Russia

For Now, Mazars Seems to Be Staying Put In Russia

You can add Mazars to the list of global accounting firms with offices in both Ukraine and Russia that have denounced Russia’s invasion of Ukraine and pledged to support their colleagues in Ukraine—financially and via other means. But unlike PwC, KPMG, EY, Deloitte, Grant Thornton, and BDO, Mazars doesn’t seem to be planning a move […]

BDO Says It Is No Longer Doing Business In Russia and Belarus

The latest top accounting firm to turn its back on Russia and Belarus is No. 5 on your global scorecard, BDO, which said in a statement on Tuesday that “no BDO firm will work with any sanctioned Russian and Belarussian entities including the Russian and Belarussian government, Russian and Belarussian state-owned enterprises and sanctioned individuals […]

And Deloitte Makes Four

Well that’s that. All Final Four Horsemen of the Accounting Apocalypse have now announced they are abandoning their operations in Russia in response to Vlad Putin’s war against Ukraine. PwC and KPMG announced on Sunday they were cutting ties with their member firms in Russia, EY released a similar statement earlier this morning, and Deloitte […]

EY Joins Big 4 Exodus From Russia

In the span of 24 hours or so, we’ve gone from the Big 4 practically saying nothing about separating themselves from their member firms in Russia over the country’s attack on neighboring Ukraine to three of the four—PwC, KPMG, and now EY—saying their affiliates in Russia would be leaving their global networks. EY released the […]

Reports: PwC Is Withdrawing From Russia and Belarus (UPDATE)

[UPDATE] PwC Global Chairman Bob Moritz released this statement a little over an hour ago confirming that PwC is pulling out of Russia: We all continue to be shocked and horrified by the senseless war that the Russian government is inflicting on Ukraine and its people. As we galvanized to find ways in which we […]

KPMG Is Pulling the Plug On Its Operations In Russia and Belarus

A source just sent us this statement from KPMG International that says its member firms in Russia and Belarus will be leaving the KPMG network: “We believe we have a responsibility, along with other global businesses, to respond to the Russian government’s ongoing military attack on Ukraine. As a result, our Russia and Belarus firms […]

Ex-Big 4 Partner On Why the Big 4 Firms Should Pull Out of Russia: ‘It’s the Right Thing to Do and You Know It’

I was scrolling through LinkedIn last night and came across this post by John Robinson, a former partner at both EY and Deloitte, who gave six reasons why the Big 4 should cut ties with their Russian member firms. He makes some pretty interesting points, and I was wondering if you guys agree or disagree […]

Big 4 Firms Condemn Russia’s Invasion of Ukraine, But Will They Sever Relationships With Any Russian Clients? (UPDATE)

[Updated with additional statement from Deloitte Global.] When Deloitte’s global HQ posted a statement on its website on March 1 (see below in original post from Tuesday), the firm said it had “suspended business operations and client service in Ukraine as we focus on taking care of our people and their loved ones.” But on […]

Grant Thornton Drops Its Russian Affiliate Over Conflict In Ukraine

In a two-paragraph statement posted on its website yesterday, Grant Thornton International said that the firm’s affiliate in Russia, FBK Grant Thornton, is no longer a member of the exclusive GT club: In light of the conflict in Ukraine, FBK, the Grant Thornton member firm in Russia, is leaving the network with immediate effect. Like […]

PwC Chairman in Russia to Thaw Cold War Tensions or Something

The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Dennis Nally, Chairman of PricewaterhouseCoopers International Limited. The parties looked at the issues of rendering information and consultancy services to Gazprom in various sectors of business development. Special consideration was given to applying advanced IT solutions to improve […]

Russia Will See Your Sanctions and Raise You a Ban on the Big 4

On Tuesday, some parliamentary officials called for a law barring the world's top accounting firms from "aggressor countries" from doing business in the country after officials opened a health probe into McDonald's last week, and rolled out possible trade restrictions on Monday on fruit from Europe and chicken from the U.S. for alleged sanitary reasons. […]

Crocodile Injured By Falling Circus Accountant in Freak Bus Accident

I was going to bury this in Footnotes but I can't. I JUST CAN'T. You will never read another headline like that again. So, this happened today: A dangerous reptile sustained injuries after being squashed by a portly circus accountant on a roadtrip in northern Russia on Tuesday. The two-meter-long crocodile was peacefully snoozing on […]

Deloitte Exec Gets Six-Week Vacation Thanks to Wife’s Heavy Foot, Russian Frivolity

I don't know about you all, but I'm enjoying all this tension with Russia. I like my Russia loud, loaded and resentful of America. Bring on Cold War 2.0, I say!  Of course there are drawbacks to strained relations with the Russkies. Like deportations! Jason Corcoran and Henry Meyer of Bloomberg report that 1,000+ executives from […]

Edward Snowden Is Going to Need Some Expert Expat Tax Advice

Any enterprising tax gurus out there should recognize this as an opportunity: Will #Snowden pay U.S. #taxes on Russian income? As U.S. citizen, he's supposed to file. http://t.co/xGnS42gO9D #expats — Janet Novack (@janetnovack) August 7, 2013 There are always loose ends in these situations. Here's hoping one of you can capitalize on this one.

Accounting News Roundup: Grassley Not Sold on Financial Reform Bill; LeBron Was Probably Considering Tax Implications; Target: Your Spreadsheets | 07.09.10

Grassley Airs Concerns As Vote Nears on Financial Bill [WSJ]
“Iowa Republican Sen. Charles Grassley is ‘very concerned’ about a provision in the financial overhaul bill designed to pay for the leaid Thursday, potentially complicating White House efforts to build a filibuster-proof majority to back the measure.

If Mr. Grassley decides to vote against the bill, Democrats would be left with little margin for error when they bring the bill to the Senate floor, which could happen as soon as next week. Mr. Grassley was one of four Republicans to support an earlier version of the bill when it narrowly passed the Senate in May.”

Number of CEOs Stepping Down is on the Rise [FBN]
It’s hard out there for a CEO. Ask Russ Smyth.

State Jock Taxes: Is LeBron Better Off in Miami? [Tax Foundation]
Of course Florida has no income tax, so every game that LBJ plays in Florida he’ll have a tax liability of $0. What about the other 41 games outside of FLA? That’s another story, “True, if James plays in Miami, none of his neighbors will be paying state income tax, but thanks to the jock tax, LeBron will.

While most people who travel in their jobs pay state income tax only to their home state, which is zero in Florida, athletes get special attention. In the NBA, each player’s per-game salary is computed, and whenever a team is on the road, the players must pay whichever tax rate is higher, the home state’s or the away state’s.”


Facebook Often Not a Job Seeker’s Friend [FINS]
If you’re pounding the pavement for a new job out there, it’s pretty much a given that people are looking at your online activity. But just how much and where? Based on the conversation between FINS’ Kyle Stock asked Michael Fertik of ReputationDefender Inc, you’d better drop those loser friends from high school that have appeared on Cops:

Kyle Stock: Can you speak briefly on to what extent companies are checking up on candidates online?

Michael Fertik: They’re absolutely doing it. It’s somewhere around 70% to 80% of hiring managers. . . And not only are they looking online, they are also looking in really remarkable places like virtual worlds and gaming rooms.

KS: To what extent do people realize this is going on?

MF: Somewhere around 70% of employers are considering online information when evaluating a candidate and only 7% of candidates believe they are doing so. There’s a huge gulf of understanding. . . Everybody has been opted in. There’s kind of a willful ignorance about it. That’s changing, but it’s still there.

And the kinds of information being considered are growing very diverse. It’s not just the photo that you published of yourself with a beer or a bong, it’s also content like who your friends are and what they post on your page and what kinds of groups that you link to. There’s kind of an associative picture that they develop of you and then they make decisions about you based on those associations.

Russian Spies Head Home in Swap Echoing Cold War [Bloomberg]
Defendant #4 and the rest of the gang are going home, making your next conference predictably more boring. Or will it???

Internal Auditors Target Spreadsheets [CFO]
“Last month the Institute of Internal Auditors plugged a gap in its guidance for members by issuing recommendations for the auditing of ‘user-developed applications,’ which generally are spreadsheets and databases developed by end users rather than by IT personnel.

User-developed applications, or UDAs, are subject to a high level of data-integrity risk because there may not be adequate controls over validating their output or making changes to them, the IIA points out. There is also confidentiality risk, because a UDA and its data typically are easy to transmit outside the company via e-mail.”