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Footnotes: EU Puts Auditor Rotation on the Ropes; Camp Proposes Partnership Tax Law Overhaul; Grad Accounting Program Rankings | 03.12.13

EU lawmakers seek lighter accounting shake up The European Parliament's economic affairs committee on Monday evening voted to scrap a draft rule that would force companies to regularly rotate or switch accounting firms. While it is not the main parliamentary committee handling the law, the vote may carry influence, although many members of the legal affairs committee, with whom the draft law rests, want more radical change. That committee votes later this month. Instead of mandatory rotation of auditors, the lawmakers favoured companies having to put out their audit work to tender every seven years. [Reuters]

PwC is giving $1.1 million to Wisconsin's business school over five years. [MJS]

Ernst & Young faces court grilling over listing bid by mainland China firm [SCMP]

One Possible Hitch to an Autonomy Investigation [DealBook]

Camp Offers Option That Would Revamp Partnership Tax Law The proposal by Representative Dave Camp would scrap the separate rules governing partnerships and those overseeing closely held S corporations and create a unified system that adopts features of both. Camp, chairman of the House Ways and Means Committee, released the proposal as the more aggressive of two options in a draft plan to overhaul taxation of small businesses. He also released a set of incremental changes to partnerships and S corporations, along with proposals to extend expensing rules, allow more businesses to use cash accounting and simplify deductions for startup businesses. “It’s not meant to be a complete product,” Camp told reporters, adding that he is inviting comments from affected businesses. [BBW]

Taxes and Paul Ryan’s Budget [TaxVox/TPC]

Here's U.S. News & World Report's list of best graduate accounting programs, if that's something you care about. [U.S. News]


GOP hopes to rein in SEC rulemaking with new legislation [The Hill]
Get excited: There's a new AICPA NFP guide. [JofA]
The Breadless Bacon Double Cheeseburger Does Away with Buns, Replaces Them with More Cheese [Gawker]

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