Deloitte sees revenues jump as recruitment drive looks to the future [Telegraph]
In the year ending May 31, Deloitte, which was an Olympic sponsor, grew sales from £2.1bn to £2.3bn, with profits up £34m to £569m. Meanwhile, the company hired 1,118 graduates, promoted 63 partners and poached 43 from rival companies. David Sproul, its chief executive and managing partner, said: “Last year we took the decision to invest heavily in people and skills. “As a business leader, I look at the role we can play in driving economic growth and rebuilding economic prosperity across the UK. Investing in skills and talent is a signal of confidence, and critical to supporting our clients at a time when the outlook for all businesses remains challenging.”
Obama campaign offers Romney to release 5 years of tax returns, says would ask for no more [AP]
Obama campaign manager Jim Messina made the tax-disclosure offer to Romney campaign manager Matt Rhoades in a letter Friday morning. Messina said he was taking the step because Romney “apparently fears the more he offers, the more our campaign will demand that he provide.”Romney’s wife, Ann, has repeatedly stated that concern in interviews, arguing that the more the couple releases, the more questions are asked.
Accounting Differences Crimp Cross-Border Mergers [CFO]
Dissimilar national accounting standards and the lack of adherence to international financial reporting rules seem to be a major deterrent to companies eyeing targets beyond their borders, according to a recent academic study. At the same time, cross-border acquisitions by companies of target firms in countries with similar accounting strictures tend to relieve CFOs and other senior executives of financial and administrative burdens, says Shawn Huang, assistant professor at the University of Arkansas and one of the survey’s authors, along with Jere Francis, a professor at the University of Missouri, and Inder Khurana, a professor at the University of Missouri-Columbia. That’s because there’s less of a learning curve involved, Huang notes. Based on M&A deals in 32 countries that totaled $3.5 trillion between 1998 and 2004, the study finds that differences in local versions of generally accepted accounting principles (GAAP) between an acquirer and a potential target in another country can decrease the number of mergers. Lacking similar standards to their targets, acquirers might find it tougher to identify value-creation opportunities in the first place and to combine the two firms operationally later on, Huang says.
ExxonMobil Paid $1 Trillion in Taxes Since 1999, Three Times Its Profits [TaxProf]
Police arrest man with RIDICULOUS name in Florida [HP]
Jackmeoff Mudd, 54, was arrested on charges of assault, disorderly conduct, resisting an officer, possession of alcohol in an open container, and violation of probation. He is being held at a Broward County jail on a $300 bond, which means that at some point in the last few days, a somber county judge read his name aloud in court.