Accounting News Roundup: Reminder – Padding the Expense Report Is Illegal; What Does the Twilight of a CPA’s Career Look Like?; 33 New Small Business Owners Coming to Congress | 11.16.10

GM Raises Sights for IPO [WSJ]
General Motors says it is raising the price range for its initial public offering of common stock to $32 to $33 per share. The new price range is about 14% higher than originally expected.

The share and price expansion are the result of strong investor demand for shares in the U.S. auto maker, which now is generating solid profits after shedding costs under a 2009 bankruptcy reorganization.

A Little Extra on the Road [NYT]
Corporate accountants have long known that otherwise law-abidinel expense fraud.

And while new software programs help detect fraud, businesses report that travel fraud increased in the last few years as the distressed economy put more financial pressure on both employees and employers.

“I don’t think people always take the view that falsifying expense claims is a criminal act,” said John Verver, vice president for services and product strategy at ACL Services, a provider of financial monitoring software and expertise.

IRS Throws in Towel on Closely Watched International Tax Case [TaxProf Blog]
Transfer pricing nerds will like this one.

Litigation Disclosure: What They Don’t Know Can Hurt You [Forbes]
Francine’s latest at Forbes discusses the progress on a new litigation standard. Or lack thereof, “Everyone – the lawyers, the auditors and company executives – has been fighting the Financial Accounting Standards Board’s (FASB) proposals for expanded disclosures over loss contingencies for more than two years. For shareholders, this means, everyone who is supposed to be working for you is fighting additional disclosures that would help you – the investor – know if a legal bomb was about to drop on your investment.”

Dudley Says QE2 Critics Don’t `Understand’ Fed’s Exit Plan [Bloomberg]
Federal Reserve Bank of New York President William Dudley said critics of the expansion of monetary stimulus are underestimating the central bank’s ability to raise interest rates when necessary.

“People do not understand clearly” that “we can have an enlarged balance sheet and not have a long-term inflation problem,” Dudley said in an interview with CNBC. “We are very confident of our ability to exit when the time comes.”


Jason Blumer: Don’t Believe the Lies [CPA Trendlines]
Blumer is thinking about the future, “It seems the end of a public accountant’s career is steeped in misery, being “worn out” and adverse to change. Not a very exciting picture for those entering universities deciding what to major in! Is this what the younger generation has to look forward to when they retire?”

Meet the New Small-Business Owners in Congress [You’re the Boss/NYT]
Last Tuesday’s elections will send 33 small-business owners and entrepreneurs to Washington, according to The Agenda’s exhaustive (and exhausting) search. All are Republicans. Two are women.

Jack Link wins national Ernst & Young award [MBJ]
The beef jerky company that does ads like this:

GM Raises Sights for IPO [WSJ]
General Motors says it is raising the price range for its initial public offering of common stock to $32 to $33 per share. The new price range is about 14% higher than originally expected.

The share and price expansion are the result of strong investor demand for shares in the U.S. auto maker, which now is generating solid profits after shedding costs under a 2009 bankruptcy reorganization.

A Little Extra on the Road [NYT]
Corporate accountants have long known that otherwise law-abiding people commit travel expense fraud.

And while new software programs help detect fraud, businesses report that travel fraud increased in the last few years as the distressed economy put more financial pressure on both employees and employers.

“I don’t think people always take the view that falsifying expense claims is a criminal act,” said John Verver, vice president for services and product strategy at ACL Services, a provider of financial monitoring software and expertise.

IRS Throws in Towel on Closely Watched International Tax Case [TaxProf Blog]
Transfer pricing nerds will like this one.

Litigation Disclosure: What They Don’t Know Can Hurt You [Forbes]
Francine’s latest at Forbes discusses the progress on a new litigation standard. Or lack thereof, “Everyone – the lawyers, the auditors and company executives – has been fighting the Financial Accounting Standards Board’s (FASB) proposals for expanded disclosures over loss contingencies for more than two years. For shareholders, this means, everyone who is supposed to be working for you is fighting additional disclosures that would help you – the investor – know if a legal bomb was about to drop on your investment.”

Dudley Says QE2 Critics Don’t `Understand’ Fed’s Exit Plan [Bloomberg]
Federal Reserve Bank of New York President William Dudley said critics of the expansion of monetary stimulus are underestimating the central bank’s ability to raise interest rates when necessary.

“People do not understand clearly” that “we can have an enlarged balance sheet and not have a long-term inflation problem,” Dudley said in an interview with CNBC. “We are very confident of our ability to exit when the time comes.”


Jason Blumer: Don’t Believe the Lies [CPA Trendlines]
Blumer is thinking about the future, “It seems the end of a public accountant’s career is steeped in misery, being “worn out” and adverse to change. Not a very exciting picture for those entering universities deciding what to major in! Is this what the younger generation has to look forward to when they retire?”

Meet the New Small-Business Owners in Congress [You’re the Boss/NYT]
Last Tuesday’s elections will send 33 small-business owners and entrepreneurs to Washington, according to The Agenda’s exhaustive (and exhausting) search. All are Republicans. Two are women.

Jack Link wins national Ernst & Young award [MBJ]
The beef jerky company that does ads like this:

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles