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Accountancy Slice
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24th November 2025
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THE HOT STORY

Global fund groups to reach $200tn in assets by 2030, PwC says

The global fund management industry is on track to reach $200tn in assets by 2030, up from $139tn last year, with private markets poised to account for more than half of revenues, according to a report by PwC. The asset- and wealth-management industry will take in about $432bn in revenue from private assets in 2030, exceeding the totals for traditional actively managed investments and for passive products, the consultancy found. “The winners won’t be those who gather the most assets, but those who rewire the fastest,” Albertha Charles, global asset and wealth management leader at PwC UK, said Monday in a report that surveyed 300 global firms and investors.

TECHNOLOGY SURVEY

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TAX

IRS back in business after shutdown

With the federal government shutdown concluded, the IRS announced on Friday that it has resumed normal operations. Although some agency functions, particularly those related to preparing for the upcoming tax season, continued during the shutdown, most operations were limited. The IRS is now focused on addressing backlogged correspondence and has created a series of FAQs to assist taxpayers with the restart of affected services.

Ohio lawmakers tackle property tax relief

Ohio lawmakers have passed several bills aimed at providing property tax relief to homeowners, including a cap on tax increases tied to inflation. One significant proposal increases the tax rollback for owner-occupied homes from 2.5% to 15.38% over four years, while eliminating a credit benefiting landlords. This plan could reduce property taxes by over $2bn. Critics argue that the measures only offer superficial relief and do not adequately support schools or elderly residents struggling with taxes. "This is a very dangerous bill," said Sen. Kent Smith, D-Euclid, referring to House Bill 309, which allows county budget commissions to reduce levies deemed excessive. The legislation now awaits Gov. Mike DeWine's approval.

'Robot tax': a new accounting challenge

Bret N. Bogenschneider, the Ralph C. Russell Professor of Accounting at Texas A&M University-Kingsville, discusses proposals for a robot tax aimed at income generated from automation and artificial intelligence. He argues that tax deductions from capital reinvestment are more valuable in higher-tax jurisdictions, which drives investment decisions for large companies. Notably, he states, "If humans don't work, taxes don't get paid." He highlights concerns that a robot tax could lead to overinvestment in automation, despite the potential for human labor to be more efficient. Bogenschneider also addresses criticisms regarding the difficulty of defining robots for taxation purposes and suggests that a robot tax could be structured similarly to existing tax codes, targeting companies that displace workers through automation.

Tax appeal window reopens in Cook County

The Cook County Board of Review is reopening the property tax bill appeals window for townships that had previously closed it for the 2025 appeal season. Clare Kownacki, a spokeswoman for the Board, stated that "unprecedented circumstances" due to a four-month delay in mailing second installment bills prompted this decision. Typically, tax bills are mailed on July 1st, but this year they were sent out on November 14th. The Board acknowledged that "the delay has placed unexpected financial pressure on many households" and aims to provide taxpayers with a fair opportunity to seek relief. Appeals submitted during this session will be reflected in tax bills issued in 2026. Specific reopening dates and filing instructions will be announced soon, with options for online filing and in-person assistance available.

Taxing times ahead for California

California has recently completed its first significant federal tax conformity update in a decade, aligning with over 1,000 changes to the Internal Revenue Code. Gov. Gavin Newsom's signature marks the largest synchronization since 2015, but this is just the beginning. As noted during a Sacramento Delegation meeting, further legislative amendments are expected to address compliance issues. Tax professionals are encouraged to engage in the legislative process, especially regarding personal income tax provisions and business expense deductions. The potential for selective conformity, influenced by political dynamics, poses challenges for taxpayers. Shail P. Shah, a shareholder at Greenberg Traurig, emphasizes the need for taxpayers to stay informed and involved as California navigates these changes.

INDUSTRY

FASB reveals high cost of 2015 leasing standard

The FASB released a post-implementation review of its 2016 leasing standard, revealing that while it succeeded in providing investors with better insights into leasing activities, the implementation costs were significantly higher than anticipated. The report noted, "Although feedback from investors on the usefulness of lessees recognizing lease assets and lease liabilities is mixed, for many investors the lease assets and lease liabilities are a useful starting point." FASB chair Rich Jones and technical director Jackson Day acknowledged the challenges faced by stakeholders in adapting to this major accounting change. The standard, which required companies to include operating leases on their balance sheets, was initially set to take effect in 2019 for public companies and 2020 for private companies, but faced delays due to the pandemic. FASB plans to continue monitoring and improving the standard as necessary.

ECONOMY

One Big Beautiful Bill to boost growth by 0.4 points

A new analysis by former senior Federal Reserve researcher John Roberts finds that the Trump administration’s the One Big Beautiful Bill will give the U.S. economy a short-term boost next year, primarily through roughly $100bn in extra early-year tax refunds. This is expected to raise GDP growth by about 0.4 percentage points in the first half of the year, though the effect will fade quickly, resulting in only a 0.32-point lift for the full year. However, the legislation will also significantly widen the federal deficit by about 0.8 percentage points, due to tax cuts and increased defense and border-security spending. These dynamics highlight the issues Federal Reserve officials will weigh in their upcoming December meeting, as internal divisions remain over the need for further rate cuts while President Donald Trump continues to push for lower interest rates

CORPORATE

California pension plans take big risks

California's public pension systems, including CalPERS and CalSTRS, are taking on significant risks while yielding poor investment returns, according to the Reason Foundation's 2025 Public Pension Solvency and Performance Report. With over $265bn in unfunded liabilities, California has the highest public pension debt in the U.S., translating to over $6,000 per resident. CalPERS and CalSTRS have shifted towards high-risk investment strategies, increasing their allocation to alternative investments from 11% in 2001 to 37% in 2024. Despite these changes, their average returns remain below the national average, with CalPERS achieving only 6.8% over the past 20 years. Zachary Christensen, managing director of the Pension Integrity Project, emphasized the need for cautious investment strategies to protect taxpayers and retirees, noting: "Taxpayers at the state and local level would see more money siphoned away from infrastructure, education, and public safety to make up for investment losses."

Jack Nicklaus' former company files for Chapter 11 protection

Nicklaus Companies has filed for Chapter 11 bankruptcy protection after a Florida court awarded founder Jack Nicklaus $50m in a defamation lawsuit. The company reported estimated assets of between $10m and $50m, and liabilities ranging from $500m to $1bn.

REGULATORY

SEC drops SolarWinds cyber case

The SEC has dismissed its high-profile lawsuit against SolarWinds and its chief information security officer, Timothy Brown, over the 2020 Russia-linked Sunburst cyberattack. The case, filed in 2023, accused the firm of hiding security flaws but faced judicial pushback and industry criticism. A joint motion to dismiss with prejudice was filed Thursday. SolarWinds welcomed the move, saying: "We hope this resolution eases the concerns many CISOs have voiced." The cybersecurity sector had feared the case could discourage transparency among security leaders.

HEALTH CARE

Health care costs hang in balance

The future of health care costs for approximately 17,500 residents in Clark County is uncertain following the recent reopening of the U.S. Government without an agreement on extending federal tax credits that help reduce premiums for some Affordable Care Act (ACA) plans. Senator Maria Cantwell expressed concern, stating: "This bill doesn't address the core issue that millions of Americans will no longer be able to afford ACA insurance coverage next year." While Senate Republicans have agreed to a separate vote on extending these tax credits by mid-December, House GOP leaders may resist compromise. The Washington Health Benefit Exchange reported that if the credits are not renewed, net premiums for recipients could increase by 85%, with statewide projections indicating a 65% rise in premiums.

AUDIT

SEC calls for global audit standards

Kurt Hohl, the chief accountant at the SEC, has urged the PCAOB to adopt international standards for auditing. Speaking at a conference at Baruch College, he stressed the need for a stronger push towards convergence in auditing standards. Mr. Hohl stated: "I'd like to see a greater push for convergence on auditing standards."

PROFESSIONAL DEVELOPMENT

CPE standards get a makeover

The National Association of State Boards of Accountancy (NASBA) and AICPA are inviting public comments on their exposure draft, Statement on Standards for Continuing Professional Education (CPE) Programs, released on September 17th. The proposed changes aim to modernize CPE standards by addressing new learning methods and clarifying credit-awarding processes. Erin Scruggs, associate director of NASBA's national registry, emphasized the importance of adapting standards to maintain quality, stating, "As learning technologies and delivery methods evolve, it is essential that the Standards adapt to maintain the quality and integrity of CPE." The public comment period is open until December 16, and the draft can be downloaded from nasbaregistry.org. Barbara Andrews, AICPA's senior director, highlighted that ongoing education empowers CPAs to uphold high service standards and adapt to changes.

OUTLOOK

U.S. consumer sentiment at low ebb

The University of Michigan's final U.S. consumer sentiment index for November dropped to 51, from 53.6 in October, only slightly above the preliminary reading. The current conditions gauge slid 7.5 points to a record low of 51.1, while views of personal finances were the dimmest since 2009. Buying conditions for big-ticket goods dropped to the lowest on record.

TECHNOLOGY

AI threatens entry-level jobs, PwC says

PwC global chairman Mohamed Kande says the growth of artificial intelligence may eventually lead to fewer entry-level graduates being hired, although he said AI was not behind recent job cuts at the firm. In 2021, PwC said it wanted to hire 100,000 people over the course of five years, but Kande said this would no longer be possible. "When we made the plans to hire that many people, the world looked very, very different," he said. "Now we have artificial intelligence. We want to hire, but I don't know if it's going to be the same level of people that we hire - it will be a different set of people." Kande noted that PwC actually needed to hire hundreds of new AI engineers but was struggling to find them.

CYBERSECURITY

Schellman becomes first U.S. MTCS certifier

Schellman is now the first U.S.-based firm accredited to deliver Singapore’s MTCS cloud security certification, joining just seven global providers. The accreditation expands its international capabilities and allows cloud providers to validate strong cybersecurity controls, meet Singapore’s regulatory standards and strengthen trust with partners in the region.

CRYPTO

U.S. joins global crypto reporting framework

The United States, alongside over 70 countries, has committed to the OECD's Crypto-Asset Reporting Framework (CARF). This framework aims to enhance transparency in digital asset reporting, similar to the Common Reporting Standard. The US Treasury has submitted regulations to implement CARF by 2029, requiring foreign crypto exchanges to report U.S. account holders to the IRS. Currently, the IRS lacks visibility into foreign crypto accounts, but CARF will address this gap.

INTERNATIONAL

Billionaire Thaksin Shinawatra ordered to pay $542m tax bill

Thailand's Supreme Court has ordered billionaire Thaksin Shinawatra to pay 17.6bn baht ($542m) in taxes and fines related to the 2006 sale of his company, Shin Corp, to Temasek. The ruling overturns previous decisions by the Central Tax Court and the Special Appeals Court. Thaksin, a former Prime Minister, is currently in jail for corruption and abuse of power. Thaksin's net worth is estimated at $2.1bn.

AND FINALLY...

Luxury shoppers rebel against price hikes

Global sales of personal luxury goods are projected to decline for the second consecutive year, dropping 2% to €358bn in 2024, according to Bain & Co.'s latest report. This marks the first two-year slowdown since the 2008-09 financial crisis. Claudia D'Arpizio, a Bain partner, noted that consumers are opting for more accessible brands, seeking ethical value rather than luxury. The U.S. market is expected to remain flat, while Europe and China face contractions. High-net-worth individuals are proving the most resilient in their consumption habits.
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