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February 2, 2023

Accounting News Roundup: Red Tape, Easy IPOs and Creative Accountants | 04.04.18

White House Turf Battle Threatens to Delay Tax Law Rollout [NYT]
Last week, we mentioned the dance off between Office of Management and Budget Director Mick Mulvaney and Treasury Secretary Steve Mnuchin, and this NYT story reports the latest details. Mulvaney believes “the I.R.S. should be subject to greater accountability,” and that OMB should be the hall monitor. However, adding another level of red tape — “which Mr. Trump famously hates in other areas of regulation” — could slow things down even further, much to the chagrin of businesses and accountants eager for some explanations on the trickier aspects of the new tax law.

Longfin Collapse Puts Focus on Lax IPO Rules [WSJ]
The fintech company listed under the JOBS Act’s Reg A+, allowing it avoid certain “accounting and disclosure standards for conventional IPOs.” Its stock price fell 30 percent yesterday, the day after it disclosed that it was under SEC investigation and “reported material weaknesses in financial controls.”

Accounting watchdog eyes ‘front-to-back’ audit of annual reports [FT]
The U.K.’s Financial Reporting Council “is considering expanding auditors’ responsibilities by requiring them to examine the entirety of companies’ annual reports and accounts” which would include “strategic reports, director reports and corporate governance statements.”

WPP Is Looking at CEO Martin Sorrell’s Possible Misuse of Assets and Allegations of Improper Behavior​ [WSJ]
A spokesman for the mega agency “said the amounts involved weren’t material to the company.”

These 2 accountants ditched their City careers to teach arts and crafts instead [BI]
Diana Muendo and Sam Lehane left EY and KPMG to create M.Y.O. (Make Your Own), a studio that teaches ceramic painting, pottery, and calligraphy.

Previously, on Going Concern…

Our partner, Gleim CPA Review, covered the new CPA Exam renovation that went live on April 1st.

I told everyone to leave Scott Foster, the accountant-turned-Chicago-Blackhawks-folk-hero goalie, alone. He has accounting to do.

Megan Lewczyk wrote about some of the new features in Excel 2019.

In Open Items, someone’s missing the inflation adjustment in starting salaries at Deloitte.

From the archives: Busy Season Problems: Auditing During a Tornado; See also: Selling Pot Out of Your Tax Prep Business Named ‘420 Multi Services’ Will Only Fool People for So Long

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