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Accounting News Roundup | 02.13.13

SocGen Posts Fourth-Quarter Loss on Newedge, Legal Expenses [Bloomberg]
Societe Generale SA, France’s second-largest bank, posted a fourth-quarter loss after writing down its stake in derivatives broker Newedge Group and setting aside 300 million euros ($403 million) for legal expenses. The shares fell after the Paris-based lender said today it had a net loss of 476 million euros, compared with a 100 million-euro profit a year earlier. That missed the average estimate for a loss of 203 million euros by 10 analysts surveyed by Bloomberg. The bank had goodwill writedowns of 392 million euros in the quarter, mostly on Newedge.

PwC's Andrew Ratcliffe lined up for ICAEW presidency [Accountancy Age]
The Next ICAEW vice president will be PwC's Andrew Ratcliffe. Ratcliffe, who has been elected by ICAEW Council, will take office on 5 June 2013 and will be nominated as ICAEW president in June 2015.

NASBA Offers Accounting Research Grants [AT]
This year, NASBA will fund and award a maximum of three grants totaling up to $25,000 for one-year research projects. Faculty and postdoctoral researchers at U.S. academic institutions are encouraged to submit proposals for consideration.

Plante Moran combining downtown Chicago offices [CT]
Plante Moran's 350 Chicago employees will now occupy two floors of 10 S. Riverside Plaza.

Internal-Audit Rotation Debate Simmers [CFO]
Many of the country’s largest and highest-profile companies include a stint running the internal-audit department as a component of executive-development programs for their highest-potential senior executives. The trouble that some have with that arrangement comes when the executive in question is a finance person — which is usually the case — and expects to rotate back into finance after three to five years as chief audit executive (CAE).

Students Boycott Final Exam, Prof's Grade Curve Forces Him to Give 100% A's [TaxProf]
A model for a busy season walkout, perhaps?

In State Of The Union Address, President Obama Calls For Tax Reform [Forbes]
Sounds familiar.

Bill Cosby Schools Us About Those Crazy Sweaters [CW]
The Cosby sweater is back with a vengeance.


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