September 27, 2022

Accounting News Roundup: Who’s Keeping on PwC and Booz Deal?; KPMG Launches an Investment Fund; Grant Thornton’s Ordered to Pay $100M in Lawsuit | 11.11.13

We're taking the day off to observe Veterans Day so you should consider doing the same. We'll jump in if there's any breaking news or if anything interesting hits the Twitter wire or someone sends us a better farewell email than this one. Have a great Monday! 

Twitter Puts Spotlight on How Firms Burnish Results [WSJ]
Twitter Inc. TWTR lost money in the first nine months of the year. But when the company used a different set of measurements, it posted a profit. The strong interest in Twitter's initial public offering brought back to the fore the accounting methods that companies can use to burnish otherwise lackluster results. Twitter has recorded a loss of more than $130 million this year using traditional accounting measures. But after stripping out several costs, Twitter posted a nine-month profit of almost $31 million.

PwC To Acquire Booz But Broader Not Better For Integrity Of Global Capital Markets [Re:The Auditors]
If PriceBoozerhouseCoopers becomes a reality, which regulator is going to ensure that there are no conflicts between PwC audit clients that also happen to be Booz consulting clients?

And the latest puzzling move from a Big 4 firm:

KPMG treads new ground with fund [FT]
The FT has more: "The KPMG fund will have its headquarters in London and invest globally. It aims to invest in a number of critical business areas including enhancing business flexibility; finance; risk, regulation and compliance; improving workforce productivity; and customer and revenue growth. The new fund will also co-invest, sponsor and partner other groups at early stages with the aim to encourage entrepreneurs to be bold, focusing on growth sectors such as healthcare, financial services, energy and telecommunications."

Baucus Plans Release of Code Revision Drafts in Two Weeks [Bloomberg]
It's technically not a bill but will be in "legislative language," so that's something.

Columbia Sussex owner wins $100M lawsuit [CE]
Grant Thornton was sued by William and Martha Yung for selling them tax services "cost the family millions of dollars in excessive tax, penalties and interest, which carried a negative impact to the family’s business interests." GT will appeal the decision. 

Fourth Largest Tax Prep Business In The Country Shut Down By Feds [Forbes]
That would be Instant Tax Services, who had "a culture of fraud and deception." 
 
Knish Factory Fire In New York Leads To Nationwide Shortage [AP]

Kvetching has been going on at delis, diners, food carts and groceries since the six-week-long shortage began, but lovers of the square, fried, doughy pillows of pureed potatoes may not have to go without much longer. The factory promises an end to the knish crunch by Thanksgiving, which coincides with the start of Hanukkah. "Our customers … are calling us saying they are literally searching supermarkets and stores and they're all asking when we'll be back," Stacey Ziskin Gabay, one of the owners of the 92-year-old Gabila's Knishes, which sells about 15 million knishes a year.

 

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