Client attrition is the issue that's keeping the most accounting firm leaders up at night amid the upheavals of the coronavirus pandemic, according to a new survey — even as a third of those leaders struggle to balance their work with the new personal responsibilities brought on by the new environment.
The research, conducted by Accounting Today 's parent company, Arizent, polled 189 accounting firm executives in mid-April as part of a broader survey of 592 executives across an array of sectors including financial services, wealth management, insurance and professional services, to understand how businesses are dealing with the crisis, their sentiments about the future and potential actions under consideration.
Many things are taking place:
China blacklists six executives linked to $4.2B fraud | Accounting Today
The ban includes Kangmei's chairman at the time and five others, who won't be allowed to participate in the securities market or take positions as executives or board members at any listed company for at least 10 years, Kangmei said in a stock-exchange filing. The China Securities Regulatory Commission also ordered the company, a producer of traditional Chinese medicines, to pay a 600,000 yuan ($84,510) fine.
Under China's previous securities law, the maximum fine for securities violations was 600,000 yuan. Penalties were increased significantly with a new law implemented in March: the maximum punishment for wrongful information disclosure at listed companies is now 10 million yuan, according to the CSRC's website.
Trump May Push for Chinese Companies to Follow U.S. Accounting Rules for Stock Listings - WSJ
WASHINGTON—President Trump said he was considering whether to require Chinese companies to follow U.S. accounting rules to be listed on U.S. stock exchanges, though he expressed concern that such a move could prompt companies to take their listings elsewhere.
Small businesses are struggling.
These business owners are making very hard decisions about their employees and payroll. They are struggling to maintain ongoing expenses with less or no revenue coming in. And right now, they are deciphering confusing information about which government stimulus interventions might be able to help them.
They need the support of accountants whom they know and trust. Small and midsized accounting practices should be their preferred partners. Why? Because the unfortunate reality is that many SMPs know firsthand what SMEs are going through. With candid and empathetic discussions and a flexible approach, SMPs can enable SMEs with the right tools to bridge the gap between crisis mode and action mode.
Many things are taking place:
Baruch Athletics Honors Student Services Accounting Unit With 2019-20 Distinguished Service
#BaruchAwards The Baruch College Athletic Department is proud to announce that the 2019-20 Distinguished Service Award is presented to the Student Services Accounting Unit. . The Student Services Accounting Unit has been a reliable source of help throughout the athletic year and the entire Athletic Department wishes to recognize them for all their efforts. .
* * *
Baruch Athletics Announces 2019-20 Ira Zasloff Winners: Matteo Flamio, Destiny Lopez, Brian Law
Region 4 Schools Attempt to Move Beyond Years of Poor Accounting
With $245,745 to go, the Region 4 Board of Education voted to appropriate $158,215 from a surplus in the 2018-2019 budget to cover a deficit created by years of poor accounting practices in the district.
The remainder of the 2018-2019 surplus, $43,000, will be returned to Chester, Essex and Deep River.
Once returned, however, the board will be requesting that money back to help cover the cost of the deficit.
Why current accounting rules could stop banks from lending | Chicago Booth Review
This is precisely what was happening. What was happening is banks were lending money to borrowers that were very, very poor risks. And it took a while for us to recover. So we should not make that mistake again. We should learn from the lessons of the financial crisis, and this is an opportunity.
In fact, interestingly, I would say that during the financial crisis, the banks were the bad guys. This is no longer the case. There have been a lot of changes in regulation, such as stress tests. The Dodd-Frank Act implemented stress tests, and then the banking regulators increased the capital buffers.
Coronavirus's impact on Q1 reporting and financial closing | Accounting Today
The sky might not literally be falling, but it sure feels like it is. As the world grapples with the escalating impact of the coronavirus pandemic, a stark realization is now sweeping over accounting and finance teams — they're the ones who have to figure out how countless uncertainties fit into their reporting and GAAP.
And to throw even more regulatory salt into the wound, they don't have a lot of time to do it. Q1 closing is already underway, so besides treading in uncharted waters, financial leaders are also very much on the clock. But as teams roll up their sleeves to try to make sense of it all, they can save CFOs and CAOs many sleepless nights by keeping some key incremental requirements and considerations in mind.
Happening on Twitter
If there were real things in the world instead of just a panorama of symbols all the poets would have been accounta… https://t.co/rb0qi96XpV JimMorrison Fri May 15 19:05:18 +0000 2020
The Supreme Court fight over Donald Trump's tax returns has pushed his accounting firm into the limelight. In vario… https://t.co/l324Q0tJJn propublica (from New York, NY) Thu May 14 04:37:09 +0000 2020
Congress: We've subpoenaed Trump's bank and accountants. Solicitor General: That's just a pretext to expose Trump'… https://t.co/B9NwTfHrjp davidfrum Tue May 12 14:43:43 +0000 2020
Beware of fake social media pages operated in our name: Institute of Chartered Accountants of India… https://t.co/aqZDlTza1V htTweets (from India) Fri May 15 13:44:50 +0000 2020
No comments:
Post a Comment