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The Public Company Accounting Oversight Board (PCAOB), in reaction to changes and proposed changes from the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) on how going concern assessments are handled, have released a new staff audit practice alert on how auditors should handle management's own view on whether their company can go on.
Lois Lerner, the former Director of Tax Exempt Organizations at the IRS and a central figure in the scandal involving political bias in approving applications for nonprofit organization status, has broken her long silence to say that she did nothing wrong, but still will not formally testify on the matter, according to Forbes.
Treasury Secretary Jack Lew announced new measures aimed at discouraging companies from moving to another country in order to get a lower tax bill, an action that has already thrown numerous pending inversion deals into question, according to Bloomberg, though it did stop short of making the new regulations retroactive to already existing deals.
For a third year in a row, CPA firms have seen an increase in revenue post-recession, according to Accounting Today. Citing stats from the Rosenberg Map Survey, an annual survey that tracks 382 accounting firms, the website said that in 2013 firms posted a 6.7 percent revenue increase, compared to a 5.4 percent increase in 2012.
While the business environment is becoming increasingly data driven, most top level executives still prefer to think with their gut and intuit their way to good business decisions, said CFO.com. A survey conducted by the Economic Intelligence Unit and PricewaterhouseCoopers found that 79 percent of the 1,153 executives they surveyed make at least one big decision a year, with one in three putting the value of that decision at $1 billion or more.
Scotland today will decide whether or not it wants to remain a part of the United Kingdom or become its own independent country. But why should we here in the U.S. care? Well, for one, the U.S. is Scotland's largest investment partner, meaning that in the event that Scots vote "yes" on independence (and there's a credible chance they will), U.S.
The House of Representatives passed, by 333-92, a bill that would subject the U.S. Federal Reserve to an audit, the results from which will then be given to Congress as a report, according to the Hill. The audit, according to the bill, would be conducted by the Comptroller General of the United States within one year of the bill's passage into law.
A survey conducted by Wallet Hub, a personal financial planning website, found that most Americans don't like taxes and think they're unfairly structured, according to CNBC. The survey asked about 1,000 Americans across the country what state and local tax rate they think would be fair for different income groups and then compared the results to the actual state and local tax rates.
Few businesses today offer pensions, with most private sector workers instead having something like a 401(k). What happened? One paper from the Wharton School of Business offers a theory: the shareholders happened.