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Accounting News Roundup: Redefining Materiality; Gates Foundation Sues PwC; Comment on Reg S-X | 09.28.15

FASB Proposes Changes to ‘Materiality’ [CFOJ]
FASB Chairman Russell Golden says that the current rules are “inconsistent with the legal concept of materiality." The Board's proposal would define materiality a "legal concept" which, I believe, is code for "widely subject to interpretation."

Bill Gates sues oil giant Petrobras and PwC over corruption scandal [AFP]
The Bill and Melinda Gates Foundation alleges that Petrobras "misrepresented its operations and financial situation in raising billions of dollars from investors." PwC's (aka PricewaterhouseCoopers Auditores Independentes) role in all this is what you would expect: "Equally breathtaking is that the fraud went on for years under PwC's watch, who repeatedly endorsed the integrity of Petrobras' internal controls and financial reports."

Trump Plan Cuts Taxes for Millions [WSJ]
Trump's Terrific Tax Plan (aka "TTTP"), which has even less of a chance of becoming a reality than a Trump presidency, would cut the highest individual rate to 25% and lower the top business rate to 15%. The plan would be financed through eliminated deductions for high income taxpayers and even cap some deductions for middle class taxpayers, which should go over well.

SEC Publishes Request for Comment on Regulation S-X [SEC]
Mary Jo White needs your help: “We are interested in feedback from investors, companies, and other market participants to help us evaluate potential changes to Regulation S-X that would benefit both investors and companies.”

FASB moves to simplify business combination accounting [JofA]
Another project from the FASB's simplification initiative.

The sixth largest accounting firm in the country is coming to Jacksonville [JBJ]
That would be Grant Thornton.

Pope Francis tells family that drove 13,000 miles to see him: ‘You are crazy’ [WP]
In a VW bus, no less.

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