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Accounting News Roundup: KPMG Survey: The Worst Is Over for U.S. Economy; Changes to COSO Coming?; Reasons You Hate Your Job | 03.28.11

Who Will Rescue Financial Reform? [NYT]
A direct assault on Dodd-Frank would be so blatantly biased toward banks that it would be sure to provoke a public backlash. So the Republican plan is to delay and disrupt reform. The effort is partly ideological — an insistence that regulation is unnecessary, no matter the evidence to the contrary. It is also a campaign fund-raising ploy, because Wall Street will reward the opponents of reform. Of course, Democrats are themselves not indifferent to Wall Street campaign cash, which raises the question of how effectively they will counter the Republicans’ aims.

US Economy Over the Worst: KPMG Executive Survey [CNBC]
In another sign the American economy is on the comeback trail, a new survey from KPMG shows optimism is improving among U.S. manufacturing and service industry executives. Executives in both key sectors say the worst is behind us.

Why No Warnings? Investors Press Audit Regulator [Forbes]
Francine McKenna rounds up the haps from last Thursday’s Standing Advisory Group of the PCAOB meeting.

COSO Contemplates Expansion of 5 Component Internal Control Framework Into 20+ Principles; Potential Impact On Sarbox 404 Assertions [FEI]
In an update provided at the March 24, 2010 PCAOB Standing Advisory Group meeting, COSO Chairman Dave Landsittel described COSO’s current project to modernize and update its 1992 Internal Control- Integrated Framework. COSO plans to issue an Exposure Draft of a proposed revision later this year, followed by the release of two final documents in 2012.

The Washington Post Peddles Good TARP PR [JDA]
Check it out mostly for the graphic.

Networks, Advertisers Call New Plays Amid NFL Strife [WSJ]
Since the National Football League locked out its players about two weeks ago, some cable and broadcast networks have been preparing contingency plans to air alternative programming in case games are canceled this fall. Advertisers, who spend roughly $3 billion a year on commercials that run during NFL games, also are forging new plans and considering buying commercial time on other marquee programming should the work stoppage continue into the football season. Some advertisers already have bought commercials on Viacom Inc. television networks as a backup.

AstraZeneca settles tax dispute and saves $1bn [Guardian]
AstraZeneca has settled a long-running tax dispute in a deal which sees HM Revenue & Customs refund tax payments that will now go to America instead. The pharmaceutical company announced on Monday morning that US and UK tax authorities have reached an agreement over where it declares certain profits. The dispute over so-called “transfer pricing” dates back to 2002, and was the most significant of AstraZeneca’s ongoing arguments with tax authorities.

SEC Filing: Georgia Gulf Dismisses Deloitte & Touche; Engages Ernst & Young [CityBiz]
Georgia Gulf may not have been crazy about being told they have a material weakness.

What You Hate Most About Your Job [AOL]
“Everything” is a little too broad.

Posted in ANR