September 26, 2022

Accounting News Roundup: The Family Office; KPMG Gets Bigger; No Banker Party | 10.22.14

Why More Accounting Firms Are Creating Family Offices [Forbes]
In case you really wanted to know.

GOP: Majority would ‘get to truth’ on IRS [The Hill]
Republicans vow to put the clamps on the IRS if they sweep to power in November. GOP lawmakers and aides believe that House-passed legislation to limit the IRS’s reach would have a better shot at making it to President Obama’s desk if Republicans win control of the Senate on Nov. 4.

Business-Friendly Bureaucrat Helped Build Tax Haven in Luxembourg [WSJ]
On the first floor of a rust-colored building near the main railway station, Marius Kohl spent years engineering this country’s most valuable export: tax relief. As head of a federal agency called Sociétés 6, Mr. Kohl approved thousands of tax arrangements for multinational corporations, sometimes helping them save billions.

KPMG dives into strategy business with new practice [Fortune]
KPMG, one of the “Big Four” accounting firms, is getting even bigger. Today, the company is announcing plans to create a new strategy-consulting unit. KPMG, which is already advising approximately one-third of the Fortune 100 on strategy, is creating its own strategy unit to keep up with growing demand for its services. KPMG Strategy will be housed under the company’s advisory practice. While the firm will not disclose how many employees will work directly for the new unit, KPMG says 900 employees across 35 firms around the world are “aligned” with the venture.

Global Management Accounting Principles seek to guide better benchmarking, decision-making [Journal of Accountancy]
Effective management accounting practices can improve decision-making in organizations, which need sound fundamentals but also speed when trying to decide which strategic paths to follow. In short, organizations need principles that can be applied to help produce favorable outcomes.

Bankers Can't Even Fucking Party Any More [Gawker]
Bloomberg reports that an unidentified bank in London has sent out a memo imposing "midnight curfews for client entertainment — though if it's with junior staff, fun has to wrap up by 10 p.m."

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