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September 30, 2023

Accounting News Roundup: ‘Stupid is as stupid does’; Takin’ It Easy with New Revenue Recognition; PCOAB’s Hanson Looking for Perfect Auditors | 05.03.13

U.S. Economy Adds 165,000 to Payrolls [WSJ]
U.S. job growth picked up in April and the unemployment rate ticked down again, suggesting steady but still-measured economic growth. Employers added 165,000 jobs last month, the Labor Department said Friday. The unemployment rate, obtained by a separate survey of U.S. households, fell one-tenth of a percentage point to 7.5% as more people found work. That was the lowest rate unemployment rate since December 2008.

Op/ed: KPMG scandal damages reputation of the accounting profession [PCBT]
"[Stupid is as stupid does] fits Scott London's actions perfectly."

Healthcare law opponents sue Obama officials over IRS rules [Reuters]
A group of individuals and businesses filed a lawsuit against the Obama administration's healthcare overhaul on Thursday, hoping to stop the law in states that have not set up new insurance exchanges. The complaint filed in the Washington federal court challenges federal rules issued in 2012 for implementing the president's 2010 healthcare law which goes into full force in January 2014. The 12 challengers, ranging from a hospital chain to a restaurant franchise, argue that Internal Revenue Service rules issued last year should be invalidated because they contradict what Congress originally intended. A court win for the challengers could cast doubt over the IRS's ability to enforce the healthcare law's new tax penalties.

FASB to Ease in New Revenue Recognition Standards [AT]
The Securities and Exchange Commission is encouraging the Financial Accounting Standards Board to give accountants a long transition period to adjust to the upcoming revenue recognition standards. Paul Beswick, chief accountant in the SEC’s Office of the Chief Accountant, said at Baruch College’s Financial Reporting Conference in New York on Thursday that an implementation group and long transition period are needed for the new standards. FASB chair Leslie Seidman, who spoke alongside Beswick, said they plan to hold one more joint meeting this month with the International Accounting Standards Board to finalize the long-awaited converged standard for revenue recognition and would probably issue it this summer.

Lease Accounting Proposal Still Seen Costing Companies, Investors [CFOJ (Subscription)]
Like I said, it'll take a miracle.

SEC case against China firms advances [CAB]
I don’t think anyone is in a hurry to resolve this. All hopes seem focused on the U.S. China Security and Economic Dialogue in Washington in early July. That is probably the best, and perhaps last, chance for the U.S. and China to resolve the issue before it spins out of control.  

Goal for PCAOB’s Hanson: Best practices list for auditors [JofA]
PCAOB member Jay Hanson wants to talk to auditors who produce audits with no deficiencies. He’s pushing to develop a “best practices” list that will help and inform the entire profession. “I know that this view isn’t shared universally among the board members of the PCAOB as to whether we should do this,” Hanson said Thursday during an interview after his presentation at the 12th annual Baruch College financial reporting conference. “I view it as a challenge. Let’s as a board understand these attributes of the most successful audits, so it informs us and our thinking and our policymaking.”

America's Cup taps Kilroy, PWC for sponsorships [SFBT]
The closet thing to being on a boat that an accounting firm will get.

21 Unusual Gifts For Your Unusual Mom [HP]
I'm sure all your moms are normal, though.

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