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September 22, 2023

Accounting News Roundup: Some Irony for Deloitte in Hack Attack; Mike Lynch Still Battling HP; What Is Predictive Accounting? | 12.04.14

Sony Pictures and F.B.I. Widen Inquiry Into Hackers’ Attack [NYT]
Interesting little nugget here: "Four months ago, Deloitte sponsored an article in The Wall Street Journal about how companies can more quickly identify employees who take internal data — the very issue it now finds itself addressing." This article includes this statement from Deloitte spokesman Jonathan Gandel: “Deloitte has long been recognized as a leader in its commitment to pay equality and all forms of inclusion.”

Mike Lynch claims 'conclusive proof' HP fraud allegations are false [Telegraph]
"There are contracts and revenue entries. There is no missing money. The only differences are over interpretation of accounting standards."

House passes extenders [Tax Update]
Joe Kristan has a nice summary: "The expired tax provisions revived by the bill include the $500,000 Section 179 limit, 50% bonus depreciation, the research credit, and the five-year built-in gain period for S corporations. They also include crony subsidies like energy production credits and accelerated depreciation for racetracks. A compromise plan to extend some of the provisions permanently collapsed when the President threatened to veto it."

Assisted Living Execs Faked Senior Residents, SEC Says [CFO]
Oops: "The alleged fraud orchestrated by Assisted Living Concepts Inc.’s former CEO, Laurie Bebo, and former CFO John Buono between 2009 and early 2012 even extended to directing ALC staff to falsely identify Bebo’s parents and husband as residents of facilities that the company rented from Ventas Inc. Another of the purported senior residents was just seven years old, the SEC said in a news release on Wednesday."

Predictive Accounting: What Is It and Should You Being Doing It? [AWEB]
The future! "Imagine having a high-growth inventory- based client with 30-day invoice terms – then being able to warn them six weeks ahead that all their working capital will be locked up in inventory and debtors. With this vital information, the accountant can proactively advise their client about the concern and help them with financing options." 

Just wait until you bring a bag of Fritos back from the vending machine at 10 pm in the middle of February.

Sony's Embarrassing Powerpoints Are Even Worse Than Their Shitty Movies [Gawker]
This should cheer some Deloitte people up!

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