September 24, 2022

Accounting News Roundup

Monday Morning Accounting News Brief: PCAOB Arrives in Hong Kong; EY Evaluates Culture; Good Luck Hiring, IRS | 9.19.22

The Wall Street Journal talks about why the IRS is not going to have an easy time recruiting in this market. A review of EY’s practices after a staff member’s suicide will look at “workplace culture, healthy work practices and psychological safety” and be conducted by an external expert. Teams of PCAOB inspectors arrived at […]

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Monday Morning Accounting News Brief: Dissecting the Talent Shortage; Big 4 Culture Kills; Are You Happy? | 9.12.22

A deal announced early this month by House Democrats for years of Donald Trump’s financial records allows his former accounting firm (Mazars) to interpret how to satisfy a congressional subpoena that was narrowed down by a federal appeals court in July, according to a settlement filed late Friday. The Denver Post wrote about the accountant […]

Tuesday Morning Accounting News Brief: PwC’s Skepticism Fail; KPMG’s Appalling Work; Marcum Deal Done | 9.6.22

Ed. note: we usually do these headline roundups on Monday but since Monday was a holiday (I know, some of you probably didn’t notice), you’re getting it on Tuesday instead. Welcome to a new work week! YAY! A former accounting specialist for WFYI Public Media in Indianapolis has been charged with conspiracy to commit wire […]

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Monday Morning Accounting News Briefing: PwC India Hiring; CFO Expectations; EY’s Sales Pitch | 8.29.22

“Why aren’t there resources to help those with private loans get forgiveness?” asks a 34-year-old accountant who paid off $100,000 in private student loans. “It’s like I was told that if I went to college I’d be able to get a good job and support myself and family, and that’s just not always true in […]

Monday Morning Accounting News Brief: PwC Auditor Hurt; Deloitte Tops a List; EY Writes the Treasury | 8.22.22

PwC is being sued by a 28-year-old auditor who claims he suffered a serious head injury after attending a work event that involved an “excessive” drinking game of pub golf. The Securities and Exchange Commission is gearing up to fine many of Wall Street’s biggest banks a total of one billion dollars; the banks’ employees […]

Monday Morning Accounting News Brief: Yes, There’s Still a Shortage; PwC Probe; Puppers Hate EY | 8.15.22

Since February, 29,500 EY employees have gotten the firm to pay their commuting costs, all dependent care costs and all pet care costs so they can be back in the office, these reimbursements totaled $22 million for the year to EY’s FY year-end in July. The Times Record in Maine writes about the accountant shortage: […]

Monday Morning Accounting News Brief: PwC Gets Fined; Big 4: What’s the Scam?; The IRS Straps Up | 8.8.22

Across the pond, PwC has been fined $2.12 million after the firm failed to properly challenge UK telecom group BT once a half-a-billion pound fraud was discovered in BT’s Italian operations: “The sanctions imposed in this case, where certain elements of the adjustments following a fraud were not subject to the required level of professional […]

Monday Morning Accounting News Brief: EY Exploitation; Ethics Training Sucks; Stick Around in Public? | 8.1.22

Happy Monday! Here are your headlines. SOX turned 20 over the weekend. SEC Chair Gary Gensler had some things to say about Sarbanes-Oxley’s past, present, and future. Tim Ryan on leadership: “Too often, I find in corporate America, we go into the huddle where we agree on a pass play but not on what routes […]

Monday Morning Accounting News Brief: EY Sucks at Auditing; Accounting Headaches; KPMG Partner Banned | 7.25.22

Some headlines to get you started on this fine Monday: KPMG partner banned from accounting after misleading regulator over Carillion. KPMG fined £14.4 million after the firm admitted to providing false and misleading information to its regulator during spot checks on audits of construction firm Carillion and outsourcing firm Regenersis. The spread of ESG labels […]

Monday Morning Accounting News Brief: Grant Thornton’s ‘Serious Failings’; PwC Won’t Split; IRS Zoom Calls? | 7.18.22

In an interview with the Financial Times, PwC’s Bob Moritz said that keeping audit and advisory arms together was essential to attract staff and that the benefits of the model outweighed the difficulty of managing the risk of conflicts of interest between the two divisions. Are accounting firms walking back remote work? Fire at a […]

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Monday Morning Accounting News Brief: KPMG Doesn’t Care; Audit Partners on Inflation; Record Payouts | 7.11.22

KPMG’s global leadership has been accused by staff of failing to act on written complaints about the conduct of the chief executive of the accounting firm’s business in the United Arab Emirates, writes Financial Times. ICYMI: 950 PwC UK partners scored £1m payouts, a first for any Big 4 firm, and The Guardian made sure […]

a man and his dog not reading accounting news

Monday Morning Accounting News Brief: PwC UK Raises; ESG = $$$; Mid-Tier Tech Sucks | 6.27.22

Crypto has crashed–oops sorry, there’s a “crypto winter” and apparently that’s important for CPAs to be aware of. Mid-tier firms have crappy technology. “Deloitte Consulting Analyst got minimum 15% base increase since May 2021” is something relevant to PwC UK staff getting a 9% pay bump to offset cost of living according to one Redditor […]

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Monday Morning Accounting News Brief: SEC Backdoors; MAcc Prof Makes a List; Advise All the Clients! | 6.20.22

Excuse the afternoon morning news brief this afternoon, today is a holiday. “Juneteenth is a day of profound weight and power.” EY partners stand to make a lot of scratch if this split happens. You’re going to be hearing a lot about Client Advisory Services in the coming months and years and it was all the […]

a dog on a sunny beach

Monday Morning Accounting News Brief: Where Are the Ethics?; The SEC is Watching | 6.13.22

Financial Times boldly suggests that because of constant financial scandals accounting programs need to do a better job of teaching students not to screw up. “These scandals have intensified concerns that a poorly developed approach to teaching behavioral, as opposed to technical, skills is reducing ethical standards and professional independence,” writes FT. Meanwhile in Canada, […]

Accounting News Roundup: McGladrey Whistleblower Says Audit Sucks; EY’s New BFFs; What’s the Cloud? | 01.16.15

McGladrey whistleblower claims Deepwater Horizon audit deeply flawed [The Louisiana Record]The whistleblower, who appears to have filed an anonymous internal ethics complaint in the matter, said the audit entered into the court record in the Deepwater Horizon case in November has very little acceptable data to back up its assertion that damage claims are being […]

Accounting News Roundup: Stop Networking and Start Talking; McGladrey First-Timers; Free Speech for All | 01.09.15

Bra-Stuffing School Money Embezzler Sentenced to Five Years [NBC Los Angeles]Caught stuffing school money into her bra and walking out the door, the former accountant of a Rialto school district was sentenced to five years in prison Thursday for embezzling public funds. Judith Oakes pleaded guilty to eight counts of stealing $1.8 million in public […]

Accounting News Roundup: New Year, Newly Single; EY Ready to Drop the Ball; CGMA’s Last Stand | 12.31.14

Just a friendly reminder that we'll be taking a short week due to the holiday. We'll be loitering around as necessary, and as always, you can give us a holla if you need us. See you next year!   Happy New Year's divorce [economia]Way to kill the buzz, BDO: Accountancy firms are well prepared too. […]

Accounting News Roundup: Another Too Big to Fail; CFOs Behaving Badly; An Accountant’s Side Job | 12.19.14

Regulators designate MetLife for high-risk financial oversight [LA Times]Too Big to Fail, y'all! "Federal regulators Friday designated MetLife Inc. for special oversight, saying the insurer is so big that its failure or other major problems would pose a threat to the U.S. financial system. In a 9-1 vote, the Financial Stability Oversight Council — a […]

Accounting News Roundup: The Art of Uncertain Tax Positions; IRS Is Broke; Too Late to Save Enron? | 12.18.14

It’s Probably Too Late Now, But I Think I Could Have Saved Enron [Clickhole]This young man has a brilliant idea to save Enron: "It probably means nothing now, 13 years later, but if I were in charge, I would keep Enron’s books clean and maintain good relationships with investors and customers alike. If it isn’t […]

Accounting News Roundup: Small Ladies Get Small Sentences; Wal-mart’s Accounting Tricks; Tax Avoidance Problem Solving | 12.11.14

How Wal-Mart Made Its Crumbling China Business Look So Good for So Long [Bloomberg]After years of heralding China as one of its best markets, Wal-Mart (WMT) in August said its performance there was among the worst in its major countries. A management shake-up and job cuts have followed. Although the reversals seem abrupt, cracks in […]

Accounting News Roundup: The Auditor Sit n Spin; Child Taxstravaganza; Getting Un-Tough on insider Trading | 12.10.14

Prosecution drops embezzlement charge against accountant due to lack of evidence [MLive]“I’m not saying it didn’t occur, but sometimes you just don’t have enough evidence to convince 12 jurors beyond a reasonable doubt,” Assistant Kent County Prosecutor Lawrence Boivin said. Accountant brought company to its knees by stealing nearly £40,000 – but is ordered to […]

Accounting News Roundup: Recruiting the Recruiters; SEC Actually Accomplishes Something; Too Old to Innovate | 11.20.14

How to Find Recruiters in Your Niche [WSJ]You need a how to for this? Put "accounting" on your LinkedIn and they shall find you. Stock Exchange Technology Rules Get First SEC Upgrade Since 1990 [Bloomberg News]U.S. regulators required stock exchanges to show they can prevent technology disruptions under new rules intended to limit the frequency […]

Accounting News Roundup: Accounting Still Skilled; When CPAs Lie to Themselves; Deloitte Gets Dumped, EY For the Rebound | 11.12.14

Accounting ‘not cut’ from immigration skilled occupations list for 2015 [The Australian]False alarm. Colombia nabs army captain turned drug-ring accountant [AFP]What I want to know is… do cartels use accrual? Regulators Want Banks to Rescue Themselves Next Time [Bloomberg View]You want to "ensure that there are sufficient resources available in resolution." The idea is that, […]

Accounting News Roundup: Knock It Off With the Disclosures; A Cap on Taxes; A Huge Duck | 11.11.14

Ed. note: A thank you from all of us to all those who served. We will be on a somewhat regular schedule today but hope everyone takes a moment to honor our veterans. Love, granddaughter of a Marine ~AG Decline in Bar Exam Scores Sparks War of Words [WSJ Law Blog]You are allowed to gloat […]

Accounting News Roundup: PwC Brushes Off Risk; Deloitte Is Ready for the GAY-la; IRS Gets Daggered By Religious Freedom | 11.07.14

The unanswered questions in Tesco’s accounting scandal [The Telegraph]Much has been made of the fact that Tesco’s auditors, PwC, warned in last year’s annual report that the company’s commercial revenues was at “risk of manipulation”, which effectively flagged up that this could be a problem for Tesco. Sources in the audit world with a knowledge […]

Accounting News Roundup: Motivating Your CEO; IRS Not Looking For Lerner Emails; A PwC Leak | 11.06.14

7 in 10 use cloud-based accounting: report [accountants daily]On the other side of the planet: "A new report on the role of the professional accountant has revealed 69 per cent of firms in Australia use cloud-based accounting systems. Wolters Kluwer used CapioIT, a specialist in cloud digital disruption, to independently conduct the research on its […]

Accounting News Roundup: Don’t Expect Tax Reform; IRS Smokes Marijuana Profits; BDO Takes Ohio | 11.05.14

Tax-Law Revamp an Uphill Climb With Republican-Led Senate [Bloomberg]It's good to manage your expectations. EXCLUSIVE: One of Cincinnati’s biggest accounting firms merges with national company [Cincinnati Business Courier]SS&G Inc., one of the largest accounting firms in Greater Cincinnati, is merging with an accounting firm that's among the nation's 10 largest. Chicago-based BDO USA will add […]

Accounting News Roundup: An Arty Accountant; Deloitte Springs a Leak; One Man’s Criminal Mustache | 10.30.14

Britain's Fraud Office launches probe into Tesco accounting scandal [Reuters]It'll be awhile: "When the SFO launches a full criminal investigation against a company or individuals it has to be satisfied that there are reasonable grounds to believe that conduct might involve serious or complex fraud or bribery. Such investigations can take years to complete." There […]

Accounting News Roundup: The Family Office; KPMG Gets Bigger; No Banker Party | 10.22.14

Why More Accounting Firms Are Creating Family Offices [Forbes]In case you really wanted to know. GOP: Majority would ‘get to truth’ on IRS [The Hill]Republicans vow to put the clamps on the IRS if they sweep to power in November. GOP lawmakers and aides believe that House-passed legislation to limit the IRS’s reach would have […]

Accounting News Roundup: Banks Have a Culture Problem; CPA to Pay for Failure to CPA; A Love that Burns | 10.21.14

Fed's Dudley Warns Banks Must Improve Culture or Be Broken Up [Bloomberg]Banks must change the way employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William C. Dudley, president of the Federal Reserve Bank of New York. If bad behavior persists, “the inevitable […]

Accounting News Roundup: Merger Madness; The Inequality Problem; Keurig Comes Out Clean | 10.17.14

Janet Yellen Warns of Inequality Threat [NYT]Janet L. Yellen, the Federal Reserve chairwoman, said Friday that she was concerned about the growing inequality of wealth and income in the United States, and that chances for people to advance economically appeared to be diminishing. “I think it is appropriate to ask whether this trend is compatible […]

Accounting News Roundup: Just Another Deutsche; Plastic Accountant Fraud; Happy 10/15! | 10.15.14

Tax Reform in the UK Reversed the Tide of Corporate Tax Inversions [Tax Foundation]Knock me over with a feather: "The United States is not the only country to experience the phenomenon of corporate tax inversions." Savannah accounting firms merge [BiS]You probably never heard of them. Accountant who blew 25k on plastic surgery for "the perfect […]

Accounting News Roundup: A McGladrey Problem; Tax Raises; SEC Missing Laptops | 10.09.14

Defunct Physicians United Plan owners file $500M lawsuit against accountants [Orlando Business Journal]BTW, they are talking about McGladrey: "The owners of the now-defunct Winter Park-based Physicians United Plan Inc. are suing their accounting firm for $500 million." What if taxes go up and no one notices? [The Hill]You people need to start paying attention: "At […]

Accounting News Roundup: Talk About Culture Some More; Deloitte Fights Back; KPMG’s Latest Money-Making Plan | 10.01.14

SEC Charges Two with Insider Trading on Pershing Square’s Announcement on Herbalife [SEC]The SEC’s orders find that Filip Szymik of New York City and Jordan Peixoto of Toronto engaged in insider trading in Herbalife securities in advance of hedge fund manager William Ackman’s December 20, 2012 announcement of the views of his hedge fund, Pershing […]

Accounting News Roundup: Revenue is Hard; Check Out This Tax Rebate Check; How to Get One Over on the IRS | 09.30.14

State Auditor scolds WorkForce Central over inadvertent job fair accounting error [News Tribune – Tacoma]Revenue is hard: The problem, according to the report, concerns two job fairs held in 2013 where the consortium “received payments from sponsors that were used to offset the costs of each event. Payments from sponsors are considered program income, which […]

Accounting News Roundup: Demand for Consultants is Ridiculous; The New Inversion; Just Leave Already | 09.29.14

Chicago-area accounting firm to be acquired [Crain's]The BKD merger is on. This is the hottest job sector in Chicago [Crain's]Her look, more news out of Chicago: "Chicago headcount at the Big Four accounting firms leapt by as much as 13 percent for the year ended in June and by bigger percentages at some smaller accounting […]

Accounting News Roundup: Married Filing Jointly, and Jointly, and Jointly; Trading Vibrators for Tax Debts; Harsh Working Conditions| 09.26.14

L-3 reveals more accounting problems, revisions [MW]Well that blows: "L-3 Communications Holdings Inc. on Friday revealed more accounting problems and revisions to prior results as the company found material weaknesses in its internal financial controls. The defense contractor said it will amend its annual report for 2013, as well as its results for the first […]

Accounting News Roundup: Banged to Rights; KPMG Wants You to Go Home; Deloitte Sharpens Its Edge | 09.25.14

Tesco accounting error 'stratospheric' [BBC]Stratospheric, now. Bookkeeper banged to rights over tax fraud [economia]Headline of the day? Occupational Hazards of Working on Wall Street [Bloomberg View]It's still cool: "A few times in the past several decades it has sounded as if big Wall Street banks were losing their hold on the graduates of the world’s […]

Accounting News Roundup: The Ghost of Tom Petters; PwC’s Latest Conquest; The Best Compliance | 09.19.14

Alibaba's IPO Priced at $68 a Share [WSJ]China's middle class is HOT James Hansmann, 86-year-old accountant from Agawam, permanently barred from preparing tax returns, must pay nearly $500k in federal embezzlement case [Masslive]It's cool, he was ready to retire anyway. Richmond Fed President Jeffrey M. Lacker Comments on Policy Normalization Principles and Plans [Richmond Fed]Dissent […]

Accounting News Roundup: CPA Firms Pressured to Invert; Deloitte Ready to Settle; KPMG’s Hot Market | 09.18.14

CPA Firm Pyramid Structure Comes Under Pressure [Tom Hood]This might look familiar.  What New Team Leaders Should Do First [HBR]For the new managers out there. ONLY a year? Lawd, time has slowed to a crawl… [Twitter] Almost my 1-year #workaversary as a Tax Staff with #EY! Started as an #intern back in Summer 2010 #throwbackthursday #timeflies […]

Accounting News Roundup: Accounting Firm Caught Up in Theft Ring; AICPA’s Latest Project; An Entitled Thief | 08.08.14

PwC US Appoints Terri McClements as Managing Partner of the Washington Metro Market [PR Newswire]"I look forward to creating opportunities for our people and showcasing PwC's value as an outstanding service provider, employer, and corporate citizen in the D.C. Metro region, from Richmond to Baltimore," noted McClements. "I've had exceptional experiences at PwC, including the […]

Accounting News Roundup: Obama Blames Accountants; Accounting Makes it Rain; The Accounting Rule You Don’t Care About | 08.07.14

Accounting is most profitable industry, study shows [Chicago Tribune]Here's something that's probably not a surprise to many: An industry all about crunching numbers is also the most profitable. And 7 of the 15 most profitable industries are related to health care or real estate, according to newly released data. Sageworks, a Raleigh, N.C.-based collector of […]

Accounting News Roundup: A Shortage of Restatements; A Bad Accountant Named Ballance; PwC’s Legal Expansion | 08.01.14

CAQ: Number of Restatements Lower than 10 Years Ago [NYSCPA]A study published by the Center for Audit Quality has shown that the number of restatements on financial statements has declined over the last 10 years, according to Compliance Week. Restatements in 2003, before the Sarbanes-Oxley Act took effect, numbered 856, peaked in 2006 at 1,784, […]

Accounting News Roundup: Women Get Rich; College Is Worth It; A Lack of Controls | 06.25.14

To get rich in tech, become an accountant—especially if you’re a woman [Quartz]This sounds familiar. You need this [Twitter] @going_concern I'm gonna use this for GC. http://t.co/1MdC3CewdK — Matt Bramanti (@mattbramanti) June 25, 2014 Yes, College Is Worth It, Another Study Concludes [AP]From the Bureau of Things We Knew: "Those with bachelor's or associate's degrees […]

Accounting News Roundup: Pension Changes; Renter Has No Regrets; A Credibility Problem | 06.24.14

Accounting change will expose true condition of pension funding [FW News Sentinel]The most important issue surrounding GASB's rule change is the way governments must report the level and type of future payment obligations on pensions. For most governments, these rules don't matter much. For a responsible municipal government that has almost fully funded its pensions, […]

Accounting News Roundup: Dead Tax Accountant Was Drunk; EY Coughs Up Docs; KPMG’s Buying Spree | 06.23.14

Stairs fall kills 'bright and capable' City accountant after boozy night out [Express]The tragedy happened in Pimlico, London – yards from the apartment where M16 spy-in-a-bag Gareth Williams was found dead in 2010. Tests revealed Ms Brownlee, a senior tax manager at Deloitte, had 218mg of alcohol in 100ml of her blood, more than two-and-half […]

Accounting News Roundup: Pain in the IFRS; More Mergers; Show Us Your Work | 06.20.14

Cincinnati’s biggest, oldest local accounting firms merging [Cincinnati Business Courier]They're like the KPMG of Cincinnati. Audit firm EY appealing HK court ruling that says China law does not protect papers [Reuters]Audit firm EY said on Friday it would appeal a Hong Kong court's ruling that Chinese law does not protect the working papers of mainland […]

Accounting News Roundup: Leveraging Up; IRS Grows a Heart; Deloitte Harnesses the Bang | 06.19.14

Leverage Job Prospects With a Master’s in Accounting [U.S. News]This is totally not shilling or anything: "Accounting has long been considered a reliable profession, but it's recently become something else: in-demand. Out of 565 employers from around the world, 45 percent plan to hire master of accounting graduates this year, according to a survey from […]

Accounting News Roundup: Deloitte’s Funky Math; AICPA Tells It Like It Is; World Tour of Settlements | 06.18.14

AICPA Names New Technical Director for Center for Plain English Accounting [AICPA]Thomas Groskopf is your new $20 word killer, succeeding the late Dr. Tom Ratcliffe.  UI graduate student union concerned about Deloitte [WCF Courier]Deloitte Consulting revealed it could save universities $30 million to $80 million annually during a town hall at the University of Northern […]

Accounting News Roundup: Tax Shelterer Won’t Have Another; It’s Not You, It’s Your Taxes; Eager Beavers | 06.17.14

Paul Reddam's KPMG Tax Shelter Stunk In More Ways Than One [Forbes]J. Paul Reddam, whose horse, “I’ll Have Another”, won two legs of the Triple Crown in 2012, just got some bad news from the Ninth Circuit. The Tax Court decision that upheld the denial of his $50,164,421 capital loss from a 1999 KPMG designed […]

Accounting News Roundup: Grant Thornton Revival; Bad Bank Audits; Get Down! | 05.28.14

Regulators Set New Rules for Companies’ Revenue Accounting [DealBook]Accounting for revenue — one thing that every company has, or at least needs if it is going to stay in business — will be significantly changed in 2017, the two boards that set accounting standards for companies in most major countries around the world announced on […]

Bitcoin News Roundup: Your Accountant, Your Bitcoin; A Bitcoin Slip; Such Bitcoin, Very Mine, Wow | 04.01.14

What Your Accountant Thinks About Your Bitcoins [BBW]Given that few people really understand taxes and even fewer understand Bitcoins, it’s tempting to believe that tax issues surrounding the cybercurrency would be mind-blowingly complex. In most cases, Whatley says, things remain fairly simple. The Internal Revenue Service tried to clear things up last week by saying […]

Accounting News Roundup: California Needs a Few Good Tax Experts; Fed Still Trolling Banks; New Digs for KPMG Dallas | 03.26.13

Ed. note: in case you haven't gathered, the GC editorial team is meeting with TPTB this week conspiring to bring you guys the best GC we can. As such, we're on a bit of a light posting schedule through today but will return to business as usual soon enough. Quicken Loans' billion-dollar gamble pays off […]

Accounting News Roundup: Sbarro is Bankrupt (Again); PwC’s Latest Buy; “Wisconsin is the Model” | 03.10.14

Pizza chain Sbarro files for bankruptcy protection [Reuters]Sbarro LLC, the pizza restaurant chain, on Monday filed for bankruptcy protection for the second time in less than three years, after struggling with too much debt and lower customer traffic in the malls that house many of its restaurants. Sbarro and more than 30 affiliates filed for […]

Accounting News Roundup: An Auditor Love Story; The IRS Gets Antisocial; A Major Refund Emergency | 02.14.14

Love in the air? Breathe it with caution at work [CGMA Magazine]Workplace romance can have a happy ending. Who doesn’t know someone who met the love of his or her life at the office? But plenty of office relationships have ended on sour notes – for both the couple and the organisation. That’s why HR […]

Accounting News Roundup | 02.13.13

SocGen Posts Fourth-Quarter Loss on Newedge, Legal Expenses [Bloomberg]Societe Generale SA, France’s second-largest bank, posted a fourth-quarter loss after writing down its stake in derivatives broker Newedge Group and setting aside 300 million euros ($403 million) for legal expenses. The shares fell after the Paris-based lender said today it had a net loss of 476 […]

ANR: PwC Gets Dragged Into MF Global Melee; Middle Class, Meet AMT!; There Are No Taxes In Heaven | 11.05.12

British banks face new crisis as a result of accounting rules [The Telegraph]The UK's largest institutions – including Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland – will require extra capital to meet the new standards. The need for fresh fundraisings – on top of the £100bn of capital injections required during the […]

ANR: A Few Bad Fraudsters; Sir Tweedie Dum Defends IFRS; A Day (Or Two) Without Colin | 11.02.12

Ed. note: AG here, kids. Colin is once again shirking his duties for a couple days to go ride around exotic farmers' markets on his bicycle in Calcutta or something so you and I will be spending today and Monday together in one another's warm embrace. Get excited now, it's going to be a long […]

ANR: Bob Herz’ New Gig; Bugging Out Over Obamacare; The IFRS Foundation Has Its Own Tax Trouble | 06.29.12

Obamacare Ruling May Be Bad News For Stressed Tax Code [Forbes]In its long-awaited decision on the Affordable Care Act, the Supreme Court has ruled that Congress can require people to either have health insurance or pay a tax if they don’t. Because the High Court found that the penalty for not having coverage is a […]

ANR: LGBTaxes; IRS Investigating Political Groups; FASB Wants To Talk Liquidity | 06.28.12

Westerville offers incentives to merged accounting firms [The Columbus Dispatch]The city council has approved a tax-incentive agreement for two merged accounting firms that want to expand and move from Columbus to space in Westar, 500 Polaris Parkway. The merged companies — Clark, Schaefer, Hackett and Co. and Fentress and Barnes — could bring 70 existing […]

ANR: The IRS Promises To Play Nice; Twice-Fired City Accountant Fights Back; KPMG’s Creepy Canadian Audit | 06.27.12

Updated: Fired Birmingham city accountant wins major battle in ongoing fight with city [AL.com]A longtime Birmingham city accountant has won a major battle in a protracted legal fight over her firing with a Jefferson County Circuit Court Judge panel ordering the city to pay her back-pay for the time she was banned from City Hall. […]

ANR: Vodafone Dodges UK Taxes; Colorado Gun Group Learns What a 990 Is; Accountants Doing Good Things | 06.26.12

Insight: Vodafone in new 1 billion pounds tax "scandal" [Reuters]The world's largest mobile phone company, Vodafone Group, has shaved 1 billion pounds, and possibly more, off the taxes its UK operating unit might have paid in the past decade, thanks to accounting factors not seen at other European units. A Reuters examination of statutory filings […]

ANR: Pension Reform; Environmental Debits and Credits; Accountant Confuses Sex Trafficking For Love | 06.25.12

Happy Monday, folks, AG here. I'll be your humble Master of Ceremonies for the week so poor, overworked Colin can get a break. While he's hitting on hipster girls at the Denver Whole Foods, let's enjoy a nice typo-free week together. Love you! New Rules on Public Pension Funds Seek Better Disclosure [NYT]Cities, states and […]

ANR: PwC Boston Is MIA Today; Norquist Gives GOP Tax Pledge Pep Talk; Hoogervorst Admits Misunderestimation | 06.22.12

JPMorgan’s Gains Show the Folly of Accounting Rules [Jonathan Weil/Bloomberg]Last month when JPMorgan first acknowledged that some of its chief investment office’s derivatives trades had gone haywire, it tried to soften the blow by pointing to a big chunk of freshly realized investment profits that reduced the unit’s overall loss. The trading loss so far […]

Accounting News Roundup: Kroeker Leaving SEC in July; Mad Men and Tax Policy; PwC Questions Disclosures Under Fair Value | 06.21.12

SEC says chief accountant leaving in July [Reuters]James Kroeker, the U.S. Securities and Exchange Commission's chief accountant since 2009, is leaving the agency in July to re-enter the private sector, the SEC said on Wednesday. Kroeker has been a key figure in the SEC's upcoming decision on whether to move U.S. companies to international accounting standards. […]

ANR: SEC Wants Chinese Audit Workpapers; The Big 4 in Court Is a Rare Sighting; How NOT to Lose Weight at Your Desk Job | 06.20.12

SEC seeks Big 4 audit papers from China: source [Reuters]The Chinese arms of all of the Big Four audit firms have been asked by U.S. regulators to turn over documents related to audits of China-based companies listed in the United States, a person familiar with the matter said on Tuesday. The formal requests made by the […]

ANR: FRC Tells PwC to Get Better; Ernst & Young’s Olympian; The Mystery Competitive Eating Accountant | 06.19.12

PwC warned to improve in-house audit training by FRC [Accountancy Age]In its latest report on PwC, the Audit Inspection Unit (AIU) said that the partner appraisal processes should be reviewed. Currently the partner responsible for audit engagements does not evaluate their performance based on audit-quality, which should be included. The AIU also highlighted that although the […]