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February 3, 2023

Accounting News Roundup: Secret IPOs; PwC Wins Auditor Battle Royale for EasyJet; Simpler Inventory Accounting | 07.28.15

Secret IPO Filings Feed Deal Frenzy [WSJ]
Companies filing confidentially under JOBS Act provisions are becoming acquisition targets.

Ex-Manager Details Dewey & LeBoeuf’s False Accounting Entries [TAL]
Jyhjing "Victoria" Harrington testified, "that she reversed written-off expenses and made other revenue-inflating false entries to jack up the firm's cash flow numbers," and lied to auditors when they expressed concerns to her. Harrington booked the entries and lied, "to protect my job," she said.

PwC flying high after retaining easyjet audit despite 10-way tender [Accountancy Age]
The £400,000 engagement went through a "robust and formal" process. 

Here's Our Tally of Donald Trump's Wealth [Bloomberg]
$2.9 billion.

SEC Poised to Complete CEO-Pay Ratio Rule [WSJ]
The commissioners could vote on the proposal as early as next week.

FASB Simplifies Inventory Measurement [AT]
Another effort from the Board's simplification initiative: "FASB said an entity should measure inventory within the scope of the update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, minus reasonably predictable costs of completion, disposal and transportation."

Sepp Blatter deserves Nobel Prize, says Vladimir Putin [BBC]
Bond villains meet, laugh maniacally: "We all know the situation developing around Mr Blatter right now. I don't want to go into details. but I don't believe a word about him being involved in corruption personally."

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