Please ensure Javascript is enabled for purposes of website accessibility
October 3, 2023

Accounting News Roundup: Mission Impossible: Conflict Minerals Reporting; Linklaters and EY Mentioned Together Sans Lehman; TNSTAAFL | 09.08.14

SEC Preps Mutual Fund Rules [WSJ]
More rules to keep you all employed: "The Securities and Exchange Commission is preparing new rules to boost oversight of mutual funds, hedge funds and other firms as part of an effort to gain insight into whether the $50 trillion asset-management industry poses risks to the financial system, according to people familiar with the discussions."

U.S. Concedes Conflict Minerals Prove Impossible to Track [CFOJ]
Who could've seen this coming?! "[T]he government has had to admit that it isn’t up to the challenge of figuring out which smelters are financing the violence in the Congo."

Schumer Anti-Inversion Tax Plan Could Reach Back to 1994 [Bloomberg]
Richard Rubin reports that Chuck's proposal "would reduce the amount of deductible interest for inverted companies to 25 percent of U.S. taxable income from 50 percent."  

Treasury to Decide in ‘Near Future’ on Inversions: Lew [Bloomberg]
In the short-term, Treasury can handle this, but in the longer-ish term, Jack Lew would Congress to get their shit together: "I want to emphasize once again how important it is for Congress to solve this problem," Lew said. “It is imperative that lawmakers get this done. Still, the administration is clear-eyed about the possibility that Congress may not move as quickly as necessary to respond to the growing wave of inversions.”

Speaking of Congress: 

Linklaters first UK organisation to win EY diversity award [The Lawyer]
It bears repeating: Lehman Brothers!

IRS looking into tax-exempt meals at companies [NYP]
Duke tax law professor Lawrence Zelenak thinks, "[t]here’s really potentially a lot of tax revenue involved.” Google serves as the prime example: "The rules may address the unusual legal question of whether employees at the Googleplex in Mountain View, Calif., are more like New York office workers who can duck out for lunch or akin to lumberjacks in a remote logging camp who need to have food trucked in."

Nine-Year-Old in Pajamas Steals City Bus Just Because He Could [Gawker]
In Saskatoon, Saskatchewan.

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

white alarm clock next to white coffee cup

Monday Morning Accounting News Brief: Blaming PwC’s Bro Culture; How Do We Do Office Professional Now? | 10.2.23

Hey, welcome to October. You have my permission to start putting up those Halloween decorations now. Let’s get right to it! The news, I mean. Here’s something for anyone who needs it (you know who you are): Back in the office? Here’s how to be professional in the workplace Bloomberg explains the PwC Australia tax […]

Funny white cat-an athlete in a yellow sports headband, lying with yellow footballs, dumbbells and a yellow alarm clock standing nearby.

Monday Morning Accounting News Brief: PwC Is Turning Work Down?; TIL the President of Nigeria Worked at Deloitte | 9.11.23

Yay it’s Monday again! Praise Pacioli, there’s actually some stuff going on this morning. Meet a 29-year-old accountant whose ‘resentment’ only climbed after her firm raised her salary from $60k to $90k as she made millions for them. She has her own firm now: Stephanie Heredia’s promotion came a year too late and more than […]