Approximately half of all merger and acquisition (M&A) deals wind up in some form of accounting dispute, according to a recent survey from Grant Thornton LLP.
The survey — which included nearly 200 U.S.-based M&A professionals — also found that 66% of the survey respondents felt the COVID-19 pandemic has increased the likelihood of disputes. Moreover, the survey revealed that respondents identified two common reasons that deals unraveled after they closed: 51% cited earn-out disputes and 46% blamed working capital issues.
While you're here, how about this:
Carbon Accounting—Why It's More Than A Tick Box Exercise
Had things gone according to plan, world leaders, diplomats, captains of industry and environmentalists would be assembling in Glasgow this week to take part in the COP26 conference on climate change, an event that was seen as crucial in building momentum behind the global imperative to reduce carbon emissions.
One of the key events is the virtual launch of a carbon accounting standard for the financial services industry, part of a larger, and global move, to standardize the way that organisations report their emissions.
Accounting firms announce merger
COLUMBUS, Ind. — Agresta, Storms & O'Leary, PC (ASO) has merged with the Columbus and Seymour offices of Evansville-based Kemper CPA Group.
As a result of this acquisition, the Columbus office will move from its current location to the Kemper offices on Washington Street in downtown Columbus around Jan. 1. It is anticipated that all employees of the two Kemper offices will join the staff of ASO at that time.
“We are excited for the opportunity to add these offices as this acquisition supports ASO’s strategic growth plan,” said Shawwn Storms, partner at ASO. “Acquiring these locations will allow our firm to be in a better position to provide a broad suite of tax, accounting, and business consulting services to companies throughout south central Indiana.
Businesses reassess leases and accounting amid coronavirus | Accounting Today
Nearly one-third of companies are reducing their overall real estate footprint as a result of the COVID-19 pandemic, with 31 percent of companies renegotiating leases for more favorable terms, according to a new report.
For 66 percent of the more than 400 accounting and finance executives polled, the top priority is cutting costs, followed by increasing flexibility (63 percent) and bolstering liquidity (45 percent).
In the midst of the pandemic, accountants are dealing with a host of new accounting standards, including the leases standard, which the Financial Accounting Standards Board has delayed for private companies and nonprofits to give them an extra year to implement it.
Other things to check out:
RYB Education, Inc. Selects KPMG as its Independent Registered Public Accounting Firm
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eBay Lights up a Virtual Holiday Market to Bring Unique Gifts From Small Businesses…
Intuit introduces HubSpot for QuickBooks | Accounting Today
Intuit has introduced HubSpot for QuickBooks, an integration between QuickBooks Online and the customer relationship management software. The COVID-19 pandemic has elevated the importance of high-level customer communication, which makes this offering particularly timely.
Currently, the offering is available only to QuickBooks Online Advanced users. Intuit plans to continue to collaborate with HubSpot on solutions that meet the demands of businesses as they grow. Together, the companies will also pursue joint activities that raise awareness of HubSpot for QuickBooks. These efforts are hoped to attract new customers seeking a well-integrated set of solutions to address their combined CRM and financial management needs.
Commissioners Pierce And Roisman Dissent To Broad Interpretation Of Internal Accounting Controls
On November 13, 2020, SEC Commissioners Hester M. Pierce and Elad L. Roisman issued a statement (Statement) explaining that they voted against the SEC's settlement because they believe the SEC's "finding entails an unduly broad view of Section 13(b)(2)(B)." Both Commissioners agree that insider trading by public companies engaged in share repurchases is unacceptable and they support vigorous enforcement securities laws against corporate wrongdoers.
Commissioners Pierce and Roisman observe that Rule 10b-5 prohibits companies from repurchasing their stock while in possession of material nonpublic information but note that Rule 10b-5 only prohibits misuse of such information with an intent to defraud.
Get ready for the next merger wave in accounting | Accounting Today
Between the pandemic, aging CPA firm owners and staffing tensions, many in the accounting profession anticipate a huge uptick in firm mergers and acquisitions over the next 24 months.
If the predictions and emerging trends are right, it's important for firm leaders to plan accordingly. Will you start your own research and outreach? Will you wait to be contacted directly by your peers? Will you train your firm's gatekeepers to appropriately screen the brokers so you don't waste time on every call and inquiry?
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