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Category: Accounting

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Auditors Swept Up in SPAC Regulation

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Like other trendy investment vehicles that skyrocketed in popularity and then faced a sharp decline, special purpose acquisition companies (SPACs) are seeing yet another indication that they are subject to the laws of financial gravity. New...

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Thorny Tax Developments Await U.S. Companies

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Back in October 2021, more than 130 member jurisdictions of the Organisation for Economic Co-Operation and Development negotiated the framework for new international tax rules affecting multinational companies. Rather than using the tax rat...

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First Inspections Find Massive Holes in Chinese Audits

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Regulators have released the results of their first inspections of audits of U.S.-listed Chinese companies, and they’re not pretty. Analyses revealed “unacceptable deficiencies” in audits performed by KPMG’s Chinese arm and PricewaterhouseC...

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Fallout From Accounting Class Actions Could Extend Beyond Issuers

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Although we have ample evidence to the contrary, the idea of an accounting scandal seems strange because it is hard to imagine accountants engaging in scandalous behavior. We picture accountants as meticulous bean counters – hardly the type...

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FASB Issues Proposed Update for Crypto Accounting

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When it comes to regulating cryptocurrency, the federal government for roughly a decade has taken the de facto position of kicking the can down the road. Even though the task of defining what crypto is has flummoxed regulators, that hasn’t...

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