Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Bigger Big 4 Fines; Aggressive Tax Advice; ‘The Accountant’ Rentals | 04.09.18

Accounting watchdog to bite harder with 10 million pound fines [Reuters]
The U.K.’s Financial Reporting Council will levy fines of 10 million pounds for “seriously poor audit work,” and that sound you hear is Big 4 risk managers stifling their laughter.

U.S. Tax Executives Gear Up for Tax Reform’s “Butterfly Effect” [BDO]
A BDO survey found that nine percent of tax executives have something more important to do than dealing with the new tax law.

The Post-TCJA’s Race To the Bottom [TPC]
Howard Gleckman writes that a “highly-respected tax lawyer” expects to lose clients “because other practitioners will give more aggressive advice.”

A Brass Sculpture Could Deliver a 1,400,000% Return for Heirs [Bloomberg via BNA]
Purchased for $5,000 in 1955, “La Jeune fille sophistiquee (Portrait de Nancy Cunard)” is estimated to be worth $70 million. If that’s in your price range, it’ll be on the auction block at Christie’s May 15th.

Bill Gates Sells $679 Million in Berkshire Stock [Barron’s]
For tax purposes: “The sales were made to facilitate compliance with federal excise tax rules limiting excess business holdings by private foundations.” Because his holdings are now less than 5 percent, Gates is no longer required to disclose his sales.

The Accountant, of all things, tops the list of 2017’s most popular digital rentals [A.V. Club]
I get the feeling that accountants took a “rent early, rent often” approach with this to put Affleck on top.

Previously, on Going Concern…

Grant Hutchinson wrote about the scandal of Malaysia’s sovereign wealth fund, 1MDB, one of the many fascinating tales that will be heard at this year’s Association of Fraud Examiners Global Fraud Conference.

Reminder: Gleim CPA Review has the lowdown on the CPA Exam’s renovation that went live on April 1st.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

See something we missed? Have a tip, correction, comment, or complaint? Email us at [email protected].