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Accounting News Roundup: KPMG Snags Another HR Consulting Firm; Grant Thornton Takes a Slap on the Wrist; Gen-X CFOs | 07.09.15

U.S. Firms in For Long Ride in China [CFOJ]
Companies aren't ready to write down their Chinese assets…yet.

KPMG to Acquire Towers Watson’s Human Resources Delivery Practice [WSJ]
Towers Watson has practices in the U.S., U.K. and throughout Asia. Michael Rapoport reports that this is KPMG's sixth acquisition in the HR sector in four years.

I.R.S. Cracks Down on Hedge Fund Tax Strategy [DealBook]
Most notably, James Simons' Renaissance Technologies and its use of basket options that allowed the firm to "bypass taxes on short-term trades." The options will now have to be listed on tax returns.

Grant Thornton fined £975,000 over building society audit [FT]
The FRC also handed the firm "a severe reprimand."

Toshiba probe looking at management's role in accounting scandal: sources [Reuters]
And the sources have theories: "Investigators' central theory is that executives, worried about the impact of the 2011 Fukushima disaster on its nuclear unit, set overly aggressive targets in new businesses such as smart meters and electronic toll booths, encouraging the understating of costs and overestimating of revenue in those divisions, the sources added."

Gen-Xers Ripe for CFO Roles [CFOJ]
Korn/Ferry says the average age of a new CFO is 48, but more CFO roles are being filled by younger people with the coveted "tech savvy."

Accounting Executive Set for Sentencing in Madoff Fraud Case [AP]
Paul Konigsberg is expected to receive a lenient sentence thanks to his cooperation with investigators.

Jeb Bush: People Need to Work Longer Hours [ABC]
I'm sure you'll agree.