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Accounting News Roundup: Deloitte’s Record Revenue; FRC to Probe Tesco’s Probe; Business Onesies | 09.24.14

Deloitte Posts Record Annual Revenue [WSJ]
$34.2 billion. Consulting grew 10% globally. In the U.S., consulting grew 11.3% while audit and enterprise risk services grew 2.7%.

Wall St. Bankrolls Ex-Executive as He Sues Over A.I.G. Bailout [DealBook]
Hank Greenberg convinced people like like Ken Langone and Chris Flowers to help finance his lawsuit against the U.S. government: "[Greenberg] has now raised several million dollars from three Wall Street companions to help cover the cost of the case. The investors, who are entitled to a cut of any damages Mr. Greenberg collects from the government, contributed about 15 percent of the tens of millions of dollars in legal costs, according to people with knowledge of the arrangement." 

Treasury Takes a Modest Step on Inversions [DealBook]
The short version of Vic Fleischer's post is: "Most inversions will still happen." 

UK accounting watchdog to study Tesco book-keeping probe [Reuters]
In other words, they'll probe the probe: "
[The FRC] will consider the outcome of the investigation announced by the company and determine whether it should take regulatory action."

In Any Effective Tax Planning Technique, Substance Is Just As Important As Form [Tony Nitti/Forbes]
And the IRS judges both: "One of the cool things about tax planning is that you can do everything as required by the letter of the law, and yet the IRS can still tear the entire thing apart. Did I say cool? I meant terrifying."

This Business Suit Onesie Is Ingenious Laziness In Clothing Form [ReadWrite]
Business too casual.

Posted in ANR