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Accounting News Roundup: Deloitte’s Latest Acquisition; Ditching Loser Clients; Is IFRS DOA? | 05.10.11

Microsoft to Acquire Skype [WSJ]
Microsoft Corp. agreed to buy Internet phone company Skype Technologies SA for $8.5 billion in cash—the most aggressive move yet by Microsoft to play in the increasingly converged worlds of communication, information and entertainment. “Skype is a phenomenal service that is loved by millions of people around the world,” said Microsoft Chief Executive Steve Ballmer in a statement announcing the deal Tuesday. “Together we will create the future of real-time communications so people can easily stay connected to family, friends, clients and colleagues anywhere in the world.”

Boehner Outlines Demands on Debt Limit Fight [NYT]
Speaker John A. Boehner said Monday that Republicans would insist on trillions of dollars in federal spending cuts in exchange for their support of an increase in the federal debt limit sought by the Obama administration to prevent a government default later this year.

Deloitte Makes Acquisition to Strengthen its End-to-End Analytics Portfolio of Services [Deloitte]
Deloitte today announced it has purchased substantially all of the assets of Oco, Inc., a provider of enterprise-class software as a service (SaaS) business analytics solutions.

Being Expedient: PwC Settles Satyam U.S. Class Action [Re:The Auditors]
Satyscam, we barely knew you.

11 Clues a Client is a Loser and 4 Keys to Finding a Winner [AW]
A stripped down version of risk management.

IFRS Adoption is Dead! (I Think) [The Accounting Onion]
Tom Selling is quite ready to call for time of death, “Way back in November 2008 when Christopher Cox was calling the tune, the SEC issued its proposed ‘Roadmap’ for achieving a ‘single set of globally accepted accounting standards.’ That was the point at which the ‘IFRS adoption is inevitable’ pot banging reached deafening levels. Thankfully, however, it has been mostly downhill from there.”

SEC Cracking Down on Foreign Shell Cos. [CFO]
While the Securities and Exchange Commission has recently stepped up its enforcement efforts against allegedly fraudulent U.S. shell companies in greater China, those efforts aren’t limited to that region, according to James Kroeker, the SEC’s chief accountant.

Madoff Trustee, Fairfield Liquidators Join Forces [WSJ]
The trustee for investors hurt by Bernard Madoff’s fraud reached a settlement with liquidators of the Fairfield Greenwich Group funds, the biggest feeders of money into the Ponzi scheme, in which they resolved claims against each other and agreed to jointly pursue the fund owners, including Connecticut financier Walter Noel.

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