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Ledger 66: Top Stories in Accounting and Finance

Nvoicepay Staff Writer

ledger 66

The top stories in accounting & finance for the week of May 14th

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The best of all partnerships

Fintech is bringing fresh ideas to the table while banks provide all the necessary regulatory underpinnings for a stable business partnership. This convergence of technology with traditional finance has matured as a new wave of innovation. Banks are learning how to work alongside its more innovative counterparts for more customer-centric, user-friendly future in finance.

—Bankrate

 

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Is AI the right fuel for Fintech?

The fintech sector is proving just the right place for AI to plant a flag, as chatbots, data processing technology, and automation are just a few key areas where AI is giving us a peek into the future. Thanks to a rise in fintech investment dollars—up to over $31 billion in 2017—AI is continuing to iterate on machine learning for meaningful advancements in areas like customer service, robo-advisors, and even insurance underwriting.

—Finextra

 

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UK Invests in Fintech Despite Brexit

Software, technology, and fintech are buzzwords among UK investors seeking early stage investments at tech companies. According to a survey by private investment platform Capitama, the fintech sector has experienced 150 percent growth in venture capitalist funding from the previous year. Capitama’s CEO Simon Ramery agrees: “Fintech is a sector that has seen huge growth in the past three years and evidence suggests it’s just the start.”

—London School of Business and Finance

 

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Tesla gets an edge with new accounting rule

Tesla adjusted accumulated losses and boosted its sales figures in its first quarter, thanks to a new accounting rule that went into effect, allowing the electric car company to post sales revenue earlier of cars with a resale value guarantee, and those leased through partners. Competitors Ford and General Motors have also put the rule into effect, with GM estimating a $1 billion negative impact from the rule as of December 31.

—Marketwatch

 

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Goodbye, Harold Monk

The Financial Accounting Standards Board is losing one of its members to an early resignation. Harold Monk, a board member since January 2017 served a year of his five-year term, citing nondescript personal reasons for his premature exit. Monk said in a public statement: “My service on the FASB stands as a career highlight and a great source of pride.”

—Accounting Today

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