CPAs in Industry

The Financial Accounting Foundation (FAF) has announced that it is planning a series of roundtables and a webcast in order to educate people on its new proposal to establish a board that will focus on issues pertaining to pr

Wall Street’s dependence on BlackBerry smartphones became painfully apparent as the network’s outage this week caused chaos throughout the financial sector, according to the New York Times.

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Although many once-stalwart industries are feeling the pinch from the current economic crisis, several sectors, including accounting, are not only remaining strong but are actually growing in these harsh financial times, according to the Wall Street Journal. Data from job search website Monster.com shows that the number of companies seeking qualified accounting personnel increased by 12 percent over the last 120 days.

Online coupon site Groupon.com was forced to halve its stated revenues as a result of what the company said were accounting errors that forced it to restate its financial results, according to the New York Times.

Credit-rating agency Standard and Poors has warned that, should the United States, through the Financial Standards Accounting Board (FASB) adopt a proposed standard on balance sheet offsetting as part of its convergence project with the International Accounting Standards Board (IASB), U.S.

In a move that rocked share prices over the past weekend, said Thomson Reuters, the U.S. government announced a lawsuit against 17 banks across the world, including big players like Bank of America and Goldman Sachs, for the role it says they played in the real estate market collapse that preceded the most recent financial crisis.

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The NYSSCPA will host a panel discussion on July 11 during the Annual Leadership Conference, which will explore the recommendations of the Blue-Ribbon Panel on Standards Setting for Private Companies recommendation that a private company accounting standards board be formed to oversee a modified form of U.S. Generally Accepted Accounting Principles (GAAP) that would apply to nonpublic entities.

In a unanimous vote on May 23, the AICPA Council approved a motion to partner with the London-based Chartered Institute of Management Accountants (CIMA) to create a new international management accounting credential, the AICPA announced in a press release.