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December 3, 2022

Accounting News Roundup: SEC Names New Chief Accountant; Defining ‘Generally Accepted’ | 11.23.16

Ed. note: Going Concern will be off tomorrow and Friday for the Thanksgiving holiday. That means ANR will be off, too, but Open Items will still be here in case a tryptophan-induced hallucination reveals something to you worth sharing.

International taxes

Google is working on settling a tax dispute with Indonesia and some people are speculating that it could lead to more settlements with other countries. Reuters reports that the company "could face a bill of more than $400 million for 2015 alone."

SEC moves

Wesley Bricker is officially your new chief accountant at the SEC, replacing James Schnurr who is retiring. Mr. Bricker had been serving on an interim basis while Mr Schnurr had been recuperating from a a bicycle accident. 

Non-GAAP worrying

If your Thanksgiving conversation comes to blows and/or a flood of tears tomorrow, may I suggest picking the debate back up at this question: Are generally accepted accounting principles still "generally accepted"? Use Jim Peterson's post as a starting point and hopefully that keeps the rest of the day peaceful.

Has Donald Trump released his tax returns?

Nope! But the Washington Post's David Fahrenthold reports that a tax return for DJT's foundation shows that "engaged in self-dealing in 2015 and prior years." Elsewhere in Trump stuff: In an interview with the New York Times yesterday he said, "the president can’t have a conflict of interest" so that's nice for him.

Previously, on Going Concern…

Sorry for the radio silence yesterday, I was on the road. For those of you traveling today, be safe and if you were supposed to fly Lufthansa, I feel for you.

In other news:

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