Many experts say the U.S. economy is in the midst of the “worst financial crisis since the Great Depression.” Some predict we’re going to see one of the greatest transfers of wealth in our lifetime. Now, a growing number of investors, hoping to capitalize on the meltdown, are ready to put up some cash. They are called [...]
This year, demand for CPAs with expertise in forensic accounting services has accelerated, according to a survey conducted by the American Institute of Certified Public Accountants. Two out of three CPAs polled, or 68%, say their forensic practices are growing. “The survey findings tell us that not only are forensic accounting services in demand, but [...]
Amid economic turmoil, accounting remains one field with strong growth potential. According to the Bureau of Labor Statistics, the employment of accountants and auditors is expected to grow at least 18% by 2016 – that’s faster than the average rate of growth for all other occupations. “An increase in the number of businesses, changing financial [...]
U.S. foreclosure filings rose to a record in August as falling home prices made it harder to sell or refinance homes to pay off the mortgage, according to RealtyTrac Inc. Mortgage loan delinquency rates also increased for the sixth straight quarter. Traditionally seen as a precursor to foreclosures, mortgage delinquencies jumped 9% during the second [...]
While fears of layoffs plague Wall Street, job seekers with experience in managing money for wealthy clients are poised to gain new opportunities. Executive search firm, A.E. Feldman, reports that banks are still recruiting in the high margin, wealth-management business, which has expanded to include service offerings such as trust advice, estate planning, and tax [...]
Banks have been paying the price for lax risk controls. Losses from the U.S. subprime crisis and the ensuing credit crunch crossed the $500 billion mark as writedowns spread to more asset types, according to Bloomberg. The report states that writedowns and credit losses at more than 100 of the world’s biggest banks and securities [...]
Mortgage fraud in the U.S. has skyrocketed, according to a new report from the Mortgage Asset Research Institute (MARI). The study (which MARI compiled data from the biggest names in the lending industry, including Fannie Mae, Freddie Mac, Wells Fargo, Bank of America and J.P.MorganChase) found that the number of fraudulent loans issued during the [...]
The Securities and Exchange Commission (SEC) recently announced it voted to publish for public comment a proposed Roadmap, or series of benchmarks, that will guide the United States through the process of convergence from U.S. GAAP to International Financial Reporting Standards (IFRS). The move could ultimately unite the global business community and move all U.S. [...]
The number of people and businesses heading to bankruptcy court surged in 2008, approaching one million filings, according to statistics recently released by the Administrative Office of the U.S. Courts. Bankruptcy filings jumped 29% in the 12 months ending June 30, according to the government data. Moreover, total filings surged to 967,831 from 751,056 a [...]
Presidential hopefuls, Barack Obama and John McCain, have starkly different plans on how to reverse the year-long slide in workers’ incomes, reports Money.com. The report notes that Democratic contender, Barack Obama’s proposals of creating jobs through government investments (such as a $150 billion investment in clean energy projects and infrastructure projects he says will create [...]
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