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News

The Daily

  • Modern Day Bartleby Lives in the Office

    By:
    Chris Gaetano
    |
    Jul 28, 2015
    Well, I guess that's one way to address work/life balance: not one but two people have recently written articles about how they secretly lived in their offices for at least a little while, and all things considered both seem pretty good about it. 

  • Chinese Stock Crash Claiming U.S. Wealth in Wake

    By:
    Chris Gaetano
    |
    Jul 28, 2015
    China's stocks have been taking a beating in the market, with the Shanghai Composite Index losing 8.5 percent of its value Monday in the biggest selloff in eight years, and the damage isn't being contained to its own borders: the crash has destroyed nearly $40 billion in wealth here in the U.S. as well. 

  • Study: Collaboration Can Both Foster and Kill Innovation

    By:
    Chris Gaetano
    |
    Jul 27, 2015
    Two heads might be better than one, but a recent study finds that this doesn't necessarily scale. Researchers from Oxford, University of Florida and Columbia Business School have found that being able to communicate with other people across a networked structure can indeed facilitate the formation of new ideas by the group as a whole, the more dense this network is, the less innovative each individual person is within it. Why? 

  • Auditor Rotation May Produce Less, Not More, Skepticism

    By:
    Chris Gaetano
    |
    Jul 27, 2015
    While proponents of mandatory auditor rotation say it would enhance professional skepticism, a recent study posits that this may not always be the case and, indeed, may have the exact opposite effect. 

  • Poll: CFOs Avoid Social Media, Prefer Email

    By:
    Chris Gaetano
    |
    Jul 24, 2015
    A recent poll shows that if you want to reach a CFO, you probably shouldn't go looking for them on Facebook or Twitter, as only 18 percent prefer to use social networks to keep up with colleagues versus email, a dramatic drop since the last time this poll was taken. 

  • From $108 Million to Chapter 7, One Former NBA Star's Story

    By:
    Chris Gaetano
    |
    Jul 24, 2015
    Professional athletes make big money, but they have a tendency to lose big money, too: three-time NBA all-star Antoine Walker is but one example. CNN Money has an article discussing how exactly it is he went from a millionaire many times over to having to file Chapter 7 bankruptcy just two years after retirement. 

  • GAO Finds Internal Controls at IRS's Exempt Org Unit Wanting

    By:
    Chris Gaetano
    |
    Jul 23, 2015
    The Government Accountability Office (GAO) said in a recent report that the IRS's Exempt Organizations unit had internal controls that, in several areas, were not well designed or well implemented, which increases risk that the unit could "select organizations for examination in an unfair manner." 

  • IASB Votes to Delay Revenue Recognition by One Year

    By:
    Chris Gaetano
    |
    Jul 23, 2015
    The International Accounting Standards Board (IASB) voted to delay implementation of its revenue recognition standard for one year during its most recent meeting, just a few weeks after the Financial Accounting Standard Board (FASB) voted for its own delay. 

  • The Cure for the Common Powerpoint: Pictures

    By:
    Chris Gaetano
    |
    Jul 22, 2015
    What's interesting and horrifying about PowerPoint presentations is that no one seems to like them, yet everyone keeps on using them. So, despite persistent criticism, it looks like we're stuck with it for the foreseeable future. May as well make the best of it. 

  • Study: People Not as Smart as They Say They Are

    By:
    Chris Gaetano
    |
    Jul 22, 2015
    A new study proves true Lincoln's oft-cited quote "Better to remain silent and be thought a fool than to speak out and remove all doubt," as researchers have found that the more people say they know about something, the more likely they are to validate false concepts related to that subject. 

  • Study: Just Because You're Not Looking at Your Phone Doesn't Mean It's Not a Distraction

    By:
    Chris Gaetano
    |
    Jul 21, 2015
    Instead of just putting your phone on vibrate, maybe it would be best to just put it in a drawer and forget about it: according to a recent study, just knowing you have a notification on your phone, even if you don't check to see what it is, can still be a productivity-disrupting distraction. 

  • Three Toshiba Executives Resign in Wake of $1.2 Billion Accounting Scandal

    By:
    Chris Gaetano
    |
    Jul 21, 2015
    Three top executives of Japan's Toshiba corporation have resigned in the wake of an accounting scandal that saw the company inflating its profits by $1.2 billion. 

  • NY Wage Board to Propose $15 Wage for Fast Food Workers

    By:
    Chris Gaetano
    |
    Jul 20, 2015
    The New York State Fast Food Wage Board is planning to recommend that fast food companies pay their workers a $15 an hour minimum wage. 

  • Scientists Determine Best Way to Shake Hands

    By:
    Chris Gaetano
    |
    Jul 20, 2015
    While most people only have two hands, they shake many, many more throughout their lifetimes. But apparently, as many as 20 percent of people don't entirely know the right way to do so, which is why scientists from the University of Manchester have outline what they believe to be the perfect handshake. 

  • DOL Cracks Down on Independent Contractor Misclassification

    By:
    Chris Gaetano
    |
    Jul 17, 2015
    The Department of Labor, responding to what it says are numerous complaints of employees being misclassified as independent contractors, has issued a memo aimed at clarifying for companies exactly who counts as what in which context. 

  • Study: When Regulators Come Knocking, Companies Get Out of Dodge

    By:
    Chris Gaetano
    |
    Jul 17, 2015
    A recent study says there is a strong connection between financial misreporting and relocating the company headquarters, noting that because SEC enforcement tends to be done by regional offices, firms with high fraud probability tend to move to SEC jurisdictions with a history of weak enforcement. 

  • No Monetary Penalty for Paper-eating Law Clerk Linked to Insider Trading Case

    By:
    Chris Gaetano
    |
    Jul 14, 2015
    The Securities and Exchange Commission has announced that, due to his extensive cooperation, a managing law clerk who would pass insider information to a stockbroker via napkins or post-it notes he would then eat will not face monetary penalties for his role in the scheme. 

  • From Engagement Letters to Engagement Rings: Accountants No. 10 in Marrying Within Same Profession

    By:
    Chris Gaetano
    |
    Jul 14, 2015
    Maybe it's all the late nights at the office, maybe it's a shared affinity for asset classification, or maybe just the stars are right and the moon is bright, but whatever the reason, about 14 percent of accountants are married to other accountants, making them number 10 in professions that marry people within the same field. 

  • Ninth Circuit Court of Appeals Rules Marijuana Businesses Cannot Deduct Expenses

    By:
    Chris Gaetano
    |
    Jul 13, 2015
    The Ninth Circuit Court of Appeals upheld a previous decisions saying that businesses that sell marijuana, even if their activities are approved by the state, must pay taxes on 100 percent of gross income, due to the fact that it's still considered a federal controlled substance. 

  • Literally Fantasy Accounting

    By:
    Chris Gaetano
    |
    Jul 13, 2015
    Sure, defeating the dragon, overthrowing the evil emperor, and fighting off an army of the dead is all well and good, but what exactly happens after? Kingdoms, even fantasy kingdoms, surely must have some basic financial realities that need to be faced, but stories seldom pay all that much attention to them. 
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