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September 26, 2023

Accounting News Roundup: An Expensive Tax Law; CFO Optimism; EY, Deloitte U.K. Report Pay Gaps | 03.08.18

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Tax Law Doesn’t Pay for Itself, Harvard Economists Find [WSJ]
But we already knew that. The latest analysis from Professors Jason Furman and Robert Barro found that the TCJA would “boost U.S. gross domestic product by a total of about 0.4% by the end of a decade,” but cost $1.2 trillion.

CFO Optimism Climbs to 22-Year High [CFO]
Yes, believe or not, corporate finance chiefs are pret-tay, pret-tay, pret-tay excited about tax cuts. More are worrying about the U.S. reaching full employment, however. So while confidence is at a 22-year high, anxiety about “hiring and retaining qualified employees” is too.

EY becomes first big UK accounting firm to publish partners’ pay gap data [FT]
The Black and Yellow reports a “19.5 per cent median and a 38.1 per cent mean gap between its male and female staff in the UK, including all partners.” The Big 4 had previously only reported pay gaps that excluded partners until some other businesses and MPs complained.

Elsewhere: Deloitte Pays U.K. Women 43% Less Than Men (including partners)

Teladoc is having accounting problems [Axios]
The telemedicine company revealed a material weakness in its stock compensation accounting but promised its team would “undergo ‘renewed training’ on how to book stock awards.”

Geniac, the office as a service, is shutting down after Grant Thornton pulls support [TechCrunch]
The London-based startup was supposed to be “a one-stop-shop for SMEs that integrated payroll, accounting, legal and HR services into a single platform.” Grant Thornton U.K. invested £22 million in 2015, but confirmed that it would discontinue the service on April 5th.

Previously, on Going Concern…

Jason Bramwell interviewed nonprofit controllers, discussing their career paths to organizations that give back to their communities.

I noted that some people predictably freaked about a NASBA tweet regarding the timing of the release of CPA exam scores. Good news: The scores came out pretty much on schedule.

In Open Items, What comes after public accounting?

From the archives: How Can a Prospective Intern Relate to a Partner During an Interview? See also: There’s No Way Someone at Deloitte Leaked Those Carolina Panthers Financial Statements

In other news:

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