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November 26, 2022

Accounting News Roundup: Who’s Keeping an Eye on Private Deals?; IASB’s New Fancy Library; The Super Working Class | 04.24.14

For private deals, no one is watching the watchdogs [Reuters]
A long read on private securities offerings and the role of the firms — like Provident Asset Management whose founders were convicted of running a Ponzi scheme last year — that raise the money. "Private placements are a form of fund-raising whereby a company issues securities – shares, bonds, promissory notes and the like – to relatively few investors through private sales by broker-dealers, rather than through a general offering on a public exchange. Under U.S. law, these issues are exempted from the extensive financial reporting requirements that govern public offerings. One aim is to make it easier for small businesses to raise capital by selling securities or investment pools like Provident's."

No Charges in Heiress Huguette Clark's $300 Million Fortune [NBC]
This goes deep into the GC archives. "The Manhattan district attorney has closed the well-publicized investigation of the handling of the $300 million fortune of reclusive heiress Huguette Clark — without charging anyone with a crime. The news provides a note of vindication for Clark's attorney and accountant, who fell under suspicion after managing the finances of the copper heiress while she lived for two decades in a simple hospital room in New York City. Documents and testimony backed up the men's story: They were carrying out her wishes, not controlling her but doing as she directed, selling off her property to raise cash to fuel her relentless generosity to friends and strangers."

KPMG names new boss for semiconductor industry practice [SFBT]
Packy Kelly leaves his Head of VC post to replace Ron Steger. Conor Moore is the new head of VC.

Manchin to IRS: Take back bonuses from tax delinquents [The Hill]
Here's a reminder of how little money we're dealing with: "An audit by the Treasury Department's inspector general for tax administration found that the IRS gave $1.07 million in bonuses to 1,146 employees with tax problems between October 2010 and December 2012. Those staffers also received 10,500 in extra time off from the agency." But Joe Manchin (D-WV) does not waver: "No federal agency should reward tax-delinquent employees with taxpayer-funded bonuses and rewards, least of all the IRS," he wrote in a "sternly worded letter" to the IRS Commissioner. Funny how out of all the federal employees who owe back taxes, the Treasury Department (that includes the IRS) has the lowest delinquency rate. 

IASB launches dedicated research facility [Accountancy Age]

They're coming for you, academics: "The IFRS Research Centre aims to facilitate communication between the IASB and the broader research community. Its main objectives are to increase awareness of the issues that the IASB will be considering in the coming two to three years, to encourage research professionals to undertake targeted research projects and to contribute to the IASB moving to more evidence based standard-setting."

Rise of the 'super workers' who never take time off [Telegraph]

This could be you some day!

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