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October 3, 2023

Accounting News Roundup: Goodwill Testing for Private Companies; Detroit’s New CFO; Who Loves Key Shortcuts? | 11.22.13

Goodwill Testing May Soon Get Simpler for Private Companies [CFOJ]
Emily Chasan writes that the FASB is trying to squeeze some things before the holiday, "The Financial Accounting Standards Board is set to decide on Monday whether to endorse changes proposed by its new Private Company Council that would let private firms choose to amortize so-called goodwill from past acquisitions on their balance sheets. The proposal would also simplify and limit the testing that triggers write-downs."

The JPMorgan Settlement Isn’t Justice [Bloomberg]
The pugnacious Jonathan Weil explains why the DOJ's settlement with JPM resembles "a mutant offspring of the [neither admit nor deny] genre that may be even less satisfying than the parent." 

IRS left taxpayer data vulnerable to attack, report says [WaPo]
If you like TIGTA reports, you'll love…I forget it. No one likes TIGTA reports.

Former accounting firm settles claims over Coliseum audits [LAT]
SingerLewak has agreed to pay Los Angeles Memorial Coliseum Commission $800k for failing to detect "alleged fraud by stadium managers who were later indicted in a corruption scandal."

[Eye roll]

Kevyn Orr hires Washington, D.C., accountant as Detroit CFO [DFP]
John Hill, former CEO of Federal Civic Council, must be looking for a challenge.

What's Your Favorite Keyboard Shortcut? [Lifehacker]
I'm loving Ctrl+Shift+T in Chrome because it opens the most recently closed browser tab! … … … Sorry that was really nerdy.

Virginia Man Drives Up $200,000 Tab on Dulles Toll Road [NBC]
This smarts: "Jason Bourcier doesn't deny that he rode the Dulles Toll Road nightly without paying for his commute from Reston to Washington three-and-a-half years ago when he was looking for work. A friend told him that when the toll booths were unmanned after 11:30 p.m., you could use the road without paying. His friend was wrong. This week, VDOT took Bourcier to court because his bill had ballooned from $440 to more than $200,000, including late fees and interest. They reached a settlement and agreed on a payment plan." Bourcier is on a payment plan — he'll pay $150 a month until he's 87.

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