October 7, 2022

Accounting News Roundup: FASB Delays Revenue Recognition; SEC Has Its Own Idea for Audit Partner Naming; Taxing Carried Interest | 07.10.15

FASB Agrees to Delay New Revenue-Booking Rules By One Year [WSJ]
Mark your calendars for 2018.

Ex-accounting executive avoids prison in Madoff fraud case [Reuters]
Paul Konigsberg's cooperation and demonstrated "sincere remorse" convinced Judge Laura Taylor Swain to spare him prison. 

Regulators issue competing proposals for audit partner disclosure [MW, Earlier]
The SEC's proposal would require the name of the lead audit to be disclosed in the company's annual proxy statement.

An Income Tax on Carried Interest Couldn’t Be Avoided [DealBook]
Victor Fleischer writes that the government estimates on the money that would be raised from a tax on carried interest are too low. He believes, "the government simply doesn’t know how much carried interest is earned each year." He offers a counter-estimate and shows his work! It's a fascinating write-up for those of you who fancy yourselves tax nerds.

NYSE Says Wednesday Outage Caused by Software Update [WSJ]
We've all been there.

Hey Look the Most Nightmarish Idea for Plane Seating Ever [Wired]
The new configuration conceived (and patented) by Zodiac Seats France takes out the middle seat and replaces it with one that faces the rear of the plane.

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