Coca-Cola has been ordered to pay $6bn in back taxes after losing a transfer pricing case. The company plans to appeal the decision, but if the IRS prevails, Coca-Cola could owe up to $16bn in back taxes and interest. The case involves transfer pricing, a practice used by multinational corporations to allocate costs and taxable…

Increasing starting salaries is crucial for attracting and retaining young accountants. Accounting Today and Arizent conducted a salary survey, revealing that accounting starting salaries have fallen behind other professions. The lack of salary transparency makes it difficult for accountants to determine their worth and negotiate fair compensation. Young accountants, especially Generation Z, are less willing to accept…

A shortage of skilled accountants is contributing to weak financial-reporting controls, which in turn is leading to higher turnover rates among CFOs. Nearly 640 U.S.-listed companies cited insufficient accounting personnel for material weaknesses in their financial reports, leading to a 28% CFO turnover rate, compared to 22% for companies without such weaknesses. This situation raises…

When asked to rate their usage of generative artificial intelligence (AI) tools on a scale from 1-10, accountants rated their overall use at 1.56, indicating a very low adoption of the new technology. A recent paper published in Accounting Horizons by University of Miami academics Mark Ross and James Zhang found that accounting professionals rated…

The shortage of accounting talent in the U.S. is becoming more severe, with 83% of senior leaders reporting a talent shortage this year, up from 70% in 2022. Over 300,000 accountants and auditors have left the profession between 2020 and 2022, a decline of 17%. To address the shortage, 90% of surveyed CFOs are outsourcing…

In an effort to protect consumers, multiple U.S. federal agencies are working together to make it easier for Americans to unsubscribe from unwanted memberships and recurring payment services. The government initiative, called “Time Is Money,” includes the introduction of new regulations and promises further action in various industries such as healthcare, fitness, and media subscriptions….