• Study Finds Bad News is Best Delivered Directly, Clearly

    By:
    Chris Gaetano
    |
    Oct 16, 2017
    If you've got to deliver bad news to someone, perhaps an employee who didn't get the raise or promotion they've been angling for, a recent study has found that you shouldn't sugar coat anything or beat around the bush: just tell it to them straight. 
  • Trump Signs Executive Order Ending Obamacare Subsidies

    By:
    Chris Gaetano
    |
    Oct 13, 2017
    Donald Trump has signed an executive order that ends billions of dollars in cost sharing reduction payments to insurers, a move that upends a key component of the Affordable Care Act, which could increase premiums by as much as 20 percent. 
  • Equifax Page Taken Down After Found to Be Running Malware

    By:
    Chris Gaetano
    |
    Oct 13, 2017
    Recent visitors to the Equifax web site may have found themselves face to face with a shady popup telling them that they should update Adobe Flash, a well-known vector for malware that later investigation found was due to a third party website infected with malicious code. 
  • Study: Men Given Testosterone Generate Price Bubbles, Overvalue Assets More Than Those With Placebo

    By:
    Chris Gaetano
    |
    Oct 12, 2017
    A recent study that gave some men testosterone and others a placebo found that, when buying and selling financial assets to earn real money, those who got the hormone were more likely to generate price bubbles and overvalue assets than those who got the placebo. 
  • SEC Proposes Disclosure Simplification Rules as Part of FAST Act

    By:
    Chris Gaetano
    |
    Oct 12, 2017
    The Securities and Exchange Commission has released draft rules that aim to simplify public company disclosures as mandated in the FAST Act, a transportation funding bill that also contained securities law-related measures. 
  • Study: Swiss Sewers Flush $2 Million Worth of Gold Annually

    By:
    Chris Gaetano
    |
    Oct 11, 2017
    A recent study has found that about 95 pounds of gold, $2 million worth at current prices, is flushed through the Swiss sewage system every year. 
  • FASB Makes Long-Awaited Nonprofit Proposal

    By:
    Chris Gaetano
    |
    Oct 10, 2017

    The question of whether a transaction should count as an exchange or a contribution—and whether a contribution is conditional or unconditional—is one that has long challenged not-for-profit accountants, with no real consensus as to the proper treatment. A new proposed accounting standards update, issued on Aug. 3 by the Financial Accounting Standards Board (FASB), aims to end this ambiguity by providing a consistent methodology. While it’s relevant mainly for nonprofits, if approved, it would apply to every entity that receives or makes contributions of cash and other assets. 

  • Report: Women's Advancement in Workplace Losing Ground in Some Areas

    By:
    Chris Gaetano
    |
    Oct 10, 2017
    A study looking at 222 companies employing more than 12 million people, which included more than 70,000 individual surveys and a smaller number of in-person interviews, found that women's advancement in the workplace has either stalled or, in some areas, actually lost ground in 2017. 
  • Guardian: Deloitte Hack Hit Server Containing Emails From Across US Government

    By:
    Chris Gaetano
    |
    Oct 10, 2017
    The recent data breach of Big Four firm Deloitte may have been, upon further investigation, bigger than originally thought. While initially believed to have only impacted six clients, sources with knowledge of the hack told the Guardian they believed that this number is closer to 350, which includes four US government departments, the United Nations and some of the world’s biggest multinationals.
  • Regulatory Roundup: Oct. 4-10

    By:
    Chris Gaetano
    |
    Oct 10, 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.
  • PCAOB Releases Revenue Recognition Guidance for Auditors

    By:
    Chris Gaetano
    |
    Oct 6, 2017
    The Public Company Accounting Oversight Board (PCAOB) has released staff guidance for how auditors can deal with the new revenue recognition standards. 
  • Study: Financial Rewards May Discourage Whistleblowers in Certain Circumstances

    By:
    Chris Gaetano
    |
    Oct 6, 2017
    A recent study has found that adding a financial incentive can, in certain cases, actually inhibit whistleblowers because the possibility of reward changes the choice from a moral decision to a cost-benefit one. 
  • Japanese Woman Works 152 Hours of Overtime, Dies

    By:
    Chris Gaetano
    |
    Oct 5, 2017
    A Japanese woman was said to have died to heart failure after working 152 hours of overtime over the course of a month. 
  • SEC Charges NY-based Investment Adviser With Running $20 Million Ponzi Scheme

    By:
    Chris Gaetano
    |
    Oct 5, 2017
    The Securities and Exchange Commission said that a Westchester investment adviser convinced 42 friends and acquaintances to invest millions of dollars into a risky options-trading scheme, lost pretty much all of it, but continued to tell them everything was fine as he desperately sought new investors to pay back the old ones. 
  • Amazon Hit With 250M Euro Tax Bill

    By:
    Chris Gaetano
    |
    Oct 4, 2017
    The European Union said that gigantic Internet retailer Amazon owes 250 million euros, approximately $293 million, because it benefited from a tax agreement with Luxembourg that was later found to be illegal. 
  • Report Finds Accounting Student Enrollment Remains at All-Time High

    By:
    Chris Gaetano
    |
    Oct 4, 2017
    Total number of enrollments in accounting programs at the bachelor's and master's level has remained at record-highs, while most firms expect they will hire the same number or more recent accounting graduates in 2017, according to the AICPA's newest Trends in the Supply of Accounting Graduates and Demand for Public Accounting Recruits report. 
  • Treasury Dept. Outlines Regulatory Rollbacks

    By:
    Chris Gaetano
    |
    Oct 4, 2017
    The U.S. Treasury Department released a report detailing regulatory rollbacks and revisions aimed at reducing what it says are the burdens of tax regulation. 
  • CPAs Expect Audits to Come with Bigger Price Tags under New PCAOB Rule

    By:
    Chris Gaetano
    |
    Oct 3, 2017

    More time, more risk and more expense—this is what auditors expect will be the effect of a recent Public Company Accounting Oversight Board (PCAOB) measure expanding the standard auditor’s report. Under the rule, formally approved by the board on June 1, the standard auditor’s report will include, among other things, the communication of “critical audit matters (CAM),” or information that the PCAOB believes investors and other users would find relevant.

  • SEC Chief Outlines Cybersecurity Steps in Wake of EDGAR Hack

    By:
    Chris Gaetano
    |
    Oct 3, 2017
    SEC Chair Jay Clayton outlined what the commission plans to do in the wake of a recent data breach that allowed hackers to potentially access market-moving information in the EDGAR system. 
  • Microsoft to Release New Version of Excel With More Features

    By:
    Chris Gaetano
    |
    Oct 3, 2017
    Microsoft announced that it plans to release a new version of Microsoft Excel, with more features that could make life just a little bit easier for accountants. 

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