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December 2, 2022

Accounting News Roundup: Suitors of Chiquita Are Second Banana to Inversion; Accounting Trouble at Alibaba; How ISIS Uses Taxes | 08.15.14

Chiquita Rejects Unsolicited Offer and Will Proceed With Inversion [DealBook]
Cutrale Group and the Safra Group are second banana to Fyffes: "[I]n a letter to Cutrale and Safra, and a news release, Chiquita said the offer was not in the best interest of its shareholders. Calling the bid “inadequate,” Chiquita said it had no plans to allow Cutrale and Safra to conduct due diligence or to engage in deal talks."

Alibaba Pictures Finds Possible Accounting Irregularities [WSJ]
Don't worry, the IPO hype will still continue: "The disclosure Friday that Alibaba Pictures would delay its financial results while it investigated what it called 'possibly noncompliant' accounting practices, won't likely derail the Internet company's IPO plans, investors and analysts said. But it is a black eye for Alibaba Group at a time when it is aggressively courting investors."

Why an accounting scandal at Alibaba’s new film company spells trouble [Quartz]
They've made lots of acquisitions and this might mean that their due diligence isn't so thorough.

Fight Brews on Changes That Affect Derivatives [DealBook]
The Fed and FDIC would like to tighten up some rules and banks are resisting. The rest of us get to sit back and wait until something blows up: " 'It will be an incredibly significant change,' said John F. Simonson, a partner at PricewaterhouseCoopers who covers financial regulation. 'The derivatives books of the largest dealers today are considerably larger than Lehman’s.' "

California tax deduction bill aimed at former NBA owner Donald Sterling advances [DMWT]
The bill would prevent California-based sports team owners from deducting fines on their state tax returns.

How ISIS Is Using Taxes to Build a Terrorist State [Joe Thorndike/Tax Analysts via Tax Update]
Fascinating read: "It's easy to overstate the lineal relationship between taxes and extortion. But it’s also vital to keep in mind how states evolve. Time and external recognition can provide the imprimatur of legitimacy, but not every state is old and established. If we hope to understand the process of state-building — and recognize it when we see it happening — then we can't lose sight of what state-building and tax-building look like in real time."

How to Avoid Being a Human Bottleneck at Work [Lifehacker]
In a word: communicate.

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