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MicroStrategy Plummets as SEC Rejects Its Bitcoin Accounting (3)
MicroStrategy Inc. can’t strip out Bitcoin’s wild swings from the unofficial accounting measures it touts to investors, the SEC said. Bad news for the MicroStrategy was compounded as the company’s shares fell as much as 20% Friday, the biggest intraday collapse since Feb. 23. Its stock closed at $375.89, down nearly 18%. Bitcoin also tumbled, and was down more than 7% around 4:15 p.m. in New York. The enterprise software maker, which said in 2020 that buying and holding Bitcoin was one of its key business strategies, used non-GAAP measures in its Form 10-Q for the quarter that ended Sept.
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BKD Acquires Phoenix Accounting Firm Schmidt Westergard
The top 15 accounting and business advisory firm BKD CPAs & Advisors has acquired the Phoenix firm Schmidt Westergard, effective January 16, 2022. “We extend a warm welcome to the newest members of our One Great Firm,” said BKD CEO Tom Watson. “BKD is intentional about growing wisely, so we carefully look for firms that are a strong strategic and cultural fit when making such moves. Arizona has long been a target for BKD, and I’m confident the team at Schmidt Westergard is the right fit as we grow once again.” Founded in 1968 in Mesa, Arizona, Schmidt Westergard provides
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Insights on the Finance and Accounting Outsourcing Global Market to 2026 – Featuring Accenture, Capgemini and Genpact Among Others – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Finance and Accounting Outsourcing – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering. Amid the COVID-19 crisis, the global market for Finance and Accounting Outsourcing estimated at US$37.9 Billion in the year 2020, is projected to reach a revised size of US$53.4 Billion by 2026, growing at a CAGR of 5.9% over the analysis period. Global Finance and Accounting Outsourcing Market to Reach US$53.4 Billion by the Year 2026 Accounting outsourcing service constitutes a critical function in the overall finance and accounting market. The global economic crisis is expected to foster the
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Gibson Dunn Launches Accounting Firm Advisory and Defense Practice Group
January 11, 2022 Gibson, Dunn & Crutcher LLP is pleased to announce that the firm has launched a new industry group focused on the representation of accounting firms and their personnel worldwide. The multi-discipline and multi-jurisdiction practice group will focus on providing regulatory advice and litigation services to accounting firms in all aspects of their work, from audit and accounting compliance to matters arising from consulting and other service lines. The Accounting Firm Advisory and Defense Practice Group is led by James Farrell, Ron Hauben, Monica Loseman, and Michael Scanlon. Hauben just joined the firm this month after serving as
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Accounting Firms Scoop Up Virtual Land in the Metaverse
Accounting firms are following the example set by other companies to launch operations in the metaverse, a digital space where players simulate real-life activities from shopping to gaming to business consulting. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Businesses across industries, including real estate, technology and cryptocurrency, have been purchasing digital land on platforms such as Decentraland and the Sandbox. Executives have started drafting business plans for operating in those virtual worlds, which are typically conceived by videogame developers. Prager Metis International LLC, a New
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Accounting firms face the Great Resignation
Accounting firms have thus far been able to successfully weather most aspects of the COVID-19 pandemic. However, a new challenge awaits on the other side: The Great Resignation. This mass exodus — felt both inside and outside of the accounting sphere — has seen professionals at all stages in their careers unexpectedly quit, moving on to greener pastures (or to totally different fields altogether), leaving firm managers scrambling. To be sure, turnover at accounting firms has been an ongoing issue over the last decade, which may lead some professionals to think the Great Resignation is either nothing new or a
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Ask Doug & Polly: What’s better for your business: cash or accrual accounting system? | Business News
With accrual-based accounting, the company matches revenue and expenses regardless of the timing of cash movement. This creates the need for a series of other balance sheet items to account for the timing differences between revenue or expense recognition and cash movements. Inventory, accounts receivable and accounts payable are examples of such accounts. Another benefit of cash accounting is that it typically has the effect of deferring some taxes, because it typically recognizes revenue more slowly and expenses more quickly than accrual systems. For example, a company starts a $25,000 job on Dec. 1 and completes it on Dec. 15.
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Another SPAC Headache in Accounting for Business Combinations
The whole point of a SPAC is to find a promising company, acquire it, and take a shortcut to a public listing. Those are the logistics. Then comes accounting for such transactions. Like many things involving financial reporting in the fast-paced special purpose acquisition company market, it’s complicated—and regulators are paying attention. The Securities and Exchange Commission is increasingly fielding questions from accountants about how to navigate the nuances of business combinations accounting for SPACs, according to SEC staff accountants. Earlier this year, the agency’s chief accountant highlighted it as one of several complex issues in SPAC accounting. The Wall
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