Accounting News Roundup: EY Meets Key and Peele; Inventory Problems; Don’t Save Work for Later | 08.26.14

Burger King to Buy Tim Hortons for $11.4 Billion [DealBook]
BK is off to Canada with a little help from WB: "Burger King Worldwide agreed on Tuesday to buy the Canadian restaurant chain Tim Hortons for about $11.4 billion, creating one of the biggest fast-food operations in the world — with a little help from Warren E. Buffett. As part of the transaction, however, the American burger giant will move its home to Canada, where the combined company’s biggest market will be. Under the terms of the deal, Burger King will pay 65.50 Canadian dollars in cash and 0.8025 of one of its shares for each Tim Hortons share. That amounts to about 94.05 Canadian dollars a share, or $85.78 a share, based on Burger King’s closing price on Monday."

Boehner, Camp Profit From Corporate Bid to Avoid U.S. Tax [Bloomberg]
That Medtronic deal worked out nicely: "While U.S. House Speaker John Boehner and Ways and Means Committee Chairman Dave Camp have resisted calls for a crackdown on companies adopting overseas addresses to pay lower taxes, both have made money off one of the deals. They also have investments at risk of losing value because of government action. The two lawmakers reported the sale of stock in Covidien Plc within nine days of Medtronic Inc. saying it was planning a takeover, an announcement that sent Dublin-based Covidien’s shares near a 52-week high." 

"Wait, you said 'EY!'? Like, the magazine?" 

KPMG's John Veihmeyer On The Resurgence Of American Manufacturing, Efficient Growth And Staying Relevant [Forbes]
JV is being coy about the firm's advisory business: "I am very optimistic about our prospects over the next several years.  We’re seeing not only growth in our core, audit business, but also significant growth in our advisory and tax businesses as we help companies with transformative projects and adapt to new technologies and the regulatory environment."

More Accounting Deficiencies Linked to Inventory [CFOJ]
Surprise! And maybe we can expect more: "Large companies disclosed deficiencies in their procedures to account for inventory, vendors and cost of sales 38 times last year, putting the category just behind tax. In 2012, inventory ranked third on the list and was sixth as recently as 2011, according to Audit Analytics. […] The proliferation of inventory accounting deficiencies could be self-fulfilling, said Don Whalen, director of research for Audit Analytics. When a problem arises at one company, auditors will survey their clients for similar lapses."

Deloitte records fourth consecutive year of growth [economia]
It was a slow year, however: "In the firm’s financial results for the year ending May 31 2014, it said revenue had risen from £2.52bn to £2.55bn while net revenue rose by 3%. The firm has now enjoyed four consecutive years of growth, averaging 6.9%. This year was the firms slowest growth in the four-year period, which reflects 'uncertainty' that has existed."

Why Saving Work for Tomorrow Doesn’t Work [HBR]
FYI, procrastinators: "
I’ve seen too many individuals procrastinate at work because they think, 'I’ll get a lot done later.' Unfortunately, banking on future time rarely aligns with productive results. This mindset leads to unconscious self-sabotage because individuals are not taking advantage of the opportunity to get tasks done right now, and when later comes, they find themselves feeling guilty, burned out, and frustrated. They fall back on their habits to put work off, and it doesn’t get accomplished."

Police Find Wanted Man After He Posts Ice Bucket Challenge Video [Gawker]
Like most people, he probably just wanted to cool and had no plans to make a donation.

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