Accounting News Roundup: PCC Will Be TCB (Soon); Accountant’s Allegedly Practical Use of Employer Funds; All Those Hours Is All Talk | 10.19.12

Private Company Council to Hold Its First Meeting [AT]
Block off December 6 on your calendar: "The agenda items for the inaugural PCC meeting include an official transition from the Private Company Financial Reporting Committee, the FASB advisory-only body that was established in 2006. The PCC also plans to discuss FASB’s private company decision-making framework, and the feedback received from stakeholders who responded to FASB’s invitation to comment on the framework. Members of the PCC will be briefed by FASB staff on private company issues and projects. There will also be a preliminary discussion of current FASB projects and previously issued standards relevant to private companies."

Accountant accused of embezzling $2M allegedly spent some of it on hot tub, pet bills [OWH]
Also attorney fees and life insurance premiums.
 
JPMorgan: If the payroll tax cut falls, so does growth [Wonkblog/WaPo]
“We are no longer of the belief that the payroll tax holiday will be extended. That change alone is worth over half a percent on GDP growth next year,” JPMorgan’s economic research team writes in a new research note. It’s downgraded its GDP growth forecast for the first quarter from 1.5 percent to just 1 percent and revised its second quarter forecast from 2.25 percent to 1.5 percent.
 
2d Circuit: Denial of Estate Tax Marital Deduction to Same-Sex Couple Violates Equal Protection [TaxProf]
FYI.
 
That friend who says he works 75 hours a week? He’s probably only clocking 50 [Quartz]
You know the type.
 
This Guy Hired Someone To Slap Him In The Face Every Time He Got On Facebook [BI]
Something we should all consider.

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