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Accounting News Roundup: Barclays Chooses KPMG to Replace PwC; More Madoff Loose Ends; Inheriting a Team | 07.06.15

Barclays Selects KPMG As Auditor, Replacing PwC [WSJ]
PwC and its predecessor firms have audited the bank since 1896. KPMG will take over in 2017.

EU accounting rules could mask onset of another financial crisis [FT]
IFRS 9, which would require banks to assess risk of loan default "over the first 12 months," is not impressing many people: "The standard is likely to produce random outcomes. Trying to guess the precise moment a loan will go bad is worse than trying to predict the result of a football match, as it is also like trying to guess the precise minutes the goals will occur."

Prosecutors say 79-year-old accounting executive earned leniency in Madoff case by cooperating [AP]
Paul Konigsberg's information helped build a case against JP Morgan which resulted in the bank paying $1.7 billion to settle criminal charges.

Pitfalls to Avoid When You Inherit a Team [HBR]
Including bitching about the quality of the team: "Getting angry or frustrated, or being condescending will only create resistance and reduce their motivation to change. And if you introduce your own hires to the team and make the mistake of favoring them while treating long-standing team members as damaged goods, that demotivation will just turn to despair."

How to Maximize Your Vacation Happiness [Science of Us/NYM]
Just a reminder to make sure you take some time off this summer: "So one way vacations continue to provide hedonic benefits even after they've long since passed is because they live on in the stories we tell."