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accounting firms accounting standards financial accounting 
MarkFriedlich
MARCH 30, 2020
The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.
CPA Practice
JULY 23, 2024
Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments on a new proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB) on Tuesday that aims to clarify rules on derivative accounting.
122 This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape
Outsourcing Vs. In-House: The Ultimate Battle For Better Collections
Maximizing Profit and Productivity: The New Era of AI-Powered Accounting
The Silent Crisis: Why Finance Lags in Digital Transformation and How to Accelerate AI Adoption
CPA Practice
NOVEMBER 25, 2024
The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Before entering the public sector, he was employed as an audit manager with the accounting firm of Deloitte & Touche.
52 Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape
Outsourcing Vs. In-House: The Ultimate Battle For Better Collections
Maximizing Profit and Productivity: The New Era of AI-Powered Accounting
The Silent Crisis: Why Finance Lags in Digital Transformation and How to Accelerate AI Adoption
CPA Practice
SEPTEMBER 7, 2023
The Financial Accounting Standards Board (FASB) unanimously approved new rules on Sept. 6 that will now require certain cryptocurrency assets, such as Bitcoin and Ethereum, to be measured at fair value.
Going Concern
DECEMBER 22, 2023
Barring any huge incident like an accounting firm getting raided by the FBI on Christmas Day, there will not be any breaking news. million) in damages from accounting firm EY for its role in auditing the books of Wirecard before its collapse in 2020, a shareholder group said. Don’t hesitate to reach out.
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Going Concern
JUNE 3, 2022
Accountant Finds Out Client Has “Skeletons In The Closet”, Gets The IRS Involved And Makes Him Lose Everything [ Bored Panda ] It was posted on Reddit so obviously it must be true. That is a far broader calculation than the old rules, which were based on losses expected imminently.
98 
Going Concern
MARCH 24, 2023
This article will explore how firms can transform a disengaged team and provide actionable insights firm leaders can set in motion today. Firm Watch Ex-BDO USA Workers Advance Narrowed 401(k) Plan Fee Challenge [ Bloomberg Law ] Former BDO USA LLP employees who accused the accounting firm of mismanaging their $1.2
105 
Going Concern
MAY 12, 2023
As a firm we have had to be proactive in our response to attracting candidates, addressing workforce planning and aligning our recruitment strategy to reflect this.” Colorado Springs accounting firm to open Denver office [ Denver Business Journal ] Stockman Kast Ryan and Co., 1, 2024, the Financial Accounting Foundation said.
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PYMNTS
JANUARY 2, 2020
The largest accounting firms – EY, Deloitte, KPMG and PwC – are investing billions of dollars in artificial intelligence (AI) and data technology products to change the industry in new ways, according to a report by Bloomberg Tax.
71 
Going Concern
APRIL 7, 2023
[ Wall Street Journal ] A tap story from WSJ says accountants and writers are among the jobs that could be most affected by AI tools (*gulp*) Big 4 March people moves: KPMG, Deloitte, PwC make senior hires [ AccountancyAge ] Musical chairs across the pond. I can imagine it.
105 
CPA Practice
APRIL 11, 2023
The Financial Accounting Standards Board ( FASB ) will host a fireside chat on Tuesday, April 11, 2023, from approximately 1:00 – 1:30 p.m. and former SEC chief accountant. EDT, with Rich Jones, FASB Chair and Wes Bricker, PwC – Vice Chair US/Mexico Trust Solutions Co-Leader, current chair for XBRL International Inc.,
CPA Practice
APRIL 11, 2023
He most recently held a technical accounting role at a Fortune 500 financial services company where he helped lead complex implementations of accounting standard updates issued by the Financial Accounting Standards Board.
CPA Practice
APRIL 27, 2023
FASB Names Three New Members to Its Investor Advisory Committee The Financial Accounting Standards Board (FASB) recently announced the appointment of three new members to its Investor Advisory Committee (IAC). Mr. Legg is a certified public accountant (CPA) who received his Bachelor of Science, Accounting, from St.
52 
ThomsonReuters
DECEMBER 6, 2022
Shedding light on the tie between ESG matters and their direct or indirect impact on a company’s financial statements, the Financial Accounting Standard Board (FASB) published in 2021 the Intersection of Environmental, Social, and Governance Matters With Financial Accounting Standards.
59 
CPA Practice
AUGUST 1, 2023
The Financial Accounting Standards Board ( FASB ) has published a proposed Accounting Standards Update (ASU) intended to provide investors with more decision-useful information about a public business entity’s expenses. Stakeholders are encouraged to review and provide comment on the proposal by October 30, 2023.
CPA Practice
MAY 18, 2023
Justin Chudzik (Pennsylvania), a graduate of the University of Pittsburgh with a Bachelor of Science in Business Administration (majoring in accounting) and a Master of Science in Accounting, is employed with the Financial Accounting Standards Board (FASB) in Norwalk, CT. Michael Paul Donnelly, Jr.
128 
PYMNTS
OCTOBER 25, 2019
Top accountancy firms are asking the Financial Accounting Standards Board (FASB) to clarify how corporates should report on supplier finance programs that are in place, according to Compliance Week reports on Friday (Oct.
40 
CPA Practice
JUNE 1, 2023
Justin Chudzik (Pennsylvania), a graduate of the University of Pittsburgh with a Bachelor of Science in Business Administration (majoring in accounting) and a Master of Science in Accounting, is employed with the Financial Accounting Standards Board (FASB) in Norwalk, CT. Michael Paul Donnelly, Jr.
Going Concern
JUNE 17, 2022
KPMG has gone above and beyond my expectations of a Big 4 accounting firm because of their attention they give their employees. It’s a tidal wave that’s going to hit a lot of firms if they’re not paying attention.”. KPMG genuinely keeps people engaged through opportunities, communities, and moments of appreciation.
52 
Going Concern
MARCH 8, 2024
More firms are experimenting with alternative structures and ownership models. In February, US accounting firm Baker Tilly agreed to sell a majority stake to Hellman & Friedman and Valea. Waterland, a Dutch private equity firm, invested in London-based Moore Kingston Smith last year. But that is changing.
100 
Going Concern
MARCH 25, 2022
Akazoo fired its CEO and saw its stock price tumble shortly thereafter, and investors have now filed a $40 million lawsuit against the accounting firm that audited the defunct company’s financials. The SEC Wants to Stop Activism [ Bloomberg Opinion ] Recently the U.S.
52 
PYMNTS
OCTOBER 28, 2019
The Big Four auditing firms — EY, Deloitte, KPMG and PwC — have recently requested that the Financial Accounting Standards Board (FASB) provide clarity in how corporates should classify their reverse factoring or supply chain financing agreements, adding more fuel to a long-standing debate as to whether such trade financing tools are debt.
40 
Going Concern
OCTOBER 1, 2022
Partners at Deloitte in the UK and Switzerland will receive an average income of more than £1m each for the second year in a row, after the accountancy firm enjoyed another successful year. Firm Watch. What is important to remember is that all public accounting firms are not the same.
98 
Going Concern
MARCH 4, 2022
SEC Chief Accountant Lauds FASB for Engaging Investors, Stakeholders on Potential New Standards [ JD Supra ] Paul Munter, acting chief accountant for the SEC’s Office of the Chief Accountant, on Feb. Bureau of Labor Statistics reported Friday, although the number of accounting and bookkeeping jobs declined by 800.
91 
Going Concern
OCTOBER 7, 2022
The focus groups are part of a “whipping operation” aimed at establishing support for the break-up within the partnership, identifying partners who may vote against the proposals so that they can be persuaded to change their minds, according to one person familiar with the firm’s strategy. Firm Watch. ?FRC stood at 3.18 trillion won.
98 
Going Concern
MAY 27, 2022
After many years of work by accounting leaders to improve the diversity, equity, and inclusion (DEI) in the profession, diverse representation at the partner level is growing. It’s turned out to be more complicated than that, members of the Financial Accounting Standards Board said Wednesday.
98 
CPA Practice
JULY 8, 2024
Staffing, IRS Service Problems and Leadership Development are Top Issues for CPA Firms, AICPA Survey Finds Finding qualified staff is the top issue for all categories of accounting firms except sole practitioners, according to a biennial survey by the American Institute of CPAs’ firm practice management section.
122 
Going Concern
MARCH 22, 2024
The decision will likely set up another showdown with Australian politicians who have strongly criticised the firm for not sharing the report, and frustrate government departments that have believe it should be shared. Movers and Shakers Jackson M. Day to the role of director of technical activities.
113 
Going Concern
OCTOBER 21, 2024
Financial reporting data has become extremely structured and repeatable across all enterprises because it’s guided by the standards set out through generally accepted accounting principles (GAAP), which are governed by the Financial Accounting Standards Board (FASB).
59 
Going Concern
APRIL 15, 2024
In response, the Public Company Accounting Oversight Board has drafted a rule that the accounting firms can have public trust or private financials—but they can’t have both. Public accounting firms operate in a unique space in our society. Regulations need to change to match. Right now, they don’t.
64 
Going Concern
AUGUST 11, 2023
MCM is the Southeast region’s eighth-largest accounting service provider based on Accounting Today’s Top 100 Firms ranking with ~370 employees and approximately $72 million in annual revenue. Koltin, CEO of Koltin Consulting Group and an advisor on the acquisition. 15 from Aug. 15 from Aug. ” Climate?
97 
Going Concern
JULY 15, 2022
All of cryptocurrency’s wild swings would get captured by rules the Financial Accounting Standards Board is considering. But most significantly, assuming the market recovers, company financial statements would get to reflect crypto price rebounds, not just downturns as under current reporting.
52 
Going Concern
JANUARY 2, 2023
While the PCAOB has been on a mission to scare the pants off of auditors everywhere in the past year with record fines and scary speeches, the Financial Accounting Standards Board took a much more chill approach to 2022. The FASB’s record breaking year for the past two decades took place in 2010 with 29 new standards issued.
Going Concern
JULY 29, 2022
is in the midst of a long-awaited overhaul of the audit and accounting industry, which will bring with it a new regulator to replace the FRC called the Audit, Reporting and Governance Authority. The draft legislation uses a version of company income, as measured under US financial accounting rules, to determine what businesses owe in taxes.
119 
Going Concern
NOVEMBER 18, 2022
Accounting and tax compliance in crypto is much more complicated for institutions, such as funds, exchanges and prime brokerages, due to the volume of transactions that require record-keeping. Dallas Attorney and Members of Accounting Firm Charged with Promoting Illegal Tax Shelter [ Department of Justice ]. Law & Order.
96 
Going Concern
AUGUST 5, 2022
Meet the accountants who may become the new power brokers of taxes. [ needs full access to Chinese company audit papers to resolve accounting dispute -watchdog [ Reuters ] The U.S. China authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns.
98 
Going Concern
JUNE 21, 2024
National accounting firm names new Baltimore office head [ Baltimore Business Journal ] Baltimore native Mary Kate Federico will lead Ernst & Young LLP’s Baltimore office starting July 1. Federico will manage EY’s 250-person office, which ranks among the largest accounting firms in Greater Baltimore. million in 2015.
98 
Going Concern
MARCH 3, 2023
Bitcoin Miner Accounting Woes Reflect Lack of Official Rules [ Bloomberg Law ] The accounting slip-ups that forced two Bitcoin miners to flag this week that they’d have to redo several quarters of their past financial statements could soon be a moot point, as US accounting standard-setters eye a crypto accounting fix.
105 
Going Concern
OCTOBER 25, 2024
Firm Watch Whistleblower says big accounting firm hid evidence that a Saudi co-defendant helped finance 9/11 [ Florida Bulldog ] So this is…a lot. For the second year in a row, New York-based accounting firm PKF O’Connor Davies took the #1 spot on Vault’s Best Overall Internships list.
Going Concern
AUGUST 25, 2023
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The accounting industry is in a state of transition. The influx of private equity, labor shortages, and remote/hybrid work have all impacted accounting firms to varying degrees.
Going Concern
FEBRUARY 17, 2023
” Big Four: EY, Deloitte, KPMG, and PwC step on law firms’ toes increasing legal revenue to £1.25bn [ City A.M. ] The Big Four accounting firms – EY, Deloitte, KPMG, and PwC – are capturing an ever-larger share of the global market for legal services. Regulators are, in general, supportive.”
98 
Going Concern
JANUARY 13, 2023
Munter will continue to lead the Office of the Chief Accountant (OCA) and serve as the principal advisor to the Commission on accounting and auditing matters. Bookkeeper May Have Embezzled Hundreds of Thousands of Dollars from Humboldt County Fair Association, GM Says [ Lost Coast Outpost ].
105 
Going Concern
DECEMBER 2, 2022
Why People Leave Public Accounting [ CPA Journal ]. Writes Edward Mendlowitz, CPA/PFS, ABV: There are many reasons why CPAs decide to leave public accounting firms. Crypto Exchange Binance Appoints Accounting Firm Mazars to Verify Reserves [ Wall Street Journal ].
Going Concern
DECEMBER 23, 2022
Trump’s lawyers called this accounting firm “negligent,” but the IRS believed it ensured his taxes were accurate [ CBS News ]. “The staff failed to understand why the IRS believed that use of counsel and an accounting firm ensures accuracy,” the Ways and Means Committee wrote in its report. .”
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