NSAC Happenings and Latest News - Page 20
Companies Urged to Bolster Defenses Against 'Triple Threat'
U.S. businesses need to institute stronger safeguards against potential corporate losses resulting from fraud, compliance breaches, and cyberattacks. That's the overriding message of KPMG's 2022 Fraud Outlook report, A Triple Threat Across the Americas. Two-thirds of U.S. executives surveyed by KPMG said that their companies have experienced external fraud in the past 12 months, but just 35% of those companies have a program in place to ...
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Honoring African American Trailblazers in Public Accounting
In honor of Black History Month, the NSAC is celebrating some of the most influential African American trailblazers in public accounting. These inspiring individuals paved the way for millions of African Americans to pursue the profession, despite facing numerous obstacles and prevalent racism. Their dedication, courage, and resilience do not go unnoticed. This month, we recognize the remarkable achievements of Black CPAs throughout our history ...
Read MoreStandard Mileage Rates to Go Up in 2022
After decreasing two years in a row, the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate. Notice 2022-03, in which the IRS announced the update; also provides the standard mileage rate for use of an automobile for purposes of obtaining medical care under Sec. 213, which will be ...
Read MoreFASB ASU Addresses Supplier FInance Programs
FASB issued a proposed Accounting Standards Update (ASU) that is intended to help investors and other financial statement users better consider the effect of supplier finance programs on a buyer's working capital, liquidity, and cash flows. The proposed ASU, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, would affect buyers that use supplier finance programs in connection ...
Read MoreAvoid These 8 PowerPoint Mistakes
Several years ago, Tom Hall, CPA, looked forward to attending a PowerPoint presentation about blockchain's potential impact on accounting. Unfortunately, the slides were so jumbled and overloaded that he didn't learn much. "The person next to me said, 'I think I know less about blockchain now than I did when we started.' I agreed," said Hall, an associate professor of the practice at the University of Denver's School of Accountancy. "When ...
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