Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Good-Bye to the Indirect Method?; Like-Kind Exchanges in the Art World; Info for Your Next EY Trivia Night | 04.27.15

FASB Proposal May Foreshadow Changes to Cash Flow Rules [CW]
The new non-profit rules just issued eliminate the indirect method for the cash flow statement. FASB Vice Chairman James Kroeker wants to do the same for businesses.

Tax Break Used by Investors in Flipping Art Faces Scrutiny [NYT]
You can't stop Section 1031 like-kind exchanges, you can only hope to contain them: "Experts say the use of the tax break has expanded in response to surging prices for art and the rising number of savvy investors, often veterans of the real estate industry or Wall Street, who have come to view paintings and sculptures as tradable commodities."

You Can't Make This Stuff Up [TWTP via Joe Kristan]
Tax season vet Robert Flach writes about a client who got some disturbing news, "The IRS was writing to the taxpayer to tell him that he is dead and so they were not going to process his refund." 

Ex-American Apparel CFO Accused of Cover-Up [CFO]
A former finance department employee alleges that ex-CFO John Luttrell, "orchestrated the termination of controversial CEO Dov Charney in June 2014 so he could sell American Apparel and cover up 'fraud in running a publicly traded company.' " 

Nothing to sneeze at.

Stephen Hawking tells fans Zayn Malik could still be in a parallel One Direction [Guardian]
Whew! "Asked about the cosmological effect of Malik leaving One Direction, Hawking advised any heartbroken young girls: 'One day there may well be proof of multiple universes … and in that universe Zayn is still in One Direction.' "