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Accounting News Roundup: SEC Wants Admissions; An Inisider Trading Consequences Refresher; More on NASBA vs. AICPA | 06.19.13v

SEC Seeks Admissions of Fault [WSJ]
The Securities and Exchange Commission intends to make companies and individuals admit wrongdoing as a condition of settling civil charges in certain cases, or be forced to fight the charges in court, the agency's Chairman Mary Jo White said Tuesday. The move marks a watershed change to the SEC's decades-old policy of allowing companies and individuals to settle charges without admitting or denying liability.

Regulators Are Divided Regarding Consultants [DealBook]
The Fed is no Ben Lawsky: "
The Federal Reserve, the nation’s chief banking authority, ordered a large regional bank to hire a consulting firm to comb through “high-risk customer accounts.” The order, which could bolster the impression that the consulting industry has become a shadow regulator for Wall Street, came as part of an anti-money-laundering enforcement action that the Fed released on Tuesday. In contrast, as momentum appears to have stalled in Washington for overhauling the consulting industry, New York State’s top regulator seized upon an obscure state banking law to try to compel changes. The first action using that law came on Tuesday as the state regulator, Benjamin M. Lawsky, imposed a $10 million fine and a one-year ban on Deloitte, a prominent consultant that he accused of 'misconduct.' "

CPA Exam Testing Expands in South America [AT]
Cristo Redentor will get even more attention now.

Consequences of insider trading incident [AU]
Just something to look over in case you've been thinking about it.

NASBA Blackballs AICPA from the Standard Setters’ Club [Accounting Onion]
If you've been enjoying the AICPA sticking its beak into accounting standard setting, Tom Selling has a pretty comprehensive explainer.

How the I.R.S. Encourages Oil and Gas Spinoffs [DealBook]
News people interested in Master Limited Partnerships can use.

Falling Toilet Seats: Number Of Boys Injured During Potty Training Is Growing [Reuters]
Boys know that toilet seats are an occupational hazard of potty training, but a new study suggests the number of genital injuries caused by falling toilet toppers is growing. Researchers found the number of emergency room visits for toilet-related injuries to the penis, while still rare, increased by about 100 visits each year between 2002 and 2010. Usually, the injuries happen when boys are learning how to urinate into the toilet while standing up and the seat falls unexpectedly – although a few adults did get snagged by the seat, too. "It's a toddler basically potty training who doesn't have the most advanced motor skills and they just don't have the reflexes to move fast enough," said Dr. Benjamin Breyer, the study's lead author from the University of California, San Francisco.

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