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January 30, 2023

Accounting News Roundup: Hello, Baby GAAP; The First Fashion-Forward Accountant; Mad IRS Men | 06.10.13

Groups Propose to Simplify Accounting for Small Firms [NYT]
The American Institute of Certified Public Accountants, a trade group, will announce on Monday that it is has created a “framework” that would simplify accounting for such companies. It would differ from the “generally accepted accounting principles,” or GAAP, that public companies must follow in a number of ways, large and small. On the same day, the Financial Accounting Standards Board, which determines just what those accepted principles are, plans to propose its first exceptions for private companies — that is, for companies whose securities are not traded publicly. Those exceptions are expected to deal with some of the same issues as the institute’s proposal.

KPMG overhauls PwC as top quoted company auditor [Accountancy Age]
KPMG overhauled PwC as the UK's leading auditor in terms of overall client numbers, according to the latest research from Adviser Rankings. In its second quarter 2012 Corporate Advisers Rankings Guide, KPMG moved up in to top position for the most number of UK quoted clients, though PwC's client base remains more profitable and is larger by aggregate market cap.

HP’s Lane Faces $100 Million Bill on Tax Shelter Denial [Bloomberg]
n December, the IRS found Lane, 66, participated in a “sham” tax shelter, generating improperly claimed losses of $251 million to offset income, according to appeal papers filed May 6 in U.S. Tax Court in Washington. Lane argued that the IRS was wrong to say that his partnership, Vanadium Partners Fund LLC, lacked “legitimate business purpose.” The Tax Court wrangling comes amid a series of career setbacks for him. He stepped down as Hewlett-Packard’s chairman in April after less than three years. Investors were dismayed with his oversight of the computer maker’s $10.3 billion purchase of software maker Autonomy Corp. The acquisition later had to be written down. “It’s a very difficult position to be in,” said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. “As a director, you are being elected for your judgment, and investors have to evaluate how you apply that judgment. If you’re a public company director, your entire financial life is fair game.”

IRS Names New Director at Unit Under Scrutiny [WSJ]
Karen Schiller is replacing Holly Paz as acting director of rulings and agreements for the exempt organizations division. 

Ted Cruz launches effort to abolish IRS, but tax experts call him confused [DMN]
"Confused" is generous.
 
The accountant who created the first book of fashion [BBC]

Creating fashion history is not something you would normally expect from an accountant. But in an extraordinary undertaking spanning 40 years a style-obsessed accountant from Augsburg in Germany recorded in detail what he wore, creating what historians now think is the world's first fashion book. Interested in clothes from a young age, Matthaeus Schwarz started commissioning watercolour paintings of himself at the age of 23 and continued until he was 63.

PricewaterhouseCoopers may lease waterfront offices [BG]
In Boston. More specifically, "the South Boston Innovation District, where it would trigger construction of a 16-story office building along Seaport Boulevard."

The IRS did a Mad Men training video, too [YouTube via TaxProf

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