Key Accounting Industry & Insights Updates October 2022 - PowerPoint PPT Presentation

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Key Accounting Industry & Insights Updates October 2022


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Title: Key Accounting Industry & Insights Updates October 2022

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1. IRS Sending Extra Refunds to 1.6 Million
Americans in 2022
Many Americans may receive an extra refund this
fall from the Internal Revenue Service. Those who
were assessed a late penalty on their 2019 or
2020 tax returns will receive an automatic refund
if they have paid those fees, or a credit if they
filed and havent yet paid, the agency said. In
total, about 1.2 billion will be refunded or
credited. The agency says the goal is to provided
relief to both individuals and businesses
impacted by the pandemic, and also allow the IRS
to focus its resources on processing backlogged
tax returns and taxpayer correspondence to help
return to normal operations for the 2023 filing
season. Read more
2. PCAOB, China sign agreement opening door for
PCAOB, China sign agreement opening door for
inspections. The PCAOB on Friday took a
significant step toward achieving its goal of
holding public companies in China and Hong Kong
that trade on the U.S. capital markets to the
standards already enforced in other countries.
The PCAOB announced it has signed a Statement of
Protocol with the China Securities Regulatory
Commission and the Ministry of Finance of the
People's Republic of China. Read more
3. Employers added 315K jobs in August, including
1,700 in accounting
The economy gained 315,000 jobs last month, the
U.S. Bureau of Labor Statistics reported Friday,
although the unemployment rate inched up
two-tenths of a point to 3.7. One of the big
winners was professional and business services,
which gained 68,000 jobs in August, including
1,700 in accounting and bookkeeping services.
Over the past year, the professional and business
services sector has added 1.1 million jobs. Read
4. Tech News Bloomberg launches Inflation
Reduction Act resource
Bloomberg Tax launches an info page for the
Inflation Reduction Act SAP names a new CFO and
other news from the world of accounting
technology. Partnerships and integrations
CPACharge, which makes payments software designed
for accountants, has entered a partnership with
the Colorado Society for CPAs that includes
1,500-CPE course offerings, member networking,
course offerings and on-demand e-learning
selections. It also provides society members
access to CPACharge. ProNovos, an analytics and
software firm aimed at construction
subcontractors, and Somerset CPAs and Advisors
announced an analytics partnership. Read more
5. CIOT calls on next PM to make vital
improvements to tax system
The president of the Chartered Institute of
Taxation, Susan Ball, has written to both Rishi
Sunak and Liz Truss setting out the institutes
views on what should be the new prime ministers
priorities for the tax system. In the letter,
Ball sets out that given the pressing public
interest in a better working tax system, the
Chartered Institute of Taxation has identified
three linked priorities which it believes are
widely supported and that the new prime
minister must act upon. Read more
6. AICPA Recognizes Innovative Accounting
AICPA News is a round-up of recent announcements
from the American Institute of CPAs and the
Association of International CPAs. The AICPA has
named the award recipients for the 2022 Effective
Learning Strategies (ELS) Awards, given each year
to college and university educators who develop
unique and effective teaching tools for
introductory, upper-division, and graduate
courses. Read more
7. Proposed revisions to the AICPA tax standards
The AICPA released proposed revisions to the
Statements on Standards for Tax Services (SSTSs)
for public comment on Monday. The combined
document includes revisions to the existing
standards, three new standards, and an invitation
to comment on the subject of quality management
in tax. The SSTSs are the enforceable tax ethical
standards that CPAs abide by and apply to all
members providing tax services regardless of the
jurisdictions in which they practice. Many state
boards of accountancy also incorporate the SSTSs
as part of their professional rules of conduct
for CPAs. Read more
8. Florida man pleads guilty to 100M crypto
Ponzi scheme
The Department of Justice announced that Joshua
Nicholas, a 28-year-old Florida man who acted as
head trader for ostensible cryptocurrency
platform EmpiresX, pleaded guilty to taking part
in a Ponzi scheme that ultimately scammed 100
million from its victims. Nicholas admitted that,
with several unnamed co-conspirators, his company
claimed that it used an AI-powered trading bot
that would maximize profits. In truth, however,
if anyone ever did make money from the scheme, it
came from the deposits of later investors, which
is pretty much the definition of a Ponzi scheme.
Read more
9. Atlanta Firm Brown, Nelms Merges into Carr,
Riggs Ingram
Carr, Riggs Ingram (CRI) will increase its
investment in the Greater Atlanta area with the
merging of Peachtree City-based firm Brown, Nelms
Co., P.C. Top 25 nationally ranked accounting
and advisory firm Carr, Riggs Ingram (CRI) will
increase its investment in the Greater Atlanta
area with the merging of Peachtree City-based
firm Brown, Nelms Co., P.C. Brown Nelms and
CRI share a strong commitment to serving the
greater Atlanta area, extensive histories of
exceptional client service, employee-focused
cultures, and a dedication to forging growth in
our profession, stated Bill Carr, CRIs managing
partner and chairman. Read more
10. FRC reveals new signatories to UK Stewardship
Signatories include the likes of Allianz Global
Investors, Cohen and Steers UK Limited, J.P.
Morgan Asset Management, NatWest Group Pension
Fund, and Northern Trust Asset Management The
Financial Reporting Council (FRC) has revealed
the list of signatories to the UK Stewardship
Code following its Spring 2022 assessment. It is
reported that after the extensive review process
which considered organisations investment
styles, sizes and types, 43 new signatories were
added, taking the total number of signatories to
236, with assets under management (AUM) of
40.7tn, an increase from 33.3tn. Read more
11. SEC chair seeks increased regulation of
SEC chair Gary Gensler is calling on cryptoasset
entities to register with the agency under
current securities laws while referencing the
possibility of new legislation. "Nothing about
the crypto markets is incompatible with the
securities laws," Gensler said. "Investor
protection is just as relevant, regardless of
underlying technologies." Gensler made the
remarks as a part of The SEC Speaks in 2022, an
annual event hosted by the Practising Law
Institute. Read more
12. FASAB issues updates to technical releases
The Accounting and Auditing Policy Committee
(AAPC) of the Federal Accounting Standards
Advisory Board (FASAB) issued technical releases
on Tuesday, including one on implementation
guidance for leases. The issuance of Federal
Financial Accounting Technical Release (TR) 21,
Omnibus Technical Release Amendments 2022
Conforming Amendments, provides conforming
amendments to four previous technical releases.
Read more
13. U.S. to start review of Chinese audit
documents next week, Gensler says
U.S. watchdogs will review the audit documents of
Chinese businesses that trade in New York
starting next week, according to Securities and
Exchange Commission Chair Gary Gensler. The
inspections, which will take place in Hong Kong
under a preliminary agreement reached between
American and Chinese regulators, are a first step
to avoiding the delisting of about 200 firms from
U.S. markets. Their possible removal stems from
Beijing's longstanding refusal to let the Public
Company Accounting Oversight Board review the
audit work papers of firms based in China and
Hong Kong. Read more
14. Paychex Launches Voice-Activated Payroll
Paychex, Inc., a provider of integrated human
capital management software solutions for human
resources, payroll, benefits, and insurance
services, has announced an enhanced user
experience to Paychex Flex, the companys
SaaS-based HR software solution, a new
conversational artificial intelligence (AI)
feature called Paychex Voice Assist. Paychex
Voice Assist enables payroll admins to run
payroll through any Google Assistant-compatible
device for a hands-free experience, simplifying
and automating the payroll process with the sound
of a verified users voice. Read more
15. Deloitte reports record revenues of 59bn
in FY22
Deloitte has welcomed record global revenues of
59.3bn (50.8bn) for the fiscal year in FY22, a
19.6 increase in local currency against the
prior year. In a seven-year period, Deloitte has
seen its revenue grow by 24bn (20.5bn), or 69,
in USD terms. Among its businesses, Consulting
revenue grew fastest at 24.4 in USD, followed by
Financial Advisory, which grew 22.1. Meanwhile,
Technology, Media and Telecommunications (TMT)
was the fastest growing industry, followed by
Financial Services. Read more
16. Sage to acquire Lockstep
The acquisition does not affect Sages previously
communicated financial guidance and is expected
to close by the end of September. Accounting
software company, Sage, has agreed to acquire
Lockstep, a provider of cloud native technology
that automates accounting workflows between
companies. The acquisition of Lockstep is said to
accelerate Sages strategy for growth by
broadening its value proposition for small and
medium businesses (SMBs) and by expanding Sages
digital network. Read more
17. Forvis acquires ProBank Austin
Forvis, a Top 10 Firm created by the merger in
June of BKD and Dixon Hughes Goodman, made its
first acquisition Monday, adding ProBank Austin,
a firm that provides education, loan review,
regulatory compliance, asset/liability and
interest rate risk management, and capital
advisory services to financial institutions,
effective Oct. 1. ProBan Austin has offices in
Nashville, Tennessee Louisville, Kentucky and
Toledo, Ohio, and annual revenue of approximately
20 million. More than 50 professionals,
including two managing directors, will join
Forvis as part of the merger. Read more
18. IRS wins order for SFOX customer data in
crypto tax push
M.Y. Safra Bank must produce information to the
Internal Revenue Service about customers who may
have failed to pay taxes on cryptocurrency
transactions through prime dealer SFOX Inc., a
U.S. judge ruled Thursday. The IRS requested the
information to determine if taxpayers are
reporting crypto profits and losses on their tax
returns, according to a statement from Damian
Williams, the U.S. attorney for the Southern
District of New York. Read more
19. Boeing Will Outsource Finance and Accounting
Jobs to India with Layoffs Coming
About 150 jobs nationwide will be cut in the
first batch of layoffs, with more to come next
year and thereafter. By Dominic Gates, The
Seattle Times (TNS). Boeing told nonunion
corporate staff in an all-hands virtual meeting
this month that it will begin outsourcing finance
and accounting jobs to Tata Consultancy Services
of India. Boeing said Tuesday that about 150 jobs
nationwide will be cut in the first batch of
layoffs, with more to come next year and
thereafter. The first layoff notices will go out
in October. Read more
20. Deloitte to hire over 6,000 new auditor
assurance professionals
Deloitte UK will invest more than 125m in the
firms audit product and quality improvements, as
well as on learning and development for the audit
and assurance teams. Deloitte has announced it is
set to hire more than 6,000 new people into the
firms UK audit and assurance practice over the
next five years. The news means that the firm
will hire at least 1,200 new auditors and
assurance professionals every year between now
and 2027. Read more
21. Accounting and Finance Salaries Increasing,
Says Report
The study found that demand for these roles is
most acute in California, Texas, New York,
Florida, Illinois, North Carolina, Ohio, and
Georgia. According to a new report from Randstad
USA, finance and accounting professionals remain
in the drivers seat of the labor market, with
demand rising for roles like financial analysts
and staff accountants. Other positions requiring
similar skills that are especially in demand
include accounting managers, controllers, and
payroll coordinators/clerks. Read more
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