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September 23, 2023

Accounting News Roundup

Accounting News Roundup is curated accounting news gathered in one place so you can be in the loop on the important things happening in and around the accounting profession. It’s the news that wasn’t fit to print without unnecessary commentary.

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. — 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 []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 […]