In The News—July 22, 2024

In The News this week, we have a story from CPA Practice Advisor covering the Cloudstrike glitch that caused a massive outage for Microsoft products on Friday, July 19. You can read more about this incident below.

We have also collected several other intriguing pieces from the past week to help you keep up with the fast-moving world of accounting and finance, including resources for nonprofit accounting, data on the states in the U.S. with the highest tax collection rates per capita, and more. Check out these and the rest of our top stories below.

Technology news

How the Cloudstrike Glitch Shut Down the Airlines and Crippled Global Commerce for a Day [CPA Practice Advisor]

A glitch in the Cloudstrike system caused major disruptions, grounding airlines and affecting global commerce for an entire day. This incident highlights the vulnerabilities in our increasingly digital infrastructure and the critical need for robust cybersecurity measures. Businesses worldwide felt the impact, stressing the importance of reliable tech solutions in maintaining operational continuity. Read more...

Bloomberg Tax & Accounting Introduces AI Expression Generator and Enhanced Integrations for Workpapers [PR Newswire]

Bloomberg Tax & Accounting has unveiled its new AI Expression Generator and enhanced integrations for workpapers. These tools are designed to streamline the workflow for tax professionals, improving accuracy and efficiency. The AI Expression Generator helps automate complex language tasks, while the enhanced integrations ensure seamless data management. Read more...

Accounting news

Nonprofit Accounting Resources: BDO and CBIZ MHM [CPA Journal]

BDO and CBIZ MHM have introduced new resources tailored for nonprofit accounting. These tools are designed to help nonprofit organizations navigate the complexities of financial management and compliance. The resources aim to improve financial transparency and operational efficiency within the nonprofit sector. Read more...

20 States With the Most Tax Collections Per Capita [Accounting Today]

Accounting Today has compiled a list revealing the 20 states with the highest tax collections per capita. This list provides insights into state tax policies and their financial impacts on residents. Understanding these variations can help accountants better advise their clients on state tax burdens and financial planning strategies. Read more...

BF Borgers Collapse Reveals Uncomfortable Truth About Accounting [Bloomberg Tax]

The collapse of BF Borgers highlights significant issues within the accounting profession, including oversight and accountability challenges. This incident serves as a wake-up call for firms to reassess their practices and ensure stricter compliance with ethical standards to maintain trust and integrity in the industry. Read more...

Just How Much Have Accounting Salaries Increased in the Last Five Years? [Going Concern]

Going Concern explores the rise in accounting salaries over the past five years, examining the factors driving these increases. The analysis covers various sectors within the accounting field, offering insights into how the profession's landscape has evolved and what accountants can expect in terms of compensation trends. Read more...

Other interesting things we found

Mortgage Rates Drop Below 7.3% [CPA Practice Advisor]

Mortgage rates have fallen below 7.3%, providing a potential boost for the housing market and offering homeowners opportunities for refinancing. This decrease could lead to increased home buying activity and financial benefits for those looking to secure lower interest rates on their mortgages. Read more...

When Companies Go Public, They Move the Market [Financial Times]

The Financial Times reports on how companies going public significantly impact the market. IPOs can lead to market shifts, affecting investor behavior and stock prices. This article delves into recent high-profile IPOs and their broader economic implications. Read more...