Industry News
Accounting
Top stories summarized by our editors
7/23/2021

The International Financial Reporting Standards Foundation is considering creating a board that establishes international sustainability reporting standards. AICPA & CIMA have written a comment letter supporting the effort while saying it is crucial to establish an independent standard-setting process and to appoint skilled and experienced members to the board.

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FM
7/23/2021

Asking your data team the right questions to inform decision-making is a crucial skill for an organization. This article explains how to do this.

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INSEAD Knowledge
7/23/2021

Companies and insurers are grappling over whether business interruption policies should cover financial losses related to shuttered operations during the pandemic.

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CFO
7/23/2021

As advance payments start hitting taxpayers' bank accounts, here's a look at significant changes to the child tax credit and child and dependent care credit for the 2021 tax year, which made the credits larger for most taxpayers and more widely available.

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The Tax Adviser
7/23/2021

Some states have passed legislation supporting a workaround for owners of pass-through businesses for the $10,000 cap on deductions for state and local taxes. Legislation is pending in certain other states.

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CNBC
7/23/2021

A good job-searching strategy involves proactively contacting prospective employers right as they think they need to hire someone. To do this, you need to identify the right person at the company.

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Lifehacker
7/23/2021

Cybersecurity is a rapidly expanding opportunity for firms to offer advisory services. In this podcast episode, learn how firms of any size can identify, prepare for and take advantage of cybersecurity advisory opportunities. Also, learn about the Internal Revenue Service's Tax Pro Account and recent changes to Financial Accounting Standards Board lease accounting standards.

7/23/2021

Commercial insurance pricing climbed 19% in the second quarter of the year, according to Marsh, registering the largest increase since the introduction of the quarterly Global Insurance Market Index. The index shows that property insurance rates were up 19% globally, while casualty pricing climbed 7% and financial and professional lines grew 37%.

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Reinsurance News
7/23/2021

The pandemic did not have a significant impact on wait times for medical treatment for injured workers with claims unrelated to COVID-19, a Workers Compensation Research Institute report found. The average wait time, measured in days, varied less than 1.5% for almost all kinds of treatment when comparing the second quarter of 2020 with the same period in 2019.

7/23/2021

South Carolina is looking to address insurance fraud with a task force that includes participation from the attorney general's office, the state's Department of Insurance and the South Carolina Law Enforcement Division. Assistant Attorney General LaRone Washington noted that many fraudulent claims are related to automobile accidents and that eliminating fraud could have a significant impact on premiums.