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Black Friday sales surge in U.S.
Black Friday spending in the U.S. highlighted a shift towards online shopping, with e-commerce sales rising by 14.6%, according to Mastercard SpendingPulse, while brick-and-mortar store sales saw a minimal 0.7% increase year-over-year. Facteus reported a sharper contrast, with in-store sales dropping 5.4% and online sales growing by 11.1%. Adjusted for inflation, these figures translate to…
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CPAs Play Crucial Role in Navigating Net-Zero Transition
As the global push toward net-zero emissions intensifies, Certified Professional Accountants (CPAs) are increasingly vital in climate-related reporting and financial planning. The International Sustainability Standards Board’s IFRS S2 mandates entities to disclose anticipated financial changes and resource availability, necessitating finance teams’ involvement. In Canada, regulatory developments, including amendments to the Competition Act, now penalize misleading…
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Biden Policies Attract Over $1 Trillion in U.S. Investments
The White House reports that President Joe Biden’s administration has spurred more than $1 trillion in economic investments across sectors like semiconductors and clean energy, driven by initiatives such as the Bipartisan Infrastructure Law, CHIPS and Science Act, and the Inflation Reduction Act. These policies aim to revitalize infrastructure, promote a clean energy economy, and…
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US consumers to bargain hunt on Black Friday
US consumers are “ready to open their wallets this holiday season,” the Conference Board has said ahead of Black Friday on November 29th. A survey by Morgan Stanley found that 35% planned to spend more this holiday season – but nearly two-thirds of shoppers said they would pass on a purchase if an item is…
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Credit card giants face swipe fee backlash
Visa and Mastercard are facing scrutiny over their swipe fees, which critics argue inflate costs for businesses and consumers. During a Senate Judiciary Committee hearing this week, lawmakers discussed the Credit Card Competition Act, aimed at providing retailers with alternative payment network options. Sen. Roger Marshall (R-KS) stated: “When those go up, consumers ultimately pay…
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FASB proposes new grant accounting rules
The FASB has proposed a new accounting standards update to provide guidance on how business entities should account for government grants. Currently, U.S. GAAP lacks specific rules, leading many businesses to rely on IAS 20 by analogy. The proposed update aims to reduce variability in accounting practices by incorporating IAS 20 with targeted improvements. Jackson…
