BOTTOM RIGHT: PHOTO BY LAUREN JUSTICE/AP IMAGES
4 | Professional Liability
Spotlight
Lessons for every CPA firm from public
audit
Keep a close eye on your internal
controls and reduce the risk of regu-
latory action against your firm.

AICPA: Where to turn

Member Service Center AICPA Technical Hotline AICPA Tax Section
1-888-777-7077 1-877-242-7212 Visit www.aicpa.org/tax to
Or chat with us at www.aicpa.org. 9 a.m.–8 p.m. ET, Monday–Friday stay current on the latest tax
Chat and phone service available us.aicpa.org/research/technicalhotline.html developments and access guidance,
9 a.m.–8 p.m. ET, Monday–Thursday The hotline is available for questions about tools, and learning on key topics and
and 9 a.m.–6 p.m. ET, Friday accounting, auditing, and attest. A live chat trending issues.
feature is also available.

journalofaccountancy.com March 2023 | 3