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Your Daily Accounting Briefing – 2024-05-14

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Let’s see what’s in the news today.

Small Business Taxpayers Can Choose Accounting Methods

Small business taxpayers can consider changing accounting methods to simplify the tax filing process and potentially reduce their tax bill.

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New IFRS Accounting Standard to aid analysis of financial performance

IFRS 18 will give investors more transparent and comparable information about companies’ financial performance and support better investment decisions. Nick Anderson explains the new standard.

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Generative AI may let tax pros charge more

A recent survey has found that 40% of tax professionals believe generative AI will allow them to demand higher rates, in comparison to 6% who said rates will decrease.

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Tech News: Patriot Software launches 1099 portal

Plus, Sage launches two new integrated suites in U.K. and Canada; and other accounting technology updates.

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China releases interim measures for data security management by accounting firms

China’s Ministry of Finance and the Cyberspace Administration of China have released a series of interim measures for data security management by accounting firms, effective from October 1, 2024, with the aim of standardizing data processing activities, according to an announcement by the finance ministry on Friday.

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