DIRS.INFO The most relevant business & tech news

☆ More Crypto Exchanges Verify Reserves, But Questions About Assets Remain
▼ + stars: | 2022-12-05 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Most crypto exchanges are privately held, meaning they don’t have to file financial statements with the Securities and Exchange Commission or get them audited. He added that customers of crypto exchanges should “look for as rigorous of that as you can look for regulatory reporting.”FTX founder Sam Bankman-Fried sat down with The Wall Street Journal to discuss what happened to the billions of dollars deposited by the exchange’s customers. Photo: Kenny Wassus/The Wall Street JournalSuch a third-party verification represents a step toward more transparency around crypto exchanges, but there are significant shortcomings, some academics said. Coinbase Global Inc. last month reported $95.11 billion in both customer crypto assets and liabilities for the quarter ended Sept. 30, up from $88.45 billion the previous quarter, filings show. Still, the PCAOB encourages investors to review reports on the work those companies’ auditors have done, Chair Erica Williams said at a conference Tuesday.

☆ FASB Again Aims for More Disclosure on Taxes From U.S. Companies
▼ + stars: | 2022-11-30 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

The Financial Accounting Standards Board on Wednesday said it wants companies to provide more information on their income taxes, the group’s latest attempt to give the public more detail on the companies they invest in. At least once a year, public companies have to disclose the amount of cash taxes they pay. Companies must also disclose their effective tax rate, or the ratio between their tax expense and their pretax income. The first proposal came in 2016 and would have required companies to distinguish their U.S. from their foreign income taxes, among other changes. This time, it sought a breakout of the amount of federal, state and foreign taxes public companies paid, as well as disclosure on a quarterly basis.

LONDON, Nov 30 (Reuters) - Half of senior leaders in Britain's financial and professional services should come from a working class or intermediate social background by 2030, a government-backed taskforce recommended on Wednesday. The Socio-Economic Diversity Taskforce, headed by the City of London Corporation, which administers the capital's historic financial district, was commissioned by the finance and business ministries. Around half of all employees in financial services and professional sectors like accounting and law are from non-professional backgrounds, and progress 25% slower than their middle and upper class peers, a report from the taskforce said. Employees from non-professional backgrounds are also likely to get paid up to 17,500 pounds ($20,977) less per year, with no link to job performance. The voluntary target of boosting this level to 50% of senior leaders by 2030 will be reviewed in 2025 to ensure it remains representative and achievable, the taskforce said.

☆ A Republican super PAC run by former NRA executives lost more than $158,000 in an email hack, federal records show
▼ + stars: | 2022-11-29 | by ( Madison Hall | ) www.businessinsider.com time to read: +5 min

A GOP super PAC lost more than $158,000 in an email hack, filings with the FEC indicate. The PAC, Secure Our Freedom Action Fund, is run by two former high-ranking NRA executives. Letter from Secure Our Freedom Action Fund to the Federal Election Commission. Sen.-elect Katie Britt, a Republican from Alabama, is one of the candidates that super PAC Secure Our Freedom Action Fund supported this year. The political action committees of three large trade associations reported stolen checks and fraudulent activity this election cycle as well.

☆ Audit Standards Overseer Also Backs Startups
▼ + stars: | 2022-11-27 | by ( Jean Eaglesham | ) www.wsj.com time to read: 1 min

An accounting trade body has invested in audit-related tech startups, while setting auditing standards and overseeing millions of audits—prompting concerns within the industry of potential conflicts of interest. The American Institute of Certified Public Accountants says its “shark-tank style startup accelerator,” illustrated on its website by a skateboarding man in a suit, is designed to foster innovation.

☆ Donald Trump once lost $900 million in just 2 years, one of his accountants said
▼ + stars: | 2022-11-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Donald Trump reported a $900 million loss over 2009 and 2010, one of his accountants testified, per Bloomberg. Donald Bender also said the Trump Organization reported yearly losses from 2009 to 2018, per ABC. Donald Bender, who worked on the company's taxes for 35 years, testified Tuesday that Trump had almost $700 million in losses on his personal tax returns in 2009 and $200 million in 2010, the publication reported. He also said that the Trump Organization reported losses each year between 2009 and 2018, per ABC. Former Trump Organization CFO Allen Weisselberg pleaded guilty in August to hiding hundreds of thousands of dollars in executive pay each year from tax authorities.

Cyber Monday is a better day to shop for tech deals and smaller gifts; you'll also see slightly better online prices. The short answer is that Cyber Monday has better deals overall — but it's close. When to shop Black Friday vs. Cyber MondayShop Black Friday for major stores. The exception is Amazon, which tends to have better deals on Cyber Monday, as long as you're a Prime member. The exception is Amazon, which tends to have better deals on Cyber Monday, as long as you're a Prime member.

☆ FTX's bankruptcy filings show the situations is much worse than anyone thought. From a million creditors to a stunning lack of oversight, here are the craziest details.
▼ + stars: | 2022-11-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +6 min

The downfall of crypto exchange FTX has led to a bankruptcy filing that is full of crazy details. From billion dollar loans to accountants in the metaverse, these are the craziest details of the FTX bankruptcy filing. In reality, according to the bankruptcy filing, FTX's crypto holdings have a fair value of just $659,000 as of September 30. FTX didn't have an accounting departmentRay said in the bankruptcy filing that FTX had compromised internal systems, faulty regulatory oversight, and inexperienced and unsophisticated people in charge of the company's finances. "In fact, there could be more than one million creditors in these Chapter 11 Cases," the bankruptcy filing said.

Ray's statement came with a flurry of Saturday morning filings in Delaware bankruptcy court. In those filings, FTX asked for permission to pay outside vendors, consolidate bank accounts, and establish new ones. The new FTX CEO asked that employees, vendors, customers, regulators and government stakeholders "be patient" with them. FTX said in a filing that there could be more than one million creditors in these Chapter 11 cases. FTX's bank accounts reflect the global influence of the crypto-asset empire.

☆ U.S. Audit Watchdog Looks to Strengthen Rules on Quality Controls
▼ + stars: | 2022-11-18 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

The regulator inspects audit firms’ approach to quality controls as part of its reviews. Fourteen audit firms issued audit reports for over 100 businesses apiece last year, the PCAOB’s website shows. Audit firms would have to conduct the first evaluation of their quality controls by the following Nov. 30. It is considering revising changes to rules on confirmations, a process by which audit firms obtain and evaluate audit evidence from independent third parties. The regulator is working to update more than 30 audit rules related to 10 of its standard-setting projects, many of which refer to outdated technology.

☆ Cristiano Ronaldo: Has Portuguese star ruined his legacy after TV interview slamming Manchester United?
▼ + stars: | 2022-11-16 | by ( Alasdair Howorth | ) edition.cnn.com time to read: +8 min

It is no secret that the Portuguese superstar has not enjoyed a fairytale reunion with Manchester United ever since he returned to Old Trafford last year. Since trying to force a move away from United over the summer, Ronaldo has featured sparingly, only making 16 appearances for the Red Devils. “He thinks he is [bigger than Ten Hag] and in the footballing world he is, but at Manchester United right now he’s not. Manchester United beat Fulham on Sunday, taking the club to fifth place in the Premier League table. In that statement, the club said: “Manchester United notes the media coverage regarding an interview by Cristiano Ronaldo.

☆ Macau Under Spotlight Amid U.S. Inspections of China-Based Audits
▼ + stars: | 2022-11-13 | by ( Mark Maurer | ) www.wsj.com time to read: +8 min

The PCAOB, which began inspections of China-based audits in September, will decide by year-end whether China is complying with the agreement. “We do not know if these firms, especially in the U.S., have been adequately supervising the Macau firms,” she said. The Macau firms’ work isn’t immune from PCAOB inspection. PwC Macau is a separate legal entity, but it is run as part of the firm’s China operations, a spokesman said. “The China firm is taking responsibility, treating it as a branch office,” Ms. McKenna said.

☆ These mutual funds are planning to hit investors with capital gains distributions. How to decide the right move for you
▼ + stars: | 2022-11-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

There may be some pain ahead for mutual fund investors in the form of capital gains taxes. "That means funds that have suffered steep falls this year could still distribute capital gains to investors," Welch said. John Hancock will pay double-digit capital gains distributions on several of its funds. Almost a dozen Nuveen funds will make 5% to 10% capital gains distributions, while twice that number of T. Rowe price funds will pay out between 4% and 21%. Passively managed funds may have distributions but they tend to be smaller than actively managed funds, Benz pointed out.

Economic output shrank by 0.2% in the third quarter, less than the 0.5% contraction analysts had forecast in a Reuters poll, Friday's official data showed. The Bank of England said last week that Britain's economy was set to go into a recession that would last two years if interest rates were to rise as much as investors had been pricing. Even without further rate hikes, the economy would shrink in five of the six quarters until the end of 2023, it said. "Fears of a recession are turning into reality," Suren Thiru, economics director for the Institute of Chartered Accountants in England and Wales, said. In September alone, when the funeral of Queen Elizabeth was marked with a one-off public holiday that shut many businesses, Britain's economy shrank by 0.6%, the Office for National Statistics said.

☆ Some OnlyFans creators have found a loophole to put their their nudes on TikTok
▼ + stars: | 2022-11-10 | by ( Morgan Sung | Morgan Sung Is A Trends Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +5 min

Some OnlyFans creators are using a TikTok artificial intelligence art filter to get around the platform’s community guidelines and promote their explicit content without getting their videos removed. People began posting AI-generated paintings of their explicit photos around late October, according to meme database Know Your Meme. tiktok and onlyfans creator amethyst roseAmethyst Rose, a creator known as walmartladygaga on TikTok, said she joined in on the trend because she'd previously heard that "TikTok is a good way to promote" an OnlyFans account. Instead of referring to explicit photos as "nudes," for example, TikTok users will write out the word as "n00ds" or "spicy pics." “Images also pass through the phone, so [they] may be backed up on the cloud.”Despite the restrictions on TikTok, Rose said that in her experience, TikTok remains the "best platform" on which to promote her OnlyFans content.

☆ 73 members of Congress have violated a law designed to prevent insider trading and stop conflicts-of-interest
▼ + stars: | 2022-11-02 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +2 min

Insider and other media have identified numerous US lawmakers not complying with the federal STOCK Act. Congress is now considering banning lawmakers from trading individual stocks. Congress passed the law a decade ago to combat insider trading and conflicts of interest among their own members and force lawmakers to be more transparent about their personal financial dealings. Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks. Here are the lawmakers discovered to have recently violated the STOCK Act — to one extent or another:

☆ Dentsply Sirona Finds Improper Accounting for Incentives, Plans to Restate Earnings
▼ + stars: | 2022-11-01 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

The company said it overstated net sales and net income for the nine-month period ended Sept. 30, 2021 by $35 million and $27 million, respectively. Dentsply also said it overstated its net sales and net income for the 2021 fiscal year by $20 million and $10 million, respectively. It also booked a combined $108 million in related net sales during those quarters. As a result, Dentsply overstated net sales in the third quarter of 2021 by roughly $4 million, which should have been recorded the following quarter. A re-evaluation of controls and procedures identified one or more material weaknesses in the company’s internal controls over financial reporting.

Black Friday is the biggest sale event of the year, when many products are heavily discounted. Since its widespread popularity, differing theories have spread about the origin of the name "Black Friday." But have you ever wondered where the holiday shopping extravaganza got its name? The term "Black Friday" was first coined in 1869 when two investors, Jay Gould, and Jim Fisk, caused a market crash by driving up the price of gold. Of course, the name stuck, and since then, Black Friday has evolved into a season-long event that's spawned more shopping holidays, like Small Business Saturday and Cyber Monday.

☆ How a creator economy startup that invests up to $2 million in individual influencers decides who to work with
▼ + stars: | 2022-10-31 | by ( Amanda Perelli | ) www.businessinsider.com time to read: +4 min

Payment startup Creative Juice invests directly in YouTubers in exchange for a cut of their ad revenue. Some YouTube creators are ditching traditional banks and turning to creator economy startups for capital. Rather than getting a loan from his local bank, he turned to creator economy startup Creative Juice. She told Insider that receiving investment from Creative Juice allowed her to make that jump and establish industry relationships. Creative Juice picks which influencers to work with based on a list of metrics, including historical and estimated future revenue, engagement, and views per video.

☆ Audit Regulator Steps Up Enforcement Under New Leader
▼ + stars: | 2022-10-29 | by ( Jean Eaglesham | Photographs Alyssa Schukar For The Wall Street Journal | ) www.wsj.com time to read: 1 min

The U.S. audit regulator is getting tougher on rule-breaking accountants after years of criticism for its alleged light touch. But there are limits to how much it can change. The shift is being led by the new chair of the Public Company Accounting Oversight Board, Erica Williams , who said, “When people cheat, you need to…make sure that there are serious consequences.”

☆ Trump's company: We don't need a monitor
▼ + stars: | 2022-10-27 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

REUTERS/David 'Dee' Delgado/File PhotoNEW YORK, Oct 27 (Reuters) - Donald Trump's namesake company urged a New York judge to reject a demand by the state's attorney general to appoint a monitor to oversee its financial practices, after she accused it of "staggering" fraud. "What the (attorney general) really seeks is a vague order justifying her assertion of control via a 'monitor' of the business affairs of her political adversary," wrote Alina Habba, a lawyer for the company and Trump. The attorney general has said a monitor would help serve "the substantial public interest in curbing fraudulent and lawful conduct." While the case does not involve criminal charges, James said Trump repeatedly violated several state criminal laws and may have violated federal criminal law. The case is New York v Trump et al, New York State Supreme Court, New York County, No.

Former U.S. President Donald Trump throws caps as he attends a rally in Warren, Michigan, U.S., October 1, 2022. Former President Donald Trump and related defendants are opposing New York Attorney General Letitia James' call for an independent monitor to oversee the Trump Organization's submission of financial statements to third parties as part of a bombshell fraud lawsuit, according to a new court filing. James has asked a judge to name a watchdog who would review financial information that the company and defendants give lenders, insurers and accountants pending the outcome of the lawsuit. The attorney general's office requested the watchdog as part of a sweeping September lawsuit accusing Trump, three of his adult children, their company and others of a decadelong fraud related to financial statements. The lawyers argued that it "is precluded under our Constitution and must and should therefore be rejected."

☆ New SEC rule requires executives to give back bonuses when accountants screw up
▼ + stars: | 2022-10-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: 1 min

How relevant is this ad to you? Video player was slow to load content Video content never loaded Ad froze or did not finish loading Video content did not start after ad Audio on ad was too loud Other issues

The charges to which Weisselberg pleaded guilty included grand larceny and tax fraud, and he admitted concealing $1.76 million in income. The Trump Organization, which operates hotels, golf courses and other real estate around the world, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces. In his guilty plea, Weisselberg admitted to scheming with the company so that "substantial portions" of his and other employees' income was unreported or misreported. Weisselberg has worked for the Trump Organization for nearly half a century. After his guilty plea, he was placed on a paid leave of absence, according to a person familiar with the matter.

☆ How to Find a Financial Advisor
▼ + stars: | 2022-10-21 | by ( ) www.wsj.com time to read: +12 min

Read on to get started:Types of financial advisorsMany financial professionals, including financial planners, securities brokers, investment managers, and insurance brokers call themselves financial advisors so it’s important to know exactly what services an advisor provides before hiring one. Financial advisor designationsThere are myriad designations for financial advisors but only a handful that indicate the expertise most consumers need. Advisor fees and minimumsHow a financial advisor gets paid can be as important as how much you pay them because you want an advisor whose paramount consideration is your best interest, not their own, and whether or not that is the case is largely determined by how you pay them. How to find a financial advisorFinding a financial advisor is not so different from finding any other specialized service you’re in the market for. The right financial advisor can help navigate your financial life, from budgeting everyday spending to fulfilling long-term financial goals over a lifetime including the purchase of a home and a comfortable retirement.

Search resuls for: "Accountants"

25 mentions found