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:
Breaking news: Today we launch #KPMGCapital, an investment fund created to accelerate innovation in data & analytics http://t.co/dt8CKQVinG
— KPMG (@KPMG) November 11, 2013
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.