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December 7, 2022

Accounting News Roundup: G-20 Gung-ho for Corporate Tax Reform; IASB Getting Back to Basics; Max & Dave’s Optimism | 07.19.13

G-20 to Back Corporate Tax Reform [WSJ]
The Group of 20 largest economies is set to back a major reform of international taxation designed to eliminate loopholes that enable many companies to keep their tax bills low. The 15-point action plan has been developed by the Organization for Economic Cooperation and Development, and is being discussed by finance ministers from the G-20. They are likely to endorse the plan in a communiqué to be issued at the end of their two-day meeting Saturday. U.K. Chancellor of the Exchequer George Osborne said he hoped the G-20 countries would commit to the plan. "Our job here is to create a set of tax rules that are fair and equipped for the modern economy," he said.

Online tax would help U.S. economy -conservative economist Laffer [Reuters]
Legislation to allow U.S. states to collect sales taxes on purchases made online is garnering support from both sides of the political spectrum, with a leading conservative economist saying on Thursday the tax would foster growth and job creation. Arthur Laffer, a former chief economist at the White House Office of Management and Budget best known for the "Laffer Curve" relating tax rates and revenues, released a study estimating states will lose out on annual revenues of between $27 billion and $33 billion by 2022 without Internet sales taxes.

PwC links to independent anti-reform lobbyist revealed [Independent]
PricewaterhouseCoopers is quietly  administering a key lobbying organisation trying to block reforms of the accountancy profession, it is revealed today. Britain’s biggest accounting firm has been servicing what purports to be an “independent” critic of key parts of plans to impose tighter regulations on the way big companies are audited – a move furiously opposed by big accountants. The Corporate Reporting Users Forum (Cruf) is billed as an independent “forum to help professional investors and analysts”. Cruf is fiercely critical of proposals from the Competition Commission to force companies regularly to switch auditors to stop them getting too cosy with the companies they are monitoring.

IASB makes progress on conceptual framework [Accountancy Age]
Global Standard Setter the IASB has published a revised draft of the conceptual framework that underpins the way it develops and rewrites accounting standards. The project, which followed a 2011 consultation on the IASB's future agenda, has been a priority for the board with its chairman Hans Hoogervorst demanding that it be treated as the board's "main deliverable" focus because it had struggled "with so many basic questions in terms of measurements". Through a discussion paper, Review of the Conceptual Framework for Financial Reporting, the IASB is consulting on areas considered for change including definitions of assets and liabilities, recognition and derecognition, the distinction between equity and liabilities measurement, presentation and disclosure and other comprehensive income.

Tax reform's chances are better than 50 percent [DMWT]
Say the guys in charge of making it happen.  

Detroit is bankrupt. Here’s what comes next. [WaPo]
Municipality bankruptcy = fun!

New Mexico Jogger Repeatedly Poops on Man's Home [Gawker]
“If it happens again, I'm going to run out there with a hose and hose her down and say, 'Bad human!'” [the unidentified man] said.

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