Accounting News Roundup: UBS Deal Hits a Snag; More Clifton Gunderson M&A Activity; Governance Prep Is Big Hurdle for Companies Going Public | 06.08.10
Primaries to Watch From Coast to Coast [WSJ]
There are eleven states that have primaries going on out there today so get out there and pull the lever for someone.
Swiss-US deal on UBS delayed by lower house snub [Reuters]
UBS still owes the IRS 4,450 names of clients as part of the deal that the U.S. reached with Switzerland re: tax evaders with UBS accounts. Small problem – the deal is hung up in Switzerland’s parliament, after the lower house of Switzerland’s parliament rejected it.
Why is this political jockeying even happening? Since the name naming is a big no-no in Swiss secrecy law, the parliamentary approval became necessary after a Swiss court blocked the transfer of the information in January. The names for retracted smackdown has an August deadline but if it is not met, the Swiss risk the the launch of a new tax case against UBS by the United States.
Clifton Gunderson Merges With St. Louis’ Humes & Barrington [Clifton Gunderson]
Clifton Gunderson has obtained St. Louis-based Humes & Barrington, in an deal effective June 1. The H&B staff of 53 will join the 7 partners in adding to the 1,900 professionals at CG. This acquisition was in addition to the purchase of Stockton Bates that we mentioned last week as well as the purchase of BKD’s Merrillville, IL location.
Corporate Governance is Top Challenge for Companies Considering an IPO, KPMG Survey Series Finds [KPMG PR]
Improving governance is biggest challenge as 64% of the companies surveyed looking to make a public offering listed it as a top challenge along with developing a robust business plan (40%) and preparation of financial track record (36%).
Jefferson Wells aligns with Baker Tilly Mexico [Milwaukee Business Journal]
Milwaukee-based Jefferson Wells has aligned with Baker Tilly Mexico to expand its operations in that country and the the Central America region. This marks the fifth expansion for JW in twelve months and is the first into Mexico, Central America and the Caribbean.