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Accounting News Roundup: Deloitte China’s Hiring Spree; Coburn to Newt: Shut It!; Handicapping Corporate Tax Reform | 05.20.11

Deloitte Aims To Nearly Double China Staff By 2015 [Dow Jones]
Deloitte Touche Tohmatsu International plans to nearly double its China staff by 2015 to support its business expansion in one of the world’s fastest-growing markets, a senior executive said Friday. China is now Deloitte’s fourth-largest market in terms of employees, with more than 8,000 people in 14 cities across mainland China, Hong Kong and Macau.

China Unicom Uncovers Improper Accounting But Says No Impact On Results [Dow Jones]
China Unicom [,,,] Ltd. (CHU) said Friday a national audit conducted last year found improper accounting procedures at the telecom operator, but it has rectified the issues and doesn’t anticipate any material impact on its past earnings.

Secret Donors Multiply in U.S. Election Spending [Bloomberg]
Commission on Hope and four other Republican-leaning groups spent at least $4.05 million attacking candidates in the run-up to the November voting, according to Campaign Media estimates and TV station records obtained by Bloomberg News. None of that spending can be found searching the public database of the Federal Election Commission, and FEC spokeswoman Mary Brandenberger said the commission has no record of it.

Tax overhaul should begin with (second) home-related tax breaks [DMWT]
Gotta start somewhere.

Christine Lagarde Is Favored to Head IMF [Bloomberg]
French Finance Minister Christine Lagarde emerged as the leading contender to replace Dominique Strauss-Kahn at the International Monetary Fund as developing nations failed to unite behind a candidate. U.S. Treasury Secretary Timothy F. Geithner called for the quick appointment of a new managing director yesterday while the Obama administration avoided backing any one person.

Coburn: Newt Needs to “Keep His Mouth Shut” [ABC News]
Senator Tom Coburn says Gingrich needs “keep his mouth shut” about Paul Ryan’s Medicare plan until he has his own plan to deal with skyrocketing entitlement spending. “If you haven’t put a plan on the table, you need to keep your mouth shut because the problem hasn’t gone away,” Coburn told ABC news in an interview on the Capitol subway. “You’re elevating yourself by being critical of someone else.”

Is Corporate Tax Reform Realistic? [TaxVox]
A panel of veteran international tax experts tried to put the U.S. struggle to fix its corporate tax system in broader perspective. Unfortunately, they concluded that the U.S. is lagging well behind the rest of the world in corporate reform and, worse, the odds of any serious progress anytime soon are slim.

Posted in ANR