Latest Articles

  • Study Finds Preparing for Critical Audit Matters Requirement a Substantial Time Commitment

    By:
    Chris Gaetano
    |
    Sep 11, 2019
    Compliance solutions firm Intelligize said in a recent report that companies preparing to implement the new critical audit matters rule have a significant time commitment on their hands and are advised to begin planning early. 
  • Major Investors Backing AI Contract Negotiator

    By:
    Chris Gaetano
    |
    Sep 11, 2019
    "Contract negotiator" has been scratched off the list of jobs that a computer will never do, as Pactum, an artificial intelligence program meant to automate contract negotiations, starts picking up significant backing, particularly from the founders and early employees of telecommunications firm Skype. 
  • IMF: 'Phantom Capital' from Tax Dodgers Makes up 40 Percent of Foreign Investment

    By:
    Chris Gaetano
    |
    Sep 10, 2019
    The International Monetary Fund (IMF) said in a recent report that up to 40 percent of all foreign direct investment is "phantom capital," that is, money moved into empty shell companies with no real business purpose save facilitating tax avoidance. 
  • JPMorgan Creates Index to Track How Presidential Tweets Move Markets

    By:
    Chris Gaetano
    |
    Sep 10, 2019
    JPMorgan Chase & Co. has developed a new index meant to track how the president's frequent Twitter musings affect the global economy, with its own analysts saying that his messages account for a measurable fraction of implied volatility. 
  • Regulatory Roundup - Sept. 4-9

    By:
    Chris Gaetano
    |
    Sep 9, 2019
    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.
  • IRS Releases Proposed Regulations on Keeping Tax-Exempt Organization Donors Secret

    By:
    Chris Gaetano
    |
    Sep 9, 2019
    The IRS and the Treasury Department have released proposed guidance, in response to a court defeat, that would generally keep secret the identities of donors to tax exempt organizations, as well as give the Treasury secretary broad discretion on further information that the department would like to remain confidential. 
  • Study Accuses PCAOB of Going Too Easy on Big Four Firms

    By:
    Chris Gaetano
    |
    Sep 9, 2019
    A study by the Project on Government Oversight (POGO) has accused the Public Company Accounting Oversight Board (PCAOB) of going too easy on the Big Four firms it was supposed to be overseeing, reporting that in the agency's entire 16-year existence, it has launched only 18 enforcement actions against Big Four firms, or auditors at those firms, and levied only $6.5 million in fines against them.
  • FASB Proposes Guidance for Interest Rate Reform Transition

    By:
    Chris Gaetano
    |
    Sep 6, 2019
    The Financial Accounting Standards Board (FASB) has released proposed guidance aimed at helping entities ease through the transition away from the London Interbank Offered Rate (LIBOR), which is due to be phased out in the wake of a rate-fixing scandal.
  • Audit Committees Revealing More to Shareholders

    By:
    Chris Gaetano
    |
    Sep 6, 2019
    The amount of information that audit committees disclose to shareholders has been steadily rising over the years, to the point where matters that they never would have brought up years ago have now become almost standard.
  • Study: Investors Reward Either Tax Avoidance or Philanthropy, But Not Both Together

    By:
    Chris Gaetano
    |
    Sep 5, 2019
    A study of 3,000 public companies over a 14-year period has found that investors reward firms that practice either tax avoidance or philanthropy, but punish firms that do both.