The aim is for companies across the world to recognise revenue consistently as part of wider efforts to forge a single set of global acccounting rules to help investors. The core principle that a company must recognise income from contracts when it transfers the goods or services to the customer remains unchanged. But the proposal has been simplified in parts and contains more guidance after several sectors like construction and telecoms raised concerns. “Our proposals will give analysts and investors the confidence that revenue is being presented on a consistent basis, across industries and continents,” IASB Chairman Hans Hoogervorst said in a statement. “We plan to conduct additional outreach with interested parties during the comment period to help people understand the proposed guidance and to listen to any remaining concerns,” said FASB Chairman Leslie Seidman. [Reuters]
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UPDATED: Ready or Not, Here Comes the Postcard-Sized 1040
Update, June 29, 2018: As expected, the Treasury Department and the IRSÂ officially unveiled a draft […]
Former PwC Senior Manager Charged with Supporting Terrorism
Late on Friday, two men were charged with conspiring to support al-Qaida, including a former senior manager at PricewaterhouseCoopers, according to the AP.
Wesam El-Hanafi a computer engineer, and Sabirhan Hasanoff, the former P. Dub SM, were both in court on Friday after being arrested overseas and returned to the United States from Dubai.
The AP reports that the “vaguely-worded” indictment states that El-Hanafi was instructed by al-Qaida “on operational security measures and directed him to perform tasks for al-Qaida” and that Hasanoff was paid $50,000 by an unnamed co-conspirator and was ordered to perform unspecified tasks for AQ in New York.
The U.S. Attorney was quoted that the two men are accused of helping “to modernize al-Qaida by providing computer systems expertise and other goods and services,” which involved purchasing seven Casio watches (?).
Prosecutors described Hasanoff only as a dual citizen of the United States and Australia who has lived in Brooklyn. Public records show he has a Queens address and is a certified public accountant.
A professional networking site says a Sabir Hasanoff was a senior manager at Pricewaterhouse Coopers who graduated from Baruch College in Manhattan. Pricewaterhouse spokesman Kelly Howard said the accounting firm employed Hasanoff from 2003 to 2006.
This LinkedIn profile shows the details reported by the AP. A call to PwC was not immediately returned.
The Sydney Morning Herald reported that Hasanoff’s brother and sister-in-law had not spoken to him in 12 years, “No, he was never in trouble. I don’t know what’s happened now. He studied at a private school. Maybe he has changed. I don’t know if he’s a good person or a bad person because we haven’t been connected now for a long time.”
We’re not insinuating that his time at PwC was the reason for his lifestyle change but three years at any Big 4 firm would change anybody. That being said, turning to terrorism is deplorable. Couldn’t he have developed a dependancy problem of some kind instead?
2 men charged in NYC with supporting terror [AP]
2 U.S. men charged with aiding al-Qaida [UPI]
Australian ‘linked’ to al-Qaeda [Sydney Morning Herald]
Accounting News Roundup: SEC Accused of Pulling an Arthur Andersen; The Bathroom Is NOT a Home Office; Canadians Want a Simpler Tax Code Too | 08.18.11
SEC Accused of Destroying Files [WSJ]
An employee at the Securities and Exchange Commission has accused the regulatory agency of destroying at least 9,000 documents relating to inquiries of Wall Street banks and hedge funds. Documents that were destroyed related to corporate giants including Goldman Sachs Group, Deutsche Bank, Lehman Brothers, Citigroup, Morgan Stanley, Wells Fargo, Bank of America, convicted fraud operator Bernard Madoff and hedge fund SAC Capital Advisors, according to a letter from the employee’s attorney released Wednesday by Sen. Charles E. Grassley (R., Iowa).
Obama to issue new eation, debt reduction [WaPo]
President Obama has decided to press Congress for a new round of stimulus spending and tax cuts as he seeks to address the great domestic policy quandary of his tenure: how to spur job growth in an age of austerity. Obama will lay out a series of ideas in a major address right after Labor Day, when he and a largely antagonistic Congress will return from vacation, the White House said Wednesday.
Accounting Chinese Audit Regulators Plan Washington Visit [WSJ]
A delegation of Chinese regulators will visit Washington in October as the U.S. and China continue talks on allowing American inspectors to scrutinize Chinese audit firms, the U.S.’s top auditing regulator said Wednesday.
Mandatory Auditor Rotation — The PCAOB Sails Off the Charts [Re:Balance]
In case you thought Jim Peterson was too heady for your liking, he opens this post with an exchange between Otter and Bluto.
Tax Court: Accountant Cannot Deduct Bathroom as Home Office [TaxProf]
What?!? Lots of business gets done in there!
Tracking time [ABD]
Again, we’ll refer you here if you have further questions.
Canadian Accountants Call for Simplification of Canada’s Tax Code [Tax Foundation]
Is there a trend yet?
PCAOB: Chinese regulators can no longer shut the door [Accountancy Age]
Chairman James R Doty […] said an arbitrary position of refusing cross-border collaboration “will no longer fly”, claiming market pressures make capitulation inevitable.
US appeals court backs government in tax shelter case [Reuters]
A federal appeals court has upheld a ruling against a former senior tax lawyer at Grant Thornton LLP and Coopers & Lybrand that banned him from selling bogus tax shelters costing the United States government up to $800 million in unpaid taxes. A three-judge panel for the 8th U.S. Circuit Court of Appeals on Tuesday rejected an appeal filed by A. Blair Stover Jr., who had sought to overturn a Missouri federal court decision in August 2010 barring him from promoting three tax schemes deemed abusive by the Internal Revenue Service.