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February 2, 2023

Accounting News Roundup: YouTube’s Financials and a CPA Has Lotto Advice | 04.11.18

accounting news 041118

Programming note: ANR will be off tomorrow and Friday, returning Monday.

Investors Want More Transparency About YouTube’s Sales, Profit [WSJ]
Last year, the Securities and Exchange Commission “cited international accounting rules” when it asked Alphabet (fka Google) about breaking out YouTube’s financial performance, and now investors are crowing about it, too.

Rules say that segments that make up more than 10 percent of a company’s total revenue, profit, or assets need broken out, and analysts estimate that YouTube’s revenue is in the ballpark of $11 billion to $20 billion, or 10 percent to 18 percent of the Alphabet’s total. The company’s director of accounting said last year that “the underlying offering—online advertising—is the same across our entire advertising business” and that the company didn’t need to report the segment.

Congress unveils package of bills to reform the IRS [AT]
A rare display of bipartisan legislation has emerged from Congress, as the House Ways and Means Oversight Subcommittee has released bills that would “improve cybersecurity and taxpayer identity protection, and modernize the information technology of the IRS,” among other things.

Get ready to say no a lot, accountant tells Mega Millions mystery winner [NJ]
Daniel Mahler, a CPA and also mayor of Wanaque, New Jersey, suggested the person who won the $533 million should “practice saying no” to everyone who will ask for money. Recalling another big winner, Mahler said, “People just knocked on his door.  He had to change his phone number because people kept calling him.”

Trump Sends National Guard to His Accountant’s Office [TNY]
“According to those familiar with the National Guard’s deployment, the troops will secure the corridors and elevator banks in the vicinity of the accounting firm that prepares Trump’s taxes.”

Previously, on Going Concern…

Jason Bramwell wrote about controllers who skipped the CPA and went down a different path in their careers.

From the archives: Would Hannibal Lecter Eat His CPA? See also: Donald Trump Once Proposed a One-Time 14.25% Net Worth Tax

In other news:

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