Please ensure Javascript is enabled for purposes of website accessibility
December 7, 2022

Accounting News Roundup: Pain in the IFRS; More Mergers; Show Us Your Work | 06.20.14

Cincinnati’s biggest, oldest local accounting firms merging [Cincinnati Business Courier]
They're like the KPMG of Cincinnati.

Audit firm EY appealing HK court ruling that says China law does not protect papers [Reuters]
Audit firm EY said on Friday it would appeal a Hong Kong court's ruling that Chinese law does not protect the working papers of mainland companies and suggested the regulator in Beijing deal directly with its counterpart in the former British colony.

Auditor Says CNPC Accounting Error Understated 2012 Profit [Bloomberg]
“We find through our auditing that CNPC has problems in areas such as operations and internal management, and some managers may have violated laws and regulations,” the auditor said in the statement. “We have submitted our findings on violations to related departments for further investigation.”

Banks expect to set aside more capital following IFRS 9 accounting changes [Out-Law]
More than 50% of banks questioned believe the International Financial Reporting Standards 9 (IFRS 9) rules will increase the amount that banks have to hold to cover loans by up to 50%, Deloitte said. A total of 70% of banks expect the new provisions "to exceed current regulatory measures, potentially increasing the amount of capital that banks will need to hold", said Deloitte.

Digital pressure to fall on government: Deloitte [ZDNet]
A new report by Deloitte has singled out six industries — mainly of which contain government-owned corporations — that it believes will be subject to the next wave of "digital disruption".

Shape up or shift out, KPMG warns investment managers [Destiny Man]
Tom Brown, KPMG International global head of investment management says business models currently adopted by asset management firms will no longer fit with a diverse and maturing generation-Y client base whose wants and expectations are evolving. “We are on the verge of the biggest shake-up the industry has experienced and the message to asset managers is clear: adapt to change or your business won’t survive.

Judge lets DoJ proceed with fraud case against Bank of America [Reuters]
A North Carolina judge ruled on Thursday that a Justice Department lawsuit against Bank of America Corp could move forward, allowing the complainant 30 days to file its amended petition. The Department of Justice's lawsuit accuses Bank of America of civil fraud in the sale of mortgage securities that soured during the global financial crisis.

Conservatives Are Losing Their Way on Taxes [NRO]
Per a Heritage Foundation wonk: "It is better to give a man a fish rather than to teach him to fish, in other words."

Higher taxes do not kill jobs [Aljazeera America]
Our pal David Cay Johnston opines.

Ex-CBS Anchor Arrested for Calling His Wife 121 Times in Three Days [Gawker]
Sounds like my ex-husband, which is why he is my ex-husband.

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.

Comments are closed.

Related articles

a cat cuddled up in a scarf

Monday Morning Accounting News Brief: Gen Z Ruins Accounting; EY Hammers Out Some Deets; Internal Control Controversy | 12.05.22

How is it December already? Not a lot going on this time of year, let’s find some things anyway. Deloitte believes 2023 will be the year of virtual reality. E. Cohen and Company, CPAs of Rockville, Maryland, merged into Marcum effective December 1, adding to Marcum’s presence in the Mid-Atlantic. The PCAOB has been busy […]

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 […]