In a new standard issued Friday, the AICPA Auditing Standards Board provides requirements and guidance to auditors for auditing accounting estimates, which often is one of the most challenging areas a practitioner faces during an engagement.
"This new auditing standard provides more robust guidance for auditors who are addressing an increasingly complex financial reporting environment," AICPA Chief Auditor Bob Dohrer, CPA, CGMA, said in a news release. "In our current period of economic uncertainty and volatility, management's asset impairment estimates are particularly important, and this standard will aid auditors in assessing them."
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Under stress, accountants seek new tech to get through the pandemic | Accounting Today
Under normal circumstances, accountants anecdotally experience very high levels of stress, especially during key times of year depending on their focus: tax season, month-end close, or the end of a fiscal year. But 2020 is testing the profession's resiliency like nothing has before, and accountants are losing sleep, skipping vacations, and working longer hours to adapt to the challenges brought by the COVID-19 pandemic.
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A recent survey, conducted by AvidXchange, has shown that three out of four accountants have added at least one new solution to their technology stack in response to the pandemic. With that in mind, accountants have identified artificial intelligence and machine learning, real-time payments, and automation as the top three technologies that will impact the business-finance ecosystem the most this year.
How Companies Are Accounting for Covid-19 - The Washington Post
Some companies are adopting an innovative approach to accounting for the impact the coronavirus pandemic has had on their earnings: they're leaving it out. At least eight borrowers have tweaked the figures in recent months to show investors how healthy their business would be if it weren't for the damage wrought by Covid-19.
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Ebitda is a key measure of companies' financial performance for lenders because it's seen as a relatively direct reading of a company's ability to generate cash. It's especially important in the credit market, because bond covenants -- clauses within bond contracts meant to protect lenders by setting benchmarks for performance -- are measured using net debt vs Ebitda.
Tesla [TSLA] Has A Warranty Accounting Mystery
Back in January, I explored the popular short seller thesis that Tesla is unfairly cooking its books by not accruing enough money for its warranty work. Digging into the problem, I found the site WarrantyWeek.com , an incredible resource for those interested in the world of warranties and how they work.
As I continued my Tesla research , I kept returning to the warranty question. How was this being done? Were my original conclusions from my first warranty article correct ? Was I missing something?
Not to change the topic here:
WMU professor takes the helm at state board | WMU News | Western Michigan University
KALAMAZOO, Mich.—A Western Michigan University professor has been named to one of the highest oversight posts in the field of accountancy. Dr. Ola Smith , chair, Department of Accountancy, has been elected chair of the Michigan State Board of Accountancy. She has served six years as a member and will serve a one-year term as chair completing a seven-year term.
The board is responsible for the certification, licensure and regulation of certified public accountants and public accounting firms. The CPA is the most significant licensure for accountants in the United States.
The Development of Machine Learning and its Implications for Public Accounting - The CPA Journal
Artificial intelligence research focuses on designing computer systems to mimic human intelligence by having a computer program make decisions or take actions based on the information provided. Artificial intelligence includes expert systems and machine learning; machine learning includes a subfield known as deep learning, which uses multiple layers, as opposed to "shallow learning."
Although increased data storage capacity and computer processing power were helpful in advancing machine learning, two important developments in computers from the 1990s into the 2000s that accelerated the development of machine learning were the availability of large high-quality data and the development of parallel graphic processing units (GPU).
What to know about Mazars USA, Trump's accounting firm | Fox Business
Legal sources tell FOX Business' Charlie Gasparino that there is speculation President Trump may face inquiries by the New York attorney general.
Accounting, audit and consulting firm Mazars USA are the subject of two separate Supreme Court rulings dealing with subpoenas issued to the firm for President Trump's financial documents.
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Mazars USA holds the tax returns that Manhattan District Attorney Cy Vance and others are trying to obtain — Trump is the only modern president who has not made his returns public.
Happening on Twitter
The Supreme Court ruled that Mazars USA, LLP, the personal accounting firm Trump used, must comply with a grand jur… https://t.co/7DSCJRptGb eugenegu (from eugene@coolquit.com) Thu Jul 09 14:25:03 +0000 2020
Statement from Trump accounting firm Mazars USA on today's Supreme Court ruling: "Alongside counsel, we are reviewi… https://t.co/wqZiL1JwHx GeoffRBennett (from Washington, D.C.) Thu Jul 09 15:12:02 +0000 2020
President Trump should have released his tax returns voluntarily. Now, his accounting firm may have to make them av… https://t.co/fJUKAcOYB7 CREWcrew (from Washington, D.C.) Fri Jul 10 19:02:20 +0000 2020
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