Important Announcement
We are pleased to share that as of August 1, 2025, Braeden Anderson, the founder of Anderson P.C., has joined Gesmer Updegrove LLP as a Partner. Work currently performed by Anderson P.C. will be transitioning to Gesmer. This website will remain active as a curated archive for legal insights.
Gesmer Updegrove LLP, founded in 1986, is a nationally recognized law firm with a premier reputation for representing high-growth companies, innovative technology pioneers, and venture-backed startups. Together, we are enhancing our ability to provide comprehensive, end-to-end legal support to entrepreneurs, founders, investors, and scaling businesses across every stage of the corporate lifecycle. From formation, fundraising, and IP strategy to tax planning, M&A, securities compliance, enforcement defense, and strategic exits, our combined strengths now span the full spectrum of business law.
Thank you for following and supporting us on this journey. To learn more or to connect with Braeden or a member of the Gesmer team, please visit: www.gesmer.com or e-mail him at braeden.anderson@gesmer.com
New CPA Paths Emerge as States Try to Stem Accountant Shortage
The accounting industry is grappling with a growing workforce shortage, prompting states and professional organizations to rethink traditional pathways to becoming a Certified Public Accountant (CPA). In an effort to attract more candidates to the profession, several states are considering allowing aspiring accountants to bypass a fifth year of education—a long-standing requirement that many see as a significant barrier to entry.
SEC Charges Accountant Olayinka Oyebola and His Firm With Aiding and Abetting Massive Fraud
The Securities and Exchange Commission (SEC) has taken significant enforcement action against Olayinka Oyebola and his accounting firm, Olayinka Oyebola & Co. (Chartered Accountants), alleging their role in a sprawling securities fraud orchestrated by Mmobuosi Odogwu Banye, a businessman with an ambitious—and, it turns out, fictitious—empire of U.S.-based companies.
Enhancing Financial Reporting: Insights from the Updated Conceptual Framework in FASB Standard Setting
On August 12, 2024, Paul Munter, the Chief Accountant at the SEC, released a statement emphasizing the significance of the recently updated Conceptual Framework for Financial Reporting issued by the Financial Accounting Standards Board (FASB). This comprehensive update, culminating with the issuance of Chapter 6, Measurement, of Concepts Statement No. 8, marks a pivotal moment in accounting standards development. As the FASB integrates these updates into its standard-setting activities, it's crucial for stakeholders to understand how these changes will shape the future of financial reporting and investor protection.