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Accounting News Roundup: Digimarc Fires Grant Thornton for KPMG; Ernst & Young’s Liability Risk; Auditing the Fed…For Real? | 12.29.10

Groupon Seeks to Sell Shares [WSJ]
Flying high with cash and confidence after snubbing Google Inc.’s reported $6 billion purchase offer, daily deals company Groupon Inc. has set its sights on raising nearly $1 billion in private funds. The Chicago-based company has filed a certificate with the State of Delaware, where it is incorporated, seeking authorization to sell up to 30.1 million preferred shares of stock at $31.59 per share, or a little more than $950 million.

Digimarc changes auditor after clash [Portland Business Journal]
Grant Thornton fired for KPMG. Have we heard this story before?

PE Outlook: KPMG’s Hessing On Private Equity’s Changing Seasons [Private Equity Beat/WSJ]
Things are looking up!

Tax Reform Won’t Happen in 2011 (or 2012) [TaxVox]
And everyone seemed so serious about it pre-November.

Dodging Repatriation Tax Lets U.S. Companies Bring Home Cash [Bloomberg]
At the White House on Dec. 15, business executives asked President Obama for a tax holiday that would help them tap more than $1 trillion of offshore earnings, much of it sitting in island tax havens. The money — including hundreds of billions in profits that U.S. companies attribute to overseas subsidiaries to avoid taxes — is supposed to be taxed at up to 35 percent when it’s brought home, or “repatriated.” Executives including John T. Chambers of Cisco Systems Inc. say a tax break would return a flood of cash and boost the economy.

Ernst & Young’s Liability For Lehman Larger Than Claimed [Forbes]
Don’t forget the 10-Q’s in 2008! “EY’s claim of an arbitrary cutoff for responsibility for the audit after the 2007 10-K is intended to fool the casual reader of media reports. Lehman remained an EY client until the bankruptcy in September 2008. This period included two more 10-Qs.”

Woman in disbelief that pastor broke into her home [Salon]
The tithe in the offering plate obviously wasn’t cutting it.

GAO will be able to audit Fed [On the Money/The Hill]
Somebody has an opinion on this, “The GAO under the Dodd-Frank financial reform bill is now required to audit the Federal Reserve’s emergency lending program instituted in the wake of the financial crisis.”

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