Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. See ya. Hopefully clients observed this sacred holiday. If he had a critique, he said, it was that the new standard is narrow in terms of the scope of assets it will impact: bitcoin and ethereum are addressed by the new accounting rules that were nearly finalized in a unanimous board decision but not non-fungible tokens.
Comment letters raise serious questions about the consequences of the proposed changes. Nearly comments were received, including some after the August 7, , deadline, and the proposals have proven controversial. A number of accounting firms,1 public companies, professional membership associations and other key stakeholders raised concerns. Following is a summary of the key areas of comment.
The division is responsible for reviewing city finances and making sure departments are complying with city, state, and federal laws. The administration did not present a budget for Internal Audit during the hearings.
The council defunded the division and placed the workers under the Clerk of Council. On Tuesday, the four employees with backgrounds in accounting and auditing were approved by the council for positions as Chief Deputy Clerks.
This reaction comes after the fashion retailer Superdry suspended trading in its shares in August having missed its account publication date, stating that normal procedures were taking longer than usual. According to Theo Theodoulou, chair at accountancy network Kreston Global, while each delayed publication of financial accounts rests on its own details, such as the concerns driven by debt restructures at Superdry, staffing and economic issues are big industry concerns.
