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November 26, 2022

Accounting News Roundup: Dark Arts of Ladder Climbers; Reminder: IFRS Not Happening in U.S.; Gender Bias Suit Against KPMG Granted Collective Action | 07.09.14

In Deal to Cut Corporate Taxes, Shareholders Pay the Price [DealBook]
Medtronic shareholders, to be specific: "The Internal Revenue Service will treat the acquisition as if Medtronic shareholders had sold their shares. Under I.R.S. rules, when a company moves abroad in a tax inversion, the buyer’s shareholders must pay capital gains if they will hold 50 percent or more of the shares. That is the case for Medtronic, and so its shareholders will be stuck with that big tax bill — up to 33 percent in California after you include the state tax. (In Minnesota, where the top capital gains tax is 7.9 percent, shareholders may pay up to 29.7 percent of their holdings in tax.)"

What Corporate Climbers Can Teach Us [WSJ]
The Dark Side of the Force, basically: "Every office full of ambitious people has them. And we have all worked with at least one—the co-worker with an inexplicable ability to rise in the ranks. 'How do they do it?' we may ask ourselves or whisper to friends at work. They don't have more experience. They don't seem that brilliant. But such co-workers may possess a dose of one of the personality traits that psychologists call the 'dark triad': manipulativeness, a tendency to influence others for selfish gain; narcissism, a profound self-centeredness; or an antisocial personality, lacking in empathy or concern for others."

Fitch: Full U.S. Adoption of International Accounting Standards Becoming Less Likely [Fitch]

KU Edwards Campus will offer new degrees, certifications [KCBJ]
Including a Masters in Accounting. It's a popular degree, you know.

KPMG Workers Win Cert. In $400M Sex Bias Row [Law360 (Sub)]
I'm sure the HoK could do without this: "A New York federal judge on Tuesday conditionally certified an Equal Pay Act collective action covering about 7,000 female employees of KPMG LLP, some of whom hit the company with a $400 million sex bias suit for allegedly underpaying female client service and support professionals."

George R.R. Martin: Fuck You If You Think I Won't Finish the Series [Gawker]
You tell 'em, George!

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