In August, Vijaya Ramachandran and I wrote an essay pointing out the incredible myopia of New York Times coverage of food and agriculture. Reporters and columnists at “the gray lady,” we argued, were blinded by their own privilege and misunderstood elite tastes and preferences as challenges to the global food system. Early in the summer, […]
Macy’s said on Monday that an employee had “intentionally” misstated and hidden up to $154 million in delivery expenses over the past few years, forcing the retailer to delay a much-anticipated earnings report that Wall Street uses to gauge the strength of holiday shopping. The employee did not take money from the company, a person […]
In late 2024, retail giant Macy’s revealed a shocking accounting scandal involving its parcel delivery expenses. It said a single employee had managed to hide approximately $151 million in delivery costs over nearly three years, causing significant disruption to the company’s financial reporting and raising questions about its internal controls. Macy’s uncovered the issue during […]
What Are Research and Development (R&D) Expenses? Research and development (R&D) expenses are the money companies spend on innovation and improving their products, services, technologies, and processes. R&D is a common type of operating expense. Usually, the costs associated with R&D must be recorded as an expense incurred. However, in cases where R&D activities have […]
The Financial Accounting Standards Board (FASB) issued a plan on Oct. 29 to modernize guidance on the accounting for software costs, which the board said would enhance the transparency of an entity’s cash flows related to internal-use software costs. Richard Jones “During our 2021 agenda consultation, stakeholders expressed the desire for updated accounting guidance that […]
*Smaller shops, that is. We know Big 4 and mid-tiers have this pricing thing down. Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. Or at least half-in. 90% plan to increase fees for individual […]
On October 29, 2024, FASB issued an exposure draft to modernize the accounting for software costs. The proposal would make the following targeted changes to Accounting Standards Codification (ASC) 350-40, Internal-Use Software: Removes all references to a prescriptive and sequential software development method Adds criteria that must be met before the capitalization of software costs […]
A group of students in the Cost Accounting class taught by Theresa Gunn, associate professor of accountancy in Alfred University’s College of Business, have earned Data Analytics & Visualization certification from the Institute of Management Accountants (IMA). Data analytics and visualization are processes that help businesses understand data to make informed decisions and communicate insights […]
Listen to the article 5 min This audio is auto-generated. Please let us know if you have feedback. Dive Brief: Macy’s Inc. is delaying its Q3 earnings results in order to complete an investigation into accounting irregularities, following its discovery that an employee had purposely hidden between $132 million to $154 million in delivery expenses. The […]
Dive Brief: A Macy’s accountant intentionally hid as much as $154 million in expenses from the fourth quarter of 2021 through the fiscal quarter ended Nov. 2, 2024, the company said Monday, flagging the flawed bookkeeping just days before the marquis retailing day known as Black Friday. The employee, responsible for small delivery expense accounting, […]