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Accounting News Roundup: GOP Has Marching Orders from Big Business; State Tax Initiative Results; GM Looking at Huge Tax Break | 11.03.10

Business Looks to Republicans to Block Rules, Taxes [Bloomberg]
The Republican gains in Congress mean U.S. companies from Goldman Sachs Group Inc. to Wellpoint Inc. may be able to weaken or block what they consider President Barack Obama’s anti-business policies on health care, the environment, taxes and financial reform.

Republicans will use their perch as the new majority in the House of Representatives to try to eliminate funding for parts of Obama’s health care bill opposed by business as well as curb regulations and government spending, Jay Timmons, senior vice president of the National Association of Manufacturers, a Washington-based lobbying group, said in an interview before the election.

PwC Completes Acquisition of Diamond Management & Technology Consultants, Inc. [PR Newswire]
wC US has completed its acquisition of Diamond Management & Technology Consultants, Inc. following approval today from Diamond’s shareholders. Per the terms of the agreement, all outstanding shares of Diamond were acquired for $12.50 per share in cash.

The Complete Idiot’s Guide to Why Democrats Lost [HuffPo]
For the less-politically inclined.

With Recent Change, GAAP, IFRS Differ on How to Treat Debt [A&A Update/Compliance Week]
The International Accounting Standards Board recently finalized a change in International Financial Reporting Standards that tells companies to measure most liabilities at amortized cost, or the historical cost written down over time based on a schedule. Where a company might exercise an option to measure a liability at fair value, any changes in value would flow to equity via the “other comprehensive income” section of the income statement rather than profit and loss.

Major State Tax-Related Election Results [Tax Foundation]
Among them, Prop 19 (aka legalizing pot and taxing the hell out of it) failed.

Election 2010: What the Democratic Debacle Means for Fiscal Policy [TaxVox]
Washington is divided into two camps—those who believe divided government will open the door to compromise on tough fiscal issues, and those who don’t. Put me squarely in the second camp. We are already hearing conflicting messages from both President Obama and House Speaker-to-be John Boehner (R-OH). They give lip service to “working together” and the need for deficit reduction, but will do little of either. Here are five reasons why:

Frank reelected to 16th term [On the Money/The Hill]
But will lose the HFSC Chairmanship. Bob Herz might be enjoying this more than anyone.

GM Could Be Free of Taxes for Years [WSJ]
General Motors Co. will drive away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion.

Knicks Postpone Home Game Before Tests Reveal No Threat From Absestos [Bloomberg]
All clear!