Over half of accountants see the profession as a gateway for entrepreneurship, according to a new study. The latest edition of an annual report by the Association of Chartered Certified Accountants found that 54% of North American respondents say they have career ambitions to be entrepreneurs, including 78% of Gen
The Financial Accounting Standards Board released an accounting standards update Monday to improve the requirements for identifying the accounting acquirer in business combinations such as mergers and acquisitions. The update applies to Topic 805, Business Combinations, and Topic 810, Consolidations, in FASB’s Accounting Standards Codification, and is based on a
From Apple Inc. to General Motors Co., corporate America is bracing for tens of billions of dollars in damages from Trump’s trade war — and that’s before most affected goods have landed. Among U.S. companies that have disclosed financial projections so far, GM sees a $5 billion hit this year,
The U.S. Department of Education plans to resume collecting defaulted student loans on May 5 after a years-long pause since the pandemic. The department said it hasn’t collected on defaulted student loans since March 2020. The resumption of collections under the Trump administration comes after courts blocked the Biden administration’s
Ohio’s new law providing an alternative path to a CPA license has taken effect after 90 days and the Ohio Society of CPAs is pointing out another provision of the law, enabling out-of-state CPAs to practice in the Buckeye State. Ohio Gov. Mike DeWine signed House Bill 238 in January,
The Los Angeles entertainment industry has long relied on highly skilled freelancers and independent contractors to power its film, television and musical entertainment projects. According to a Los Angeles County Economic Development Corp report, nearly 100,000 freelance professionals and other independent contractors — more than one-third of the total workforce
The Securities and Exchange Commission voted to end its legal defense of the climate-related disclosure rule it approved last year under the Biden administration. The climate disclosure rule was facing numerous lawsuits from business groups and a temporary stay imposed by a court. The SEC had already paused it last
Paul Atkins, President Donald Trump’s pick to lead the Securities and Exchange Commission, faced an early political test over his strong ties to Wall Street and digital-asset firms. At his nomination hearing Thursday, the former Republican SEC commissioner and founder of consulting firm Patomak Global Partners met with stiff opposition
The CFA Institute released a paper Wednesday urging the Financial Accounting Standards Board and the International Accounting Standards Board to require more detailed disclosures of intangible assets before companies can recognize them on the balance sheet. The paper from the financial analyst group pointed out that, in terms of GDP,
The Securities and Exchange Commission’s new EDGAR — Electronic Data Gathering, Analysis, and Retrieval — system will go live on March 24. Once live, filers can begin enrolling in “EDGAR Next” by submitting an amended Form ID, the application used to obtain EDGAR access credentials. The SEC provided guidance and