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Accounting News Roundup: Google’s Long Shots; China and IFRS; Ditching Audit for Law | 11.25.15

Ed. note: Have a great Thanksgiving, capital market servants. Posts will be limited today and we're off tomorrow and Friday. If you have tips or links, hit the bottom at the top of the page or email us. We'll be back to full speed on Monday. 

Everything You Need to Know About Nest, Google’s Big Bet on the Smart Home [Re/code]
Re/code is going to look at all of Google's (aka Alphabet's) subsidiaries in Alphabet's (aka Google's) new structure over the next several weeks, including "facts, figures and, just maybe, the financials." They start with Nest Labs, the $3.2 billion smart home company Google (aka Alphabet) acquired in January of 2014. 

Four Companies That Will Benefit From Tax Extenders Renewal [CFOJ]
Texas Roadhouse, Dominion Resources, Eastman Chemical, Darling Ingredients.

At Skadden, Tax Law Isn’t So Boring as Inversions Raise the Stakes [WSJ]
Skadden is one of the chief advisors on the Pfizer/Allergan deal and they've also been Yahoo's attempted tax-free spin-off of Alibaba. That is, some of the more controversial tax transactions of the past year. Tax analyst Robert Willens noticed, saying, "they are involved in all of the really difficult and controversial deals […] but if they are found to be wrong on one or two, they go from looking aggressive and smart to just looking aggressive."

China seeks to deepen ties with global accounting rules [Reuters]
US GAAP purists might not like the sound of this: "The London-based International Accounting Standards Board (IASB) and the Chinese Ministry of Finance said they had created a working group to build on a decade-old cooperation agreement."

In other news:

  • "According to the filing, auditor Clay Thomas has decided to leave auditing behind and focus on a law career." [Auditor Carousel]
  • Luxembourg Goes in for an Image Makeover [NYT]
  • Accountant says DNA evidence proves Scottish title is rightfully his [The Guardian]
  • Turkeys jump off truck, avoid becoming main dish on Thanksgiving [UPI]
  • Double dipping is gross and a health concern. [Quartz]