Accounting News Roundup: Let’s Maybe Make a Deal; This Is Your Final October 15th Warning; The Income Statement’s ‘False Advertising’ | 10.15.13

Senate Leaders in Striking Distance of a Deal [WSJ]
Top Senate leaders said they were within striking distance of an agreement Monday to reopen the federal government and defuse a looming debt crisis just days before the U.S. could run out of money to pay its bills. Senate Majority Leader Harry Reid (D., Nev.) said on the Senate floor that the leaders had made "tremendous progress" toward a deal and that he was hopeful Tuesday would be a "bright day." The Senate's Republican leader, Mitch McConnell of Kentucky, seconded Mr. Reid's optimism. "We've had a good day," he said.

UK competition watchdog orders changes in accounting market [Reuters]
Britain's top 350 companies must put out their book-keeping work to tender at least once a decade to increase competition in a market dominated by just four big accounting firms. The Competition Commission published its final report on Tuesday following a probe into Britain's audit market but rowed back on an earlier draft recommendation that would force companies to re-tender their audit work every five years.

IASB accounting body rejects EU parliament's funding conditions [Reuters]
The group which writes global accounting rules said the European Parliament was threatening its independence by calling for a fundamental change to the way it sets standards, and linking it to future funding. The parliament wants the International Accounting Standards Board (IASB) to include a specific reference to "prudence" in its basic tenets, to put pressure on accountants to err on the side of caution when scrutinising losses at banks. In a draft law, it wants to make future contributions from the European Union – which provides about a third of funding for the IASB – effectively conditional on this reform. Lawmakers believe the prudence reference could help avoid a repeat of the 2007-09 financial crisis in which EU taxpayers had to put billions of euros into struggling banks. IASB Chairman Hans Hoogervorst described the parliament's stance as "highly worrisome". 

Five key objectives for in-demand internal auditors [CGMA]
Internal auditors are quite popular these days, you know.

20% of NYers are binge drinkers [NYP]
So there's that.

Taxes due today, even if IRS still closed [MW]
We're not going to say it again.

Witches, cockroaches and IRS are more popular than Congress [DMWT]
This is getting embarrassing.

The EBITDA Epidemic Takes Its Cue from Standard Setters [Accounting Onion]
Tom Selling says that even the income statement "is the classic example of false advertising by accounting standard setters."  

Man grabs bear’s tongue during attack near Grand Falls [CBC]
A woodlot owner near Grand Falls, N.B., says he's lucky to be alive after a bear attacked him in the woods. Gilles Cyr said he was walking through his woodlot two weeks ago when suddenly something black came flying out of the woods at him. “When I opened up my eyes it was on top of me — with the friggin’ noise, it’s crazy the way it growls. Right from the stomach. It’s not from the mouth, it’s just inside. His mouth was wide open right in front of my face so the last thing I remember I had his tongue in my hand and I didn’t want to let go because he was trying to fight me off. So he was hitting me with his claws, so I says, ‘If you're going to hurt me, I’m going to hurt you too.’ So he was biting his tongue at the same time,” he said. “For a second, I thought I was dead … that’s the first thing that comes to your mind when you open your eyes and see that friggin’ mouth full of teeth and a tongue in there. It’s like … an extreme sport,” he said with a chuckle.   

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