PCAOB

On PWC – does everyone in Chicago hate them?

June 16, 2009 Tax and Ethics

Francine is not slow to take a swipe at PWC. Now through the marvel of Google Alerts I find that a CPA in Texas is even more errr…provocative. Both come from Chicago. Is there something they put in the water to make them feisty? Check this from Skeptical CPA on PWC and Satyam: At best [...]

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IFRS: you can say no

May 21, 2009 Tax and Ethics

Richard Murphy uses a Daily Telegraph report as the basis for suggesting that IASB has effectively thrown the principle of prudence out the window. I was surprised when I read the DT piece which asserts: Some believe the IFRS regime was the crucial factor that allowed banks to get out of control, overstating their profits, [...]

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Jeremy Newman: BDO's cautious maverick CEO

May 17, 2009 Featured

Last Friday I met with Jeremy Newman, BDO’s global CEO. I had been anticipating this meeting for some days. It is rare for a global head of a large accounting firm to meet with lowly, ‘never under opinionated’ bloggers like me. It added a certain edginess to the encounter. I also had the sense I’d [...]

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On going concern

March 30, 2009 General

Francine McKenna’s post about hiding bad news is timley but not surprising and won’t change a thing. She says: …given that it’s annual report and quarterly report season for those with a December 31 year end, we will see these opinions come in bunches.  But how to count them?  How to know how big an [...]

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Does the current recession have a doomsday ending?

December 12, 2008 General

McKinsey has documented events following major recessions in the US since the 1770′s. (see image above) It’s an interesting take suggesting that all major recessions lead to both significant increased regulation combined with social unrest and/or war: History provides three clear lessons: first, reforms followed every major US financial crisis that led to an economic [...]

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