Accounting News Roundup: Grant Thornton Revival; Bad Bank Audits; Get Down! | 05.28.14

Regulators Set New Rules for Companies’ Revenue Accounting [DealBook]
Accounting for revenue — one thing that every company has, or at least needs if it is going to stay in business — will be significantly changed in 2017, the two boards that set accounting standards for companies in most major countries around the world announced on Wednesday.
 
UK accounting watchdog warns over bank audits [Reuters]
"The overall grading of bank and building society audits is, and continues to be, generally below those of other types of entity," the FRC said.
 
7th Circ. Urged To Revive Grant Thornton Malpractice Suit [Law360 (subscription)]
Oh not this again.
 
Former ING chief executive takes over at KPMG Nederland [Dutch News]
Meanwhile, in Europe…
 
EY buys fast-growing technology consulting firm [PBJ]
Ernst & Young has bought LogiStar Solutions, a fast-growing provider of SAP supply chain implementation as it continues to expand its re-entry into the consulting world. EY did not disclose financial terms of the transaction.
 
Dealmakers Ignore Tax Limit Plan Spurred by Pfizer Bid [Bloomberg]
Democrats in Congress are trying to block companies from cutting their tax bills by moving their legal address outside the U.S. through a merger. Companies are forging ahead anyway. “We’re working on a lot of deals that have this element to it,” said Robert Profusek, head of the mergers and acquisitions group at Jones Day in New York. “Nobody’s said, ‘Stop the music.’”

Woman Hit By Flying Buzzsaw in Midtown Manhattan [Gawker]
"I was on the right side of the sidewalk, suddenly everyone started yelling 'Get down! Move!'" witness Matthew Bisi told NBC New York. "It was just like crazy chaos. People screaming, all the construction workers."

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