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Friday Footnotes: Accounting AI Explodes; SOX Compliance Sux; KPMG Gets on a List | 6.17.22

Going Concern

VCs Target AI Accounting Startups as Companies Look to Control Spending in Uncertain Economy [ Wall Street Journal ] It’s finally happening! World-wide, startups making AI-powered accounting software amassed $233.3 Let the robot takeover commence! Now, that candidate may test in each of those locations.

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IR35 – where are we now?

Menzies

Menzies LLP - A leading chartered accountancy firm. Alongside high profile cases targeting TV personalities and entertainers, HMRC will target industries where engaging with umbrella companies or freelancers who use PSCs is or was commonplace. What is IR35? Who are HMRC targeting?

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Autumn Budget: Hospitality & Leisure Wishlist

Menzies

Menzies LLP - A leading chartered accountancy firm. Conclusion: Undoubtedly, the UK hospitality and leisure sector remains a vital contributor to both the economy and society, playing an integral role in supporting various other industries, including retail, entertainment, culture, and sport.

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Guidelines For Deducting Conference and Training Expenses

Ronika Khanna CPA,CA

Eg, the Canadian Institute of Chartered Accountants would have to hold the qualifying event somewhere in Canada otherwise the deduction might be denied. In such cases, CRA requires that $50 per day of the conference be allocated to meals and entertainment expense. with a CCA rate of 5%. Just make sure that it is deductible.

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What are your obligations as an employer over the bank holiday?

Menzies

Menzies LLP - A leading chartered accountancy firm. The government has said that there is no obligation to cancel events or close entertainment venues during this period of national mourning and that those decisions are up to individual organisations. The death of Queen Elizabeth II was announced on 8th September 2022.

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As CPA Canada’s Collaboration Accord Fails to Collaborate, Who Gets the Profession’s Credibility in the Divorce?

Going Concern

On June 20 of this year , CPA Ontario, the regulatory body responsible for overseeing Chartered Professional Accountants and accounting firms in Ontario, provided notice of intent to conclude its current arrangement with the national CPA Canada body. The terms of the accord are up for discussion every five years.

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In Payments Fraud, A Crypto Scam

PYMNTS

In one example, as reported by Livemint.com, the ex-CEO of a publicly traded FinTech firm based in the United States has been indicted for accounting fraud that allegedly garnered several million dollars. Among those expenses were thousands of dollars in cash advances and what were billed as “extensive entertainment costs.”