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FASB provides accounting relief for LIBOR transition - Journal of Accountancy
FASB issued a standard Thursday that is designed to give financial statement preparers relief as they make the transition away from the London Interbank Offered Rate (LIBOR) and other similar rates that are being discontinued.
FASB addressed the accounting issues related to the transition in Accounting Standards Update No. 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting .
Why RPA Matters in Accounting
This column provides an overview of how robotic process automation (RPA) is being used and offers strategies for introducing RPA content into the accounting curriculum.
Given that an increasing number of learning institutions and even accounting-related educational events are moving online in the wake of COVID-19 concerns, the use of technology, automation and moreover technology's impact on the profession can little be ignored.
The war on fraud: Protecting clients from tax scams | Accounting Today
"Clients are and always have been concerned about frauds and scams," said Debra James, an Enrolled Agent at Genesis Accounting & Management Services in Lorain, Ohio. "We tell them the facts as we know them, one being that the IRS will never call prior to written correspondence and will never threaten lawsuits without a great deal of prior interaction, certainly not over the phone. We get many calls asking if the calls they get are legitimate, and we assure them that they are not."
Quite a lot has been going on:
Tax Fraud Blotter: An EFIN mess | Accounting Today
Quisiah owned and operated the tax prep business First Premier Tax Service and from 2010 through 2017 falsified clients' returns by claiming false dependents, itemized deductions and business losses to inflate refunds. Authorities said he used minors' identities as phony dependents.
Sentencing is June 10, when Quisiah faces 20 years in prison for each wire fraud count, a maximum of five years for conspiracy, three years for aiding and assisting in preparing the returns and a minimum of two years for aggravated ID theft. He also faces supervised release, restitution and monetary penalties.
DC Circ. Refuses To Thaw FCC Accounting Rule Freeze - Law360
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Invesco to Pay Funds $400 Million on Market Dive, Accounting Fix
Invesco Ltd. is preparing to issue roughly $400 million in refunds and expense reimbursements to four mutual funds and their shareholders after determining that the funds failed to properly value tax-related assets dating back to 2015.
The money manager will revise the financial statements for four Invesco Oppenheimer SteelPath MLP funds and cut the net asset value for three of the four, according to a regulatory filing Thursday.
The four SteelPath funds, which specialize in master limited partnerships tied to the energy industry, have all fallen more than 40% this year, leaving them with a combined net asset value of...
Accounting Systems Support Analyst - Amherst | Built In Austin
Competitive compensation and bonus program. Flexible PTO. Health, vision, dental and long term disability coverage. Paid maternity/paternity leave. Attractive office space. Training certifications assistance. Daily catered lunch and stocked kitchens. Monthly birthday celebrations. Casual work environment with regular team-building outings. Breakfast Taco Thursday.
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