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Latest News & Blogs

A selection of the latest accounting news and blog posts.

CPAs support business owners during COVID-19 crisis Accountants weigh in on what their business-owner clients are going through and how they’re providing a reassuring voice and pragmatic advice during a challenging time.

Going concern tips for auditors during the pandemic Another aspect for auditors to consider is that the conditions and events we're facing should not be considered to be an automatic going concern report for any company. We still have to go through the process. It's likely that we may see more going concern conclusions, but it's not automatic.

SBA issues details for Paycheck Protection Program loans Small Business Administration on Thursday issued an interim final rule for the Paycheck Protection Program, which is offering $349 billion in forgivable loans that small businesses impacted by the coronavirus pandemic can use to cover costs including payroll and rent.

Chancellor revamp of loan scheme welcomed by accountancy firm Accountancy firm UHY Hacker Young has welcomed the move by government to revamp its business interruption loan scheme. The Chancellor announced this morning that it will offer government-backed loans of up to £25m to firms with revenues of between £45m and £500m.

Creating webinars to answer client questions The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.

Accountancy firm criticises 'alarmist' prediction of 800,000 coronavirus insolvencies Restructuring specialists at accountancy firm RSM said media reports that 800,000 to 1m UK businesses could collapse as a result of the coronavirus crisis are "alarmist at best". Yesterday, the BBC, citing an unnamed accounting firm, said 800,000 to 1m businesses, a fifth of the UK total, "may soon have to close".

Covid19: Mindset Shift Please allow for a free-flowing blog post. I do not have an agenda, beyond the need to write a few words. Please allow me some leeway. I am fairly certain, as a small practice owner, thoughts are going through your mind about the future. I am in the same place.

SmartVault to collect responses for report on the accountancy sector amid coronavirus outbreak SmartVault has announced it is collecting responses for a report to help accountants better understand the current state of the profession, amid the coronavirus outbreak.

Accountancy must use coronavirus as a catalyst for change in the industry, says recruiter Recruitment firm Core-Asset is urging the accountancy sector to use the recovery from the coronavirus outbreak as a chance to tackle long-standing issues in the industry.

Accountancy firm promotes four Accountancy firm Duncan and Toplis has appointed two new directors and two new associates. Tara Beeston has been promoted to director, having previously been associate director based at the company's office in Lincoln. Stuart Brown has also been promoted to director, having previously been associate director for quality and technical assurance.

Government threatens tax avoidance The timing was unfortunate, but just as coronavirus was beginning to grab all of the news headlines, the government published two documents that could change the field of tax advice forever. Practitioners will have differing opinions about the policy papers.

Addressing pandemic-related audit challenges A new special report by the AICPA's Center for Plain English Accounting posted Wednesday discusses these and other potential challenges that auditors might face as a result of the coronavirus pandemic.

Aberdeen-based accountancy firm AAB unveils trio of promotions Chartered accountant Anderson Anderson and Brown LLP has promoted three members of staff to director with the aim of reinforcing its team of advisors “during this period of heightened need for support and financial expertise across a range of specialisms”.

Beyond Accountancy hits the ground running A new accountancy practice set up by the founders of investment and corporate advisory group Infinity has hit the ground running as business owners seek help amid the coronavirus crisis.

New accountancy and business advisory firm Fortus launches Fortus Business Advisors and Accountants has launched into the professional services marketplace today. The new professional services brand said it aims to provide "knowledge, advice and support to the business owners of today and tomorrow through a unique, contemporary approach".

Accountancy regulator's investigation decides against Skipton firm Investigation follows rulings by the Solicitors Regulation Authority in 2015 against the accountancy firm's client.

Providing virtual support through COVID-19 Our first and most important move was to review our client list to see who is most vulnerable. Those with face to face contact who were shut down first, such as cafes and gyms, we agreed needed immediate support. To control the queries and emails and avoid being overwhelmed, we set up a dedicated web page which shows updates from HMRC.

New accountancy firm already plotting for future expansion Beyond Accountancy sees growth through organic or acquisitive means Beyond Accountancy sees growth through organic or acquisitive means.

The rise of automation in accountancy - how far away is AI adoption? Artificial Intelligence is hailed as the "next big thing," but how far away is it from full adoption? Operationalising AI-powered models demands new investment, new skills, and a more collaborative way of working. When it gains momentum, AI has the potential to change the financial world and how finance teams work.

CPA Exam moves to 'continuous testing' model The National Association of State Boards of Accountancy announced a new model that will enhance candidates’ options for taking the CPA Exam beginning July 1.

Coronavirus fraud reporting resources If you have information about a potential scam or attempted fraud involving the coronavirus, you can report it to the FBI's online tips. The FTC takes consumer complaints about the coronavirus and shares them with local, state, federal, and foreign law enforcement partners.

How well can you remember? In a FTT case, the Tribunal heard evidence going back several decades. The evidence was of events that occurred many years before. The Tribunal made an interesting point about such recollection, which I have cut-and-paste for your reference:.

Businesswoman wins accountancy award A businesswoman has received a top award, only a few years after launching her own company.

Law and accountancy firms weigh coronavirus profit distribution delay Law and accountancy firms are weighing up delaying partner profit distributions to preserve cash to ride out the coronavirus-triggered economic crash. It is one strategy being considered among the Big Four accountancy firms and major law firms such as Linklaters and Pinsent Masons.

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