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December 3, 2022

Accounting News Roundup: A Tax Shelterer’s Sentence; Tesla’s Filing Delay; Chimera’s MIA Reports | 03.04.13

Ex-Jenkens & Gilchrist Lawyer Gets 8 Years in Tax Case [Bloomberg]
Former Jenkens & Gilchrist lawyer Donna Guerin was sentenced to eight years in prison and ordered to pay $190 million for her role in what the U.S. called the largest criminal tax fraud in history. Guerin, 52, pleaded guilty in September 2012 just as she was set to be retried with three other defendants for running a 10-year scheme that created $7 billion in fraudulent tax deductions, more than $1.5 billion in phony losses and $92 million in actual losses to the U.S. Treasury.

Tesla Delays Annual Report To Fix Accounting Error [CI/WSJ]
Tesla Motors Inc., the Silicon Valley electric luxury car maker, says mistakes in the way it accounted for certain capital spending will force it to delay filing its annual report, or 10-K, with the Securities and Exchange Commission. The company says the errors won’t affect the figures it previously reported for its incomes statements, total cash on hand, free cash flows and balance sheet. The company says it now aims to file its 10-K by March 11.

Mandatory Auditor Rotation: The UK's Competition Commission Stirs the Pot [Re:Balance]
JP: "Put in summary, the fundamental dysfunctionalities in the reporting and assurance models are untouchable by the “solutions” urged by those having the authority (if not the evidentiary basis) for their mischief-making, while mandatory re-tendering and rotation remain as “remedies” in search of problems yet to be grounded in reality. But if not stopped, the Competition Commission is likely to work its will."

Unaccountable external auditors [Fraud Mag/ACFE]
Way more that you might want to know about the auditors role in the financial crisis. And more — like "radical overhaul" to the audit system.

Man charged with getting into jail unlawfully [CNN]
Authorities say Matthew Matagrano, 36, of Yonkers, parked his car at the Manhattan Detention Center using a forged Department of Corrections parking permit and entered the building by flashing a gold shield. While inside the facility, Matagrano stole a radio worth $2,500, supplied inmates with cigarettes and shared a smoke with them, according to a criminal complaint.

Chimera: So Many Questions, Too Few Answers [GOA]
When a company hasn't filed a 10-Q since November 2011 or a 10-K since February 2011, that's a bit of a problem.

Tax Benefit of All Itemized Deductions; Distribution of Federal Tax Change by Cash Income Level, 2015 [TPC]
If you're a fan of tables and things.

FASAB proposes property, plant, equipment implementation guidance [JofA]
FYI.

Anheuser-Busch defends itself with newspaper ads [Reuters]
Budweiser-maker Anheuser-Busch InBev defended itself against allegations it is watering down its alcoholic drinks by taking out full-page advertisements in newspapers across the United States. The company was placing ads in more than 10 newspapers nationally, a representative of Anheuser-Busch said on Sunday. The ads featured a picture of a can of drinking water below the caption, "They must have tested one of these." Anheuser-Busch donates water to the American Red Cross.

 

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