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November 27, 2022

Accounting News Roundup: PCAOB Board Member Hanson Resigns, Tax Holidays and Director Compensation | 12.27.16

Ed. note: It's the final week of the year so things will be pretty quiet around Going Concern this week. We'll post news roundups through Thursday and Open Items is still at your service if you have a question or accounting-related shower thought you want to share. If you see anything worth covering, drop us a line. We'll be back to full speed on January 3rd.

PCAOB

Board member Jay Hanson resigned on Friday, much to the surprise of everyone. He was appointed to the board in 2011 and reappointed in 2013. His term would've run through 2018. The Wall Street Journal's Michael Rapoport got nothing further out of the board so I guess our imaginations will have to do the rest.

I can't imagine a new appointee to be named any time soon; soon-to-be-former SEC chair Mary Jo White hasn't reappointed Jim Doty as chair or a named his successor and his term ended in October 2015.

Tax holidays

Combover-elect Donald Trump has expressed interest in a repatriation holiday for corporations stashing profits overseas. The thinking goes that those companies will bring the money back to the US and create jobs. A New York Times DealBook article reports that's really only one of many options and notes that last time the US had a repatriation holiday, "The top 15 repatriating companies brought home $150 billion but reduced their work force by 20,931 jobs."

Good work if you can get it

A study from BDO found that compensation for board directors at mid-market companies averaged about $153k, with tech companies offering the most, an average of $216k. 

Previously, on Going Concern…

I bolted early on Friday but here's a post on Open Items asking about full-time offers and summer leadership conferences.

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