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 In this riveting episode of the Mark Moss Show, dive deep into the game-changing decision of FASB on Bitcoin's fair value accounting and what it means for the future of corporate finance. We'll also delve into the surging energy of Bitcoin mining in places you'd least expect. Plus, as oil production hits a peak and the US deficit surges, what does it mean for the nation's economy? Stay tuned for a shocking insight into the migrant situation in NYC and how it might reshape the city's future.

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Show Notes

1:11 – Accountants are voted the best kissers in Britain ahead of doctors and nurses | Daily Mail Online

https://www.dailymail.co.uk/news/article-10953579/Accountants-voted-best-kissers-Britain-ahead-doctors-nurses.html

4:34 – How Will ESG Impact be Measured?

https://www.cfo.com/accounting-tax/disclosure/2022/07/esg-disclosures-impact-accounting-regulation/

8:19 – Tesla sells 75% of its bitcoin as profits slump due to production challenges

https://www.theguardian.com/technology/2022/jul/20/tesla-second-quarter-earnings-elon-musk

9:09 – FBI warns $42.7 million stolen via fake crypto trading apps

https://www.accountingtoday.com/news/fbi-warns-42-7-million-stolen-via-fake-crypto-trading-apps

11:14 – FASB Scraps Project on Goodwill Accounting, Disclosure – WSJ

https://www.wsj.com/amp/articles/fasb-scraps-project-on-goodwill-accounting-disclosure-11655317940

15:05 – Inflation Puts Spotlight on Companies’ Use of Last-In, First-Out Accounting – WSJ

https://www.wsj.com/articles/inflation-puts-spotlight-on-companies-use-of-last-in-first-out-accounting-11656322200?mod=pls_whats_news_us_business_f

19:07 – EY suffers payroll problem | Accounting Today

https://www.accountingtoday.com/news/ey-suffers-payroll-problem

21:16 – Is remote work effective: We finally have the data | McKinsey

https://www.mckinsey.com/industries/real-estate/our-insights/americans-are-embracing-flexible-work-and-they-want-more-of-it

92 million US workers now have the opportunity to work remotely: survey - The Verge

https://www.theverge.com/2022/6/28/23186112/us-flexible-remote-hybrid-work-survey-mckinsey

25:50 – Cherry Bekaert receives private equity funding from Parthenon Capital | Accounting Today

https://www.accountingtoday.com/news/cherry-bekaert-receives-private-equity-funding-from-parthenon-capital

26:37 – Two U.S. Attorneys are investigating Kabbage’s PPP lending | Miami Herald

https://www.miamiherald.com/news/local/crime/article263376788.html

31:47 – Xerocon London updates – Recorder

https://recorder.google.com/share/424be2ce-ba19-4fc6-8377-a6fd5b149552

Xero releases Xero Go app to provide basic accounting to small business owners, freelancers

https://www.accountingtoday.com/news/xero-releases-xero-go-app-to-provide-basic-accounting-to-small-business-owners-freelancers

Announcing Xero Go: Our new app for UK-based sole traders

https://www.xero.com/blog/2022/07/xero-go-for-uk-based-sole-traders/

38:02 – Xero reveals future of accounting

https://gadget.co.za/xero-reveals-future-of-accounting/

38:48 – Announcing Excel Live - Transform Microsoft Teams meetings with real-time collaboration - Microsoft Tech Community

https://techcommunity.microsoft.com/t5/microsoft-365-blog/announcing-excel-live-transform-microsoft-teams-meetings-with/ba-p/3573371

41:28 – Sage deepens Microsoft partnership and “unveils” Sage Active –

https://www.enterprisetimes.co.uk/2022/07/20/sage-deepens-microsoft-partnership-and-unveils-sage-active/

43:46 – Accountants: How to Manage Your Clients’ Chart of Accounts in FreshBooks | FreshBooks Blog

https://www.freshbooks.com/blog/manage-client-chart-of-accounts

47:16 – NetSuite rolls out new Smart Count solution plus improvements to Analytics Warehouse | Accounting Today

https://www.accountingtoday.com/news/netsuite-rolls-out-new-smart-count-solution-plus-improvements-to-analytics-warehouse

49:07 – Why did Intuit decide to stop offering QuickBooks in India?

https://www.mmcconvert.com/blog/intuit-stop-offering-quickbooks-in-india/

Discontinuation of QuickBooks in India

https://quickbooks.intuit.com/in/notice/

Zoho to hire 2,000 people, expand operations in India, abroad

https://economictimes.indiatimes.com/tech/startups/zoho-plans-to-hire-2000-workers-for-indian-and-global-expansion/articleshow/92940061.cms

52:06 – Voicemail from Donnie Shimamoto – Thank you!

Email from Keith – Thank you!

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Show Notes

3:28 - Accounting firm heads urge Congress to accept Electoral College results

https://www.accountingtoday.com/news/accounting-firm-heads-business-leaders-urge-congress-to-accept-electoral-college-results

3:37 - Firm leaders weigh in on storming of Capitol building

https://www.accountingtoday.com/news/firm-leaders-weigh-in-on-storming-of-capitol-building

7:35 - Trump Loses Social Media Megaphone as Facebook, Twitch Act

https://www.bloomberg.com/news/articles/2021-01-07/facebook-instagram-restrictions-on-trump-accounts-extended

10:38 - Why it's imperative to own your own marketing channels

13:41 - Employers cut 140K jobs in December, but added 2.3K in accounting

https://www.accountingtoday.com/news/employers-cut-140k-jobs-in-december-but-added-2-3k-in-accounting

15:05 - A Week Into Full Brexit, the Pain for U.K. Businesses Has Arrived

https://www.nytimes.com/2021/01/09/business/Brexit-British-economy.html

17:00 - With Congress approving up to $284 billion to loans, small businesses can apply for Paycheck Protection starting Jan. 11

https://www.cnbc.com/2021/01/08/small-businesses-can-apply-for-ppp-loans-starting-jan-11.html

Date set for limited PPP reopening

https://www.journalofaccountancy.com/news/2021/jan/ppp-application-reopening-date.html

17:40 - TurboTax and H&R Block say they have fixed the issues that prevented $600 stimulus checks from being paid out

https://www.businessinsider.com/turbotax-hr-block-fixed-issues-delaying-stimulus-payments-2021-1

18:32 - Treasury issues millions of second Economic Impact Payments by debit card | Internal Revenue Service

https://www.irs.gov/newsroom/treasury-issues-millions-of-second-economic-impact-payments-by-debit-card

20:51- Banks Withhold Stimulus To Cover Overdraft Feeshttps://www.pymnts.com/bank-regulation/2021/banks-may-withhold-stimulus-checks-to-cover-overdraft-fees/

21:25 - Stimulus law may put disputes over PPP agent fees to rest for banks

https://www.americanbanker.com/news/stimulus-law-may-put-disputes-over-ppp-agent-fees-to-rest-for-banks

24:15 - Ted Callahan announced as new accountant business leader for Intuit’s Small Business Self-Employed Group - Firm of the Future https://www.firmofthefuture.com/content/ted-callahan-announced-as-new-accountant-business-leader-for-intuits-small-business-self-employed-group/

25:52 - Pennylane raises $18.4 million for its accounting service https://techcrunch.com/2021/01/07/pennylane-raises-18-4-million-for-its-accounting-service/

30:21 - Avalara Unveils Cloud Sales Tax Returns Solution for Accounting Firms of All Sizes https://www.businesswire.com/news/home/20210107005090/en/Avalara-Unveils-Cloud-Sales-Tax-Returns-Solution-for-Accounting-Firms-of-All-Sizes

31:41 - Deloitte deal makes Tax Analysts’ law library publichttps://www.accountingtoday.com/news/deloitte-deal-makes-tax-analysts-law-library-public

33:05 - Go Forth and Azlohttps://www.azlo.com/blog/go-forth-and-azlo

39:00 - IRS overlooks billions in potential taxes from nonfilers

https://www.accountingtoday.com/news/irs-overlooks-billions-in-potential-taxes-from-nonfilers-and-underreporters

42:36 - BKD premieres film noir tax parody

https://www.accountingtoday.com/news/bkd-helms-tax-film-noir-short

45:18 - EY and Microsoft expand Xbox blockchain smart contract platform

https://www.accountingtoday.com/news/ey-and-microsoft-expand-xbox-blockchain-smart-contract-platform

46:33 - U.S. Accounting Standard-Setter Looks to Tackle Controversial Topics in 2021 https://www.wsj.com/articles/u-s-accounting-standard-setter-looks-to-tackle-controversial-topics-in-2021-11609434034

47:23 - Cost Versus Value: Is GAAP Obsolete? 

https://www.accountingtoday.com/opinion/cost-versus-value-is-gaap-obsolete

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Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see...

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Show Notes

• 01:52 – David can see clearly now, just in time to admire the cracked screen of his smartphone
• 02:42 – Blake's upping his skills game at Jirav, learning financial modeling
• 03:08 – Blake's second webinar - Webinar Recording: How to Build a Financial Model for an Accounting Firm | Jirav
• 04:25 – The most effective way to master a new tool or software is to use it for yourself, or a client
• 05:24 – Is there life after The Cloud Accounting Podcast? Blake reveals his retirement plan
• 06:57 – Side hustles can help you understand your clients' pain points
• 07:42 – American remote-worker ranks have nearly tripled in the past two decades!
• 08:02 – Business on top, PJs on the bottom - just one of the reasons why remote work rules! 
• 08:18 – Reviews! Thank you, I <3 smilies, Aassas, and Glafollette!  
• 13:43 – Visa changes it stripes, with some $5.3 billion Plaid | Bank Innovation
• 14:30 – Is data the new oil? 
• 15:46 – Everything old wants to be new again, when it comes to fintechs, at least | Advisorhub
• 16:30 -- Visa's Acquisition of Plaid Presentation | Visa
• 17:42 – No QuickBooks Online Advance? No ChronoBooks for you! | Intuitive Accountant
• 19:16 – Perhaps Intuit killed the wrong tool? The ChronoBooks backlash begins
• 23:38 – Who needs a one-percent reward, when you can boost your Karma with every purchase? | Expensify 
• 27:12 – Dave Barrett makes a case for Karma | Expensify
• 27:23 – Do you Concur? Emburse wants to change your mind! | Accounting Today
• 29:19 – Google ups its productivity game with the acquisition of AppSheet | AppSheet 
• 31:16 – Stand up and shout  - FASB is the villain! | Accounting Today
• 33:02 – While it might delight CPAs and auditors, this 10,000 page codification, for mere accounting mortals, is a bit much
• 33:28 – The End of Accounting by Baruch Lev and Feng Gu | Amazon
• 34:32 – There's really no place for GAAP-basis financials in a subscription economy
• 37:11 – The CCPA implementation comes with a pretty hefty price tag - $55 BILLION |The Hill
• 39:11 – Could the CCPA be more trouble, and new risk than it's actually worth? 
• 41:00 – Email still poses the biggest security threat for small businesses | PYMNTS
• 42:17 – Deepfake audio fraud is the new risk in town | Axios
• 43:28 – Are Google and Facebook too big to fail? Apparently not when it comes to invoicing scams | Fortune 
• 44:19 – While paper check usage declines, check fraud continues to rise | WSJ
• 45:09 – UK small businesses are just not that fond of open banking |  PYMNTS
• 46:29 – Be afraid; be very afraid of the Buffett Indicator | CCN
• 47:05 – Mr. Buffett buys low, and sells high, or holds ... Be like Mr. Buffett! 
• 49:41 – Time to move to Finland? | Quartz at Work
• 51:44 – Eliminating useless and constant meetings might be even more useful than a four-day workweek
• 52:28 – Who needs humans when you can hire an Alphabot? Walmart's trying to stay in the game with warehouse automation | Gizmodo

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram!  

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Show Notes

• 01:48 – When it comes to staying organized, there’s only OneNote for Blake
• 04:24 – This one time, at Pod Camp ... David’s reminiscing about the early days of podcasting
• 06:00 – Laws, laws, everywhere – We talk about what’s new for 2020 in California - Assembly Bill 5, and the California Consumer Privacy Act
• 10:31 – Who's gonna drive you home? Uber argues that they’re not “really” a ride service
• 13:34 – Time to get your CPA? Certain recognized professions, such as accounting, may be exempt from the AB 5 requirements
• 14:23 – A refresher on European data protection laws | European Commission 
• 16:48 – The devil’s in the data – just how much data will businesses be required to provide to consumers? | NYT Bits Newsletter
• 21:11 – Multifactor authentication, anyone? Moss Adams is the latest to report a data breach | Accounting Today
• 25:27 – Receipt Bank rakes in $73M in new funding with an eye towards tackling the US market | Enterprise Times
• 27:58 – Show me your AI … Google’s latest AI innovation targets breast cancer detection | WSJ 
• 32:15 – Face value – H&R Block targets our need for personal interaction with its new software offering | Accounting Today
• 34:01 – Top tips for 10-year Customers here | SaaStr
• 34:33 – Apparently, accounting clients do not have commitment issues! | Accounting Today
• 37:06 – There’s gotta be better way than a 100-percent interest rate on small-biz loan! biz | PYMNTS 
• 39:02 – They’re going the distance – the IRS updates 2020 mileage rate |Small Business Trends
• 39:13 – Perhaps the FASB fears change? WSJ
• 40:31 – In the meantime, however, this is what FASB’s working on for 2020 | WSJ 
• 43:21 – Big Four, Big Tech, Big To-Do About Nothing? | Bloomberg Tax 
• 46:46 – Stats abound 
• 50:20 – Stayed tuned! Predictions are coming! Really! Before the end of the year! We promise! 

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram!  

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Insurance companies that issue long-duration contracts (LDTI) can expect volatility, increased data and disclosure requirements, and the potential for a new market for reinsurers thanks to recent accounting changes, according to Milliman’s William Hines and Francois Dauphin. In the latest episode of Critical Point, Milliman’s life insurance actuaries discuss key takeaways from the Financial Accounting Standards Board (FASB) Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), which will require significant risk management and has a go-live date of January 2021.
You can read the episode transcript on our website.