Far from the black-and-white world that many outside a company’s accounting function imagine, gray can be accounting’s primary color. That’s because many accounting questions are complicated, and there’s often a high degree of judgment required when applying the rules.
Documenting complex transactions and the related accounting conclusions can be extremely challenging given today’s standards for internal controls over financial reporting. At the same time, finance departments are expected to create value across the entire business, and finance leaders are expected to play a key role in many corporate decisions.
And here's another article:
IPSASB works to improve public sector accounting standards amid coronavirus | Accounting Today
The International Public Sector Accounting Standards Board is trying to prod more countries to adopt its standards along with the accrual method of accounting, as nations around the world face unexpected expenses and revenue shortfalls arising from the novel coronavirus pandemic.
"A lot of the interventions we're seeing are actually government expenditures, whether that's transferring resources to individuals, households, firms or other parts of government," said Carruthers. "The real question is are those just one-off payments or are they some form of performance requirement or restriction on the use of the money and so on? We're seeing that draft guidance actually starting to be tested in practice, which from a board perspective is really important.
Manhattan Judge Tosses Securities Fraud Suit Targeting GE Over Turbine Disclosures, Accounting
The former Delaware chancellor and chief justice's hire unites two top names in corporate disputes and governance.
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Members of a community—whether individuals or entities—are expected to be good citizens of that community. A business corporation is obligated to constituencies of that community based on employment, business and other relationships. But these obligations to such constituencies should not be confused with the fundamental purpose of a business corporation: to provide sustained growth in value for its shareholders.
Trump's tax returns put Supreme Court back in political storm | Accounting Today
The U.S. Supreme Court is set to hear what could become the biggest cases involving Donald Trump as president, a pair of constitutional clashes that could insulate chief executives from investigations while in office and add an explosive new element to the 2020 election campaign.
The court's rulings could determine whether the president's tax returns become public, and whether he faces an accelerated criminal investigation in New York. It will pose one of the toughest tests yet for Chief Justice John Roberts's court, forcing it to navigate politically polarizing and constitutionally weighty issues less than six months before the presidential election.
And here's another article:
Inventory or Expense: Coronavirus Pushes Mayo Clinic to Revisit Its Accounting Practices - WSJ
As the Mayo Clinic was rolling out its response to the coronavirus pandemic, its finance team was trying to figure out how best to classify a reserve of masks and gloves: expense or inventory?
The fluctuations in Mayo's revenue and expenses in recent months exposed shortcomings in the way crucial equipment was recorded and recognized on financial statements, said Chief Financial Officer Dennis Dahlen.
The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.
Prager Metis accepts bitcoin, grows digital assets practice | Accounting Today
Prager Metis CPAs, a Top 100 Firm, has announced that it now accepts bitcoin and bitcoin cash as payment through a partnership with BitPay.
The firm is following in the footsteps of firms like PwC, the first of the Big Four to accept cryptocurrency as payment, and Armanino, which began accepting cryptocurrency as payment last year.
Payment in Bitcoin will work as a push payment originating from the client, who will send the exact amount owed in bitcoin or bitcoin cash. BitPay enables transactions from any computer or mobile device and currently operates over 50 different cryptocurrency wallets.
MiMedx names new accounting chief post fraud settlement | Article | Compliance Week
Biotech company MiMedx Group last week announced the appointment of William Phelan as senior vice president and chief accounting officer.
Phelan began the job May 1. His appointment comes roughly five months after MiMedx settled an alleged case of accounting fraud with the Securities and Exchange Commission for $1.5 million.
Hamilton Beach shares fall on Mexico accounting irregularities | Fox Business
Shares of Hamilton Beach Brands Holding Co. fell more than 8% on Monday after the company said it found accounting irregularities at its Mexican unit.
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The Glen Allen, Va., maker of small appliances said it would delay filing its first-quarter report with the Securities and Exchange Commission while it investigates irregularities related to the timing of recognition of selling and marketing expenses and the classification of certain expenditures at the Mexican unit.
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