It’s been relatively quiet this week—and not just at the office. Even my texts from friends and families have slowed down, peppered with the occasional photo of a fruity drink or beachfront. It’s clear that it is officially vacation season in many parts of the world. I think tax professionals, […]
Finance
SPAC restatements proliferate in the wake of SEC warning
A warning from the Securities and Exchange Commission about accounting for the warrants used by special purpose acquisition companies has prompted hundreds of them to issue financial restatements. SPACs, also known as blank-check companies, have become an increasingly popular way for companies to go public by merging a privately held […]
Pervasive SPAC Accounting Error Prompts Mass Restatements
An accounting error that came to light in the spring forced hundreds of blank-check companies to flag financial statement mistakes at levels not seen in more than a decade. More than 340 special purpose acquisition companies in the past three months issued corrections, or restatements, of prior financial statements—quadruple the […]
FASAB releases standard for accounting and reporting for federal land
The Federal Accounting Standards Advisory Board released a standard Friday for accounting and financial reporting on government-owned land and delayed the effective date due to the pandemic. Statement of Federal Financial Accounting Standards (SFFAS) 59, “Accounting and Reporting of Government Land,” aims to provide more consistent accounting treatment and reporting […]
In Gurugram, fake insurance claim unravels racket | Latest News India
It was a meticulously planned insurance fraud built on a foundation of data stolen from insurance companies, potentially earnings for its perpetrators hundreds of crores in life insurance claims on around 10,000 fake deaths — but it was discovered by chance, after possibly a few hundred claims, because of an […]
Gun-rights activists remade the Second Amendment over past 40 years
Placeholder while article actions load The Second Amendment looms large in the grim ritual that follows mass shootings like the massacre at Robb Elementary in Uvalde, Tex. Conservatives cite the amendment to justify their opposition to any new form of gun control — positing that unfettered gun rights are a […]