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February 2, 2023

Accounting News Roundup: Georgia GOP vs. Delta; Ireland Still Collecting Apple’s Taxes; Big CFO Signatures | 02.27.18

accounting news 022718 ireland apple nra delta

Georgia Republicans Vow to Kill Airline Tax-Cut Bill After Delta Ends N.R.A. Discount [NYT]
If Delta sticks to its…guns…I guess you can assume they aren’t too worried about losing a $50 million sales tax exemption on jet fuel.

SEC Commissioner Criticizes Idea of Curbing Shareholder Lawsuits [WSJ]
Robert Jackson Jr. opposes forcing shareholders to resolve their disputes in mandatory arbitration.

EU says Ireland’s Apple complaint will only be dropped if it recovers the full $16 billion in unpaid taxes [CNBC]
EU Competition Commissioner Margrethe Vestager says that Ireland’s collection has “taken too long” while conceding that “the process is complex.”

Bigger isn’t better for CFO signatures [CFOJ]
A study by the Olin Business School found that, yes, your outsized John Hancock indicates something: “The study, published in the Journal of Accounting Research, connected signature size to a person’s level of narcissism and their company’s financial reporting. CFO narcissism was associated with more earnings management, less-timely loss recognition and a higher probability of restatements, among other factors, the study said.”

Be Wary of Promoting Top Sales Reps [CFO]
Or top accountants or top anything, really, to management positions. “A new working paper for the National Bureau of Economic Research finds evidence consistent with the Peter Principle, which holds that companies prioritize current job performance in promotion decisions at the expense of characteristics more relevant to the open position. In its most extreme construction, the principle states that competent workers will be promoted until they become incompetent managers.”

Previously, on Going Concern…

In Open Items, “Does this news make our profession even less relevant than it already is?”

From the archives: Accountant Can’t Bear the Thought of Serving Clients on the 100th Anniversary of the Titanic Sinking

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