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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.