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September 23, 2023

Accounting News Roundup: SEC Settlements; KPMG Shopping for Advisory Shops; Church Moonlights as Night Club, Loses Tax Exempt Status | 03.16.15

S.E.C. Wants the Sinners to Own Up [NYT]
The SEC has managed to secure 18 admissions of guilt so far since changing its policy in 2013, including: "Most of the companies in these cases were financial firms. The other settlements involved Chinese affiliates of the big four United States accounting firms; Lions Gate, an entertainment company; and Standard & Poor’s, the ratings agency that admitted to facts stating how it misrepresented its methodology for assessing several commercial mortgage-backed securities in 2010 and 2011."  

KPMG plans advisory spending spree [Economia]
Richard Fleming, the Advisory Leader in the UK, confirmed to The Times that the firm would be "investing a lot" over the next three years.  

Grant Thornton faces £49m negligence claim [FT]
Manchester Building Society claims GT botched the advice and audit related to "the implementation and application of hedge accounting."  

The FASB’s New “Going Concern” Reporting Rules: A Solution in Search of a Problem [Accounting Onion]
Tom Selling writes that the new rules won't address the underlying issue problems with going concern opinions that include lack of timeliness and redundancy. 

Tax Exempt Church Turns Out To Be A Night Club [Robert Wood/Forbes]
This church's fellowship included, "lingerie and pajama events, ‘Wet n wild,’ twerking and naked paintball parties," as well as, "holy iconography [that] featured oral sex and drinking." Incredibly, its tax-exempt status was taken away.

Dairy Queen is giving away ice cream [CNN]
Vanilla cones. Only one per customer.

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