Friday Footnotes: The Metaverse’s First CPA Firm Gets Sued; CPA Exam Blueprints; Mad Mergers | 1.6.23

Wooooo it’s the primary Footnotes of 2023! Right here’s what’s occurring, there’s not a complete lot of it:

Lengthy Learn

FTX Clients Take Enron, WorldCom Path in Authorized Battle for Money [Bloomberg Law]
FTX clients going outdoors chapter court docket to get better losses from Sam Bankman-Fried’s failed crypto empire are utilizing a authorized path that has labored in previous collapses resembling WorldCom and Enron: They’re going after the supposed enablers. Legal guidelines that freeze claims towards debtors in chapter don’t apply to 3rd events. So clients have filed greater than a half-dozen proposed class actions towards the NFL’s Tom Brady, accounting agency Prager Metis and Bankman-Fried as a person, amongst others. “When you have a massive financial collapse like FTX, there are going to be many, many institutions—and perhaps individuals—who allegedly profited improperly along the way,” stated Samuel Issacharoff, a New York College regulation professor. Historical past exhibits such actions have a shot at paying off, stated James Park, a UCLA Faculty of Legislation professor. The implosions of WorldCom and Enron 20 years in the past, additionally amid fraud revelations, led to class-action settlements within the billions of {dollars} paid out by underwriters, banks and different events.

CPA Exam

2024 CPA Exam Blueprints launched [Journal of Accountancy]
Modifications to the Blueprints and the Exam “really focus on additional technology concepts, including System and Organization Controls (SOC) engagements, data, technology, and a new element in the Exam, personal financial planning,” stated Joe Maslott, CPA, affiliate director–Content material Administration at AICPA & CIMA, collectively because the Affiliation of Worldwide Licensed Skilled Accountants. “The Blueprint structure has not changed, but the underlying content in each Core and Discipline Exam section is different, which is why being familiar with each section Blueprint is imperative.”

Employment

Employers added 223K jobs in December, however lower 1,100 in accounting [Accounting Today]
Nonfarm payrolls elevated by 223,000 in December and the unemployment price ticked downward by two-tenths of a degree to three.5%, the U.S. Bureau of Labor Statistics reported Friday, however employment in accounting and bookkeeping providers fell by 1,100 jobs.

Cash Diary: A Senior Exterior Auditor On 54k [Refinery29]
“I’m 27 years old and currently working as a senior external auditor at an accounting firm in London. I work physically in the office or at the client’s site around three times a week and I work from home for the remainder of the week. My job can be pretty stressful and there is a constant struggle maintaining a good work-life balance. I’m satisfied with my job for now, although I’m not sure how long that will last. I’m an immigrant and I moved to the UK in 2021. I initially lived with my sister outside London and moved into the city in January of this year. I currently stay in a shared house with seven other housemates, which sounds like a lot of people but it’s not so terrible.”

California Program Gives Black College students Path to Accounting [Bloomberg Tax]
Black college students in California can put together for and take the licensed public accountant or licensed administration accountant examination without cost beneath a pilot program that goals to assist diversify the accounting occupation. The program, spearheaded by six main accounting teams, additionally goals to entice Black professionals who have already got accounting levels or MBAs to show accounting to the subsequent technology of accountants.

Observe

Challenges And Alternatives For Accounting Departments In 2023 [Forbes]
In 2023, accounting departments possible will face challenges in 4 areas: funds uncertainty, creating sound estimates in an unsure surroundings, making use of new accounting and monetary reporting requirements to adjust to U.S. GAAP, and labor market uncertainty.

Tax

CPAs rev up for a brand new tax season [Journal of Accountancy]
JofA highlights a number of new points that can require preparers’ consideration for this tax season.

Firm M&A

Melanson Merges Into Marcum [Marcum]
Melanson, P.C. of Merrimack, New Hampshire, merged into Marcum, efficient January 1. The agency’s 13 companions, 100 associates, and 4 places of work in Maine, Massachusetts, and New Hampshire change into a part of Marcum’s New England area. They be part of Marcum’s eight established New England places of work. Phrases of the deal weren’t disclosed.

The Arnold Group has been acquired by KPMG [KPMG]
KPMG LLP introduced it has acquired The Arnold Group LLC, a consultancy agency offering growth-oriented technique growth for market leaders within the expertise sector for the previous 20 years. This acquisition creates a novel functionality of technique, design, and implementation that permits KPMG to rapidly achieve crucial mass and scale. The Arnold Group enhances KPMG’s current providers footprint by bringing strategic capabilities within the industrial gross sales and income enhancement areas. As a part of the transaction, all Arnold Group group members joined KPMG when the acquisition closed on January 1, 2023. Monetary phrases of the transaction weren’t disclosed.

Withum Acquires IPA 200 Firm [INSIDE Public Accounting]
Increasing its footprint in New England, Princeton, N.J.-based IPA 100 agency Withum (FY22 web income of $425.3 million) is merging in Braintree, Mass.-based IPA 200 agency O’Connor & Drew (FY21 web income of $22.1 million).

CLA Acquires Ohio-Based mostly CPA Firm Gilmore Jasion Mahler [CPA Practice Advisor]
CliftonLarsonAllen (CLA) stated on Tuesday that it acquired Ohio-based accounting agency Gilmore Jasion Mahler (GJM) as of Jan. 1. The deal will increase CLA’s presence in Toledo to 150 individuals. Established in 1996, GJM was the most important regionally owned public accounting agency in Northwest Ohio, with greater than 100 individuals in Toledo and Findlay, and was acknowledged as a regional agency with nationwide and worldwide capabilities.

Different Stuff

Six years later, SEC drops claims of accounting fraud towards biotech exec [Endpoints News]
The US Securities and Change Fee has dropped its claims towards the previous CEO of Osiris Therapeutics, who was accused of mendacity concerning the regenerative medication participant’s monetary efficiency. All claims towards Lode Debrabandere have been dismissed, in accordance with a court docket submitting from late November, capping a authorized saga that goes all the way in which again to 2017. “The SEC’s allegations had no merit, and the complete dismissal is the only correct, fair, and just outcome,” Debrabandere wrote in an e mail to Endpoints Information. “I am grateful that the SEC ultimately recognized it should drop the action against me.” The SEC didn’t clarify why the claims have been dropped and didn’t reply to requests for remark.

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