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Accounting News Roundup: Here Comes Private Company GAAP; Corporate America’s Big Quarter; South Carolina’s Gun Sales Tax Holiday | 11.24.10

Jury Rules SAP Owes Oracle $1.3 Billion [WSJ]
SAP AG must pay $1.3 billion to rival Oracle Corp. for copyright infringement, a federal jury ruled Tuesday, following a high-profile court battle between the business-software makers.

The eight-person jury reached the verdict a day after it adjourned to deliberate. The companies presented closing arguments Monday in U.S. District Court in Oakland, Calif.

Oracle Co-President Safra Catz said “this is the largest amount ever awarded for software piracy.”

Why Do Bank Results Slump in the Fourth Quarter? [Floyd Norris/NYT]
Is it because auditors are giving them the stink-eye?

9th Cir.: Minor Child (Secondary Beneficiary of Father’s Retirement Account) Liable for Tax on Distribution After Mother (Primary Beneficiary) Kills Father [TaxProf Blog]
This is probably the least of the child’s problems.

Panel Poised to Recommend Separate Board, U.S. GAAP Exceptions for Private Companies [JofA]
The blue-ribbon panel on private company financial reporting is poised to recommend that the Financial Accounting Foundation (FAF), FASB’s parent organization, move to U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF’s oversight.

Big Business Has Its Greatest Quarter EVER?! [JDA]
From our esteemed colleague, “Filed under: totally unbelievable headlines that are even less believable once you actually dig into the truth behind the big fancy headline.”

Happy 25th Birthday to Microsoft Windows [CPA Trendlines]
Clippy would enjoy this.

South Carolina’s gun sales tax holiday kicks off on Black Friday, Nov. 26 [DMWT]
Presumably sales will be weaker this year now that every single gun in the country is safe, thanks to the GOP overtaking the House.

Posted in ANR