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Footnotes: Deloitte’s Foot Fetish; The PCAOB’s Struggle; Getting Productive | 08.21.14

Posted on by Adrienne Gonzalez

Regulators Struggle With Conflicts in Credit Ratings and Audits Floyd Norris uses air quotes: "Few businesses have more obvious conflicts of interest than those that involve the issuing of 'objective' and 'independent' reports and opinions about companies that pay for those reports and opinions." [NYT]

Did you people not learn your lesson the first time? [Twitter]

A day in the life of an accountant Up by 4am, in bed by 8pm [Business Insider]

The Most Productive People Know Who to Ignore The key, says the article, is to treat your life like an emergency room. Some people need to be patched up immediately while others can writhe in pain for a bit. [HBR]

Deloitte is about that sock game [Twitter]

New York, California reap mini-bonanza from Bank of America settlement [Reuters]

U.S. Judge Says Argentina's Debt Swap Proposal Is Illegal Like that's ever stopped a government before [WSJ]

 

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Creepy Accountant of the Week

Thumbnail image for pervert2.jpgNo matter how good this guy was at preparing tax returns, we recommend finding someone else, if you’re in the Mesa, AZ area:

Jess Alan Skousen was arrested at his Mesa accounting business Wednesday for allegedly having illegal child pornography on his laptop computer
Mesa Police Department spokesman Ed Wessing sai [sic] Skousen, 40, was arrested after his wife found sexual images of children on his computer.

Ouch. The wife turned him in. Can’t say that we blame her.

Wessing identified Skousen’s business as Self Tax Preparation on Stapley Road. The pictures found on the computer include those of children between ages of 2 and 15, some in sexual poses, according to Wessing. The Arizona Corporation Commission lists a number accounting, tax and other businesses under Skousen’s name.

Eight year-olds, Dude.
Mesa tax preparer arrested on child porn charges [Phoenix Business Journal]

Footnotes: Walgreens Doesn’t Want to Not Be Taxed; CVS and Smokes; H&R Block on Attracting | 08.05.14

Ed. note: Here's a short FN because we have been working all afternoon on sourcing […]

The Knighted One Keeps His Promises

Thumbnail image for Thumbnail image for tweedie.jpgSir David Tweedie and his fellow non-knighted wonks have released IFRS 9, Financial Instruments today to much anticipation. For those companies that were chomping at the bit, you can adopt pronto but nothing is mandatory until the end of 2012.
You got to hand it to Tweeds. The BSD at the G20 demanded that the IASB take another look (read: change) at this fair value thing ASAP and he delivered, AS PROMISED:

We have delivered on our commitment to the G20 and stakeholders internationally to provide an improved financial instrument standard for the classification and measurement of financial assets for use in 2009. Benefiting from unprecedented levels of consultation with stakeholders around the world, the IASB has made significant changes in its initial proposals to improve the standard, provide enhanced transparency and respond to stakeholder concerns.

Very impressive, so the ball is your court, Norwalk. You better get off your asses and come up with something good because none of you have knighthood and we haven’t seen much evidence of your re-quadrupled efforts. We already know that you’re talking Plan B but give us something, anything. You’re worried about Congress, sure but the Europeans are making you look bad. Is there any American knight-ish equivalent that Bob Herz could get that would help give him a boost in confidence?
If you’ve got suggestions, leave them in the comments. We’re at a total loss.
IASB completes first phase of financial instruments accounting reform [IASB Press Release]
New fair value standard rushed out by IASB [Accountancy Age]