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October 1, 2023

Accounting News Roundup: Restatements Don’t Hurt Like They Used To; Tax Breaks Back From the Dead?; PwC OK | 05.13.14

Restatements Pack Less of a Punch [CFOJ]
The average restatement hit earnings for $3.2 million last year, according to data from Audit Analytics. 53% of the restatements had no effect on income.

A Deal to Dodge the Tax Man in America [DealBook]
Andrew Ross Sorkin writes that Pfizer's quest for inversion has set off a bit of a bumrush: "Since Pfizer announced its offer, at least a half-dozen bankers have counted more than 17 incoming calls from Fortune 500 companies requesting an analysis of merger prospects that involve an inversion." 

Senate Nears Showdown on Reviving Lapsed U.S. Tax Breaks [Bloomberg]
Among them: R&D and wind production credits, the state sales tax deduction and 50% bonus depreciation.

CAQ and AICPA Issue Alert on Audits of Broker-Dealers [AT]
To the rescue! "The alert aims to highlight for audit firms certain auditing considerations in response to regulatory changes from the Securities and Exchange Commission and the Commodity Futures Trading Commission , along with related guidance and standards issued by the Public Company Accounting Oversight Board. The alert addresses: SEC Amendments to Rule 17a-5 and PCAOB Attestation Standards No. 1 and No. 2; PCAOB Auditing Standard No. 17; CFTC Customer Protection Rules for Futures Commission Merchants; and CFTC-Registered Introducing Brokers."

PwC, formerly PricewaterhouseCoopers, has leased a downtown OKC office [NewsOK]
Gregg Cheshier is the PwC OKC OMP.

BDO USA, LLP Announces Expansion into Forth Worth Through the Addition of Harman Leito & Bolt [BDO]
Adding 60 partners and staff.

IASB clarifies appropriate methods of depreciation, amortization [JofA]

Look at Pressure as a Reflection of Ambition [Lifehacker]
For the achievers out there.

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