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News

The Daily

  • FASB Proposes Changes to Disclosure, Presentation of Post-retirement Benefits

    By:
    Chris Gaetano
    |
    Jan 27, 2016
    The Financial Accounting Standards Board (FASB) has released a pair of proposals that are intended to improve the disclosure and presentation of pensions and other post-retirement benefits in a way that is, in the case of disclosures, more streamlined and, in the case of presentation, more set apart. 

  • Study: Sesquipedalian Loquaciousness Used to Mask Investor-Unfriendly Policies

    By:
    Chris Gaetano
    |
    Jan 27, 2016
    A recent study of 1,665 IPO-related documents from 1995 to 2011 has shown that the less friendly a particular company's policies are to investors (like limits to shareholder amendments), the more those documents will be stuffed to the gills with long, tricky words known only to the most erudite readers. 

  • Oil Prices Get Into Fishy Territory

    By:
    Chris Gaetano
    |
    Jan 26, 2016
    Oil prices, if you haven't heard, have been taking a bit of a tumble lately due to oversupply. Right now we're at the point where a fresh salmon, perhaps one you'd put in your sushi or on your bagel, now costs about as much as a barrel of crude oil. 

  • Poll: Stock Market Turbulence Not a Big Worry to Most Americans

    By:
    Chris Gaetano
    |
    Jan 26, 2016

    Despite the economic sturm und drang preoccupying the financial press, most Americans aren't especially worried about recent stock market woes. 

  • Blizzard's Price Tag Estimated to be $3 Billion

    By:
    Chris Gaetano
    |
    Jan 25, 2016
    Moody's estimates that this past weekend's monster snow storm has cost nearly $3 billion, most of this sum coming not from property damage, which was relatively mild, but from businesses shutting down left and right as the weather paralyzed the American east coast. 

  • Poll: 68 Percent Make Major Credit Misstep Before 30

    By:
    Chris Gaetano
    |
    Jan 25, 2016
    Whether missing payments or having a bill sent to collections, a recent survey has found that 68 percent of people will make at least one major credit misstep before the age of 30, according to CNBC. 

  • Market Turmoil Ups Recession Fears (Slightly)

    By:
    Chris Gaetano
    |
    Jan 22, 2016
    Between the Chinese slowdown and falling oil prices, the market has not been kind this January, with world stock losses totaling almost $8 trillion so far (and there's still a week left of January!) according to Reuters. 

  • Poll: Few Firms Ready for New Revenue Recognition, Lease Standards

    By:
    Chris Gaetano
    |
    Jan 22, 2016
    A survey of about 400 financial executives has found that, while still some years away, few companies have a clear plan to implement the new revenue recognition and lease standards, according to the Journal of Accountancy. 

  • Would You Like a Cocktail with Your Tax Return?

    By:
    Chris Gaetano
    |
    Jan 21, 2016
    Lots of bars have jukeboxes, pool tables, or dart boards. One bar in Brooklyn, however, boasts a CPA ready to do your taxes. 

  • In Job Interviews, The First Five Minutes Matter

    By:
    Chris Gaetano
    |
    Jan 21, 2016
    In a recent Career Builder survey of 2,500 hiring and human resource managers, it was found that half of them know within the first five minutes of the interview whether a candidate will be a good fit for the job.

  • You Should Probably Change Your Password

    By:
    Chris Gaetano
    |
    Jan 20, 2016
    Have we learned nothing from Spaceballs? According to an article in Fast Company, the most common password of 2015 was...

  • KPMG: CFTC Understated Liabilities by 75 Percent of Annual Budget

    By:
    Chris Gaetano
    |
    Jan 20, 2016
    In a classic case of the cobbler's son having no shoes, the Commodity Futures Trading Commission (CFTC)...

  • SEC Awards $700,000 to Outsider Whistleblower

    By:
    Chris Gaetano
    |
    Jan 19, 2016
    For the first time, the Securities and Exchange Commission (SEC) has given a whistleblower payout to an outside industry expert, versus someone within the company. 

  • Off to the Races: Filing Season Started Jan. 19

    By:
    Chris Gaetano
    |
    Jan 19, 2016
    It's that time of the year again: January 19, marked the beginning of the filing season. 

  • NYC Sixth Highest in Number of Robocalls Received

    By:
    Chris Gaetano
    |
    Jan 15, 2016
    You're going about your day, not thinking about much in particular, when your phone rings. Who is it? You don't know, the number is restricted. Against your better judgment, you pick up and are greeted with a recorded message that you've won a massive yacht and you only need to send them a $500 processing fee and you'll be sailing the high seas in no time. You've been robocalled, and if you're a New Yorker, you're getting a larger number of them compared to other localities. 

  • Court Case Says Companies Allowed to Withdraw Workers' Insurance for Not Taking Part in Wellness Programs

    By:
    Chris Gaetano
    |
    Jan 15, 2016
    A federal court case bolstered already existing precedent that company wellness programs can be made a requirement for insurance coverage. 

  • Seeking to Curb Money Laundering, FinCEN Announces Crackdown on Luxury Real Estate

    By:
    Chris Gaetano
    |
    Jan 14, 2016
    Concerned that less-than-lawful entities such as organized crime syndicates are parking their assets in luxury condos and other high-end real estate, the Financial Crimes Enforcement Network (FinCEN) has announced an initiative to crack down on all-cash real estate purchases with no identifier as to who, exactly, is behind them. 

  • IASB/FASB Lease Standards May Require Delicate Balance for International Companies

    By:
    Chris Gaetano
    |
    Jan 14, 2016
    While the lease standards of the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are the same in most respects, the small differences between the two could prove to be a headache for international companies as they work to comply with both methods. 

  • China-based Firm Barred from U.S. Audits after PCAOB Settlement

    By:
    Chris Gaetano
    |
    Jan 13, 2016
    A Chinese audit firm settled with the PCAOB over charges that it violated provisions of the Sarbanes-Oxley Act, and so has been barred from serving in an accountancy or financial management capacity for any issuer or broker or dealer on U.S. exchanges. 

  • IASB Issues Its New Lease Standard

    By:
    Chris Gaetano
    |
    Jan 13, 2016
    The International Accounting Standards Board (IASB) today released its new standard on leases, a major component of the convergence project with the Financial Accounting Standards Board (FASB). 
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