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Accounting News Roundup | 04.22.11

~ It’ll be half day here at GC today, resuming a regular schedule on Monday. We suggest you do the same.

80-Year-Old Ex-UBS Client Given 2 Years Probation In Tax Case [Dow Jones]
An 80-year-old one-time UBS AG (UBS) client was sentenced to two years probation for hiding $4.9 million from the IRS, the Department of Justice said Thursday. Ernest Vogliano was also ordered to pay a civil penalty of $950,381 and a $10,000 fine for five counts of filing false federal income-tax returns and conspiring to defraud the IRS. He pleaded guilty to the charges in December. He was one of seven UBS clients charged in a probe into U.S. taxpayers concealing funds through overseas accounts and companies.

FASB, IASB Extend Timetable For Some Accounting Projects [Dow Jones]
Two organizations in charge of U.S. and international accounting standards said they could take until the end of the year to agree on unified bookkeeping rules for publicly traded companies. Officials at the International Accounting Standards Board and the U.S.-based Financial Accounting Standards Board want to see a single set of accounting standards used worldwide. The boards have been working for years on “convergence” projects to eliminate major differences between U.S. and global rules.

Nice Girls Finish Last [FINS]
And they apologize, among other things.

Business Development Skill Builders for Young CPAs [JofA]
Many firm leaders think that young CPAs lack the necessary business development skills to move to the next level or become a future leader of the firm. However, young CPAs are often not given the opportunity to develop those skills on a daily basis. Business development is a difficult thing to teach, and it’s unrealistic to expect the skills to come naturally to many CPAs.

Hatch will oppose any deficit-reduction deal that includes raising taxes [The Hill]
Sen. Orrin Hatch (R-Utah) poses a significant obstacle to any bipartisan deficit reduction deal in the Senate that would raise taxes, according to Senate aides and activists. Hatch would have significant say over any deficit-reduction as ranking Republican on the Senate Finance panel, which has jurisdiction over taxes, Social Security, Medicare and Medicaid. He told conservative activists shortly before the April recess that he would oppose any deficit-reduction package that raises taxes, period.

Posted in ANR