If you think automation is primarily being used to reconcile the general ledger accounts of public and private companies, think again. Nearly two-thirds of finance departments in US companies and one-half in Canadian companies are still using a manual accounting system.
Business confidence has grown in the United States, according to new research from ACCA and IMA®. However, businesses are not yet in a position to take advantage of better trading conditions and easier access to financing.
Turns out American kids aren't the only ones with a foggy idea about the financial future. According to a recent study by T. Rowe Price, many parents are also neglecting to prepare for their families' long-term financial stability.
With the goal of making it more user-friendly and intuitive for members, the AICPA has completed a proposed revision of its Code of Professional Conduct. AICPA members have until August 15 to submit comments on the proposal.
On April 16, the Council for Economic Education (CEE) released its National Standards for Financial Literacy. The standards are a framework for the content and skills the CEE believes should be contained in a K-12 personal finance curriculum.
June 21 will likely be an important day for the FASB and the Private Company Council (PCC). That day will mark the end of a public comment period on a proposed private company decision-making framework that the FASB and the PCC are developing.
A former KPMG LLP senior audit partner faces federal criminal and civil charges for his involvement in a web of deceit that included tipping off a friend about upcoming corporate earnings releases and merger announcements.
The insider trading scandal that has engulfed KPMG LLP, causing it to resign as auditor at two companies and fire a partner, contributes to the negative image the public accounting industry gained due to its role in the run-up to the 2008 financial crisis.
The DOJ and SEC recently published a guide that provides insight into the Foreign Corrupt Practices Act and how the agencies carry out their ongoing fight against corruption within companies throughout the world.
KPMG LLP has resigned as auditor at the nutritional products maker Herbalife Ltd. and the footwear retailer Skechers USA Inc. because a senior partner at the accounting firm who was involved with their accounts was being investigated for insider trading.
Mary Jo White, a former federal prosecutor for the Southern District of New York, was unanimously confirmed as chairman of the Securities and Exchange Commission (SEC) by the US Senate on April 8, 2013.
The partner in charge of KPMG's audit practice in Los Angeles was fired immediately after the firm learned late last week of the partner's involvement in providing nonpublic client information to a third party and using the information in stock trades involving several companies.
The SEC says companies may use social media (e.g., Facebook, Twitter) to disclose key information and still be in compliance with Regulation FD, as long as investors know where to look for the information.