A proposed concepts statement issued Friday by GASB would establish new criteria for state and local governments to follow in developing their disclosures for notes to financial statements. The exposure draft, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements, describes the types of information that should […]
Archives for February 2020
How 5G will affect jobs in 2020 and beyond
There’s no doubt that the disruptive nature of 5G will change how we work—but what will change, and should tech professionals be worried? 5G is here, and as we enter a new decade it is poised to be one of the most life-changing technologies to come around in decades. The technology is even growing faster […]
Facebook’s Libra Association adds Shopify as a member after a slew of defections
A “Zuck Buck” is displayed on a monitor as David Marcus, the executive leading Facebook’s blockchain initiative, is questioned by U.S. lawmakers in Washington, D.C., on July 17, 2019. Andrew Harrer | Bloomberg | Getty Images Facebook’s Libra Association added a new member after shedding several partners in its ambition to create a new cryptocurrency. […]
U.S. blacklisted Casimiro resigns from board of refiner Nayara Energy
NEW DELHI (Reuters) – Didier Casimiro, placed on a sanctions list by the United States earlier this week, on Friday resigned from the board of Indian refiner Nayara Energy, part-owned by Russian oil major Rosneft, company filings with the Indian government show. The United States on Tuesday blacklisted Rosneft Trading S.A. (RTSA) and its president […]
FASAB clarifies loss allowance for intragovernmental receivables
Accounting guidance for federal government entities on the loss allowance for intragovernmental receivables was clarified in a technical bulletin issued Thursday by the Federal Accounting Standards Advisory Board. Technical Bulletin 2020-1, Loss Allowance for Intragovernmental Receivables, explains that the recognition of losses, provided in Paragraphs 40–52 in Statement of Federal Financial Accounting Standards 1, Accounting […]
ISS World Hit with Malware Attack that Shuts Down Global Computer Network
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IT Disappoints Business on Data and Analytics
Business groups inside organizations express their disappointment with IT in terms of data and analytics in a new survey that looks at priorities and areas at risk for failure. The business sides of organizations today are recognizing the importance and value of data and analytics in competing in today’s market, but they feel like IT […]
US IRS sues Facebook for $9 billion in unpaid taxes
The US Internal Revenue Service (IRS) has sued Facebook for $9 billion in unpaid taxes, alleging that the social networking giant undervalued the intellectual property it sold to the subsidiary, thereby dodging billions in taxes. The IRS lawsuit, filed in a San Francisco court, claimed that Facebook “undervalued the royalty amount between 2010 and 2016, […]
Paytm Bank partners with Ola & Uber to issue FASTags to one lakh drivers
Paytm Payments Bank said it has entered into a strategic partnership with ride-hailing companies, Ola and Uber, and will issue FASTags to more than 1 lakh driver-partners. The company said it has set up over 12 camps at Uber Green zones across all the major cities including Delhi-NCR, Bangalore, Chennai Kerala, Hyderabad, Kolkata, Guwahati, Pune, […]
Amazon grapples with the fallout from the Coronavirus
By Karen Weise and Michael Corkery What if the Everything Store couldn’t sell everything because of disruptions from the coronavirus? That’s the situation that Amazon — which typically stocks more than 100 million items, from toilet paper to yoga pants — is working to avoid as the deadly outbreak continues to shut down and slow […]