In a staggering loss for U.S. prosecutors, a jury found U.K. tech tycoon Mike Lynch not guilty of criminal charges that he pulled off Silicon Valley’s biggest-ever fraud 13 years ago by duping Hewlett Packard Co. into buying his software startup for $11 billion. Lynch’s victory in San Francisco federal
Prosecutors said the financial chief of the Detroit Riverfront Conservancy used the group’s funds for personal purchases from Louis Vuitton and a diamond dealer.
The Financial Accounting Foundation commemorated the 40th anniversary of the creation of the Governmental Accounting Standards Board in its annual report and also referenced the 50th anniversary last year of the Financial Accounting Standards Board. The report, released Wednesday, offers an overview of the major milestones over the last 40
The Governmental Accounting Standards Board released an updated standard Tuesday to improve some of the main components of the financial reporting model for state and local governments. GASB Statement No. 103, Financial Reporting Model Improvements, builds on the older Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State
A newly announced change to the CPA exam marks a big step in the right direction, and it’s coming just in time. The accounting profession needs to evolve in order to face a new reality. The updated test indicates that more and more people in our field are recognizing that.
Small and midsized business owners and their financial advisors have deep concerns about the damaging impact of bribery and corruption, according to a new survey. Over half (59%) believe that standing up to bribery and corruption will cost them business trade or opportunities, according to the report, which was released
You don’t need a business degree to know the importance of a strong bottom line. A good bottom line drives revenue, fuels growth and leads your company to long-term success. It’s only natural that you’ll want to defend it when it is threatened by something such as invoice fraud. For
Senior citizens often fall victim to elder financial abuse, even at the hands of their closest relatives, but accountants can help protect them. Seniors lost over $3.4 billion to elder fraud in 2023, according to the FBI, an 11% increase from 2022. Other estimates, attributed to the Better Business Bureau,
Regulators said BF Borgers failed to abide by accounting rules that its public company clients are required to follow.
The number of jobs in the private sector grew by 192,000 last month, while annual pay increased 5.0% year over year, payroll giant ADP reported Wednesday. The service-providing sector added 145,000 in April, including 22,000 in professional and services such as accounting and tax preparation, 16,000 jobs in the financial