‘Panama Papers’ Puts Spotlight on Boom in Offshore Services

Offshore service providers increasingly play a vital—and contentious—role in the global financial sale industry.

Private wealth channeled out of home countries and into offshore centers grew by 7% in 2014 to $11 trillion, according to the Boston Consulting Group, boosted by money flowing from Asia and the Middle East.

SEC approves budget of independent accounting board

The SEC staff recommended approving the budget of the Public Company Accounting Oversight Board (PCAOB) and SEC Commission Chair Mary Jo White and Commissioner Kara Stein endorsed the $257.7 million budget.

Commissioner Michael S. Piwowar voted against, saying he was skeptical of the nearly 3 percent increase in the PCAOB budget from a year ago. He also said he was not persuaded that the additional burden on accounting firms and broker-dealers, which fund the PCAOB through fees, was merited.

How Accounting Is Evolving for a Cloud-First World

The rise of more powerful cloud accounting services is changing the way both accountants and the clients they serve manage business finances. Web-based software affects businesses of all sizes but provides even greater value for small to midsize businesses (SMBs) and sole proprietors who gain greater access to accounting and financial tools than ever before to streamline their business.

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