It's been more than a year since the pandemic began, and while the vaccine rollout is reason for optimism, many organizations will be dealing with financial fallout for the foreseeable future. While private businesses and not-for-profit organizations face mounting financial pressures, many are also still contending with the adoption of new guidance for lease accounting.
The new FASB and International Accounting Standards Board (IASB) lease accounting standards require that organizations recognize assets and liabilities for leases with lease terms of more than 12 months, a significant undertaking even for fully staffed teams. For organizations that were forced to downsize due to the economic downturn, managing the transition and ongoing compliance can be even more daunting.
Companies need to be careful with accounting for crypto | Accounting Today
As businesses invest funds in cryptocurrencies and sell assets like nonfungible tokens, they should be aware of the accounting and tax issues surrounding them, or risk running afoul of regulators.
"We're starting to see more and more corporates recognizing that as retail customers become more comfortable with holding cryptocurrencies, they are looking for other avenues to use that, rather than just investing in it," said Tim Davis, a risk and financial advisory principal at Deloitte & Touche. "Retail-based companies don't want to limit a customer that would prefer to pay in crypto by saying, 'We're only going to accept payment in regular [currency.
Xero partners with Black professional groups to boost opportunity | Accounting Today
Through this partnership, Black Xero employees will have access to additional professional development and growth opportunities that NABA provides.
The accounting software company is also teaming up with the Oakland Black Business Fund, a Black-led investment platform that provides capital, technical assistance and growth strategy to Black-owned businesses in Oakland, California. Xero will offer OBBF's small business and bookkeeping members in the Oakland area access to its cloud accounting software, educational resources and certification workshops with the goal of helping them get the most out of what Xero has to offer.
Bloomberg Tax & Accounting Releases Enhanced Transfer Pricing Portfolio | National News |
ARLINGTON, Va., May 13, 2021 /PRNewswire/ -- Bloomberg Tax & Accounting today announced significant additions to Transfer Pricing: OECD Transfer Pricing Guidelines, an updated Tax Management Portfolio that describes and interprets the Organization for Economic Cooperation and Development's (OECD) transfer pricing guidelines. The updates to the Portfolio, which were authored by Samuel M. Maruca of Covington & Burling, Michael McDonald of Ernst & Young, and Jason M.
Gappify Discusses Corporate Accounting Pitfalls | PYMNTS.com
The corporate accountant has gone through a dramatic transformation over the course of the last decade, and that change is only accelerating thanks to the adoption of sophisticated technologies like robotics process automation (RPA) swooping in to tackle the most tedious tasks.
"For the new wave of accountants that are graduating from college, the expectation that they will have a job where they're processing spreadsheets all day long is no longer their expectation," he told PYMNTS. "They're looking to be strategic and analytical."
Accounting and Auditing Standards Oversight Councils Initiate Review of Standard Setting in Canada
The Independent Review Committee on Standard Setting in Canada (the Committee) will make recommendations to ensure Canadian standard setting will continue to be independent and internationally recognized.
Playing a vital role in the financial and performance reporting supply chain, accounting, auditing, and assurance standards provide a common and essential measurement for Canadians to assess organizations and their financial results.
Loyola graduate Emily Stone receives Sells Award in accounting - Newsroom - Loyola University
Emily Stone, '20, a graduate of Loyola University Maryland’s Sellinger School of Business and Management, received the 2020 Elijah Watt Sells Award from the American Institute of Certified Public Accountants. The award recognizes individuals who passed all four sections of the Uniform CPA Exam on their first attempt and earned a cumulative average score above 95.50 across all sections.
The American Institute of CPAs announced 89 winners of the 2020 Elijah Watt Sells Award this year. Nearly 75,000 individuals took the CPA Exam in 2020.
PCAOB proposes new rule for inspecting foreign audit firms | Accounting Today
The Holding Foreign Companies Accountable Act, which Congress passed last December, requires public companies to establish that they're not owned or controlled by a foreign government such as China. Under the HFCAA, the issuer has to make such a certification if the PCAOB is unable to inspect its audit reports because the company has retained a foreign accounting firm that's not subject to inspection by the PCAOB.
"Cooperation between the PCAOB and our international counterparts is vital to facilitating meaningful audit oversight and to strengthening investor protection," said PCAOB Chairman William D. Duhnke III in a statement Thursday. "This rule will enable the PCAOB to fulfill its responsibilities under the Holding Foreign Companies Accountable Act, a law passed with extraordinary bipartisan support.
Biden Accounting — The Patriot Post
Financial Cents builds out practice management software, and more | Accounting Today
Lukka names head of data and analytics, Kaplan deploys CGMA learning resources, and Intapp buys in Belfast.
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