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September 29, 2023

Accounting News Roundup: Boehner Doesn’t Do Two Month Tax Policy; KPMG: MF Global UK Staff Face Threats of Violence; IRS S’Mores Are Coming Your Way | 12.19.11

Rule Change Would Shift Loan-Loss Accounting [WSJ]
U.S. and international accounting rule makers have agreed in principle on a new standard for recording loan losses that may require banks to book some losses more quickly. Under the new plan, banks and other financial companies would shift to an "expected-loss" model, under which they would book losses and set aside loan-loss reserves based on future projections of losses. That would differ from the current system, known as an "incurred-loss" model, which requires evidence that a loss actually has occurred before the loss can be recorded. A move to using future loss projections would have the effect of accelerating the booking of losses.

House Balks at Payroll Tax Deal [WSJ]
House Speaker John Boehner flatly ruled out approval of a Senate agreement to temporarily extend the payroll tax cut through February, leaving uncertain both the tax cut and other year-end business as Congress struggled to finish its work for 2011. Mr. Boehner said Sunday on NBC's "Meet the Press" that a two-month extension was a sign of congressional dysfunction. "How can you do tax policy for two months?" Mr. Boehner said. "We really do believe it's time for the Senate to work with the House to complete our business for the year. We've got two weeks to get this done."

MF Global's U.K. Staff Face 'Threats of Violence,' KPMG Says [Bloomberg]

MF Global Holdings Ltd's U.K. employees have received threats amid claims the broker misused client funds before it collapsed, the company's administrators told a London court. KPMG LLP, administrators of MF Global's U.K. unit, asked a judge for permission to remove the names of employees from court filings for their protection. "We have had two sets of threats, one in relation to a trader," KPMG's lawyer Adam al-Attar told the court. The intimidation included "threats of violence," he said. The threats may have been because of the association with MF Global UK Ltd.'s New York-based parent company, where there is "speculation as to the misapplication of client monies," Al-Attar said. High Court Judge David Richards approved the application and made an order for the redactions this morning.
KPMG defends role over MF Global [FT]

The administrator for the UK arm of MF Global has defended its handling of the return of funds to customers amid frustration by some that they have not yet received assets frozen after the failure of the US futures broker. KPMG confirmed on Friday that it collected 82 per cent of client money totalling £594m, held by clearing houses, exchanges and brokers, and a further £201m of company monies. The UK arm, which made up a quarter of group revenues, has trailed the US in distributing frozen assets.
Christmas Gifts for that Special Tax Person [TaxProf]
Hershey really missed an opportunity here.


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