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Footnotes: Lehman Leftovers; Small Business Freak-outs; EGCs Skipping Accounting Exemptions | 12.13.12

Posted on by Caleb Newquist

Lehman Troubles Not Over For Ernst & Young [Forbes]

Not All Companies Would Welcome a Lower Tax Rate [DealBook]

Ed Ketz, half of team Grumpies, is retiring from blogging. [GOA]

Small businesses are freaking out about the fiscal cliff now. [WaPo]

Roseville's Solar Power switches accounting firms KPMG is out. Crowe is in. [SBJ]

In other KPMG news, the firm will review the governance of the International Cycling Union and Cycling Anti-Doping Foundation. [CN] 

New IPOs Foregoing Accounting Exemptions: Report [CFOJ (Subscription)]

Mozilo Unbowed Says Countrywide Was ‘World-Class Company’ Countrywide Financial Corp. co- founder Angelo Mozilo said under oath last year that he had “no regrets” about how he ran the mortgage firm and that he only agreed to a record $67.5 million regulatory settlement in 2010 to protect his children. [BBW]

DealBook Conference Was Impressive, Lucrative and Chummy [NYT/PEJ]

'Ditto' Christmas Lights Display Is One Woman's Answer To Tacky Neighbors An Arizona woman who knew she couldn't compete head on with her neighbor's elaborate Christmas light display is attracting attention for her response. Using red and green lights, Kristina Green of Maricopa spelled out the word "ditto" and made an arrow pointing toward her neighbor's home. [AP, Earlier]

Posted in ANR

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Accounting News Roundup: Obama’s Budget Proposal; Davos Wraps Up; FINS’ Top Tax Blogs

• Obama Offers $3.8 Trillion Budget With Focus on Boosting Jobs [Bloomberg]
The $3.8 trillion budget calls for an additional $100 billion in stimulus spending and would increase the federal deficit to $1.6 trillion. “The $1.6 trillion deficit forecast for the current year represents 10.6 percent of the U.S. gross domestic product, making it the biggest by that measure since World War II, according to administration figures.”

The most impressive part is that the WH blew all the other forecasts out of the water, “The White House deficit projection exceeds other forecasts. The Congressional Budget Office has forecast this year’s shortfall at $1.35 trillion. The median of 39 analysts survey by Bloomberg News is for $1.37 trillion this year and $1.10 trillion next year.” Look! We’re going to dig the hole way deeper than anyone thinks!

As we mentioned last week, the spending freezes that will dig us out of said hole that were proposed last week would aim to cut that deficit to less than $1.3 trillion in 2011 and $828 billion in 2012; just in time for the election.


• Leaders in Davos Admit Drop in Trust [DealBook]
After all the chocolate, blondes, and awkward interviews, the other thing that is pretty obvious is that no one knows what the hell is going to happen, “the one certainty seemed to be continued uncertainty.” It’s nice to be confident about something.

Plus, everyone pretty much agrees that if you’ve got even a sliver of power in government or business, you are not to be trusted. Ordinarily this wouldn’t be a news flash, what with the near financial apocalypse and all but Tim Flynn said we were moving towards the green light of trust. Is this not the case? Did TF just figure, “I’m out of here, I’ll just say whatever I feel like.”? One can’t help but wonder if he’s shooting from the hip a little bit. Oh well; all in all, good times. Good Davos times. See you next year (right?)!

• The Top Five Tax Accounting Blogs [FINS]
For those of you that are inclined towards the tax side of the house, FINS presents its top five picks for wonky tax goodness that you should be reading if you’re not already. TaxProf Blog, The Tax Policy Blog and Don’t Mess with Taxes are three that we are intimately familiar and a couple we just discovered: Tax Watch and A Taxing Matter.