Weekly News Round Up: Middle Market Companies Grew in Q4; AICPA Pushes for Audit Assurances; and Healthcare M&A to Remain High
February 1, 2016
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 how U.S. middle market companies reported stable growth in Q4, and many companies are slow to make changes in revenue recognition. In addition, the AICPA is pushing for the use of data analytics technology when implementing audits, and healthcare M&A is expected to remain “hot” in 2016.
Middle Market Companies Grew 6.1 Percent in Q4
Amid flattening job growth and lower confidence in economic trends, U.S. middle market companies reported stable growth to close out 2015, according to a new survey.
Firms Slow to Implement New Revenue Standard
According to a new study, less than 29 percent of corporate financial preparers say their companies have a clear plan to make the change in revenue recognition.
Public Cloud Market to Grow 16.5 Percent in 2016
The global market for public cloud systems will grow 16.5 percent to $204 billion this year, with the highest growth coming from infrastructure as a service (IaaS), according to Gartner.
Obama Seeks to Expand 401(k) Use by Employers Pooling Plans
President Barack Obama will propose allowing small businesses to more easily pool 401(k) plans, in the hope that more Americans will adopt a crucial tool to save for retirement.
IRS Warns of Tax Preparers Exploiting Obamacare Mandate
The Internal Revenue Service is urging taxpayers to choose their tax preparer carefully, warning that some unscrupulous preparers are pocketing their individual health coverage payments under the Affordable Care Act.
AICPA Pushes for Auditing and Assurance Changes
The American Institute of CPAs is encouraging firms to modernize the way they conduct audits by using data analytics technology and working to improve the way employee benefit plan audits are conducted in response to a critical Labor Department report.
Healthcare M&A Remains Red Hot in 2016
According to Forbes Magazine, the proposed Shire and Baxalta merger that indicates healthcare M&A isn’t going to slow in 2016.