At its most recent meeting, the International Sustainability Standards Board finally settled on a definition of “sustainability” that will guide its work going forward. The board felt it important to explicitly link the concept of sustainability with value creation, as a company’s ability to deliver value for its investors is
The funding provided to the Internal Revenue Service by Congress over the next 10 years will have an effect that surpasses the additional agents slated to be hired. Among many other things, the IRS is working on improvements that have been in the works for several years, particularly in the
If you are not processing automated payments for services rendered to clients, you are likely spending way too much time and aggravation by utilizing a manual process from billing to payment. A manual payment process is exhausting, with tracking billable time, creating invoices, monitoring delinquent accounts, collecting overdue invoices, receiving
The heads of tax authorities in five countries, including the U.S. and the U.K., met this week to discuss their efforts to crack down on companies using electronic sales suppression software to evade sales and value-added taxes. The group of five joint chiefs, known as the J5, has been holding
Auditing firms have been relying increasingly on outside specialists for audit engagements since the Public Company Accounting Oversight Board unveiled a new standard governing their use. A report released Thursday by the PCAOB provided preliminary observations from the PCAOB staff on the new requirements in a 2019 standard for the
The Financial Accounting Foundation Board of Trustees appointed nine new members to the Financial Accounting Standards Advisory Council: Thomas Barbieri, chief accountant, national office, PwC LLP; DeAnn Brunts, member/audit committee chair, B&G Foods, Benson Hill, Claire’s; Vasundhara Govil, managing director, Keefe, Bruyette & Woods; Shripad Joshi, senior director — accounting
The Public Company Accounting Oversight Board is finding deficiencies in about one-third of the audits it inspected in 2021, a disturbing increase from 2020 in a trend the PCAOB and the auditing profession had hoped to reverse. The PCAOB released a report Thursday previewing its inspection observations of the 141
Markus Braun, the founder of the financial technology firm that lost billions, is facing fraud charges with two others.
In 2022 alone, an estimated 97 zettabytes (or 97 billion terabytes) of data is expected to be created or consumed in the world. That mind-boggling figure is expected to nearly double by 2025. What does this mean for businesses today? In large part, it means there is a massive amount
Accounting firms today are at an impasse. The U.S. Bureau of Labor Statistics reported almost 1.5 million jobs in the accounting and auditing sector in 2021, and although the 6% job growth in the space projected over the next decade is only slightly higher than overall job growth projections, the
