Accounting

State regulators in Massachusetts and others around the country are taking a close look at virtual currencies as bitcoin continues to grow in popularity.

The Governmental Accounting Standards Board (GASB) has voted unanimously to approve two Exposure Drafts proposing significant improvements to financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also approved a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope of the pension standards the GASB released in 2012.

The standard will improve the financial reporting of revenue and improve comparability of the top line in financial statements globally. Revenue is a vital metric for users of financial statements and is used to assess a company’s financial performance and prospects. However, the previous requirements of both IFRS and U.S. GAAP were different and often resulted in different accounting for transactions that were economically similar.

Cloud accounting software vendor Xero has been chosen by Forbes Magazine as the top company in it's list of the World's 100 Most Innovative Growth Companies.

Thomson Reuters kicked off a new blog series today that will show UltraTax CS users how to enhance client relationships and generate additional revenue by using data mining capabilities within the software.

Employers can’t get around the Obamacare “shared responsibility” provision simply by giving employees tax-free cash to pay for health insurance from a state-run exchange. In effect, this would pump up a worker’s pay and dump them in the marketplace. According to a new question and answer (Q&A) posted on the IRS website, as initially reported by the New York Times on May 25, the agency authoritatively states that the scheme won’t be allowed.

At $10.74 an hour, San Francisco already has the nation's highest big city minimum wage. But it could soon have company, as labor and community activists in cities from Richmond to Sunnyvale push wage increases that could turn the Bay Area into a high-wage hub.

A group of small business owners and politicians gathered at the Cullman, Alabama, Area Chamber of Commerce Friday to hear Governor Robert Bentley's pledge to bring more assistance to locally owned shops.