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Accounting News Roundup: Networking Faux Pas; PwC Auditor’s Run on American Idol Ends; Wells Fargo CFO’s Exit Still a Mystery | 02.11.11

Nokia, Microsoft Join Forces to Challenge Apple, Google [Bloomberg]
Nokia Oyj, the world’s biggest maker of mobile phones, said it’s forming a software partnership with Microsoft Corp., betting that together the two companies can challenge Google Inc. and Apple Inc. Nokia fell as much as 12 percent, the biggest drop in a almost 10 months, after its plan to make Microsoft’s Windows its primary software was seen as a sign of the extent of its troubles taking on Apple’s iOS and Google’s Android platforms. “It’s a clear admission that Nokia’s own platform strategy has faltered,” said Ben Wood, a London-based analyst with CCS Insight. “Microsoft is the big winner in this deal, but there are no silver bullets for either company given strength of iPhone and Android.”

Seven Networking Event No-Nos [FINS]
Large-scale job-search networking events can help you bolster your rolodex and make connections that can land you a job. Coming across as both professional and engaging to those new contacts, however, isn’t as simple as it may seem.

Obama’s Fannie, Freddie plan may boost mortgage rates [WaPo]
The Obama administration proposed raising fees for borrowers and requiring large down-payments for home loans as part of a long-term effort to reduce the government’s outsized footprint in the housing market, but warned that these moves could increase mortgage rates and potentially reduce the availability of the 30-year fixed rate mortgage, a mainstay of American housing for decades.

End of the road for ‘American Idol’ CPA [CPA Success]
I’m devastated. On the bright side, I don’t have to worry about listening to Steven Tyler feign insults about lackluster performances anymore. As for Steve, he’ll always have auditing.

Excel FAQs: Hours and minutes [AWUK]
News you can use.

Upload Data to Aid Form [WSJ]
And a little more, for any of you filling out a FAFSA.

British Pubs Argue for Freeze in Beer Duty [Tax Foundation]
Brits don’t like their pints taxed. Just like us!

A Wells Fargo Exit Puzzles [WSJ]
The circumstances surrounding Mr. Atkins’s Tuesday departure were as puzzling to employees and regulators as they were for analysts and investors. In a news release about Mr. Atkins’s exit, the company said only that it had nothing to do with the company’s “financial condition or financial reporting.” The full details were kept in a very small circle at the top echelon of the company, people familiar with the matter said. On Tuesday afternoon, some of the bank’s senior executives seemed unaware that Mr. Atkins was preparing to leave, according to people familiar with the matter. Industry regulators and some of the bank’s top advisers also were taken by surprise, these people said.

‘Audit must change’ – Barnier [Accountancy Age]
Internal markets commissoner Michel Barnier […] left the audit profession in no doubt that reform was on the way when he spoke at a Brussels conference on the subject and said: “One can no longer say ‘Move on, there is nothing to see’ on audit issues.”
Speaking yesterday he added: “The status quo is not an option for the auditing world. It’s not about changing for the sake of change, but to reply to very real needs which we can no longer ignore.”

Posted in ANR