September 28, 2022

Accounting News Roundup: KPMG’s New Audit Clients; Earnings Management; Mark Cuban’s Not Crazy About Inversions | 07.25.14

KPMG, Marcum Lead Pack in New Audit Clients for Q2 [AT]
Small wins: "Interestingly, neither firm led the way in new market cap audited, new assets audited, or new audit fees. Ernst & Young topped the first two of those lists – in large part thanks to its engagement by extraction giant Newmont Mining, with $11 billion in market cap and $24 billion in assets audited. BDO was tops in terms of new audit fees, with a single client, Bermuda-based insurer Tower Group International, accounting for $17 million of its almost $22 million in new fees."

New Rule Gives Banks Discretion on Early Loan Write-Downs, but Attracts Skeptics [DealBook]
A win for earnings managers: " 'We are moving back to a set of standards where there is more discretion, more judgment,' said Nigel Sleigh-Johnson, an official of ICAEW — formerly called the Institute of Chartered Accountants in England and Wales. 'You have to anticipate the future.' As a result, he said, 'there is more room for management judgment, and potentially for earnings management.' "

Obama rails against corporate maneuver to evade U.S. taxes [Reuters]
Nothing like taxes to whip people into a frenzy: "During remarks to a rowdy crowd at the Los Angeles Technical College, Obama promoted what he called "economic patriotism" and made clear he believed the companies that were engaging in such practices were not being patriotic."

Online sales tax is back — and this time, it might actually have a shot at passing [WaPo]
Saying, "a shot" is relative to this Congress: "When the Senate passed legislation last year allowing states broader latitude to collect sales on online purchases, the proposal was immediately cast aside in the House — and there is has remained, stuck on a shelf. Until now. Suddenly, even with the midterm elections nearing, the bill’s supporters believe they have found the perfect opportunity to try to push it through the lower chamber. The House last week easily approved a bill dubbed the Permanent Internet Tax Freedom Act that would renew a longstanding ban on taxing access to the Internet. Considered a must-pass proposal, the legislation would prohibit state and local governments from charging residents fees to browse the Web."

Legalizing marijuana in Oregon could produce $38.5 million in new taxes, study estimates [Oregonian]
Not a lot, but not a little: "
That's equivalent to less than one-half of 1 percent of the state's general fund budget of $8 billion a year.  But the projected revenues are also nearly a quarter of the entire budget of the Oregon State Police."

FYI:

One of things I actually liked about the elevator is not talking to people. 

How Frequently Does The New York Times Use "Fart," "Poop," And "Butt"? [Regressing via Deadspin]
A history, since 1851.

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