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November 28, 2022

Accounting News Roundup: Another Too Big to Fail; CFOs Behaving Badly; An Accountant’s Side Job | 12.19.14

Regulators designate MetLife for high-risk financial oversight [LA Times]
Too Big to Fail, y'all! "Federal regulators Friday designated MetLife Inc. for special oversight, saying the insurer is so big that its failure or other major problems would pose a threat to the U.S. financial system. In a 9-1 vote, the Financial Stability Oversight Council — a panel of top regulators chaired by Treasury Secretary Jacob J. Lew — determined that MetLife was a systemically important financial institution."

Ex-American Realty Chair Accused of Ordering Accounting Changes [WSJ]
In her suit, the accounting executive, Lisa P. McAlister, alleges Mr. Schorsch instructed her and former Chief Financial Officer Brian Block to shift numbers in the company’s second-quarter results to cover up errors from the first quarter. Ms. McAlister repeatedly expressed concern about the directive to fellow executives and others, including in an email to Grant Thornton LLP, the real-estate-investment trust’s audit firm, but her concerns were ignored, according to the complaint.

Accountant called himself 'Rodney Trotter' to flog fake goods on Facebook [Mirror]
Oh, Rodney!

Ignoring High Reputation Risk, PricewaterhouseCoopers Fights California Overtime Class Action [Francine McKenna in Medium]
Dirty laundry shall be aired, folks.

When the going gets tough, the tough stay late at the office [Twitter]


Igniting a Passion for Learning [AICPA Insights]
Getting CPAs excited about CPE: "In a professional environment where complying with CPE hours often places more value on how much time you spend in a classroom than the quality of what you learn—it is not uncommon for a CPA’s desire to learn to be extinguished and replaced by a resignation to comply."

IASB issues amendments, exposure draft related to more streamlined disclosures [Journal of Accountancy]
Just in time for the holidays!

Cops Taser French Monkey Who Wouldn't Stop Stealing Candy From Les Bébés [Gawker]
He must have heard it's easy.

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