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Accounting News Roundup: BAE Admits to Shoddy Accounting; IFRS Roadmap to Nowhere; Tax Tips for Poker Players | 11.23.10

BAE Admits Guilt in Accounting Case, Faces December Sentencing [Bloomberg]
BAE Systems Plc, Europe’s biggest defense company, said it failed to keep proper accounting records of payments in a case that tests U.K. fraud prosecutors’ ability to negotiate plea deals.

BAE lawyer David Perry said today at a hearing at a Magistrates Court in London that the company will enter a guilty plea at a higher court next month. The company has entered into a plea deal, Louis Mably, a lawyer for the Serious Fraud Office, which is prosecuting the case, told the judge.

Cowen Tries to Placate Opposition, Rebels [WSJ]
Irish Prime Minister Brian Cowen pressed opposition parties and independents to back a financial aid package for the country and hold off from seeking an immediate election, even as he found himself on the defensive against rebels within his Fianna Fail ruling party on Tuesday.

The opposition parties and independents are struggling to decide if they should support Mr. Cowen’s government in the upcoming budget, which is crucial to securing a bailout worth tens of billions from the European Union and the International Monetary Fund. Their other option is to push for an immediate election that could delay a rescue package.

Forget About Touching Junk, You’re Going To Piss Yourself When You Hear This [JDA]
The terrorists have won.

SEC Staff Report on IFRS Roadmap: The Public Deserves to Know More [Accounting Onion]
Tom Selling isn’t impressed so far, “It’s appalling how little the SEC staff has accomplished over the ensuing eight months. If I were the SEC’s ‘thesis adviser’, I would be torn between two painful conclusions: this progress report was a rush job from a student with an attitude problem; and/or, she is just not capable of getting the job done.”

Welcome to the Tax Blogosphere: Tax Tips for Poker Players [TaxProf Blog]
For those considering it.

Bush tax cuts: What happens if Congress punts [CNN]
Punch and pie for everyone!

Questions You Should – and Shouldn’t – Ask in an Interview [FINS]
A perfect opportunity to showcase your knowledge about quantitative easing.

Watchdog abandons Hogan chase [Sydney Morning Herald]
Victory for Mick Dundee.

Cuba Gooding Jr’s Dad sued, allegedly didnt pay his accountant [NYP]
Celebrity parents should really know better.

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