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Accounting News Roundup: China’s Accounting Problem; State Tax Revenue (Sorta) Makes a Comeback; Spring Mergers Are in the Air | 05.25.11

AIG Share Sale Raises $8.7 Billion for Treasury, Insurer [Bloomberg]
The Treasury sold 200 million shares yesterday at $29 each, compared with the closing price of $29.46 on the New York Stock Exchange. The government, which retains a majority stake, needs to sell shares at an average of about $28.73 to recover a $47.5 billion investment. AIG disposed of 100 million shares, raising $2.9 billion, according to a statement from the company.

Only China can tackle its own dodgy accounting [Reuters]
What about the hostage takers?

John Edwards: U.S. Green-Lights Prosecution for Alleged Campaign Law Violations Tied to Affair Cover-Up [ABC]
A source close to the case said Edwards is aware that the government intends to seek an indictment and that the former senator from North Carolina is now considering his limited options.

State Tax Revenue Increases by 9.1% [WSJ]
The revenue gains, which were driven by a 12.4% jump in personal income taxes, reflect the improving economy as well as tax increases passed during the recession. Sales taxes grew 5.6% while corporation income taxes, which are volatile and make up only a small portion of states’ tax collections, grew 6.9% in the quarter.

Resume Debate: Word v. PDF [FINS]
Hey, it matters.

RubinBrown joins forces with Bondi & Co. accounting firm of Denver [KCBJ]
RubinBrown LLP will merge with Bondi & Co. LLC on June 1 in a move designed to put the combined company among the nation’s 50 largest accounting firms. RubinBrown Chairman James Castellano said the deal will boost the firm’s annual revenue from $54 million to $65 million. Bondi partners were given a partnership stake in RubinBrown, but financial terms were not disclosed. The Bondi name will disappear.

LarsonAllen to Merge in Raymon Pielech Zexter [AT]
“RPZ has built a strong tax practice over the years, and we’re very proud of that,” RPZ managing shareholder Jeff Raymon said in a statement. “But in today’s business and financial market, we need to offer our clients more to help them succeed and stay competitive. Joining with LarsonAllen will give us the capacity to serve the broader spectrum of their financial and advisory needs almost immediately.”

Huguette Clark, the reclusive copper heiress, dies at 104 [MSNBC]
“IRV1040” is lurking.

Posted in ANR