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Accounting News Roundup: Facebook’s New Friend; Financial Reporting 2011 Outlook; Reflecting on Mistakes of 2010 | 01.03.11

~ Happy New Year Capital Market Servants. Like many of you, we’re easing into 2011 like Warren Buffett eases into a hot bath. Accordingly, we’ll be on an abbreviated publishing schedule today, returning to a full slate tomorrow. If you’ve come back to some pleasant news (e.g. boss orders you to take the day day off) or something less welcome (busy season hours start now!) we’ll be around, so feel free to email us.

Goldman Invests in Facebook at $50 Billion Valuation [DealBook]
This could be considered a ‘Like,’ “The new money will give Facebook more firepower to steal away valuable employees, develop new products and possibly pursue acquisitions — all without being a publicly traded company. The investment may also allow earlier shareholders, including Facebook employees, to cash out at least some of their stakes.”

Congress Targets Spending [WSJ]
But first, they are going waste everyone’s time, “The incoming House majority will start by offering two measures this week that carry more symbolism than substance. One will be a motion to repeal the health bill that President Barack Obama signed last year, and the second will be a measure to trim the cost of running the House itself. The health-care repeal isn’t expected to go anywhere in the Senate, where Democrats retain the majority, and the package of cuts to the House budget will only save about $25 million from a federal budget that exceeds $3 trillion.”

What’s Going to Happen to Financial Reporting in 2011? [Accounting Onion]
Tom Selling says you shouldn’t get your hopes up, “I predict that 2011 will be a year full of sound and fury, but signifying nothing to advance the cause of high quality financial reporting. You can take it to the bank – by which I mean any one of the banks fighting accounting reform tooth and nail.”

Did Orange Bowl Abuse its Tax Exemption With Caribbean Cruise? [TaxProf Blog]
Man, these Playoff PAC people really hate the bowl system.

Welcome to tax season. Let’s get busy! [CPA Success]
Unlike us, they’re bright-eyed and bushy-tailed over in Maryland for this year’s tax season.

Five New Year’s Resolutions That Will Help You Avoid the Mistakes of 2010 [FINS]
Before tearing off into the 2011 horizon, maybe do a little reflecting on 2010 first.

Orbitz names new CFO [Crain’s]
Former Crocs (yes, those Crocs) CFO Russ Hammer officially took the big seat on January 1.

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