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November 27, 2022

Accounting News Roundup: Big 4 Audits and Disclosure Quality; Substance, Schmubstance; Spot the Liar | 01.18.13

Using Big Four improves disclosure quality [Accountancy Age
Companies that have a Big Four auditor are likely to provide better quality disclosures in financial statements prepared under IFRS, independent research has found. Research from Cass Business School also found that high-quality financial reporting practices are more likely to be observed by companies operating in countries with stronger regulatory regimes. According to the study, there is "considerable variation" across European countries in compliance with some impairment disclosure requirements, suggesting uneven application of IFRS.

The Death and Transfiguration of "Substance Over Form" in U.S. GAAP [Accounting Onion]
Tom Selling: "IFRS adoption in any form would be an unmitigated disaster, with the ridiculous notion of 'substance over form' playing a leading role. It's a concept that should have no place in U.S. GAAP, and convergence is to blame for bringing it back."

Reality not politics dictates cash hoarding [FT]
“Concern over mounting corporate cash seems mistaken,” […] “While businesses have increased the share of assets they hold as cash … they have simultaneously decreased their share of current assets held in non income-earning forms.”

Accounting firm BKD is looking to tap into growth opportunities [SABJ]
Since its merger with locally based The Hanke Group PC in 2008, BKD LLP has worked to expand its service offerings to the San Antonio business community with a renewed focus on financial services. And in recent years, the firm is finding new opportunities in the oil and gas sector as businesses grow and expand around the Eagle Ford Shale in South Texas.

I am an experienced tax accountant. AMA. Or don't, and pay Uncle Sam. [Reddit]
For the auditors out there.

The Lance Armstrong Lie Cloud [ZH]
For the burgeoning fraud detectors out there.

TIGTA: Prisoner Tax Fraud Claims Continue to Skyrocket [TaxProf]
There were over 91,000 fraudulent tax returns filed by prisoners in 2010.

Pros And Cons Of A Career In Porn [HP]
You can't say you haven't thought about it. We've basically covered it before.

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