Charles Zhengyao Lu, chairman and founder of Luckin Coffee, left, and Jenny Qian Zhiya, chief ... [+] executive officer of Luckin Coffee, bang a gong as stocks start trading during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York on May 17, 2019. Photographer: Victor J. Blue/Bloomberg
Dramatic stuff, but the problem of fraud isn't new in China. "What's playing out here is not a new story - fraud. It's just an issue for a new, well-known company," said Drew Bernstein, co-chairman of MarcumBP, a leader in U.S. audit and advisory work for Chinese pre-IPO and publicly traded companies. Bernstein knows of what he speaks: he has been working with Chinese companies in those areas for two decades. Marcum has six offices in the mainland China.
In case you are keeping track:
Accounting Aims To Ease Oil And Gas Volatility | PYMNTS.com
Though the corporate and small business accounting industry has seen an influx of FinTech innovation in recent years, it’s less common for accounting technologies to be designed for specific industries. For industries with complex financial structures and a high degree of market volatility, however, working with accountants that understand the nuances of a particular vertical is an essential strategy.
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On Wednesday (April 1), The Wall Street Journal reported declines in U.S. oil prices after a period of gains on the heels of new analysis forecasting production cuts across the U.S., Europe and Asia. The coronavirus-impacted travel industry has led to plummeting demand for fuel, while a price war between Saudi Arabia and Russia has also added pressure on the market.
SEC Signs Off on Delay of Credit-Loss Accounting Rule for Lenders - WSJ
The Securities and Exchange Commission said Friday it would not object to a provision in the $2 trillion stimulus package allowing lenders to delay implementing a new accounting standard on expected credit losses.
The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.
Sagar Teotia, the SEC's chief accountant, said in a statement Friday his staff deemed the delay of CECL in accordance with generally accepted accounting principles. Mr. Teotia's office has received inquiries from preparers and auditors about the delays cited in the stimulus package, he said. Companies are seeking answers from the SEC to ensure they are in compliance with GAAP. The regulator requires public companies to adhere to GAAP in their financial reporting.
People & firms on the move: RSM elects international board chairperson | Accounting Today
ICPAS announces 2020 outstanding leadership award winners; Abacus Worldwide and JHI merge; and more CPA news.
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10 Best Online Accounting Degree In 2020 • Benzinga
An online accounting degree can help you get ahead in the professional world. Land a rewarding career while helping large organizations make informed financial decisions or start your own firm and help small business owners stay on track.
You can position yourself for a well-paying, in-demand career as an accountant. This isn't the only reason why you should choose an online accounting degree.
Grace College Accounting Grads Invest Talent In NE Indiana - Times-Union Newspaper
State provides first accounting of outbreaks in senior care facilities
Georgia Friday evening made public the names of 47 nursing homes and other senior care facilities that have had coronavirus outbreaks, providing the public with the most complete accounting to date of the virus’s spread in facilities for the elderly since the first reported case became public on March 16.
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Cases are hitting long-term residents across the state, with significant outbreaks in facilities from Rome to Albany. But facilities in metro Atlanta’s core counties – Fulton, DeKalb, Cobb and Gwinnett – accounted for half of the facilities statewide with outbreaks. DeKalb topped the charts with nine facilities on the outbreak list.
Europe Decides Against Softening Accounting Rules for Banks (1)
European Union officials are holding off on loosening accounting rules for banks as they gauge the impact of a raft of relief measures before taking further action.
For now, legal changes don't appear to be necessary, according to an official involved in the talks who asked not to be identified because the deliberations are private. Diplomats stand "ready to take further actions" to mitigate the impact of the virus, including "possible additional non-legislative or legislative measures," should they become necessary, according to a draft statement seen by Bloomberg.
Happening on Twitter
The version of me that you created in your mind is not my responsibility AaliyahJay Fri Apr 03 00:16:54 +0000 2020
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