Tuesday, September 1, 2020

Blockchain not seen transforming accounting processes — yet - Journal of Accountancy

One of the common misconceptions about blockchain is that it's one technology. You may have heard or seen references to companies tracking supplies on the blockchain or smart contracts being executed on the blockchain.

Fact is, there are many blockchains. The original blockchain was created to facilitate and record transactions of the digital currency bitcoin. Since then, blockchain technology has been used for myriad purposes: among them the automation of contract execution (smart contracts) on the Ethereum platform and the tracing of lettuce and other leafy greens in the Walmart supply chain to more quickly find sources of contamination in the event of illness outbreaks.

Publisher: Journal of Accountancy
Date: 2020-08-31T11:25:00.000-04:00
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CalCPA forms diversity commission | Accounting Today

The California Society of CPAs has created a commission to focus on diversity, equity and inclusion issues in the CPA profession.

The 25-member CalCPA DE&I Commission (CDEIC) will be chaired by Kathy A. Johnson, vice president of forensic accounting at J.S. Held LLC. Johnson is a former chair of CalCPA's board of directors and has focused on diversity and inclusion during her tenure as chair.

Publisher: Accounting Today
Date: 2020-08-31T20:31:31.816
Author: https www accountingtoday com author michael cohn
Twitter: @AccountingToday
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New certification available for tax resolution | Accounting Today

Tax Rep LLC, which offers education and tools to professional tax professions, has a new certification program built around tax resolution.

Publisher: Accounting Today
Date: 2020-08-31T22:58:25.566
Author: https www accountingtoday com author jeff stimpson 1641
Twitter: @AccountingToday
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Orion Engineered Carbons Appoints Robert Hrivnak as Chief Accounting Officer - Odessa American:

Orion Engineered Carbons Appoints Robert Hrivnak as Chief Accounting Officer Associated Press |

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Orion Engineered Carbons S.A. (NYSE: OEC), a worldwide supplier of specialty and high-performance carbon black, today announced the appointment of Mr. Bob Hrivnak as Chief Accounting Officer (CAO) of the company.

Publisher: Odessa American
Date: FC78D2861106382E17EA9DBADCE546CF
Twitter: @OdessaAmerican
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Wirecard inquiry probes why Germany missed fraud of century | Accounting Today

Lawmakers will question a top adviser to Chancellor Angela Merkel on Monday in Berlin before grilling financial industry watchdogs the following day as the fraud that burned investors engulfs the country's political establishment. If the hearings go badly, parliament may start a deeper investigation as the country prepares for the post-Merkel era with an election due next year.

At the heart of the issue is whether German officials knowingly turned a blind eye because of the prospects of establishing a home-grown technology leader. Wirecard boasted that it would revolutionize payments with faster electronic transactions and more services for consumers and companies.

Publisher: Accounting Today
Date: 2020-08-31T14:19:48.518
Author: _____
Twitter: @AccountingToday
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Samsung Heir Jay Y. Lee Indicted In Korean Court For Stock Manipulation, Accounting Fraud

Samsung Group vice chairman and its de facto head, Jay Y. Lee, has been indicted by South Korean prosecutors on suspicion of accounting fraud and stock price manipulation in connection with a 2015 merger, potentially setting up a protracted legal battle for Lee.

Lee Jae-Yong had previously served jail time in connection to a separate corruption and bribery case ... [+] in 2017

The Seoul Central District Prosecutors' Office indicted 11 people including Lee and former Samsung executives on charges including violation of capital market laws, audit laws, along with breach of duty, which Lee's lawyers deny.

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Publisher: Forbes
Date: 2020-09-01
Author: Siladitya Ray
Twitter: @forbes
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Art of Accounting: Advising a client to sell or buy a business | Accounting Today

There are no undergraduate and very few graduate courses on advising clients that want to sell their business or who want to buy a business. When I started my career, there were no CPE courses either.

I am trying to remember how I learned about mergers and acquisitions, and it seems that it was by doing the grunt work after the transactions were completed, watching my bosses in action, or when a boss explained what he was doing for a client I worked on.

Publisher: Accounting Today
Date: 2020-08-31T16:29:01.316
Author: https www accountingtoday com author edward mendlowitz
Twitter: @AccountingToday
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Accounting Rules Driven by Congress Cost U.S. Postal Service Billions (on Paper)

United States Postal Service mail carrier Frank Colon, 59, departs on his delivery route at the ... [+] Remcon Circle Post Office on April 30, 2020. (Photo by Paul Ratje / AFP) (Photo by PAUL RATJE/AFP via Getty Images)

Proponents of a mail-in election this November have worried aloud about the deep-in-debt U.S. Postal Service collapsing under the weight of 130 million ballots, all due the same day. But its $11 billion in red ink is a pension-driven mirage.

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Publisher: Forbes
Date: 2020-08-31
Author: Zenger News
Twitter: @forbes
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