Home' A Plus Magazine : May 2016 Contents aplus
AI transforming face of Big Four hiring
Given the rate at which artificial intelligence is speeding up the au-
dit process, the number of graduates hired by Big Four firms could
drop by 50 percent by 2020, Steve Varley, Chairman and Manag-
ing Partner of the EY’s United Kingdom and Ireland operation told
the Financial Times. The onset of digital disruption means that
graduates with skills in areas such as data analytics and computer
science will be increasingly in demand in the future, noted the FT.
Brazil’s president accused of being creative
Impeachment proceedings have begun against Brazil’s president,
Dilma Rousseff, based on allegations that she broke fiscal laws
last year to hide problems with the country’s balance sheet. Her
accusers say she used creative accounting techniques to delay
moving treasury funds to state-owned banks to pay for govern-
ment initiatives, making Brazil’s public finances look better than
they actually were. Rousseff has denied wrongdoing saying her
predecessors did exactly the same thing.
FASB proposes updates to revenue standard
The Financial Accounting Standards Board in the United States
has issued a proposed update to improve guidance for the new
revenue recognition standard, in relation to collectibility, non-cash
consideration and completed contracts at transition. The FASB
and the International Accounting Standards Board released the
long-anticipated converged revenue recognition standard last year.
However, many companies said they were not ready for implemen-
tation, so the boards delayed the effective date until 2018.
Internal appointment for new Toshiba CEO
Toshiba has named company veteran, Satoshi Tsunakawa, as its new
CEO, pending investor approval. He will replace Masashi Muro-
machi, who was appointed acting chief executive officer in the af-
termath of an independent investigation revealing that the company
had over-stated profits by around US$1.22 billion between 2008 and
2014. Prior to his appointment, Tsunakawa was head of Toshiba’s
medical equipment division before it was sold to Canon.
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