Industry News
Accounting
Top stories summarized by our editors
4/15/2021

A memorandum signed by IIA President and CEO Anthony Pugliese and the Vietnamese Ministry of Finance will provide internal auditors in Vietnam with access to IIA standards, guidance, resources, training and global certification programs. "This effort will foster transparency and effectiveness in corporate governance," Pugliese says.

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CEO Anthony Pugliese
4/14/2021

The brown-and-cream colored signs that welcome you into national forests and monuments were installed starting in the 1960s and were largely created by Forest Service ranger Virgil "Bus" Carrell. He used different shapes to denote trails, overlooks and ranger stations, with the idea that text "should develop no more than one topic and have a warm tone."

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Atlas Obscura
4/14/2021

People thinking of retiring soon should be aware of the challenges of leaving the workforce during a market peak and the potential for sequence-of-return risk.

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CNBC
4/14/2021

The acronym for the Governmental Accounting Standards Board's "comprehensive annual financial report" sounds like a South African ethnic slur. So the board is proposing a name change to "annual comprehensive financial report."

4/14/2021

Accounting guidance from the Securities and Exchange Commission for special-purpose acquisition companies questions whether warrants can be considered equity instruments. Under the guidance, warrants might be viewed instead as liabilities, potentially leading many SPACs to refile financial statements.

4/14/2021

Written supervisory approval was not required for the initial assessment of a 10% additional tax on early distributions from qualified retirement plans, the Tax Court has held.

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The Tax Adviser
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SEC, Tax Court
4/14/2021

Internal Revenue Service Commissioner Charles Rettig has indicated the agency will be ready to begin sending monthly enhanced child tax credits to taxpayers in July. That month, the IRS plans to unveil an online portal to let taxpayers update information that might affect the amount of the credit.

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CNN
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Rettig
4/14/2021

Internal Revenue Service Commissioner Charles Rettig says uncollected federal taxes could be $1 trillion or more annually, an amount far exceeding the official $441 billion tax gap. One reason for the discrepancy is that virtual-currency holdings have increased.

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Politico
4/14/2021

In 1971, 50 years after the first Black CPA received his license, Elmer J. Whiting Jr. became the first Black partner of one of the nation's largest accounting firms. His achievement helped to influence and inspire his firm, his community and ambitious professionals following his footsteps.

4/14/2021

Companies and firms are looking outside their geographic area to find employees. Here's what they need to consider as they widen their search for candidates.