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October 3, 2023

Accounting News Roundup: PwC Gives Herbalife the ‘All Clear’; Feedback for FASAB, Anyone?; NFL’s Tax-exempt Status | 12.17.13

Herbalife Says 'No Material Changes' Found in Reaudit [WSJ]
PwC has wrapped up its reaudits of Herbalife and all's good in the hood. Hedge fund manager Bill Ackman, who's long claimed that HLF is a pyramid scheme, is not impressed: "In a statement Monday afternoon, Pershing Square [Ackman's firm] said it is 'not the role of Herbalife's auditor to determine if the company is a pyramid scheme,' and maintained that the company 'will be shut down by regulators.' "

KPMG recruits Olympics diversity expert [Accountancy Age]
For once, an article that discusses diversity is lauding numbers achieved by a so-called expert, "
KPMG has recruited Stephen Frost, the mastermind behind diversifying the Olympics, to lead its own inclusion efforts. Head of diversity and inclusion at the London Organising Committee of the Olympic and Paralympic Games (LOCOG), Frost achieved high levels of inclusion across the 200,000 staff members involved in the Olympics. This diversity included, 9% disabled, 46% female, 5% LGBT staff and 40% minority group staff. The Paralympic games also saw large numbers of diverse groups participate."

Georgia Tea Party Takes on Republicans Over Stadium Taxes [Bloomberg]
Oh, a taxpayer-funded baseball stadium doesn't have people excited?! GO ON: "In the days after the Atlanta Braves announced their intention to make a 13-mile, taxpayer-assisted relocation to suburban Cobb County, residents there flooded Cobb officials with 142 pages of angry e-mails, almost seven times as many as the county received in support. Tea Party supporters clogged county telephone lines with calls complaining about at least $368 million in tax-supported bonds Cobb has pledged to back a $672 million new Braves stadium. Opponents last week filed a lawsuit in county court challenging the legality of the funding plan." 

Should the NFL Lose Its Tax-Exempt Status? [MoJo]
Oklahoma Senator Tom Coburn thinks so and an anti-corruption group called Rootstrikers has his back. "Over the weekend, Rootstrikers blasted out an email urging people to sign a petition in support of Sen. Tom Coburn's (R-Okla.) PRO Sports Act, which would ban big sports leagues from receiving tax-exempt status. 'You know the NFL as the National Football League,' says the Rootstrikers email. 'But the IRS knows them better as the Nonprofit Football League—that's because the NFL has not paid any taxes since 1966 and average Americans are left paying higher taxes to make up for that lost revenue. Senator [Tom] Coburn is trying to change that, and we support his endeavor.' Coburn's bill would ban pro sports leagues with more than $10 million in revenue from receiving tax-exempt status."

FASAB seeks feedback on annual report [JofA]

Budget Deal Heads for Senate Approval as More Republicans Give Support [NYT]
Don't be fooled! There's plenty of dysfunction to go around!

Japan Man Stole $185,000 To Feed 120 Cats A Gourmet Diet [AFP]
Sounds like someone I know. "Mamoru Demizu, 48, is suspected of breaking into houses to steal cash and jewels on 32 separate occasions. He told police that he stole things to come up with the money to feed scores of his feline friends, spending up to 25,000 yen ($250) a day, an officer said. 'He said he felt happiest when he rubbed his cheek against cats,' the officer said."

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