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September 28, 2023

Accounting News Roundup: American Realty Capital Spirals; Rothstein Kass and KPMG Have Some Loose Ends; SEC vs. China Drags On | 12.16.14

American Realty Capital Chairman Nicholas Schorsch Resigns [WSJ]
CEO David Kay and COO Lisa Beeson are stepping down, too. Prognosis? Not good: " 'It’s unprecedented to have three top executives at one of the largest REITs in the world step down on the same day,' said Kevin Gannon, a managing director at Robert A. Stanger. 'I’ve never seen anything like it.' "

$20M Accounting Malpractice Case Overshadows Asset Merger [NYCLI]
Sounds like Rothstein Kass has a few loose ends it needs to tie up: "A religious charity’s efforts to attach $20 million in assets from Rothstein Kass, a New Jersey accounting firm recently acquired by KMPG [sic], got a boost last week when a Manhattan judge ordered a hearing on why the firm’s assets, should not be attached. Aish Hatorah, a charitable organization that connects Jewish people to their heritage through trips to Israel, Poland and other countries, alleges Rothstein Kass, its former accounting firm, failed to stop 10 years of embezzlement by Aish’s former chief financial officer Jacob Fetman. Aish’s ex-CFO was indicted earlier this month by Brooklyn District Attorney Kenneth Thompson for allegedly embezzling more than $237,000 between Nov. 4, 2010 and Aug. 21, 2013."

Grant Thornton moves offices within Comerica Bank Tower in Dallas [DBJ]
The OMP quotes that accompany these articles about real estate moves might be the most trite of all. To wit " 'This move reinforces Grant Thornton's continued commitment to the firm's growth in the Dallas-Fort Worth region,' Dallas Office Managing Partner Wally Gruenes said in a statement. 'Our new space will enhance employee collaboration and innovation, allowing us to better serve our current and future growth-oriented clients in the area,' he added."

Regulatory impasse [China Accounting Blog]
We'd all but forgotten about the China/SEC/Big 4 love triangle. Now we'll forget about it for six more months: "
The SEC extended the time for briefings to be filed in the appeal of the Chinese affiliates of the Big Four firms against the January 2014 decision by an Admin-istrative Trial Judge to ban them for six months. The final brief is now due on May 29, 2015, meaning that a final decision is unlikely before late summer." 

Russian Ruble Hits New Low Despite Rate Rise [WSJ]
Meanwhile: "The battered ruble plunged to a new record low against the dollar again Tuesday, as investors grew convinced that the Russian central bank’s surprise move overnight to jack up interest rates to 17% wouldn’t be enough to alleviate the pressure on the currency from falling oil prices and western sanctions."

New York Magazine's "Confirmed" Teen Millionaire Says He Made It All Up [Gawker]
That should make you feel better.

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