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Post-Convergence, IASB to Focus on Confusing Standards —WSJ/CFO Journal

Emily Chasan at the Wall Street Journal's CFO Journal reports  that the chairman of the International Accounting Standards Board said Wednesday that he expects the board, which sets accounting rules for over 100 countries, will focus on  clarifying some of its most confusing accounting standards once it completes its key convergence projects with U.S. accounting rule makers. ...

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If a Business Owner Dies, Who Can Access the Web?

This is increasingly a point of concern, writes Molly Williams at the Wall Street Journal's Small Business Blog. Business owners can eliminate the possibility legal chaos on this front by ensuring Web accounts are in their business' name, rather than their own.   And it's probably not a good idea to include  account numbers and passwords in wills and trusts because those can become public documents. A few s ...

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Estate Taxes: Where Do We Go From Here?

This is the question addressed by Richard T. Hurt, Jeffrey M. Gad, Drew LaGrande, and Megan Costa Devault  in a paper you'll find posted in PDF form at JD Supra legal intelligence web site. The authors write for Akerman Senterfit, a law firm with expertise and focus in middle market M&A.  Here's the way things stand now: For the past several years, the federal estate tax law has provided elevated exempt ...

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Healthcare Practice Trends: M&A, Compliance, and Standard-of-Care Metrics — Metropolitan Corporate Counsel

Metropolitan Corporate Counsel interviews Monte I. Dube, Partner, and Elizabeth M. Mills, Senior Counsel, of Proskauer’s Health Care Department in Chicago. Excerpts: What are the current trends in M&A within the healthcare industry? Dube: Increasingly and for multiple reasons, U.S. hospitals and healthcare systems of all types are looking for potential partnerships or affiliations. Financially distresse ...

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When Clients Don’t Buy What a CPA Firm is Selling

Charles Green has posted an interesting thought-piece over at the Trusted Advisor site: When clients don’t buy what a CPA firm is selling, it’s unlikely that they don’t want what you’re selling. More likely it’s that they’re not buying how the service is being sold. For example, a potential client is talking with several accounting firms about a significant assignment. One firm has expertise in that area an ...

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Tax Court: No Cancellation of Debt Income Despite Form 1099-C –Accounting Today

Roger Russell recaps the decision at Accounting Today. The Tax Court, in a recent summary opinion, ruled that an individual did not have cancellation of debt income in the year that a collection agency issued him a Form 1099-C and stopped its automated collection efforts. The IRS determined a deficiency in David Stewart’s 2008 income tax of $2,138, based on a Form 1099-C issued by the collection agency. The ...

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Corporate investigation may lack the glamour of Bond and Bourne, but the two worlds aren’t so far removed.

Corporate investigation may lack the glamour of Bond and Bourne, but the two worlds aren't so far removed.  Former Kroll analyst Chris Morgan Jones tells The Independent's Tim Walker why.  Due diligence and forensic accounting don't set the pulse racing like, say, the trailer for the latest 007 movie, so it's quite a feat for Morgan Jones to have conceived a thriller about business intelligence that is genu ...

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Lease Accounting Breakthrough Could Come in June –CFO Report

Emily Chasan is on the spot with the latest news:   U.S. and international accounting rule makers finally may be ready next month to resolve a debate over corporate lease accounting, that would bring $2 trillion worth of lease obligations onto corporate balance sheets. Members of the U.S. Financial Accounting Standards Board and the International Accounting Standards Board said Thursday they were ready to v ...

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Wave of Deposit Money Pours Into U.S. Banks. Demand for Loans Lags. –WSJ

U.S. banks are awash with money from depositors, reports David Reilly in Wall Street Journal's Heard on the Street, while demand for loans lags behind. The Federal Deposit Insurance Corp.'s banking profile shows that net loans amounted to 70% of deposits in the first quarter, the lowest figure since 1984. As far as problems go, this isn't the worst to have. Deposit money is still washing over U.S. banks eve ...

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Private Equity LBOs Up–And Funded With Less than 30% Equity –Mergers & Acquisitions

PE firms have recently begun to negotiate smaller equity contributions as borrowings increase, reports Matthew Sheahan at Mergers & Acquisitions.   LBO activity came to a screeching halt last summer; there were $19.7 billion issued via 34 deals to back buyouts for all of 2011, but so far this year, nine high-yield bond deals totaling $8.3 billion have been issued to back LBOs. Banks and other creditors ...

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PCAOB: Asset Valuation is Most Common Big Four Audit Problem –WSJ CFO Report

The Public Company Accounting Oversight Board found 123 audit deficiencies related to fair-value estimates and asset impairments in 2010, making asset valuation the most common audit problem. Market volatility always makes it tough to value assets fairly based on market prices.  But that doesn't mean management forecasts—and the assumptions and methodologies of financial modeling used in corporate pricing—c ...

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The Accounting Crows Rock Out for Kids Camp

Ace Accounting Today reporter Danielle Lee may well have feared decadence, aggressive and overly-medicated groupies, atonal experimentation, psychedelics, and really bad rhyme.  But she braved the challenges and took on the story in any case, and it turned out to be pretty cool:  An all-CPA band rocked tax day, performing a long set of classic rock during their annual End of Season Tax Bash in a Connecticut ...

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Samsung: Apple Expert Witnesses in Patent Trial are “iSheep,” Unqualified –BGR

Zach Epstein shares the scoop at BGR:  Samsung has accused Apple of calling expert witnesses that exhibit “slavish adoration” to the company during an ongoing patent trial between the two consumer electronics giants. As noted by patent expert Florian Mueller of FOSS Patents, court documents filed by Samsung in California seek to exclude testimony made by a number of Apple’s expert witnesses on the grounds t ...

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