The American Institute of CPAs has named four new Accounting Doctoral Scholars, recognizing current CPAs interested in becoming accounting professors.
Launched in 2009, the Doctoral Scholars program has participants who attend an all-expenses-paid seminar that explores the requirements of a PhD in accounting and the teaching, research and service requirements of a college faculty member. Participants then receive a $20,000 stipend to support their education. The program is intended to help grow the number of CPAs with real-world experience in classrooms.
SPAC boom faces new Securities and Exchange Commission threat with accounting crackdown
The Securities and Exchange Commission is setting forth guidance that warrants, which are issued to early investors in the deals, might not be considered equity instruments and might instead be liabilities for accounting purposes. The move, reported earlier by Bloomberg News, threatens to disrupt filings for new special-purpose acquisition companies until the issue is resolved.
The SEC began reaching out to accountants last week with the guidance on warrants, according to people familiar with the matter. A pipeline of hundreds of filings for new SPACs could be affected, said the sources, who asked not to be identified because the conversations were private.
SEC Comment Letters Reveal Lease Accounting Lessons for Private Companies – LeaseQuery Report
After a challenging year, private companies should look for opportunities to get an edge on what's ahead
The report assesses SEC comment letters on lease accounting disclosures from public companies' 2019 and 2020 filings across a range of industries, including healthcare, biotechnology, retail and financial services. Based on the letters written, it is evident that as private companies gear up for the complex lease accounting transition process for compliance under FASB ASC 842, they should leverage these lessons learned from public companies.
Accounting Seed Founder and CEO Encourages an Iconoclastic Approach to Post-Pandemic Recovery
This method is the Iconoclast Formula - Challenge, Design, Execute - a strategy set to inspire others to challenge the norm, design a better way, and execute a plan for the betterment of themselves and society. In fact, it was this method that inspired the creation of Accounting Seed, which now has over 15,000 users worldwide and remains a top-rated application on Salesforce.
"The Iconoclast Formula is about moving forward and thinking critically on how we can make our current situations better in a way that hasn't been done before," said Zorc. "The formula is meant to give society a blueprint for making change where it really matters. It's how I brought needed change to the world of accounting, and it's what I hope to inspire us to do for our collective society now."
Local accounting firm working to sort out city finances
Work is ongoing to sort out the city's financial records as the El Dorado City Council continues to await final numbers from 2020 in order to adopt a 2021 city budget.
Local accounting firm Emrich and Scroggins, LLP, has been tasked with the endeavor and has said the job is going to take quite a bit of time, breaking the news to council members with the old adage that since the issue was not created overnight, it is not going to be resolved overnight.
The Benefits of Having Accurate Accounting Reports - businessnewsdaily.com
To understand the financial status of your business , it is critical that you keep accurate records. Having solid, easy-to-understand accounting reports when you need them is a good step toward ensuring you always know the current financial state of your business. The best accounting software generates dozens of reports, so it is important to know which ones you should be paying close attention to.
Accounting reports are statements that show the financial health of a business. Some reports show the results of a company's operations over time; others reveal a snapshot of a company's financial condition at a particular moment.
Linn County looking to shore up financial accounting | Local | democratherald.com
Even a healthy financial report and completed annual audit couldn't take the bad taste out of the mouths of the Linn County Board of Commissioners following the second case of financial fraud that came to light in less than five years. The biggest, most recent one resulted in about $235,000 allegedly being embezzled over the past eight years.
The 2020 audit, completed by Tigard-based Pauly, Rogers and Co. and reviewed by the county on Tuesday, was complicated by many factors, including the COVID-19 pandemic. But the more troubling problem was what was referred to by audit officers as a "significant deficiency in internal control."
Pandemic lesson: Accounting and finance technology tops tech - TechRepublic
Cited as the saving grace to surviving COVID-19, companies said numbers tech trumped collaboration platforms or project management solutions.
Nearly 30% of businesses said they believed accounting and finance tech was their "saving grace" during the COVID-19 pandemic.
Three-quarters of finance teams, the report found, are confident of a return to growth by the end of the year. And customer relations are on the upswing: 79% of businesses "feel more connected to their customers" than they did in 2020. Most businesses envision a return to pre-pandemic revenue levels in Q3, July to September 2021 (22%), or Q4, October to December 2021 (23%).
First place finish in national business competition for accounting students | University of
Michelle Yim , Camrie Kubota , Isaiah Lopez and Victoria Kashiwai , students in the Shidler College of Business ' School of Accountancy , used their data analytic skills to measure the company's performance, collaborate online to create a video presentation and pitch their business strategy virtually to a panel of CPA s and business professionals who simulated Pueblo's management team.
“I am looking to pursue a career in professional services and the TrueUp Student Innovation Challenge provided me with a valuable taste of what my future might be,” Kashiwai said. “In addition to the opportunity to learn from and collaborate with my colleagues, this challenge has given me the experience to utilize raw data to measure performance and create proposals to improve a client's business.
Blog: Staff posts guidance on accounting for warrants issued in SPAC transactions | Cooley LLP -
To be classified as equity, the warrant must be considered “indexed” to the company’s own stock, for example, by providing for settlement of the warrant with a fixed number of shares. Warrants may also include variables that could affect the settlement amount, which, depending on the nature of the variable, could preclude a determination that the warrant is indexed to the company’s own stock.
Another problematic warrant provision identified by the staff related to tender offers. Under GAAP, “if an event that is not within the entity’s control could require net cash settlement, then the contract should be classified as an asset or a liability rather than as equity.
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