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2 weeks 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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3 weeks 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.
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3 weeks ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn |Andrea Vittorio
The US accounting standard-setter’s proposal for how businesses should record the value of government grants is too slim in scope and offers too much flexibility to produce streamlined results, firms and professional associations said.
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1 month ago | 
news.bloombergtax.com | Andrew Ramonas |Amelia Gruber Cohn |Martha Mueller Neff
A business group rebuffed claims that 2020 SEC rules improperly limited firms counseling investors on how to vote at companies’ annual meetings, as it defends the agency in court against proxy advisory firm ISS. The Securities and Exchange Commission rules from the first Trump administration were “commonsense measures to protect investors,” the National Association of Manufacturers said in a brief filed Thursday with the US Court of Appeals for the District of Columbia Circuit.
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1 month ago | 
news.bloombergtax.com | Jeff Harrington |Amelia Gruber Cohn
References to “DEI” and “diversity, equity and inclusion” in corporate annual reports to shareholders have dropped by more than half so far this year amid a Trump administration crackdown on such efforts. The acronym “DEI” appeared in 10-K reports 180 times from January 1 to March 12, down 55% from 396 times in the same date range the year before, according to a review of 10-K annual reports by Bloomberg Law.
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1 month ago | 
news.bloomberglaw.com | Jeff Harrington |Amelia Gruber Cohn
Meta Platforms Inc., Adobe Inc., and at least 70 other publicly-traded US companies are warning investors that the world’s most far-reaching AI regulation poses risks to their businesses. The European Union’s Artificial Intelligence Act—which creates obligations for providers, distributors, and manufacturers of AI systems—may require hefty compliance costs and force companies to alter their product offerings across the Atlantic, businesses say.
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1 month ago | 
news.bloombergtax.com | Andrew Ramonas |Amelia Gruber Cohn |Jeff Harrington
John Deere investors on Wednesday spurned an anti-DEI advocate’s campaign for demographic data on the company’s new employees following its pullback from diversity, equity, and inclusion last year. The proposal from the National Legal and Policy Center urged Deere & Co. to report annually on hiring differences concerning race and gender.
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1 month ago | 
news.bloombergtax.com | Amelia Gruber Cohn |Jeff Harrington
Apple Inc. shareholders voted against an investor bid at the tech giant’s annual meeting aiming to reel in its diversity initiatives. The proposal from the National Center for Public Policy Research, a group that says corporate diversity programs can discriminate against White men, asked the tech giant to cut its inclusion and diversity programs, as well as its broader diversity policies, department, and goals.
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2 months ago | 
news.bloomberglaw.com | Jeff Harrington |Amelia Gruber Cohn
The Big Four accounting firms often mirror each other in everything from technology investment to recruiting strategies. Diversity has divided them. KPMG LLP and Deloitte LLP, which both run US government contracting businesses, culled initiatives meant to foster employment equity after an executive order from President Donald Trump targeting diversity, equity and inclusion programs within federal contractors.
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2 months ago | 
news.bloomberglaw.com | Jeff Harrington |Amelia Gruber Cohn
The Big Four accounting firms often mirror each other in everything from technology investment to recruiting strategies. Diversity has divided them. KPMG LLP and Deloitte LLP, which both run US government contracting businesses, culled initiatives meant to foster employment equity after an executive order from President Donald Trump targeting diversity, equity and inclusion programs within federal contractors.
