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December 2, 2022

Accounting News Roundup: Day 3; Deloitte Appeals MG Rover Decision; Happy 100, Federal Income Tax | 10.03.13

Frustrated Republicans Pressure Boehner to End Shutdown [Bloomberg]
More than a dozen House Republicans who want to drop attempts to undermine the health-care law and reopen the government are meeting among themselves and with House Speaker John Boehner — and he’s listening. For the past few weeks, Boehner’s hand has been guided by a group of Tea Party-aligned Republican House members who’ve urged little compromise in their three-year drive to undo the 2010 Affordable Care Act, also known as Obamacare. Now, the agitation is coming from the other side of the caucus. A bipartisan group of about 40 House lawmakers are holding private talks to find a compromise to end the shutdown, said Representative Reid Ribble, a Wisconsin Republican.

Deloitte appeals MG Rover tribunal [Accountancy Age]
The firm lost the tribunal, earlier this year, over its role in advising the owners of MG Rover. Deloitte and its corporate finance partner Maghsoud Einollahi were fined by the Financial Reporting Council's independent tribunal for their role in advising the owners of the car manufacturer in 2000, over two transactions. A statement from Deloitte said: "After careful consideration, we have decided to seek leave to appeal the findings of the MG Rover Tribunal. "We recognise the general desire to move on from this case but do not agree with the main conclusions of the tribunal which we feel could create significant uncertainty for individual members and member firms of the ICAEW."

Happy Centennial, Federal Income Tax [Economix]
Everything you could possibly want to know about how the income tax came to be on October 3, 1913.

Grover Norquist on Ted Cruz: ‘He pushed House Republicans into traffic and wandered away’ [Wonkblog]
Also: "I considered myself very compromised. Overly reasonable."

SEC Exempts Accountants from Municipal Advisor Registration [AWEB]
The US Securities and Exchange Commission (SEC) last month adopted rules establishing a permanent registration regime for municipal advisors as required by the Dodd-Frank Act; however, an accountant who provides audit or other attestation services will not have to register as a municipal advisor. The new rule approved by the SEC on September 18 requires a municipal advisor to permanently register with the SEC if the advisor provides advice on the issuance of municipal securities or about certain "investment strategies" or municipal derivatives.

Dinosaur Erotica Exists and It's Just as Amazing as You'd Imagine [Jezebel]
Taken By the T-Rex; Running From the Raptor; In the Velociraptor's Nest.

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