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September 30, 2023

Accounting News Roundup: Things at Tesco Manage to Get Worse; More Firms Starting Family Offices; KPMG Strategy | 10.23.14

Tesco scraps profit outlook as accounting black hole deepens [Reuters]
Well, this is unexpected: "Tesco reported a bigger than expected hole in its finances on Thursday after finding accounting mistakes had gone back further than initially thought, forcing Britain's biggest grocer to scrap its full-year profit outlook."

What if Congress Raised Taxes and Nobody Cared – Or Even Noticed? [Joe Thorndike/Tax Analysts]
The payroll tax is especially clandestine. 

Why More Accounting Firms Are Creating Family Offices [Forbes]
It's pretty simple, really: "When an accounting firm creates a dedicated business line to address the needs of very wealthy clients, there’s substantial evidence that it can increase the firm’s overall profitability, support cross-sell and expansion opportunities and be a differentiator vis-à-vis their competitors."

KPMG dives into strategy business with new practice [Fortune]
They're calling it….KPMG Strategy. And they're building it themselves: "Unlike Deloitte and EY, which respectively acquired strategy businesses within the last two years, KPMG is building out its new unit largely from talent it already has in house. This will allow KPMG Strategy clients to take advantage of the wide-range of services the firm offers outside of the specific strategy unit, says [Advisory Leader Lynne] Doughtie."

Careers aren't linear any more:

Be sure to cc: [email protected]

Could Allen Stanford go free? Convicted fraudster appeals [CNBC]
He wrote the appeal himself: "Having fired the last of a string of court-appointed attorneys, and with no funds to hire a replacement, he is representing himself even though he has no legal background. He has also asked to argue his case in person before the Fifth Circuit Court of Appeals in New Orleans, a task normally handled by experienced attorneys."

Clearwater police: Woman doused roommate, set him on fire [Bay News 9]
You may be surprised to learn that this occured because of some spaghetti. However, you won't be surprised to learn that there was alcohol involved: "Clearwater police have arrested a woman they say doused her roommate with nail polish remover and set him on fire. Around 2:30 a.m., 33-year-old Melissa Dawn Sellers got into an argument with 42-year-old Carlos Ortiz Jr. at a home on the 300 block of Gunn Avenue. The two had been drinking, and Sellers doused Ortiz's upper body with nail polish remover and ignited with him a lighter or cigarette, police said. According to Ortiz's friend and witness, Ines Causevic, Sellers was angry at Ortiz because he had thrown out her spaghetti and meatballs."

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