Please ensure Javascript is enabled for purposes of website accessibility
September 25, 2023

Accounting News Roundup: PwC in Court, Robots and Stalled Tax Reform | 03.08.17

accounting-news-pwc-mf-global-tax-reform

PwC in court

I wrote about some people using PwC to get out of jury duty yesterday and this Financial Times article gives you a pretty good idea of what they’re missing:

Both sides’ opening statements made clear that the 10-strong jury will be expected to grasp complex US accounting rules: specifically, a standard known as ASC 860, which covers transfers of assets.

It’s surprising that more people from the jury pool didn’t all of a sudden have strong prejudicial feelings about PwC.

Robots

Yesterday we discussed the struggle that some companies have had in finding some decent accountants. The good news for companies frustrated with this shortage is that they can just give up and buy some software:

Although there’s great demand for more technical accountants—regulatory experts who can understand changes to Generally Accepted Accounting Principles and ensure that management and staff comply—more companies are turning to software to handle more mundane accounting tasks, leading to smaller staffs.

Large companies reduced by 43% the number of full-time employees in financial departments’ back offices between 2004 and 2016, according to Hackett Group, a consulting firm.

I imagine some small accounting firms are hoping that corporate employers speed up their automation plans so they can have all the feral accountants for themselves.

How’s tax reform coming along?

Uh, well…it’s not? Tony Nitti writes in Forbes that tax reform is stuck in the mud for a couple of reasons:

1) Supreme Leader Donald Trump hasn’t really endorsed the plan put out by Speaker of the House Paul Ryan and Ways & Means Committee Chairman Kevin Brady;

2) The replacement of the Affordable Care Act (“ACA”) has to come first because it has been earmarked for reconciliation, meaning that it has to be “attached to the passing of a budget.” That only happens once a year and trying to repeal/replace ACA and push through tax reform together would never break out of the 7th ring of legislative hell.

Elsewhere in tax reform obstacles, Howard Gleckman of the Tax Policy Center writes more on the ACA hurdle and mentions that the Russia connection also isn’t helping matters.

Previously, on Going Concern…

Marsha Leest wrote about how your verbal and non-verbal communication create the persona that employers see. Rachel Andujar wrote about the best line of BS she ever heard during her time in public accounting. And my aforementioned mention of the jury duty avoiders.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Woman wearing a dunce cap writing I WILL NOT on a concrete wall

Look What PwC Made the Australian Government Have to Do

The Australian government released exposure draft legislation yesterday in response to “the PwC matter” and the funniest part is the special email they made to receive comments: [email protected]. Not ConsultingReponse or Sept23TaxReform, specifically PwCResponse. In four separate exposure drafts that amend the Taxation Administration Act 1953 (TAA) and/or the Tax Agent Services Act 2009 (TASA), […]

PwC Canada Totally Blew Their Perfect Score on PCAOB Inspections This Time Around

A few days ago the paper-pushers at the PCAOB released 15 new inspection reports and three expanded reports for the following firms: Inspection reports De Visser Gray LLP (Canada) Ernst & Young Limited Corp. (Panama) Frost, PLLC Harbourside CPA LLP (Canada) Keith K Zhen CPA Maggart & Associates, P.C Miller Wachman LLP PBMares, LLP PKF […]