The U.S. Justice Department has launched its first-ever whistleblower program to combat corporate misconduct. The program aims to incentivize individuals with knowledge of corporate wrongdoing to report it to the government. Whistleblowers who report original information about certain corporate offenses may be eligible to receive a portion of the penalty if a prosecution results in…

The European Union’s world-first artificial intelligence law has officially come into effect, marking a significant step in the bloc’s efforts to regulate AI technology. The Artificial Intelligence Act aims to safeguard the fundamental rights of EU citizens while promoting investment and innovation in the AI industry. The law covers all AI products and services offered…

When asked to rate how much they use generative 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. According to a recent paper in Accounting Horizons, accounting professionals rated their overall usage of generative AI at 1.56, despite their organizations encouraging its…

More than 50 class action lawsuits have been filed in connection with an April data breach involving cloud storage firm Snowflake Inc., with prominent companies like Ticketmaster, AT&T, and Advance Auto Parts also named as defendants. Plaintiffs lawyer Jeff Ostrow has moved to coordinate the cases into multidistrict litigation. Initially filed on June 13, these…

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…