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Accounting News Roundup: Accounting Still Skilled; When CPAs Lie to Themselves; Deloitte Gets Dumped, EY For the Rebound | 11.12.14

Accounting ‘not cut’ from immigration skilled occupations list for 2015 [The Australian]
False alarm.

Colombia nabs army captain turned drug-ring accountant [AFP]
What I want to know is… do cartels use accrual?

Regulators Want Banks to Rescue Themselves Next Time [Bloomberg View]
You want to "ensure that there are sufficient resources available in resolution." The idea is that, if banks run out of capital entirely — if they're technically "insolvent" — then you can make them solvent again by poofing TLAC debt into equity. If they have no TLAC debt, only equity, then when they become insolvent you can't do that. This strikes me as an extreme bit of formalism — why not make the requirement all equity, and seize the bank when it loses two-thirds of its equity? — but there you have it.

Don't Believe Everything a CPA Says [AT]
In a review of several accounting firm websites, all CPAs seem to be supreme communicators, relationship machines, providing incredible customer service, and are masters of the trusted relationship. I have to question our honesty to ourselves in the profession.

IRS fills in details of one-a-year IRA rollover rule [JofA]
Mark your calendars for 2015.

Outlooks for growth and business investment in Asia Pacific [PwC]
CEOs look to China

Ulster Bank is poised to dump auditor Deloitte [Independent]
EY be like, hey guys, can we help you with anything?

EY calls on leaders and boards to rethink diversity and inclusiveness [CNW]
"Diversity just makes business sense," says Fiona Macfarlane, Managing Partner, British Columbia and Canadian Chief Inclusiveness Officer, EY. "High-performing boards have culture, talent and strategy on their agenda, and are taking a broader view of risk in order to differentiate themselves from their competitors."

Boy runs away from home and spends six days living at IKEA – because he hadn't done his homework [Daily Mail]
Well we know who won't be winning the Elijah Watt Sells Award in a few years.

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