Speech by Hans Hoogervorst: 'Charting progress towards global accounting standards' A highlight: "The new Revenue Standard replaces American standards that contain thousands of pages of application guidance and IFRS Standards that provide too little guidance. The fact that we managed to stay converged with our colleagues of the FASB is very important and we intend to stay converged in the future." [IFRS.org]
Auditing: Perspectives on its Role, Relevance and Reliability In another speech today, PCAOB Chief Auditor Martin Baumann reflects back on his career: "Most auditors are truly dedicated professionals who care greatly about their role and responsibilities. I know this first hand. I saw it for 33 years at PwC (and hopefully I exhibited it); I saw it as a CFO of Freddie Mac where I experienced it; and now I've seen it while at the PCAOB — as I've worked with the audit profession for 8 years, including 5 years as Chief Auditor, responsible for establishing and interpreting auditing standards. I can say, with some degree of confidence — I know auditors and I know auditing, and I have the highest respect for both!" [PCAOB]
You mean 14 years ago as in the 14 years ago when the dot com bubble popped and the Pets.com mascot was found drunk in a San Francisco gutter? [Twitter]
Nasdaq up so much in past year, it has "only" 18.8% more to rise in order to reach its all-time high…set more than 14 years ago #WSJ
— Jason Zweig (@jasonzweigwsj) May 29, 2014
Hedgeweek named Rothstein Kass "Best North American Regulatory Advisory Firm" [Hedgeweek]
Justice Dept. Seeks More Than $10 Billion Penalty From BNP Paribas [WSJ]
If you're a Dish Network subscriber, you'll soon be able to pay your bill in Bitcoin [DealBook]
Hackney: Why Section 501(C)(6) Trade Associations Are Undeserving of Tax Exemption Theory supporting tax exemption states that we should subsidize nonprofit organizations that provide goods or services that are undersupplied by the market. A charitable organization that assists the poor is a classic example of a service undersupplied by the market. Business interest group services, however, are found in abundance. [TaxProf]
Shock and awe: the state of California sucks at accounting [Sacramento Bee]
Montana Cable Company Getting Some Idiots To Pay Its Taxes For It, For Freedom [Wonkette]
Man Terrorizes Wife With Unruly Beard: A Modern American Tragedy [Gawker]
