Forensic accounting is one of the fastest-growing practice niches among CPA firms. The trend, which began several years ago, has evolved into an era in which CPAs are in constant demand as expert witnesses and litigation specialists. Today, amid the recession, forensic accounting has also become an integral part of “recovery teams” organized by CPA [...]
CPAs are seeing increased demand to assist companies survive the recession. Accounting firms are being called upon to help re-define risk management structures, achieve better cash management, sell assets, optimize costs, restructure debt, and improve the depth and transparency of financial reporting.
Accounting and finance executives must also prepare for changing tax laws and the coming [...]
U.S. companies need to prepare for the convergence of global accounting standards. Although convergence is still five years away, companies are not wasting any time examining its potential staffing and tax implications, according to FinancialWeek. A recent report in USA Today calls the looming transition, “a regulatory sea change that could cost billions of dollars.” [...]
John Paulson, who runs the $36 billion hedge fund firm Paulson & Co., is looking to buy distressed mortgages and distressed debt, despite being bearish on the overall economy, according to Reuters citing a Bloomberg data. The report states that Paulson wrote in a 2009 outlook to investors that he is interested in investing in [...]
Despite the current recession, demand for accountants remains strong. Although a number of industries are cutting back, the accounting industry projects jobs to maintain at their current rate or possibly increase. In fact, the 2008 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits from the American Institute of Certified [...]
The ongoing credit crisis and turmoil in the financial sector have fueled a major surge in securities class action litigation in 2008, according to a new study from NERA Economic Consulting. According to the group, filings hit a six-year high last year. The group projected the annual total to reach 267 - a 37% increase [...]
Job seekers face one of the most challenging job markets in more than a decade. The Labor Department recently reported that 533,000 jobs were lost in last month, pushing the total number of layoffs up to nearly 2 million through November. But it’s not all gloom and doom. The accounting industry is bucking the trend. [...]
Although many investors are still avoiding risk of all kinds, some are eager to put money into distressed funds. Instead of a bear market, the emerging investment environment could be described as a vulture market, according to a report from Financial-Planning.com. The argument is that aggressive investors hit by market turmoil and starved for returns, [...]
Bankruptcies of large U.S. companies are expected to extend into 2010, according to a new study released by Bain Corporate Renewal Group (Bain CRG). Meanwhile, the American Bankruptcy Institute (ABI) said U.S. consumer bankruptcy filings jumped nearly 40% in November compared to the year before. And there is no end in sight. “We expect the [...]
CPA firms are thriving, despite the economic downturn. A large majority of CPA firms reported two years of continuing strong growth, according to the 2008 National Management of Accounting Practice survey by the American Institute of Certified Public Accountants (AICPA) and the Texas Society of Certified Public Accountants. “CPA firms continue to do well,” said [...]
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