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December 2, 2022

Accounting News Roundup: How Inversions Became All the Rage; Grant Thornton’s Nemesis; OCC Not Happy About Lack of Convergence; | 08.05.14

How Tax Inversions Became the Hottest Trend in M&A [WSJ]
It happened on a bike trip, of course: "In 2010, a group of lawyers from New York and London took a bike trip through the rolling countryside of Southern France, and helped set the wheels in motion on the hottest new trend in mergers and acquisitions. Part holiday, part corporate offsite, the peloton brought together top tax and M&A lawyers from Skadden, Arps, Slate, Meagher & Flom LLP. Deal making was in the doldrums, but, in tandem, some of the lawyers figured out a plan that could persuade clients to take the brakes off M&A. Four years later, so-called 'tax inversions' have been a major driver in cross-border deal making, accounting for 66% of announced deals this year, according to Thomson Reuters. That is up from just 1% in 2011. Skadden is at the front of the pack, involved in a whopping 78% of inversions by deal value since 2011, according to Thomson Reuters data."

Call me: Vincent Tchenguiz offers helpline to Grant Thornton's telecoms target [Telegraph]
Man, GT really made themselves an enemy: "Vincent Tchenguiz is proving a friend in need to another businessman battling Grant Thornton, as he prepares to sue the accountant for £200m-plus over his unlawful 2011 arrest. The property tycoon has called the telecoms entrepreneur Tom McCabe several times in recent weeks to offer support for McCabe’s ongoing troubles regarding a £335,000 phone bill owed to BT."

OCC 'disappointed' at lack of accounting convergence []
Look, everyone, someone in the U.S. wants convergence: " 
'The OCC is disappointed that standard setters have been unable to achieve full convergence at this juncture, particularly on accounting for financial instruments. We understand the challenges the two boards faced in trying to improve financial reporting in all jurisdictions given the different starting places of current accounting practices worldwide, but converged accounting standards remain a long-term goal,' says Jeffrey Geer, acting deputy comptroller and chief accountant at the Office of the Comptroller of the Currency." 

Golf Resorts Change Course to Attract Younger Generation [NYT]
None of you are playing golf: " 'Meeting people my own age, they end up being surprised that I golf,' said T. C. Green, a New York City business analyst who organizes golf outings for young professionals. Mr. Green, 31, said participants had told him they were glad to find a group of like-minded people their own age. 'I get that all the time,' he said. 'Now people have a venue to meet other people who golf.' Mr. Green acknowledged that he was in the minority, though. 'I’ve been looking for different ways to get people to come out,' he said."

Hotel fines $500 for every bad review posted online [NYP]
Union Street Guest House in Hudson, NY does not LOL at your trolling and/or legitimate gripes about broken ice machines, bed bugs or serial murders that may make your visit less than comfortable.

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