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February 5, 2023

Friday Footnotes: Torturing Detainees With Accounting; Deloitte Loves Foreigners; Another CPA Partnership | 2.7.20

Deloitte Top Participant in H-1B Foreign Worker Program—By Far [Bloomberg Law] Deloitte’s use of skilled foreign workers under the H-1B program, which is largely associated with technology companies, is far greater than any other applicant, according to a Bloomberg Law analysis of fiscal year 2019 Department of Labor data. A total of 57,259 H-1B visa workers were approved by DOL to work at the firm, including workers requested by itself and by staffing companies to place there, the data show. The total dwarfs second-place Qualcomm Inc., which is associated with applications for 29,623 visas.

KPMG chair Bill Michael: ‘Companies should be allowed to fail’ [Financial News] Someone bookmark this quote, I have a feeling it will come in handy later.

Bernie Madoff has ‘less than 18 months to live,’ seeks release from prison [NY Post] Madoff’s Manhattan federal court filing says the 81-year-old con man — who’s serving a maximum, 150-year sentence — is terminally ill with “end-stage” kidney disease and a host of other “chronic, serious medical conditions,” including high blood pressure and heart disease. It also calls the punishment that Madoff received in 2009 “symbolic” and invokes the “First Step Act” that President Trump signed into law in 2018 to help reduce the federal prison population. “It is evident from a review of the [applicable] factors that Madoff presents no danger to any person or the community,” the filing says.

New threats to CPA licensing posed in 2020 legislative year [Journal of Accountancy] Smithers, fetch me the tinfoil hats.

New Study Underscores The Top Digital Trends Changing The CFO Role Today [Forbes] The Sage survey interviewed 500 financial decision-makers nationwide, including CFOs, finance directors, accountants, and controllers. About 85% of respondents were from firms with between 100 and 499 employees, while the remainder were from smaller firms.

AICPA and NASBA sign mutual recognition pact with South African accountants [Accounting Today] The American Institute of CPAs and the National Association of State Boards of Accountancy have inked a mutual recognition agreement with the South African Institute of Chartered Accountants, effective Jan. 15, 2020. The deal provides a pathway for South African Chartered Accountants and U.S. CPAs to have their credentials recognized in both their countries.

Quarantined on military bases, U.S. evacuees resort to Zumba, stairwell races, accounting classes [Washington Post] “When people hear quarantine, they think of the zombie apocalypse, movies like ‘World War Z,’ ” said Matthew McCoy, 55, another evacuee. “But the reality is it’s what you make of it.”

New GASB standard addresses lease accounting, OPEB, other issues [Journal of Accountancy] Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed Wednesday in an omnibus standard issued by GASB.

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