Category Archives: Industry News
According to insurance industry accounting standards, insurance companies are unique and therefore, have different financial transactions than most businesses. Insurance companies create value by doing several activities such as paying claims up front and then trying to collect a reimbursement, paying a portion of a claim and sharing responsibility with another insurer or even collecting premiums […]
The Government Accounting Standards Board has recently made an announcement that will directly benefit CPE insurance industry accounting. The announcement involves the approval of two new standards that will significantly improve the accounting and financial reporting by state and local governments for post employment benefits other than pensions, primarily retiree health insurance. The two new […]
Innovation is what drives all value in any organization. Here are 3 ways accounting firms can foster innovation and stay true to their culture.
The AICPA and the National Association of State Boards of Accountancy recently proposed changes in the methods used for educating CPAs to the Statement on Standards for Continuing Professional Education (CPE). Among the methods, nano-learning and blended learning were mentioned. Implementing these two emerging methods would align the standards with recommendations of the AICPA Future […]
Leadership and strategic thinking are basic skills that any professional needs to possess in order to advance in their career. However, a recent survey of hiring managers discovered a large gap between the skills entry-level workers needed and the skills they possessed. The survey found that 80 percent of the company hiring managers were searching […]
With the ever-growing online software systems for finances, things are getting easier for customers and more difficult for the employees trying to reach them. Are financial advisors at risk with the newest advising software? Financial advisors are often out of many people’s price range, but this new online application is free – applicable to […]
2015 has been a great year for female executives in the accounting industry, as two of the Big Four accounting firms have named female CEOs. KPMG announced its first-ever female CEO, Lynne Doughtie, on April 21. This might seem like a big milestone for the industry, but statistics have shown an increase in women in […]
During the 2012 presidential election, the Obama and Romney campaigns received over $4 billion from individual donations, political parties, action committees and congressional candidates. The total amount comes to over $4 billion, which is less than the 2012 GDP of Sweden, Austria, Chile and other small countries. Of that $4 billion, almost $602 million […]
As you may have heard, last week FASB issued a proposed Accounting Standards Update that would defer the effective date of its new Revenue Recognition standard by one year. Just because FASB has given more time, it does not mean you should delay investigating the impact it could have. The delay was provided to give […]
Think you don’t need to worry about going concern disclosures because the new FASB rules aren’t in effect yet? Well, we’re encouraging you to think again! Even for those who aren’t implementing ASU 2014-15 early, it is still relevant to discuss going concern disclosures now under existing rules. Going concern is an area […]
