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Key Accounting Challenges Facing Professional Services Businesses

Basis 365

Service-based businesses, such as marketing agencies or management consultants, face several accounting issues that are unique to their industry. Accounting standards, such as ASC 606 (IFRS 15), provide guidance on revenue recognition for these types of businesses.

Account 52
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Friday Footnotes: Deloitte Partner Scammed By Other Deloitte Partner; Big 4 Legal Grows; A $3.5 Billion Error | 2.17.23

Going Concern

KPMG to cut about 200 staff amid consulting work slowdown [ Australian Financial Review ] This is separate from KPMG US layoffs announced earlier this week. The firm, which increased its staff headcount by more than 2000 last year, will begin a business-wide review to determine the exact number and roles that will be targeted.

Legal 98
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Friday Footnotes: A Billion Dollar AI Audit Startup; Oops, All Independence Violations!; Bipartisan Tax Vote | 2.2.23

Going Concern

Deloitte consultant says she faced discrimination after colleague ‘compared her to Pocahontas’ [ Telegraph ] A management consultant said she was discriminated against after claiming that a colleague compared her to Pocahontas, a tribunal heard.

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