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Accounting News Roundup: Dems Going After Big Oil Tax Breaks; Funky Bean Counting at Green Mountain Coffee; Mom’s Earning Power | 05.09.11

Democrats’ Plan Would Offset Deficit by Ending Big Oil’s Tax Breaks [NYT]
Linking two of the politically volatile issues of the moment, Senate Democrats say they will move forward this week with a plan that would eliminate tax breaks for big oil companies and divert the savings to offset the deficit. With high gas prices and rising federal deficits in the political spotlight, senior Democrats believe that tying the two together will put pressure on Senate Republicans to support the measure or face a difficult time explaining their opposition to voters whose family budgets are being strained by fuel prices.

Debt fund to target gap in lending [FT]
A group of former bankers and the departing global chairman of Deloitte have formed a debt fund manager in an effort to target an expected shortfall in funding to mid-cap European companies. The group is the latest European venture to start up in the wake of the credit crisis to fill a gap created in lending to smaller companies.

The Role and Relevance of Audits: PCAOB Chairman Doty Creates His Own Expectations Gap [Re:Balance]
Jim Peterson wonders if Jim Doty can pull off making real changes to the auditor’s report.

Is Green Mountain Coffee Roasters Shuffling the Beans to Beat Earnings Expectations? [WCF]
Does a negative provision for sales returns sound fishy to anyone?

What Mom should be paid [DMWT]
If you happened to blow off Mother’s Day, this should help you make up for it.

FASB Chair Answers Push for Private-Company GAAP [CFO]
Prompted by a proposal earlier this year by a blue-ribbon panel on the future of private-company accounting standards — a proposal that includes giving oversight of those standards to a brand-new board — the Financial Accounting Standards Board has heightened its focus on private-company issues, according to Leslie Seidman, the board’s chairperson.

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