GASB proposed changes Tuesday to its accounting and financial reporting guidance for accounting changes and error corrections that has been in effect for more than 40 years.
The current requirements for state and local government financial reporting on accounting changes and error corrections were established in the 1970s before being codified in 2010 in GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements .
Accounting Firms Innovating at Unprecedented Pace
"The 2021-2022 study, given the past year's events, uncovers how CPA firms transformed their business during a tumultuous year," said AAM President Becca Johns . "The findings reveal the central role marketing teams played in helping their firms adjust to new client needs and priorities, launch new service lines, and keep their firms on buyers' minds in the digital marketplace.
"The crisis has accelerated innovation in the accounting industry," said HRI managing partner Lee Frederiksen . "This innovation would not have been possible had firms taken the frequently used route of tightening their marketing belts, a move that often makes as much sense as deciding to cut your water bill when your house is on fire."
Top soft skills for accounting professionals
As professionals advance in an accounting or finance career, soft skills become increasingly important. In a world that is becoming more digital, computerized, and automated, soft skills can be the differentiator between two employees competing for the same promotion or position.
In fact, in a recent survey reported by the Society for Human Resource Management, 97% of employers stated soft skills were either as important or more important than hard skills. Whether a professional is looking for a new job or seeking a promotion, focusing on and developing soft skills can help employees be more well-rounded and employable professionals.
Deloitte's New Initiative Commits $75 Million To Increase Diversity In Accounting
LONDON, ENGLAND - OCTOBER 02: The Deloitte offices stand in 2 New Square on October 2, 2018 in ... [+] London, England. The government has called for a review of the British auditing industry after a series of scandals including the collapses of Carillion and BHS revealed serious failures in the auditing process. The 'Big Four' accounting firms, which are Deloitte, PwC, Ernst & Young (EY) and KPMG audit the large majority of the UK's largest listed companies.
JCC's Accounting and Finance Degree Ranked #1
Bestvalueschools.org has ranked JCC's Associate Degree in Accounting and Finance the best degree in Finance in 2021. The website evaluated 24 community colleges that offer online degree programs, making them affordable and accessible.
The schools were ranked according to a matrix using cost, faculty to student ratio, and graduation rate. The lower the cost and faculty to student ratio, the higher the school ranked. Higher graduation rates also helped the rank.
GASB seeks academic expert on public accounting | Bond Buyer
The Financial Accounting Foundation is looking for an academic expert on public accounting to fill an upcoming vacancy on the Governmental Accounting Standards Board.
Filling that spot on the seven-member GASB board with an academic will once again restore the traditional mixture of professional backgrounds among those who serve.
GASB has not had an academic on its board since June of last year when Professor Michael H. Granof of the University of Texas ended his second term.
Bench Raises $60 Million USD Series C and Expands Beyond Accounting with Launch of Bench Banking
Bench, America's largest bookkeeping service for small businesses, announced today that it raised $60 million USD in Series C financing led by Contour Venture Partners. The raise more than doubles Bench's total funding to over $100M, and was supported by existing investors Altos Ventures, iNovia Capital, and BMO T&I, and new investors including Sage and Shopify.
The fundraise coincides with a major relaunch of Bench's product offering. Launching today, Bench now offers a first-of-its-kind integrated offering that includes banking, cards, payroll, full-service bookkeeping, taxes, and advice in a single streamlined software and service offering for small businesses. Customers can now spend on their Bench cards and see real-time updates to their profitability and cashflow, which flow into the customer's accounting and end-of-year tax filings.
New Securities Class Action Relating to SPAC Warrant Accounting - Lexology
Private sector added 978K jobs in May | Accounting Today
Small businesses added 333,000 jobs in May, including 177,000 in businesses with between one and 19 employees, and 156,000 in businesses with 20 to 49 employees. Medium-size businesses with between 50 and 4999 employees gained 338,000 jobs in May, while large businesses added 308,000 jobs, including 88,000 in companies with between 500 and 999 employees, and 220,000 in corporations with 1,000 employees or more.
The service-providing sector gained 850,000 jobs in May, including 68,000 in professional and business services such as accounting and tax preparation, and 20,000 jobs in financial activities such as banking. The goods-producing sector gained 128,000 jobs, including 65,000 in construction and 52,000 in manufacturing. Franchises added 57,700 jobs.
ICPAS announces 2021 academic scholarship recipients | Accounting Today
The Illinois CPA Society has awarded $104,500 in scholarships to 55 local accounting students as part of its annual Accounting Scholarship Program.
Funded by the CPA Endowment Fund of Illinois, the Accounting Scholarship Program supports local accounting students at universities and colleges who "demonstrate strong academic performance, leadership qualities, and financial need." All scholarship funds are provided by more than 1,000 donors who support the CPA Endowment Fund of Illinois.
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