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Accounting & Finance Industry News Round-Up: June 10-14


Bringing you all the news coverage from the finance and accounting world this week and every week! Get the scoop after the jump.

Help-Wanted Ad Posted by Obama for Thankless IRS Position

As reported by Bloomberg, President Barack Obama needs someone who can manage 90,000 employees, handle a hostile Congress and file impeccable personal tax returns.

Maybe it’s no surprise that he’s gone more than 14 months without nominating a commissioner to run the beleaguered Internal Revenue Service.

“It’s probably almost somebody wearing a Superman outfit,” said Margaret Richardson, who was IRS commissioner from 1993 to 1997.

Whoever Obama nominates to run the U.S. tax agency will have to restore public confidence and employee morale after last month’s revelations that the IRS applied stricter scrutiny to Tea Party groups seeking tax-exempt status. The congressional attention complicates an already-tough job that requires protecting taxpayer data from hackers and processing more than 230 million returns annually.

Should Small Businesses Adopt New Accounting Standards?

According to BusinessWeek, the goal [of the new accounting standards] is to produce more reliable financial statements—for business owners, for their lenders, for their surety bonding companies (if they’re construction companies). Right now the main non-GAAP reporting options are the tax basis and the cash basis of accounting. We developed this framework which is more comprehensive than the other two and which has the ability to be more consistently applied.

Fears raised over close ties between RBS and top accountant KPMG

As reported by the Independent, concerns rose last night over the close relationship between taxpayer-owned Royal Bank of Scotland and the accounting giant KPMG, which dominates RBS’s boardroom and wins a large share of the bank’s multimillion-pound contracts.

News of the ties triggered warnings to RBS to reject candidates who have held senior KPMG posts as they hunt for a chief executive and – potentially – a chairman to replace Stephen Hester and Sir Philip Hampton.

RBS has no fewer than three former KPMG executives on its board, all of whom sit on the nominations committee which will select the new chief executive.

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