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The world’s largest banks are incorrectly accounting for their swaps trades, locking up money that could otherwise be paid out as dividends to their shareholders, according to a bold new academic paper.

College hoops fans will be filling in their brackets this month for the March Madness betting, but many may not be aware of the tax rules surrounding gambling wins and losses. The Illinois CPA Society has some tips from the pros who know how to make the layups.

Lee Klumpp of BDO USA discusses in this video some of FASB's proposed changes in not-for-profit accounting standards.

It is a widely held view that the Giant Four, with Deloitte being the largest, have the brand permission to audit the Fortune 1000. They own that space.

The Institute of Internal Auditors Research Foundation has issued a new report offering strategies for motivating internal audit staff, including dealing with generational differences.

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an accounting standards update to address the extinguishment of liabilities and recognition of breakage for prepaid stored-value products, such as gift cards, telephone cards and traveler’s checks.

At 82 years of age, Gary Gerson of Miami, FL has a resume that reads like a CPA wishlist: Becoming the youngest CPA in the country (21 years old in 1955), heading the Navy Area Audit Office during his military fulfillment during the Korean War, head of his own firm, and the only non-athlete to be inducted into the University of Florida's Athletic Hall of Fame, to name just a few accomplishments.

Former billionaire entrepreneur Samuel Wyly is “stiffing” his creditors by attempting to shield $249 million in offshore annuities and a $12 million Texas mansion in his bankruptcy, federal regulators told a judge.

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an accounting standards update on the effect of derivative contract novations on existing hedge accounting relationships.

As Sunday marks Daylight Saving Time, professionals will lose another hour of sleep during tax season. However, according to a new survey from Accountemps, a Robert Half company, this lost hour will have no effect on an already tired workforce. Accountemps found that nearly three-quarters of U.S. workers work while they're tired, with one-third reporting they do so "very often."