Accounting News Roundup: Grant Thornton and KPMG Do a Deal in Brazil; EY Counting Down to Davos; Another Big Bank Loss | 01.20.14

Ed. note: We're observing Martin Luther King Day so posts will be minimal today. Please enjoy what ANR has to offer and if you need to get something off your chest, jump back to last Friday's Open Items. We'll be back at full speed tomorrow. 

Grant Thornton buys KPMG Brazil arm [Economia]
The "outsourcing arm" has revenues of $5.5 million and consists of 70 professionals. 

Here's a MLK PSA from NASBA: 

The NFL: Big Business With Big Tax Breaks [NPR]
The tax preferences the NFL receives doesn't garner the same attention as covering up brain damage suffered by players, but the coverage of the issue manages consistent traction thanks to Tom Coburn (R-OK). Too bad no one wants anything to do with it: "The people who want to roll back the favors to the NFL are having a hard time finding allies. After four months, Sen. Coburn has only one co-sponsor for his bill, and he can't even say who it is."  

Deutsche Bank Posts Loss on Legal Costs, Accounting Charges [Bloomberg]
A 1.15 billion euros loss, to be precise. But don't worry, they have a turnaround plan: "Deutsche Bank is putting aside funds to settle probes and lawsuits that include allegations it deceived clients about products linked to U.S. mortgages and that its traders attempted to rig benchmark interest rates. The firm is spending money to improve controls, reduce headcount and move staff to cheaper locations as part of a plan to increase profitability."

The EY! reps are getting their Davos game faces on.

KPMG faces probe into Co-op Bank accounts [Telegraph]
It seems that Co-op had a 1.5 billion GBP capital shortfall and the FRC would like to know how that happened.

Meanwhile, Deloitte keeps us updated on the important things:

Man wins $862K for tripping at IRS audit [NYP]
William Berroyer was just trying to settle his $60k tax bill when things took a turn for the worse and he tripped over a phone cord: "I really can’t say whether I hit it with my shoulder, hand or elbow, but I broke my fall on the cabinet." He spent 17 days in the hospital and there were other side effects: "Berroyer claimed he and his wife had sex several times a week before the injury, but could manage only a single monthly session after the accident."

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