Category: Latest Articles

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…

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…