• Research Finds Consistent Personality Traits in CEOs

    By:
    Chris Gaetano
    |
    Sep 21, 2017
    A new study says that a certain set of consistent personality traits tend to appear in those picked to be CEOs, versus CFOs or COOs. 
  • Data Breaches Grew 160 Percent Since 2016

    By:
    Chris Gaetano
    |
    Sep 20, 2017
    The first six months of this year have seen a 160 percent increase in the number of documents lost, stolen or compromised in data breaches compared to the same period of time last year. 
  • FASB Proposes Reorganizing Topic 810 Consolidation Guidance

    By:
    Chris Gaetano
    |
    Sep 20, 2017
    The Financial Accounting Standards Board (FASB) has proposed reorganizing the consolidation guidance located in Topic 810 in response to stakeholder feedback saying that the way it's currently arranged in the accounting literature is confusing. 
  • Feds Launch Inside Trading Probe of Equifax Execs

    By:
    Chris Gaetano
    |
    Sep 19, 2017
    The U.S. Justice Department is investigating top officials at credit reporting firm Equifax over suspicions of insider trading prior to news of a massive data breach going public.  
  • TIGTA: Lack of Staff, Funding Has Decreased Criminal Investigation Activity

    By:
    Chris Gaetano
    |
    Sep 19, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) said that, over the years, that reductions in staffing and funding have led to a decrease in the number and size of criminal investigation field offices in the U.S., which in turn has led to a decline in the number of cases initiated and completed. 
  • Regulatory Roundup: Sept. 13-19

    By:
    Chris Gaetano
    |
    Sep 19, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • Tens of Thousands of Euros Found Clogging Swiss Drains

    By:
    Chris Gaetano
    |
    Sep 18, 2017
    Authorities have been pulling tens of thousands of euros worth of notes from drains in the vicinity of the Geneva branch of Swiss bank UBS. 
  • Study: CEOs Use Non-GAAP Earnings Metrics to Boost Pay

    By:
    Chris Gaetano
    |
    Sep 18, 2017
    A recent study from MIT has found that when companies makes large positive adjustments to non-GAAP earnings, their CEOs make 23 percent more than their expected annual compensation would be if GAAP numbers were used. This is despite such firms having weak contemporaneous and future operating performance relative to other firms. 
  • South Dakota Court Decision Tees Up Supreme Court Case on Internet Sales Tax

    By:
    Chris Gaetano
    |
    Sep 15, 2017
    The South Dakota Supreme Court ruled against a law that compelled online retailers to collect sales tax, a move that lines the case up for possible review by the U.S. Supreme Court.
  • Jay Clayton Looking to Put William Duhnke in Top Spot at PCAOB

    By:
    Chris Gaetano
    |
    Sep 15, 2017
    SEC Chair Jay Clayton may soon place William Duhnke, an aide to former Senate Banking Committee Chair Richard Shelby, as the new chair of the Public Company Accounting Oversight Board, replacing current chair James Doty. 
  • Notice of Open NYSSCPA Board of Directors Meeting

    By:
    Chris Gaetano
    |
    Sep 15, 2017
    Each year, the NYSSCPA Board of Directors holds an open meeting that any member in good standing may attend.
  • Study: Tax Havens Hold 10 Percent of World GDP

    By:
    Chris Gaetano
    |
    Sep 14, 2017
    Researchers combing through the Panama Papers have found that about 10 percent of world GDP is held in offshore tax havens. 
  • Accounting Firms May Be Left Out of Tax Reform

    By:
    Chris Gaetano
    |
    Sep 14, 2017
    Treasury Secretary Steve Mnuchin said that accounting firms, as well as other service providers, will not benefit from lower tax rates that Republicans want to enact for other businesses. 
  • Survey: Corporate Board Members Divided on 'Critical Audit Matters'

    By:
    Chris Gaetano
    |
    Sep 13, 2017
    A survey conducted on 130 corporate directors of public company boards has found that there is a nearly even split about whether or not the inclusion of Critical Audit Matters as part of the PCAOB's new Expanded Auditor's Report would be useful. 
  • Court Orders Exxon to Release Accounting Documents for Climate Probe

    By:
    Chris Gaetano
    |
    Sep 13, 2017
    New York Attorney General Eric Schneiderman was victorious in a court battle ordering Exxon to release documentation regarding the accounting and reporting of oil and gas reserves, the evaluation of assets for potential impairment charges or write-downs, as well as energy-price projections and projected carbon-cost estimates.
  • Average Age of CFOs, CEOs Creeping Upward

    By:
    Chris Gaetano
    |
    Sep 12, 2017
    Research on c-suite executives has found that the average age for a CEO and CFO has crept upward since 2012 by about five years each. 
  • Study: People Invest More When Specific Risks Are Disclosed

    By:
    Chris Gaetano
    |
    Sep 12, 2017
    A recent study has found a link between risk-related specificity in the 10-Ks and increased market activity. 
  • Regulatory Roundup: Sept. 6-12

    By:
    Chris Gaetano
    |
    Sep 12, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
     
  • Study: 47 Percent of Newly-Created Data Records Have Critical Errors

    By:
    Chris Gaetano
    |
    Sep 11, 2017
    While much is said on how data analytics can provide new insights and solutions for business, a recent study has found that the quality of the data being analyzed leaves much to be desired, as 47 percent of studied samples have critical errors and only 3 percent would pass even the loosest of quality standards. 
  • Study: Internal Controls Weakness Associated With Increased Risk of Accounting Fraud

    By:
    Chris Gaetano
    |
    Sep 11, 2017
    A study published by the American Accounting Association has found that there is a strong association between material weaknesses in internal controls and future fraud revelation. 

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