Accounting News

BaFin Boss Resigns, Dogged By Wirecard Accounting Scandal

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Law360, London (January 29, 2021, 6:03 PM GMT) — The head of Germany’s financial regulator resigned on Friday after coming under pressure over his handling of Wirecard AG, the payments company that collapsed with a €1.9 billion ($2.3 billion) hole in its accounts in the country’s biggest-ever accounting fraud.

BaFin president Felix Hufeld announced his departure in a joint statement with Germany’s finance minister Olaf Scholz, who said the Wirecard scandal had revealed that the financial supervisor “needs a reorganization in order to be able to fulfill its supervisory function more effectively.”

Scholz said he had discussed the situation with

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Accounting News

Government looks to end below-the-line accounting of Budget numbers

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a group of people standing in front of a building: Budget 2021: Government looks to end below-the-line accounting of Budget numbers


© Megha Mishra
Budget 2021: Government looks to end below-the-line accounting of Budget numbers

Extra-budgetary resources (EBRs) were an integral, if frowned upon, part of budgets. In simpler terms, this refers to allocations made from money outside of revenue or borrowings, through means such as the National Small Savings Fund, and fully serviced bonds like the bank recapitalisation bonds.

While bank recap still stays, the government is expecting to end almost all entries financed through EBRs, shows the Union Budget 2021-22, presented by Finance Minister Nirmala Sitharaman in Parliament on February 1.

The biggest of them being the loans given

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Accounting News

MBS Accountancy Recognized on the Forbes America’s Best Tax and Accounting Firms 2021 List – Press Release

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FRESNO, Calif. – January 29, 2021 – (Newswire.com)

MBS Accountancy has been acknowledged as one of America’s Best Tax and Accounting Firms 2021 by Forbes. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry-ranking provider. The list of accounting firms earning this recognition was announced on Dec. 1, 2020, and can currently be viewed on the Forbes website.

Forbes and Statista created the award list through an independent survey of tax and accounting professionals who provided thousands of recommendations. Respondents were recruited via an online survey as well as through a

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Accounting News

Best Accounting Software for Rental Properties of 2021

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 Buildium


Buildium’s default plan supports up to 5,000 properties, earning the top spot for users with large property portfolios.

Pros
  • Built by property managers for property managers

  • Automatic rent collection through a tenant portal

  • Online ticket support during business hours

  • A lot of training materials offered

Buildium, our review’s best property management accounting software for large property portfolios, has expansive accounting features supporting up to 5,000 units in its basic plan. 

The cost of the plan depends on the number of units you manage and goes from $50 per month for up to 150 units to a maximum number of

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Accounting News

The 6 Best Accounting Firms of 2021

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 inDinero


inDinero blankets its clients with a wide range of accounting services, an easy-to-use platform, access to in-house experts, and a dedicated customer support team, making it our choice as the best overall accounting firm.


Since its founding in 2009, inDinero has been perfecting its offering of an all-in-one accounting service for small businesses. In addition to one of the widest arrays of services, inDinero offers its clients access to a team of staff accountants and financial experts, just a click or call away using their easy-to-use dashboard or mobile app. inDinero checks all the boxes, making it our choice

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Accounting News

Water district appoints ad hoc committee to look at accounting and financial systems

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With an eye on improving the Ramona Municipal Water District’s accounting and financial reports, the district’s board of directors unanimously agreed Jan. 12 to appoint a two-person Ad Hoc Financial Reporting Committee, though the committee’s goals and objectives are being debated.

The committee is tasked with reviewing and recommending potential changes to the district’s accounting practices and the contents and format of its financial reports, district officials said. The intent is to report the findings and make recommendations if appropriate to the board on Feb. 9.

Committee members, directors Gary Hurst and Jeff Lawler, plan to begin meeting this week

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