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Accounting News Roundup: Enough with the IFRS vs U.S. GAAP Talk; Deloitte Disneyland; How Are You Wasting Time on That Conference Call? | 03.27.15

Posted on by Caleb Newquist

SEC's Stein calls for ending debate over dueling accounting rules [Reuters]
Kara Stein asks that you move on from IFRS; she has: "I am not convinced of a need to abandon U.S. GAAP in favor of IFRS. To be frank, this debate between dueling standards needs to move on."

This Is the Perfect Hotel for Business Travelers, but You'll Never Stay There [Bloomberg]
Bloomberg is a little late to reporting on the quality of food at Deloitte University (which has 5 stars on Yelp): "[A] typical lunch spread includes lobster rolls, Scottish salmon, shrimp, mussels, roasted chicken, a chicken wing bar, three kinds of sandwiches, five kinds of burgers, a hummus station, and a long salad bar. Between meals, snack stations offer popcorn, jelly beans, trail mix, and ice cream bars. Spacious pantries located near guest rooms have soft drinks, yogurt, string cheese, and M&Ms. After 5:30 p.m., employees migrate toward the Barn, a hangar-sized sports pub that serves ribs, jumbo shrimp, and hickory-smoked brisket." 

Speaking of food:

1MDB: Pua reports KPMG and EY to regulating body [FMT]
From the Malaysian bureau: "Tony Pua today lodged a complaint with the Malaysian Institute of Accountants (MIA) alleging that auditing firms KPMG and Ernst & Young (EY), both failed to report “highly dubious and fraudulent” transactions regarding 1MDB in regard to its PetroSaudi International deal."

In Silicon Valley, Auto Racing Becomes a Favorite Hobby for Tech Elites [DealBook]
You'll be floored to learn that men who have money to burn like to drive fast.

 

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Accounting News Roundup: Genzyme Wants Bigger Offer from Sanofi; IRS Says Ex-NFL Star Romanowski Owes $6 Mil; Convicted Tax Evader Traficant Running for Congress Again | 08.31.10

Genzyme Rejects Sanofi’s Overture [WSJ]
“Genzyme Corp.’s board again rejected an $18.5 billion takeover proposal from Sanofi-Aventis SA, although Genzyme suggested it would be open to future talks if there were a higher starting price.

Genzyme’s suggestion contrasts with accusations from Sanofi Chief Executive Chris Viehbacher that he “encountered a brick wall” in trying to begin merger talks. And with the French drug maker stressing its discipline in pursuing the Cambridge, Mass., biotech, the rhetoric from both sides hints that any deal could take some time.”

No horsing around, IRS tells ex-NFL star [Forbes]
“The Internal Revenue Service says ex-football star linebacker Bill Romanowski owes more than $6 million, primarily for claiming losses from a thoroughbred horse-breeding investment whose promoters have admitted was a fraudulent tax shelter.

Romanowski, 44, and his wife, Julie, filed a lawsuit last month in U.S. Tax Court disputing an IRS bill for $5 million in taxes, $1 million in penalties and an unspecified amount of interest. According to his complaint, for the years 1998 to 2004, the Romanowskis said their total taxable income was a negative $11 million. The IRS said it really was $14 million. The difference is a cool $25 million.”

Higher Taxes May Not Push Firms To Cut Dividends [WSJ]
“The expiration of a tax cut on dividend income wouldn’t likely spur firms to significantly cut their dividend payouts, say some scholars who study the relationship between tax rates and corporate behavior.

One big reason is that a growing share of U.S. equities are held by retirement funds and foreign investors that aren’t swayed by U.S. individual income-tax rates.

‘If there is an effect, it will be modest,’ University of North Carolina professor Douglas Shackelford said of the pending higher tax rates. ‘Pension funds, 401(k)’s, foreigners and corporations–all of these don’t care’ about the individual tax rate, he said.”

Alabama county mulling whether to keep, jettison SAP [Reuters]
Jefferson County, Alabama is the latest to have trouble with their SAP system. Unfortunately for JeffCo, they don’t have a huge consulting operation to sue, only an unnamed “third-party consulting firm.”


Guess Who’s Coming to Dinner! [Taxable Talk]
James Traficant, that’s who. Traficant was indicted in ’02 (while serving in Congress) on federal corruption charges and ultimately found guilty on ten counts that included bribery and tax evasion. Despite that track record, he has managed to get the necessary amount of signatures to run as an independent in Ohio’s 17th Congressional District.

Accounting firm raided over alleged drug network [ABC Australia]
Don’t think it can’t happen to you!