KEY ACCOUNTING INDUSTRY INSIGHTS AND UPDATES – SEPTEMBER 2024

1. U.S. starts dispute process on Canada's digital services tax:

The U.S. has taken a first step toward a potential challenge of Canada's digital services tax on large foreign technology companies under the North American trade deal. Read More

2. Will accounting be automated?

In the professional services sector, it's not uncommon to wonder if robots will someday make the role of humans obsolete. With the dawn of automation, robots are faster, more accurate, and don't mind mundane tasks. However, the rise of robots may not necessarily lead to less jobs, but more interesting work for humans. Read More

3. Tax issues spark Harris campaign:

As the presidential campaign heats up and with a hotly anticipated debate coming between Vice President Kamala Harris and former President Donald Trump, a tax expert is weighing in with his thoughts about the child tax credit and other proposals. Read More

4. IRS hasn't ensured audits remain low for taxpayers under $400K:

The Internal Revenue Service has made little progress ensuring that Inflation Reduction Act funds are not being used to increase the audit rate for taxpayers with incomes below $400,000, according to a report. Read More

5. The 2024 Accounting Today Salary Survey:

Compensation is always a hot topic in accounting, but it's gotten even hotter these days thanks to the difficulty the profession has in attracting and retaining talent. Read More

6. Shipbuilder Austal backs SEC giving penalty to shareholders:

Austal Ltd. said it supports a plan by the Securities and Exchange Commission to distribute a $24 million penalty it's been hit with to shareholders "who could show they suffered" a loss as a result of an accounting scheme designed to inflate earnings from its shipbuilding for the U.S. Navy. Read More

7. Sage Copilot AI aims to pair power and simplicity:

Small and mid-size business platform Sage is already well experienced with AI, having woven it throughout products for years, but its new generative AI Sage Copilot solution has been touted as a dramatic step forward in the company's long-term vision of simplifying accounting to make it more accessible to all. Read More

8. IASB to publish proposed IFRS update:

The International Accounting Standards Board announced it will be publishing IFRS Accounting Taxonomy 2024—Proposed Update 3 IFRS 19 "Subsidiaries without Public Accountability: Disclosures," "Amendments to the Classification and Measurement of Financial Instruments" and "Annual Improvements" on Thursday. Read More

9. SEC charges brothers with $60M crypto Ponzi scheme:

The Securities and Exchange Commission obtained emergency asset freezes against two brothers, Jonathan Adam and Tanner Adam, and their respective entities, GCZ Global LLC and Triten Financial Group LLC, to halt an alleged $61.5 million cryptocurrency Ponzi scheme. Read More

10. The 2024 Accounting Today Salary Survey:

Compensation is always a hot topic in accounting, but it's gotten even hotter these days thanks to the difficulty the profession has in attracting and retaining talent. Read More

11. PwC expects six-month ban in China for Evergrande audit:

PricewaterhouseCoopers LLP's China unit expects the Chinese government to hand down a six-month ban as part of punishment over its audit of failed property giant China Evergrande Group, according to a person familiar with the matter. Read More

12. Starboard urges Autodesk to hold CEO accountable after probe:

Starboard Value LP urged Autodesk Inc.'s board to evaluate whether Chief Executive Officer Andrew Anagnost is the right person to lead the company following recent accounting issues. Read More

13. IPSASB clarifies rules on first-time adoption of accrual basis:

The International Public Sector Accounting Standards Board has proposed an update to its rules for first-time adoption of accrual basis International Public Sector Accounting Standards. Read More

14. SEC settles acct'g fraud charges with Ideanomics:

The Securities and Exchange Commission announced Friday it settled fraud charges against electric vehicle company Ideanomics and its former chairman and CEO Zheng (Bruno) Wu for misleading the public about its financial performance between 2017 and 2019. Read More

15. Evergrande liquidators start legal action against PwC:

China Evergrande Group's liquidators have launched court proceedings against PricewaterhouseCoopers LLP, another legal step to recover at least a fraction of creditors' investments from the property giant. Read More

16. Ex-Wirecard CFO charged in ongoing accounting scandal:

Two more former Wirecard AG management board members were charged by Munich prosecutors over their alleged part in the payments company's spectacular demise. Read More

17. KPMG announces new partnerships:

KPMG announces new partnerships; CAQ releases generative AI guide for audit committees; US Bank announces new AR solution; and other accounting tech news. Read More

18. U.S. Companies Turn to Global Talent Pool as Accountant Shortage Hits Crisis Point:

While this shift towards international hiring is evident across industries, the U.S. has been the largest contributor to Multiplier’s international hires, accounting for 80% of the accounting positions filled through the platform in recent years. Read More

19. U.S. Workforce Expected to Expand By 0.4% a Year in Coming Decade:

The annual rate translates to 6.7 million additional jobs over the decade, or about 55,000 a month, the Bureau of Labor Statistics said. Read More

20. BF Borgers Fined in Ontario For Unlicensed Auditing:

BF Borgers performed accounting and audit work in the province without registering with CPA Ontario or having a license. Read More

21. U.S. Economy Grew at Revised 3% Rate in Q2:

Gross domestic product rose at a 3% annualized rate during the April-June period, up from the previous estimate of 2.8%. Read More

22. Tax Court Says S Corporation Owner Owes Tax on Phantom Income:

The Tax Court determined that the law still required the S corp filer to report his proportionate share of the S corp income for the tax years in questions. Read More

About Entigrity:

Entigrity™ is a reliable offshore staffing partner for 850+ accounting and CPA firms, 200+ CFOs & businesses across the US, Canada, and the UK, positioning itself among the top outsourced accounting firms. With a flexible and transparent model, the company enables firms of all sizes to acquire skilled accounting, bookkeeping, and tax preparation staff. As a pioneer in offshore accounting, Entigrity ensures precise alignment with the hiring needs of accounting firms, providing staff under your control and management and minimizing concerns about compliance, payroll taxes, overheads, or benefits. Trusted by 40+ of the top 200 US accounting firms, we specialize in supplying highly skilled personnel from India. We have 39 global offices across India. We are GDPR compliant, ISO 27001:2013, and SOC 2 Type II certified. We are now "Great Place to Work Certified™," "KPO Organization of the Year," and "Dream Companies to Work For" among accounting industries. Entigrity is also recognized as a platinum partner by the Institute of Management Accountants (IMA). The company is strategically partnered with Boomer, a BDO Alliance USA and Abacus Alliance member. 

Tushar Pansare

Offshoring Strategic Advisor

Tushar is an Offshoring Strategic Advisor for Accounting Firms with 21 years of experience in Business Development, Customer Success, and Client servicing. He has a proven track record of managing key accounts. Tushar is an experienced professional with about 8 years of experience in the North American market with Healthcare IT and Accounting and offshoring industries. He has a team-handling ability and is proficient in leading project development and ensuring compliance with quality standards. He is a team player and a a leader with exemplary analytical and problem-solving skills.