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News

The Daily

  • SEC Mulling Over Taking on Auditor Naming Issue Itself

    By:
    Chris Gaetano
    |
    Jul 10, 2015
    Hot on the heels of the Public Company Accounting Oversight Board's (PCAOB) recent auditor naming proposal, the Securities and Exchange Commission (SEC), which itself oversees the PCAOB, has released its own separate plan for investors to learn the identity of an entity's auditor as part of a concept release talking about the wider issues of audit committee disclosures. 

  • FASB Votes to delay Revenue Recognition Standard for a Year

    By:
    Chris Gaetano
    |
    Jul 10, 2015
    The Financial Accounting Standards Board (FASB) has voted to delay the effective date of the new revenue recognition standard by one year. 

  • Judge Likely to Go Easy on Madoff-linked Accountant

    By:
    Chris Gaetano
    |
    Jul 9, 2015
    An accounting firm executive linked to notorious fraudster Bernie Madoff is set to be sentenced today in federal court, though the state is likely to give him some leniency due to his cooperation in the investigation of the multi-billion dollar fraud. 

  • Trading Resumes at NYSE, but Concerns Over Automated Trading Remain

    By:
    Chris Gaetano
    |
    Jul 9, 2015
    Trading at the New York Stock Exchange has resumed after a technical glitch halted activity for three hours yesterday, and while markets have seemed to more or less shrug off the incident so far, it has highlighted worries about the risks that come with a financial sector increasingly reliant on automated computer-guided systems. 

  • NYSE Halts All Trades Due to Technical Difficulties

    By:
    Chris Gaetano
    |
    Jul 8, 2015
    The New York Stock Exchange has halted all trading due to an unknown technical issue that has left people unable to buy or sell securities on it.

  • New Generation of Younger CEOs Changing Definition of Business as Usual

    By:
    Chris Gaetano
    |
    Jul 8, 2015
    What, did you think they'd be working in coffee shops forever? The Wall Street Journal reports that top executives, including CEOs, are increasingly drawn from people in their late 40s and early 50s (the set typically thought of as Generation X) and bringing with them new perspectives on how business is done that stands in marked contrast to their older predecessors. 

  • Chicago Implements Streaming Services Tax

    By:
    Chris Gaetano
    |
    Jul 8, 2015
    Continuing the trend of digital world goods and services being subject to physical world taxes, Chicago has recently implemented a new tax on streaming services such as Netflix and Spotify, which will bump up costs for Windy City residents by 9 percent. 

  • Report: HSBC Management Fighting Compliance Officers on Reform Effort

    By:
    Chris Gaetano
    |
    Jul 7, 2015
    A leaked oversight report on HSBC's efforts to reform after paying a $1.9 billion fine in response to charges of money laundering and circumventing sanctions shows management putting up heavy resistance against internal auditors and compliance officers responsible for implementing required changes. 

  • Casual Dress or Sharp? Firm Handshake or Gentle? and Other International Business Etiquette Questions

    By:
    Chris Gaetano
    |
    Jul 7, 2015
    Cultures are different around the world, and business culture is no exception. CT Business Travel, a travel management company, has made a handy infographic that can be referenced in the event you're not sure whether wearing a suit in Sweden will make you stand out, or how hard to shake someone's hand in Korea. 

  • The Curse of Knowledge: the More You Know, the Less You Can Explain

    By:
    Chris Gaetano
    |
    Jul 6, 2015
    An essay by author Steven Pinker in the Wall Street Journal reflects on how it seems the more technical knowledge someone seems to have, the less they can effectively communicate that knowledge. 

  • Greeks Say 'No' to Bailout Terms

    By:
    Chris Gaetano
    |
    Jul 6, 2015
    Greece, in a nation-wide referendum that saw 62 percent turnout, have decisively voted "no" to the deal offered by its international creditors that would have exchanged additional funding for domestic spending cuts and tax increases, with the final tally being 61.3 percent of voters against and 38.7 percent for. 

  • Survey: Company Health Plans Increasingly Emphasizing Prevention

    By:
    Chris Gaetano
    |
    Jul 2, 2015
    With the understanding that an ounce of prevention is worth a pound of cure, company health plans are seeing an increased shift towards preventative approaches in an effort to reduce overall spending among employees, according to a recent survey of 400 companies. 

  • Undercover DEA Agent Pleads Guilty to Theft of Bitcoins Connected to Silk Road

    By:
    Chris Gaetano
    |
    Jul 2, 2015
    Carl Force, an undercover Drug Enforcement Agency who took part in the investigation into online drug bazaar Silk Road, has pleaded guilty to charges of stealing hundreds of thousands of dollars worth of Bitcoins during the government's investigation of the now-defunct website, as well as selling information about the probe to its proprietor, the now-jailed Ross Ulbricht.
     

  • Employers Ramp Up Worker Reclassification in Face of Tax and Labor Law Pressure

    By:
    Chris Gaetano
    |
    Jul 1, 2015
    With increased attention on employees being misclassified as independent contractors, employers looking to circumvent payroll tax and labor laws are coming up with a wide variety of new ways to say that their workers aren't technically their workers. 

  • PCAOB Seeks Feedback on Engagement Partner Naming Form

    By:
    Chris Gaetano
    |
    Jul 1, 2015
    The Public Company Accounting Oversight Board has released a request for comment on a potential new form, PCAOB Form AP, that would make public the name of the audit engagement partner and information about certain other participants in the audit.

  • Academic Accounting Journal Withdraws 25 Articles Due to Suspected Misconduct

    By:
    Chris Gaetano
    |
    Jun 30, 2015
    The Accounting Review has withdrawn 25 articles published by now-former accounting professor James Hunton, who was once seen as a leading thinker in academic accounting, based on suspicions that he fabricated data on at least two papers. 

  • DOL Releases Proposed Change in Overtime Rules

    By:
    Chris Gaetano
    |
    Jun 30, 2015
    The Department of Labor released a draft proposal that, if implemented as is, would greatly expand who qualifies for overtime pay, a broad measure that is believed will affect nearly 5 million workers. 

  • Poll: 38 Percent of Millionaires Have No Estate Plan

    By:
    Chris Gaetano
    |
    Jul 1, 2015
    A recent survey conducted by CNBC has found that 38 percent of people with assets of $1 million or more have not used a financial expert to draw up a plan for what will be done with those assets when they pass away. 

  • "Leap Second" Scheduled for Tomorrow Could Snarl Networks, Disrupt Markets

    By:
    Chris Gaetano
    |
    Jun 29, 2015
    One second might not seem like a lot, but when it's a leap second it's enough to make anyone who relies on precisely-timed computer networks (so, most of the world) worry about impacts that could range from annoying to disastrous, making 8 p.m. tomorrow an especially interesting day. 

  • PCAOB to Release New Auditor Naming Proposal

    By:
    Chris Gaetano
    |
    Jun 26, 2015
    The Public Company Accounting Oversight Board (PCAOB) is set to release a new proposal around identifying the auditors who work on an engagement and the outside firms that assisted them in a way that, according to board chair James R. Doty, will assuage previously expressed concerns about the litigation exposure that could result from this move. 
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