IFRS Foundation adds Hales, Jantzi to ISSB board

The International Sustainability Standards Board is reaching quorum strength with the appointments of Jeffrey Hales, chairman of the Sustainability Accounting Standards Board and an accounting professor at the University of Texas, as a member, along with Michael Jantzi, a member of the board of directors at the Value Reporting Foundation and a former CEO of … Read more

Securities and Exchange Commission to require e-filing for investment advisors and institutional investment managements

The Securities and Exchange Commission approved new rules that required institutional investment managers and investment advisors to file certain forms electronically. Specifically, applications for orders under the Advisers Act on EDGAR; confidential treatment requests for Form 13F filings on EDGAR; and Form ADV-NR (through the IARD system) must now be filed electronically. The SEC further … Read more

Firms step up recruiting amid talent shortage

Accounting firms are trying to entice more young people to join the accounting profession as the number of open positions grows during the Great Resignation and a wave of retirements. During the COVID-19 pandemic, many accounting students delayed scheduling and sitting for the CPA exam because of testing limitations and challenges, according to a report … Read more

Wayfair hearing may lead to remedial sales tax legislation

A Senate Finance Committee hearing on June 14, 2022, may lead to legislation affecting states’ treatment of sales tax. The Supreme Court decision in Wayfair, which removed the physical presence test as a requirement for states to impose a sales tax nexus, has altered the sales tax landscape of virtually every state since it was … Read more

US capital gains from Bitcoin estimated to be $30 billion says report

US holders of Bitcoin generated about $30 billion worth of capital gains in 2021 alone, which, if all successfully taxed at the 15% rate, would mean $4.5 billion in additional government revenue. According to a recent report from IVIX, which sells software solutions to tax authorities, researchers first determined the value of all Bitcoin transactions … Read more

KPMG’s US and Canadian firms debuted a metaverse collaboration hub Wednesday where its employees, clients and communities will be able to connect, engage and explore growth opportunities across industries and sectors during virtual meetings. The firm envisions a virtual office space where avatars will be able to interact in meetings and training sessions and showcased … Read more

Grant Thornton releases cloud-based tool for ISQM 1 compliance

Top 10 Firm Grant Thornton has announced the release of a new application, “qm.x,” which is meant to help accountants meet the compliance requirements of the International Auditing and Assurance Standards Board’s new International Standard on Quality Management 1. ISQM 1 was released late 2020. Taking effect this December, the standard encourages firms to design … Read more

PCAOB sets new requirements for use of multiple audit firms

The Public Company Accounting Oversight Board adopted a set of edits Tuesday to its auditing standards to strengthen the rules that apply to audits involving multiple audit firms with new requirements for a lead auditor’s use of other auditors. The amendments, which came after three solicitations from the PCAOB for outside comments, aim to improve … Read more