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ANR: Basel Gets Butthurt By FASB Loan Loss Rules; Eat the Rich; Sokol Gets Off | 01.04.13

Acting Ed. note: Guess what, kids? NO COLIN TODAY! YAY!!! I'll be holed up at the Secret Lair surrounded by cats pumping out accounting news for your entertainment all day so feel free to shoot me an email or harass me on Twitter to keep me company. It gets real lonely on troll duty around here.

Basel Chief Concerned Over Accounting Differences on Loan Losses [Bloomberg]
Global banking regulators are concerned that loan losses will be treated differently under international and U.S. accounting standards, the chairman of the Basel Committee on Banking Supervision said. Efforts by the U.S. Financial Accounting Standards Board and International Accounting Standards Board to replace incurred loss credit impairment models may not converge after the FASB decided “to pursue an impairment model that differs from the IASB’s model,” Stefan Ingves, the Basel group’s chairman, said in a statement today.

Tyga Loses $16k Legal Battle …With His Accountant [TMZ]

Prosecution says Bernard Kilpatrick stiffed the government out of nearly $200,000 in taxes [Detroit Free Press]
After a two-week holiday break, Detroit’s federal public corruption trial resumed today with testimony that ex-Detroit Mayor Kwame Kilpatrick’s father stiffed the government out of nearly $200,000 in taxes by hiding his true income. The defense in the now three-month-old trial suggested that any extra money made by Bernard Kilpatrick, Kilpatrick’s father and co-defendant, could have come from an inheritance, gambling winnings, or a loan and could be tax exempt. Or, his lawyer John Shea suggested, what looked like extra income could have just been money transferred between Bernard Kilpatrick’s business and personal accounts. But the IRS, which said it took such scenarios into account, ruled out those explanations and concluded that Bernard Kilpatrick lied on his taxes. And the six-figure tax debt, one agent said, is “very conservative.”

Higher taxes penalize working wives [MarketWatch]
Chicks are always getting stiffed!

Some wealthy stand fast—for higher taxes [Boston Globe]
His taxes are going up, and Woody Kaplan isn’t happy. “I’m disappointed that they’re not going up more,” said Kaplan, a retired Back Bay real estate developer who is now a civil liberties activist.

Redefining 'wealthy' for tax purposes [Don't Mess With Taxes]
*checks* Nope, still broke.

S.E.C. Ends Scrutiny of Former Top Aide to Buffett [DealBook]
The Securities and Exchange Commission has decided not to file insider trading charges against David L. Sokol, a onetime top lieutenant at Berkshire Hathaway, Mr. Sokol’s lawyer said Thursday.

Jobs report: Economy added 155K jobs in December [CBS]
U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during tense fiscal cliff negotiations in Washington. The solid job growth wasn't enough to push down the unemployment rate, which stayed 7.8 percent last month, according to the Labor Department's report Friday. November's rate was revised higher from an initially reported 7.7 percent.

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