Major banks kicked off second-quarter earnings season last week. Results, with the exception of Wells Fargo , were far better than expected. The result of big positive earnings surprises? Investors sold bank stocks, extending year-to-date losses.
Confused Wall Street denizens should blame the accountants. New rules are making it difficult for investors to understand how good bank earnings have been in pandemic-affected 2020.
Wells Fargo (WFC) missed second-quarter earnings estimates. Its stock fell the most in response to earnings, dropping 4.6%. Wells Fargo shares are down 3.3% over the past week.
Not to change the topic here:
Jirav scores $8M in series A funding | Accounting Today
Jirav has received $8 million in Series A funding to boost development and adoption of its all-in-one budgeting, forecasting, reporting, and dashboarding software. The value of analytics has become rapidly apparent during the novel coronavirus pandemic as businesses face disruption to unprecedented degrees.
Jirav's cloud-based solution provides user-driven financial modeling, which sits at the core of the software, upon which functions like scenario comparison, zero-based budgets (budgets where expenses have to be justified and approved for each new period), and customized reports and dashboards are built. The software also has inbuilt collaboration capabilities, which Jirav touts as perfect for a time of social distancing.
Art of Accounting: Déjà vu all over again | Accounting Today
I've been on a time travel merry go round since the end of May, as I've been emptying a self-storage warehouse with the goal to be out of it by the end of August.
I had about 70 boxes in the warehouse and out of sight, out of mind. I originally got the warehouse so my wife would stop telling me to get rid of my "stuff." I didn't want to throw away my "treasures" and figured it would take me too much time to go through the boxes to decide what I was throwing away and what I was keeping, so I left them alone and did nothing.
Presenting the 2020 NJBIZ Accounting Power 50 - NJBIZ
"Let's run the numbers." It's a direction that precedes a lot of important business decisions. Leaders want to know, to greatest extent possible, the potential costs and benefits of their actions. Later, they want to know exactly how their decisions affected the bottom line. And the professionals who deliver the data are usually accountants.
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The profiles on these pages demonstrate that accountants are, in fact, skilled numbers crunchers. But the best – the individuals listed here – are more than that. They are trusted advisors who are counted upon to provide sound guidance on every facet of an organization's operations. They are experts on valuation issues, mergers and acquisitions, state and federal taxation, bankruptcy and restructuring, employee benefits, corporate finance and many other subjects.
Other things to check out:
ESMA recommends supervisory coordination on accounting for COVID-19-related rent concessions
Happening on Twitter
.@WorldBank country income classifications take 2019 data to show how economies change. Since it's 2019 data, it's… https://t.co/43NUHrvi7m WorldBank (from Washington, DC) Sun Jul 19 16:01:11 +0000 2020
And even if this is not considered good enough -- surely it is not 4 lakhs or 10 lakhs as some have been claiming?… https://t.co/rIL9eXoOeZ suchetadalal (from Mumbai India) Mon Jul 13 08:47:55 +0000 2020
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