Please ensure Javascript is enabled for purposes of website accessibility
February 2, 2023

Accounting News Roundup: MF Global Execs Still Clueless; The Gingrich Tax Plan; Let’s Play Chief Accountant for a Day | 12.13.11

Ed note: Good morning capital market servants. I have some business affairs to attend to for a good portion of the day and Adrienne is off (wish her a Happy Birthday, wouldja?), so posting will be on the light side. That doesn't mean you should just sit waiting for accounting gossip to fall from the sky like manna.  Email us any holiday rumors, news or your career conundrums and someone will get to it.

Top MF Global Execs Say They Don’t Know How Funds Went Missing [Bloomberg]
Henri Steenkamp, chief financial officer of MF Global, and Bradley Abelow, the firm’s president and chief operating officer, said in testimony prepared for a Senate Agriculture Committee hearing today that they still don’t know the location of the funds.

Study: Gingrich tax plan aids wealthy, adds to deficit [The Hill]
Under the Gingrich model, corporations would face a maximum tax rate of 12.5 percent and individuals would pay a flat 15 percent, both down from a current 35 percent. The Georgia Republican would also scrap taxes on capital gains, get rid of the Alternative Minimum Tax and eliminate most tax credits and deductions.  According to the Urban-Brookings Tax Policy Center, that plan would reduce revenues by around 35 percent – almost $1.3 trillion – in 2015. It would also give the top 0.1 percent of taxpayers, on average, a tax cut of either $1.9 million or $2.3 million in 2015, depending on if the Bush tax cuts were extended. In all, the wealthiest taxpayers would owe the federal government a tenth of their earnings, compared to the current 38 percent, the tax center found. 

Olympus ex-CEO faces battle to win over shareholders [Reuters]
Michael Woodford faces a tough battle to regain the top job at Japan's Olympus Corp (7733.T) and repair the damage of a $1.7 billion accounting fraud he helped uncover — few Japanese shareholders or staff can be heard calling for his return. Only 300 people have lent their names to an online campaign for his reinstatement as chief executive, set up last month by a former director, compared with the workforce of 40,000 people at the maker of cameras and medical equipment.

Regulator probes Deloitte auditing of RBS [Reuters]
"We are confident that we properly fulfilled our responsibilities as auditor, and are satisfied that our work was thorough and carried out in compliance with auditing standards and appropriate regulatory requirements," a Deloitte spokesman said.

IFRS Convergence: Let's Play 'Chief Accountant for a Day'! [Accounting Onion]
Tom Selling is day dreaming.
 
By Declining $10,000 Bet, Rick Perry Spared Mitt Romney A $4,000 Tax Bill [Forbes]
They should really just arm wrestle and get it over with.
 
MC Hammer Sued By U.S. Government For Over $700,000 In Taxes [HP]
Sounds legit.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]