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December 1, 2022

Accounting News Roundup: An Even Longer CPA Exam (Probably) | 09.01.15

Toshiba Drops After New Accounting Problems Delay Results [Bloomberg]
I'm having trouble deciding whether Toshiba management suffers from a severe case of incompetence or toxicity. Either way, the situation, somehow, has gotten worse.

“Failure to complete its fiscal year to March 2015 securities filings would put the company at a greater risk of being delisted,” Takeo Miyamoto, an analyst at Mitsubishi UFJ Morgan Stanley, wrote in a report on Tuesday. “This point in particular leaves a negative impression, since the market had generally viewed delisting as extremely unlikely.”

President Masashi Muromachi, who succeeded not one, not two, but three predecessors since this nightmare began, says he may resign if the September 7th deadline isn't met.

Changes proposed for CPA exam would enhance higher-order skills testing [JofA]
The 106-page AICPA exposure draft on changes to the CPA exam is now available for your reading (and commenting) pleasure. With a title like Maintaining the Relevance of the Uniform CPA Examination, you can't help but think that people aren't feeling so hot about the relevance of the CPA exam. In any case, here's one of the proposals:

A plan for more task-based simulations for the exam. These would test a combination of content knowledge and higher-order skills. Task-based simulations wThiould be added to the BEC section for the first time. There would be eight or nine task-based simulations each in the AUD, FAR, and REG sections, and four or five of these simulations in the BEC section.

This would make the exam 16 hours instead of 14 hours, but who's counting?

Spokane public accountant indicted on tax fraud, evasion charges [SSR]
CPA Roger Stadtmueller allegedly failed to report $1.7 million from his business that "specialized in preparing accounting documents for mortgage firms interested in attaining assistance from the U.S. Department of Housing and Urban Development." 

S.E.C.’s In-House Judges Not Too Tough, a Review Shows [DealBook]
Wharton Professor David Zaring found that "the agency received everything it asked for only 70 percent of the time."

Twitter works just fine – but for investors, anything except total market domination is a disaster [The Guardian]
Columnist Paul Mason says it should be a public utility instead.

Top 25 teams in college football, re-ranked by the grammar of their fan base [FTW]
This makes Auburn vs. Alabama far more interesting.

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