Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: The Low-tech SEC; Grant Thornton’s New Marketing Chief; KPMG Selfie Interviews | 03.24.15

Posted on by Caleb Newquist

Why is the SEC still so low-tech? [CNBC]
A 2012 study found that less than 10% of investors had used the SEC's open data. Also: "In January, the House voted to exempt companies with annual revenues below $250 million from the SEC's open-data filing requirements. These firms would only have to file their financial statements as plain-text documents. Supporters of the bill say it will ratchet back unnecessary regulatory burdens on small businesses. But by setting the threshold at $250 million, this bill exempts 60 percent of public firms. Most can't be considered "small" by any stretch of the imagination. If enacted, the bill would further degrade the SEC's already-lagging disclosure system."

Madoff feeder fund settles; victims' recovery tops $10.6 billion [Reuters]
That's 60% of the total approximated losses of $17.5 bil.

Bluescope settles tax avoidance claim from $450m ANZ fraud case [AFR]
Anthony Dickson, an ex-EY principal, was sentenced to 11 years.

KPMG starts 'selfie' graduate interviews as big four accounting firms boost hiring [AFR]
This, supposedly, will help them reduce the number of potential candidates to a more managable number. 

John Harmeling joins Grant Thornton as chief marketing officer [GT]
Harmeling comes from AFLAC. Ed Novak is also GT's new sales chief.

Stephen King slams Maine governor over tax dis [CNN] 
Apparently this back and forth has been going on for a week: "King is a native of Maine. He was born in Portland and owns two homes in the state. He reportedly winters in Sarasota, Fla., which is what the governor [Paul LePage] was referring to." SK tweeted for an apology. He didn't get it. 

Watch Pope Francis Get a Pizza in a Moving Popemobile [Time]
This is just the best.

Related Posts

Accounting News Roundup: Sbarro is Bankrupt (Again); PwC’s Latest Buy; “Wisconsin is the Model” | 03.10.14

Pizza chain Sbarro files for bankruptcy protection [Reuters]Sbarro LLC, the pizza restaurant chain, on Monday […]

Accounting News Roundup: KPMG Survey: Half of Execs Want Option to Adopt IFRS Early; PW India Plea Rejected on Satyam; Two-thirds of States Have Raised Taxes Since Recession Began | 03.09.10

• Half of US execs want to use IFRS early-survey [Reuters]
KPMG surveyed some shot-callers and lo and behold, half of them are ready to get down with International Financial Reporting Standards before the SEC’s target date of 2015. That’s if the SEC is even down with the whole idea.

KPMG’s surveyed also discovered that executives would like the SEC to be a little more transparent with their plans re: IFRS. You know, other than more meetings.

“Many U.S. companies with subsidiaries around the world are already using IFRS for statutory reporting,” said Janice Patrisso, partner and national IFRS leader at KPMG. “For them, having the option to synchronize it all up front at the U.S. company is a positive.”
…
Patrisso said companies with international subsidiaries that have already made conversions to IFRS were looking at the way those units had chosen to use the rules. They are also preparing for changes U.S. and international accounting rulemakers are making to converge the two sets of rules.

It’s nice to see some pushback to the SEC’s waffling. Despite where you fall on the IFRS debate, most people would agree that allowing businesses to make their own decisions about what financial reporting method to use (as long as it is consistent and high quality). Especially since the AICPA recognized the IASB as an official standard setter, thus giving private companies the go-ahead on IFRS, shouldn’t public companies be allowed the same freedom?

While the SEC spends the next five years trying to figure out what all this means, some businesses already see where this is going and don’t want to waste time. The SEC isn’t so enthused.

• PW plea on Satyam probe rejected [Business Standard]
Pricewatherhouse India really wants everyone to forget about Satyam. Their latest plea to the Securities regulator in India, the Securities and Exchanges Board of India (SEBI) has been rejected BUT apparently the firm is going to try making their case again. Sigh.

Don’t get any illusions about this case making any progress, “The next step is for ICAI’s disciplinary committee to send notices to the PW auditors charged by law enforcement agencies in the fraud case…this could happen only after the auditors, under judicial remand, are in a position to argue their case before the committee.” And we complain about the bureaucracy here.

• CBPP: 33 States Have Raised Taxes by $32 Billion/Year [TaxProf Blog]
You may have noticed a state fiscal crises here or there in the last couple of years and by God, they’re trying to do something about it. Unfortunately, the most common solution, according to the Center on Budget and Policy Priorities, is the raising of taxes. Thirty-three out of 50 states have taken a number of measures from eliminating tax exemptions and broadening tax bases to good old fashioned higher sales, income, or property tax rates.