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On September 11, AICPA and NASBA issued an exposure draft proposing new pathways to CPA licensure, allowing bachelor's degree holders to substitute one year of qualifying work experience and one year of general work experience for the traditional 150-credit requirement (equivalent to a fifth year of college). This initiative aims to alleviate the accounting talent shortage and lower barriers to entry. Public comments are due by December 6.
In August, the U.S. Environmental Protection Agency (EPA) issued a notice of violation to Archer-Daniels-Midland (ADM), accusing it of violations in injection and monitoring processes at a carbon capture and storage (CCS) well in Decatur, Illinois. The notice states that violations occurred between January 2022 and July 2024, involving injected fluids entering unauthorized zones, missing monitoring, and failure to comply with emergency response plans. ADM stated that the issue stemmed from corrosion in a monitoring well at approximately 5,000 feet deep, which has been sealed and taken out of service, with no impact on surface, groundwater, or public health.
As 2024 draws to a close, this article reviews the four key lease accounting trends identified with the CoStar Real Estate Manager team at the beginning of the year—interest rate fluctuations, ESG, accountant shortages, and key audit matters—and examines the accuracy of each forecast one by one, while also looking ahead to the industry outlook for 2025.
IMAX CFO Natasha Fernandes, promoted from within, helps the company maintain growth amid volatility in the film industry through rigorous financial management and an open communication style. Her leadership in convertible bond transactions and content diversification strategies is gradually reshaping IMAX's business model.
The U.S. Securities and Exchange Commission (SEC) charged three former executives of the defunct online pharmacy startup Medly Health, alleging they defrauded investors of more than $170 million during fundraising by inflating revenue and fabricating prescriptions. The company was once valued at $900 million but ultimately went bankrupt and was liquidated.
According to data from the U.S. Department of Labor, the consumer price index rose 2.5% year-on-year in August, down significantly from 2.9% in July, marking the slowest pace since 2021. The core CPI, excluding food and energy, rose 3.2% year-on-year and 0.3% month-on-month. Housing costs rose 0.5% month-on-month, becoming the biggest driver. Interest rate futures markets indicate an 85% probability that the Federal Reserve will cut rates by 25 basis points next week, with only a 15% probability of a 50-basis-point cut.
A survey released on September 10 by the National Federation of Independent Business (NFIB) shows that small business owners' pessimism about the economic outlook has intensified, with the uncertainty index reaching its highest level since October 2020, and inflation remaining the top issue facing businesses for several consecutive months. Meanwhile, Federal Reserve officials hinted at possibly starting rate cuts at the September 17-18 meeting, but Fitch Ratings expects this easing cycle to be more cautious and slower than previous ones.
A survey released Monday by The Conference Board shows that U.S. companies plan to increase salary budgets by an average of 3.9% in 2025, near historic highs. A shrinking labor supply is prompting companies to raise pay to retain staff, while slowing inflation is boosting real wage growth.
The latest Tax Foundation survey reveals that tax compliance costs for large corporations rose by 32% from 2017 to 2023, with multinational companies averaging compliance expenditures of $25.6 million. The survey also found that the U.S. tax code has expanded in size, with taxpayers spending over 7.9 billion hours annually on compliance, costing $413 billion.
About six months after Archer Daniels Midland disclosed its accounting remediation plan, new CFO Monish Patolawala said on Tuesday that he will prioritize addressing 'material weaknesses' and help fix 'root causes.' He also emphasized the importance of operational rigor and capital allocation.