PwC auditor sidelined until 2015 for $2.1b Centro debt bungle [SMH]
PWC partner Stephen Cougle has agreed to a temporary ban on auditing work following his involvement in approving Centro's misleading financial accounts in 2006-07. The accounts wrongly classified $2.1 billion worth of debt as non-current when in fact it was current. Centro came close to collapse when it was unable to refinance the debt during the global financial crisis. Mr Cougle led the team that audited Centro. He has promised the corporate watchdog he will not practise as a registered auditor until June 30, 2015, and has agreed to additional training, and to submit his first three audits after the suspension for checking by another auditor approved by the Australian Securities and Investments Commission. A spokeswoman for PwC said Mr Cougle would remain a partner and stay with the firm working on internal issues.
Someone had to say it and Tom Selling steps up to the plate: "So sorry to have to break it to the IASB staff, but they are deluding themselves. The reality is that the FASB believes that U.S. GAAP is better."
Berlusconi accountant held hostage [AFP]
Silvio Berlusconi's accountant was taken hostage in his home last month by armed intruders who demanded a 35 million euro ($44 million) ransom from the former Italian premier, police said on Monday. The police have arrested three Italians and three Albanian citizens accused of taking Giuseppe Spinelli, one of Berlusconi's closest allies, and his wife Anna hostage for a night in October.
IRS says Sandy victims can tap retirement accounts [Reuters]
Cash-strapped victims of Superstorm Sandy will be able to tap their retirement accounts for hardship withdrawals and loans, the U.S. Internal Revenue Service announced on Friday. Those with employer-provided plans, such as 401(k) plans, 403(b) plans and 457(b)deferred compensation plans, may be able to use streamlined loan procedures, the IRS said. Those with individual retirement accounts (IRAs) may not take loans, but they may be able to take hardship withdrawals.
GOP’s Opposition To New Taxes: Same As It Ever Was [TPM]
On Tuesday, the city's lawmakers will consider an ordinance first proposed by Supervisor Scott Wiener that would prohibit anyone over the age of 5 from exposing "his or her genitals, perineum or anal region on any public street, sidewalk, street median, parklet or plaza."