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February 3, 2023

Accounting News Roundup: FX Accounting Saves the Day; ‘All the strippers wanted to study accounting’; Dealing with Interruptions at Work | 02.03.15

Russian accounting changes soften the earnings blow at BP [Fortune]
In Mother Russia (and anyhwere using international standards), foreign currency exchanges accounting: "Analysts had expected a massive write-down of the value of BP’s Rosneft stake to reflect both the collapse in oil prices at the end of 2014 and the equally dramatic collapse of the ruble (the currency in which Rosneft has to present its accounts). However, the Russian company said in a statement Tuesday that it had made use of a provision in International Accounting Standards that allows it to change the way it accounts for swings in foreign exchange rates, effectively stripping out much of the effect of the ruble’s decline."

FASB Proposes Changes in Accounting for Income Taxes [AT
Among them: eliminating the classifcation of DTAs and DTLs into current and non-current.

KPMG and chief operating officer fined over ethical standards breach [City A.M.
James Marsh failed to sell his equity in Cable and Wireless Worldwide when he becamse a partner at KPMG in 2011. 

At 92, this Silver Spring accountant decided it was finally time to retire [WaPo]
Sidney Weiss counts IRS Commish John Koskinen as a one-time client. They had lunch recently: "He has protection all the time. He doesn’t just sit down to lunch. He’s got six people around him to make sure no one attacks him." And then he recounts his memorable strip club client: "For years, Sidney did the taxes for a famous Washington strip club. Business meetings were memorable for two reasons: One, the owner kept a gun on his desk. The second reason: 'All the strippers wanted to study accounting,'; Sidney said."

Let's talk later [ABD]
A chatty co-worker can really disrupt productivity, which is bad because: 

It's not easy to get back in the groove:

Just imagine the crAZies applying for this.

Work Anxiety Kills Thousands of Americans Every Year [BloombergBusiness]
Lower income people are at a higher risk due to "shift jobs, long hours, economic insecurity," says Jeffrey Pfeffer, a co-author of the study.

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