Weekly News Round Up: Economist Predicts a Q2 Rebound; Private Companies Hiring More; and IASB to Defer Revenue Recognition Standard
May 4, 2015
Welcome to the Weekly News Round Up from the SC&H Group blog. Each week, we showcase audit, tax, and consulting news to keep you informed about the current stories and events impacting the accounting and business landscape – and ultimately your financial obligations.
This week, we highlight that economists are predicting that the U.S. economy will pick up in Q2, and a new study shows that more private companies are hiring. In addition, the House recently passed the Protecting Cyber Networks Act.
Economists Predict Q2 Rebound
Economists on average expect the U.S. economy to pick up pace in the second quarter as consumers spend the money they’ve saved on gas – provided the strong dollar doesn’t slow things down.
Private Companies Plan More Hiring
Nearly two-thirds of private companies are expecting to hire more full-time workers this year, though they are increasingly concerned about a lack of qualified workers and a growing wage pressure, according to a new report.
House Approves Bill to Promote Sharing of Hacking Data
The House of Representatives recently passed the Protecting Cyber Networks Act, aiming to shield companies sharing hacking data with each other from liability – to the chagrin of privacy advocates.
AICPA Works on Fixing Employee Benefit Plan Audit Problems Ahead of Damaging Report
In advance of an upcoming report from the U.S. Department of Labor that is expected to find continuing problems with the quality of one-third of the audits, the American Institute of CPAs is pushing to improve the quality of employee benefit plan audits, in part by discouraging unqualified firms from offering the service.
Global Audit Regulators Agree on Information Exchange
Members of the International Forum of Independent Audit Regulators agreed in principle on the text of a multilateral arrangement for exchanging information about audit firms during a meeting in Taipei.
IASB to Defer Revenue Recognition Standard for a Year
The International Accounting Standards Board recently voted to propose a one-year deferral of the revenue recognition standard that the IASB converged last year with the U.S. Financial Accounting Standards Board.