Category: Accountants

In a novel move, Big 4 accounting firm KPMG has taken the first step in seeking to own and operate a law firm in the United States. Although permitted in other countries, the United States generally prohibits non-lawyers from owning a law firm. In 2020, however, Arizona became the first state to relax that standard thereby opening the possibility of what is apparently on the horizon. 

There are about 1.3 million attorneys in the United States. Competition is considerable, and attorneys strive to develop a …

Goldberg Segalla partner Christopher F. Lyon’s persistence earned a significant victory for both an accounting firm and accountant accused of professional negligence and fraud.

The court granted reconsideration and upon reconsideration granted the motion for summary judgment, and the claims were dismissed in their entirety with prejudice.

While an appeal is expected, this was a major victory for our client in a long-standing case. Chris’ expertise in state law and determination to find precedent made this result possible, and it also underscores Goldberg Segalla’s commitment …

The Financial Accounting Standards Board (FASB) is seeking comments by Tuesday, June 6 on its newly proposed Accounting Standards Update (ASU).

With the world of digital assets moving at lightning speed, the FASB’s proposed amendments are part of its ongoing efforts to update accounting standards for, and disclosure of, certain digital assets.

WHAT IS THE FASB?

The FASB, established in 1973, is an independent, private-sector, not-for-profit organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally …

Similar to the fallout from Enron, the Great Recession of 2007 saw many accounting firms back in the cross-hairs for allegedly failing to warn of the impending financial doom. Many of these entities (turned plaintiffs) were massive companies with billions in assets, leading to protracted and expensive litigation. While some cases settled to avoid further legal costs, one major accounting firm was recently found liable for violating audit standards for one of its major bank clients prior to the Great Recession. The presiding judge is …