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2 weeks ago | 
news.bloomberglaw.com | Jorja Siemons |Benjamin Freed |Amelia Gruber Cohn
Recent layoff announcements at Big Four accounting, tax, and consulting firms come as the industry faces economic uncertainty and a shrinking talent pool. Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Megaphone, or Audible. The accounting profession is at a crossroads as a new class of students graduate.
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2 weeks ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn
The US accounting standard-setter’s inquiry into whether and how it could update rules for reporting value-driving intangible assets like copyrights and patents that are often missing from corporate balance sheets drew a flood of divergent responses.
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2 weeks ago | 
news.bloomberglaw.com | Jorja Siemons |Andrea Vittorio |Amelia Gruber Cohn
Tariff policy turmoil has made disclosure of possible business impacts a moving target for top publicly traded companies. Companies like Tesla Inc. and Nike Inc. are talking about tariffs in their Form 10-Q quarterly financial updates even as the shifting status of US policy makes assessing potential risks and impacts challenging. Businesses must meet reporting requirements regarding “known uncertainties” or potentially face scrutiny by the US Securities and Exchange Commission and investors.
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1 month ago | 
news.bloomberglaw.com | Michael Bologna |Amelia Gruber Cohn
The US Treasury will stop minting pennies within the next month, leading to shortages at cash registers as soon as January and leaving little time for state tax administrators to respond to a heap of potential problems, state and federal officials said Wednesday.
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1 month ago | 
news.bloomberglaw.com | Jorja Siemons |Andrea Vittorio |Amelia Gruber Cohn
Financial reporting of large segment-level expenses was a prominent topic in conversations between Wall Street’s regulator and firms last year, according to an Ideagen Audit Analytics report. Segment reporting accounted for 18% of US Securities and Exchange Commission comment letter conversations related to financial filings in 2024, the white paper published Tuesday said.
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1 month ago | 
news.bgov.com | Jorja Siemons |Amelia Gruber Cohn
The latest layoffs for PwC’s US workforce likely mark just the beginning of cuts at the Big Four firms as they grapple with economic uncertainty, low turnover, and competition from smaller private-equity backed firms. Beyond shedding roughly 2% of its workforce—1,500 jobs mostly in its tax and assurance staff—PwC plans to slow down its campus recruiting and will offer internships to a smaller cohort for next year.
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1 month ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn
The latest layoffs for PwC’s US workforce likely mark just the beginning of cuts at the Big Four firms as they grapple with economic uncertainty, low turnover, and competition from smaller private-equity backed firms. Beyond shedding roughly 2% of its workforce—1,500 jobs mostly in its tax and assurance staff—PwC plans to slow down its campus recruiting and will offer internships to a smaller cohort for next year.
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1 month ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn
The latest layoffs for PwC’s US workforce likely mark just the first round of cuts at the Big Four firms as they grapple with economic uncertainty, low turnover, and competition from smaller private-equity backed firms. Beyond shedding roughly 2% of its workforce—1,500 jobs mostly in its tax and assurance staff—PwC plans to slow down its campus recruiting and will offer internships to a smaller cohort for next year.
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2 months ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn |Andrea Vittorio
Federal spending cuts that triggered a layoff announcement at Deloitte LLP have not yet reached Big Four firms with smaller public sector consulting practices but they have placed the industry on guard. The US government has canceled 63 of Deloitte’s federal contracts for professional services, collectively worth $4 million, since Jan. 20, the first day of President Donald Trump’s new administration.
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2 months ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn |Andrea Vittorio
Not-for-profit organizations from humanitarian groups to health researchers are turning to accounting firms for financial and strategic counsel as they grapple with uncertainty from the Trump administration’s gutting of government funding. Agencies have cut grants under President Donald Trump’s push to reduce federal spending, putting nonprofit financing in jeopardy.
