September 24, 2022

Accounting News Roundup: You *Can* Afford to Change Jobs; Bad Bank Confirmations; Price Sells Was Not Meant to Be | 04.10.15

General Electric to Sell Bulk of Its Finance Unit [DealBook]
They're getting started by selling $23 billion in real estate to the Blackstone Group, Wells Fargo and "other buyers." Also, GE will pay $6 billion in taxes from earnings coming back to the US from overseas, saying, "We decided not to wait for tax reform."

Can You Really Not Afford to Change Jobs? [HBR]
Money often "mask[s] the real reason for your reluctance" to try something new, writes Whitney Johnson.

Sentencing Commission Adopts New Framework For Fraud Cases [WSJ/Law]
The Commission is shifting weight "to an offender’s intent and role within a scheme," as well as "shift[ing] emphasis from severely punishing those who caused a large group of victims to lose a small amount of money, to those who caused “substantial” financial harm to even one victim."

SEC Announces Fraud Charges Against Former Accounting Executive at Japanese Subsidiary [SEC, Complaint]
This is so, so bad: "As part of Molex's annual audit, the company's outside auditors sent confirmations to the Japan-based broker-dealers and banks with which Molex Japan had existing relationships, which were supposed to be returned directly to the auditors. The confirmations sent by Molex's outside auditors asked the banks and broker-dealers to disclose, among other things, the balance of all accounts and all loans held in the name of Molex or Molex Japan. On several occasions, Fusamae contacted the banks and broker-dealers and asked for a meeting with them before they returned the completed confirmations to Molex's outside auditor. At the conclusion of his meetings with the representatives from the various banks and broker-dealers, Fusamae kept the completed confirmations and told the representatives from the banks and broker-dealers that he would return the completed confirmations to Molex's outside auditor. Fusamae then used whiteout to redact the portions of the confirmation referencing the unauthorized trading and unauthorized borrowing and mailed the falsified confirmations to Molex's outside auditor."

How to Keep a Bad Interviewer from Derailing Your Job Chances [Lifehacker]
You will run into them.

The Iowa tax credit that breaks hearts. And: IRS budget cut crocodile tears! [Tax Update]
In Joe Kristan's daily roundup, he links to our #TBT from yesterday but also recalls the failed merger of Price Waterhouse and Deloitte Haskins & Sells: "Price Sells would have been an awesome firm name." 

PCAOB Preparing New Rule for Audits of Accounting Estimates [CFO]
The proposal is likely to be out in Q4.

Police: Des Moines man reports stolen bag of dog poop [AP]
Valued at $1.

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