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As startups stay private for longer periods of time under the support of multiple equity financings spanning several years, their common stock valuation history is likely to come under greater scrutiny in the event a public offering is pursued. To prepare themselves and facilitate compliance with the SEC and IRS guidelines and procedures, a strong […]
The International Accounting Standards Board has issued its long-awaited standard for insurance contracts after more than a dozen years, requiring a consistent treatment for all types of insurance contracts, with insurance obligations now being accounted for using current values, instead of historical cost. The insurance standard, known as IFRS 17, was years in the making, […]
This week, Top 100 firm BlumShapiro announced that over two dozen staff members will once again volunteer to teach financial basics to Webster Hill Elementary School students on Friday, June 2nd. The event will look to introduce the foundations of entrepreneurship and financial literacy to the school’s second through fifth grade classes. The firm will […]
Vertex, which makes tax technology solutions and services, now integrates its software with SAP S/4HANA Cloud. Vertex’s software provides automated sales and use tax calculations and signature-ready returns. SAP S/4HANA Cloud is designed to allow both transactional and analytical data to reside in one system so users can access real-time data analysis. “Continuing the spirit […]
HR Block’s use of IBM’s Watson technology this past tax season is only one sign of the increasing involvement of artificial intelligence in tax preparation, with even Big Four firms like PricewaterhouseCoopers making major investments in AI for servicing their tax clients. PwC recently released a report on the use of AI and machine learning […]
Illinois high schoolers tested their accounting know-how last week at Western Illinois University, as part of the institution’s 12th annual Accounting Challenge. The competition – sponsored by WIU’s Department of Accounting Finance, the university’s Beta Alpha Psi (BAP) honor society, and the Illinois CPA Society – tested students’ accounting knowledge via a written competition. 10 […]
The Governmental Accounting Standards Board has issued guidance for state and local governments to use when they extinguish debt before it matures. GASB’s Statement No. 86, Certain Debt Extinguishment Issues, provides guidance on accounting for transactions in which cash and other monetary assets that have been acquired with only a government body’s existing resources are […]
Many companies may be engaging in revenue management, along with earnings management, to meet or beat analyst expectations, particularly in the technology and health care industries, according to a new study. The study, by assistant professor Rong Zhao of the University of Calgary, examined the financial data of 6,836 public companies in five major business […]
Successfully avoiding mistakes is a key to practice growth, particularly those mistakes that can hinder client retention and new client acquisition – universal concerns of the accounting profession. Here are eight of the biggest mistakes most accountants make in practice management and how to avoid them. (View this article as a slideshow.) 1. Not differentiating […]
Successfully avoiding mistakes is a key to practice growth, particularly those mistakes that can hinder client retention and new client acquisition – universal concerns of the accounting profession. Here business development strategist Bill Tsotsos gathered together eight of the biggest mistakes most accountants make in practice management – along with tips on how to avoid […]
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