Your Jailed Accountants Update

Posted on by Caleb Newquist

iStock_000001511480XSmall.jpgThe two P. Dubs-India partners rotting in a prison because, according to them, we’re duped by the geniuses at Satyam, got their vacation extended to August 19, according to The Business Standard. We have no idea if India’s prisons are the PMITA variety but at the very least, it’s crazy-ass hot.
Hyd court extends Raju’s remand till August 19 [The Business Standard]

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McGladrey & Pullen Doesn’t Love H&R Block Anymore

We’re deeply saddened to learn that McGladrey & Pullen and H&R Block are splitting up:

“This arrangement made sense in 1999,” said Dave Scudder, managing partner of McGladrey & Pullen LLP. “However, that operational and financial model does not serve us well as we address our future goals of client service, opportunity for our partners, and continued growth.”

Translation: It’s about the money.

“We are taking this action because we believe it to be in the best interests of our partners, our employees and our clients. We see great opportunities for success and growth for McGladrey & Pullen as a traditionally structured firm able to provide full service across all industry segments,” Scudder noted.

M&P also wanted you all to know that it’s not your fault, that they still love you but sometimes firms fall out of love.
McGladrey & Pullen News Release

Congress Needs More Testimony on Accounting Stuff They Won’t Understand

Maxine Waters2.jpgWe don’t know about you but we here at GC are relieved that Congress is back in session this week. For starters, we’re trying to find someone that will help Charlie Rangel keep track of all his money.
Also, we feel as though we’re a little overdue for some legislative nose-poking into accounting and auditing rules. Thankfully, the House Financial Services Committee is scheduled to revisit H.R. 2664 this week.
The Promoting Transparency in Financial Reporting Act would require annual testimony from the SEC, FASB, and PCAOB big wigs on accounting and auditing rules before the committee.
More legislative wisdom, after the jump


The testimony is supposedly going to enlighten the committee on progress of:

• Reassessing complex and outdated accounting standards;
• Improving the understandability, consistency, and overall usability of the existing accounting and auditing literature;
• Developing principles-based accounting standards;
• Encouraging the use and acceptance of interactive data; and
• Promoting disclosures in ”plain English”.

Excuse the cynicism, but since this particular bill’s title doesn’t include the words “patriot”, “American People”, or “anti-bonus”, there is virtually no opportunity for shameless grandstanding and most members of the committee will probably opt out of sitting in on the testimony.
That being said, the collective competence of the committee will increase exponentially if Maxine Waters is not in attendance so maybe our judgment is premature.
Promoting Transparency In Financial Reporting Act Up For Vote In Congress [FEI Blog]