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Accounting News Roundup: Connecticut’s New GAAP Gov; LinkedIn IPO Coming Soon; Accountant Says Aloha to Prison | 01.06.11

Goldman Flooded With Facebook Orders [WSJ]
Inundated with demand, Goldman Sachs Group Inc. plans to stop taking orders for shares of Facebook Inc. on Thursday, and has told some would-be investors to expect just a small fraction of the shares they requested, according to people familiar with the situation.

Malloy signs order calling for GAAP accounting principles [Norwich Bulletin]
This guy means business, “As his first official act, Gov. Dan Malloy signed three executive orders this afternoon. The first order instructs all state agencies adopt GAAP accounting principles from this point on.”

Momentum Builds for Corporate-Tax Overhaul [WSJ]
The White House and congressional Republicans are moving from different directions toward a consensus that the U.S. corporate tax code needs a fundamental overhaul, a goal high on corporate leaders’ agenda. Specific proposals for retooling the complex corporate-tax system aren’t on the table and the debate over the issue is sure to be lengthy and difficult. But President Barack Obama and Republican congressional leaders are separately sounding the same broad theme that corporate tax rates should be lower. “Tax reform could be a significant boost to our competitiveness,” Rep. Eric Cantor (R., Va.), the new House majority leader, said this week. “I’m hopeful and expect the president to put some action behind his statements.”

LivingSocial: Groupon’s Not The Only Company That Can Hire A CFO [TechCrunch]
John Bax, an E&Y alum and most recently the CFO of RecycleBank, is in now in the big chair at LivingSocial.

Aronson & Company Changes its Name to Aronson LLC [PR Newswire]
Effective last Saturday.

LinkedIn Plans to Pursue an IPO [WSJ]
No Goldman needed, “Social-networking company LinkedIn Corp. intends to file for an initial public offering within months, another sign that the market for high-tech companies is heating up. The Mountain View, Calif., company, whose members include more than 85 million business professionals, will likely file its S-1 registration statement during the first quarter, according to a person familiar with the matter. The three underwriters are Bank of America Merrill Lynch, J.P. Morgan Chase & Co. and Morgan Stanley, this person said.”

Wise, Blue accounting firms merge [Business First]
Douglas R. Wise & Co. PSC, a Louisville-based public accounting practice, has merged with Blue & Co. LLC, an accounting and advisory firm based in Carmel, Ind.

Deaths, Disasters and Diseases Make For Satisfying Career [FINS]
Or debit and credit mavens, which comes in at #12.

Ponzi scheme sends Maui accountant to prison [Hawaii News Now]
Maui accountant Lloyd Kimura pleaded guilty Wednesday to nine counts of bank and mail fraud and theft in an elaborate ponzi scheme. Kimura, 61, admitted to defrauding more than 50 clients who invested in his business, the Maui Industrial Land and Finance Company. His crime may have amounted to as much as $20 million.

Posted in ANR