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November 29, 2022

Accounting News Roundup: IFRS 9.1; Credit Suisse Snitches to the IRS; Supreme Court Has KPMG’s Back | 11.08.11

Accounting body may change its “fair value” rule [Reuters]
IASB board member Stephen Cooper told an accounting conference on Monday IFRS 9 may have to be changed as it tries to “converge” its rules with those used in the United States.
Differences between the IASB and the U.S. Financial Accounting Standards Board over aligning fair value and other rules pushed back convergence work due to have been completed by June this year.
“If we are going to consider the FASB position and think what we should do and ask constituents views, then implicitly we have to contemplate the possibility of reopening IFRS 9 and making changes. Otherwise, what is the point of consulting?,” Cooper said.

Olympus fallout hits Tokyo securities traders [FT]
Japanese brokerage stocks were caught up in the downdraft amid speculation that they may have been involved in Olympus’s activities, analysts said. Nomura Securities , which said it was unaware of any involvement in the group’s concealment of losses, saw very active trade as its shares slid 15 per cent to Y245 – the lowest since 1974, according to Bloomberg data. Daiwa Securities fell 7 per cent to Y251.

Credit Suisse To Disclose Names Of U.S. Clients Suspected Of Tax Evasion [Reuters]
Credit Suisse AG, Switzerland’s second-largest bank, has begun notifying certain U.S. clients suspected of offshore tax evasion that it intends to turn over their names to the Internal Revenue Service, with the help of Swiss tax authorities. Credit Suisse’s notification by letter, a copy of which was obtained on Monday by Reuters, says the handover of names and account details will take place following a recent formal request for the information by the IRS.

Deloitte to Lease Office Space Near London 2012 Olympic Park [Business Week]
Deloitte LLP will lease two floors in a 12-story building by London’s Olympic Park to entertain clients during the 2012 Summer Games. Deloitte, one of accounting’s “Big Four” firms, will use about 16,000 square feet (1,486 square meters) of space near the main venues in London’s East End, spokesman James Igoe said. He didn’t say how much the building’s owner, Westfield Group, will charge in rent.

US High Court Orders Fla Court To Reconsider KPMG Appeal In Case Tied To Madoff [WSJ]
The U.S. Supreme Court on Monday ordered a Florida court to reconsider a KPMG LLP appeal that seeks to stop a Florida lawsuit alleging the accounting firm failed to properly audit three funds that invested with Bernard Madoff.
Investors in the funds, managed by Tremont Group Holdings Inc., said they lost millions in the Madoff Ponzi scheme and alleged those losses were the direct result of KPMG’s failure to detect the fraud.

Promises Made, and Remade, by Firms in S.E.C. Fraud Cases [NYT]
Did you say the SEC has no balls? That’s what I heard.

Obama Needs to Fire SEC Chief Schapiro [The Street]
Opinions. Assholes. Everyone has one.

Accounting body may change its “fair value” rule [Reuters]
IASB board member Stephen Cooper told an accounting conference on Monday IFRS 9 may have to be changed as it tries to “converge” its rules with those used in the United States.
Differences between the IASB and the U.S. Financial Accounting Standards Board over aligning fair value and other rules pushed back convergence work due to have been completed by June this year.
“If we are going to consider the FASB position and think what we should do and ask constituents views, then implicitly we have to contemplate the possibility of reopening IFRS 9 and making changes. Otherwise, what is the point of consulting?,” Cooper said.

Olympus fallout hits Tokyo securities traders [FT]
Japanese brokerage stocks were caught up in the downdraft amid speculation that they may have been involved in Olympus’s activities, analysts said. Nomura Securities , which said it was unaware of any involvement in the group’s concealment of losses, saw very active trade as its shares slid 15 per cent to Y245 – the lowest since 1974, according to Bloomberg data. Daiwa Securities fell 7 per cent to Y251.

Credit Suisse To Disclose Names Of U.S. Clients Suspected Of Tax Evasion [Reuters]
Credit Suisse AG, Switzerland’s second-largest bank, has begun notifying certain U.S. clients suspected of offshore tax evasion that it intends to turn over their names to the Internal Revenue Service, with the help of Swiss tax authorities. Credit Suisse’s notification by letter, a copy of which was obtained on Monday by Reuters, says the handover of names and account details will take place following a recent formal request for the information by the IRS.

Deloitte to Lease Office Space Near London 2012 Olympic Park [Business Week]
Deloitte LLP will lease two floors in a 12-story building by London’s Olympic Park to entertain clients during the 2012 Summer Games. Deloitte, one of accounting’s “Big Four” firms, will use about 16,000 square feet (1,486 square meters) of space near the main venues in London’s East End, spokesman James Igoe said. He didn’t say how much the building’s owner, Westfield Group, will charge in rent.

US High Court Orders Fla Court To Reconsider KPMG Appeal In Case Tied To Madoff [WSJ]
The U.S. Supreme Court on Monday ordered a Florida court to reconsider a KPMG LLP appeal that seeks to stop a Florida lawsuit alleging the accounting firm failed to properly audit three funds that invested with Bernard Madoff.
Investors in the funds, managed by Tremont Group Holdings Inc., said they lost millions in the Madoff Ponzi scheme and alleged those losses were the direct result of KPMG’s failure to detect the fraud.

Promises Made, and Remade, by Firms in S.E.C. Fraud Cases [NYT]
Did you say the SEC has no balls? That’s what I heard.

Obama Needs to Fire SEC Chief Schapiro [The Street]
Opinions. Assholes. Everyone has one.

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