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Accounting News Roundup: China Regulator ‘Aware’ of Sketchy Accounting at Chinese Companies; More on PwC’s Win in 9th Circuit; No Riots After IFRS Adoption in Canada | 06.17.11

China Regulator ‘Aware’ of Concerns on Chinese Firms’ Accounting [Bloomberg]
“We have been in touch with other foreign regulators regularly as usual,” Yao Feng, deputy director general of the CSRC’s department of accounting, said today while attending a conference held by the Hong Kong Institute of Certified Public Accountants. “We are aware of the concerns.”

PricewaterhouseCoopers Will Go To Trial In California Overtime Case [Forbes]
Francine’s take on this week’s decision in the 9th Circuit.

Ramseyer & Rasmusen: IRS Had No Authority to Waive NOL Rules for GM [TaxProf]
GM did not make many cars anyone wanted to buy, but it did have $45 billion in NOLs. Unfortunately for the firm, if the Treasury now sold the stock it acquired in bankruptcy it would trigger those § 382 NOL limitations. Suppose the newly reorganized GM did start making cars that consumers wanted. It would be able to use only a modest portion of its old NOL’s — if any.

House Panel Endorses Budget Cuts at IRS, Consumer Bureau [Bloomberg]
A U.S. House Appropriations subcommittee approved a spending bill that would cut funding for the Internal Revenue Service, limit the budget of the Consumer Financial Protection Bureau and deny a spending increase sought by the Securities and Exchange Commission. The $19.9 billion bill was approved today in Washington on a voice vote by the subcommittee on financial services and general government, and heads to the full committee. It includes funding for the Treasury Department, the White House, the District of Columbia, the federal courts, the Consumer Product Safety Commission and the General Services Administration.

No Parties After IFRS Adoption in Canada [CFO Journal]
If U.S. regulators want to get a sense of what the transition to International Financial Reporting Standards might be like, they may only have to look to their neighbors to the north where companies were required to switch from Canadian GAAP this year. But they should be prepared for some rather negative reviews.

IFRS doubters stung by government audit report verdict [Accountancy Age]
Haters gonna hate. Or something.

Posted in ANR