• Accounting News Roundup: PwC’s Pounds; Three-Horse Race at PCAOB; ‘Personal (Expletive) Candy Store’ | 09.14.15

    By | September 14, 2015

    PwC UK revenues top £3bn for first time [FT]
    Over a 10% increase from £2.8 billion in FY '14. Here's how the services break down:

    Assurance — which includes audit — grew 9 per cent to £1.1bn, tax was up 7 per cent to £763m, deals grew 8 per cent to £628m, and consulting was up 16 per cent to £571m. The average distributable profit per partner increased 2.5 per cent to £740,000 during the year.

    UK Chairman Ian Powell says that audit is still the "heart of our business because the integrity and reputation that comes from providing high quality audit services is a reflection on all our other services."

    The Jockeying Has Begun to Fill a High-Paid Job in Washington [Bloomberg]
    Besides James Doty, "two people with knowledge of the matter" say that Board member Lewis Ferguson and Senate Banking Committee staff member William Duhnke are interested in the job that, as noted, pays quite well: $670,000 per year, give or take a few.

    SEC Charges Five Arizona Residents With Stealing Millions From Investors to Fund Travel and Entertainment Sprees [SEC]
    The nature of this order isn't as relevant to you all as that mess involving BDO but any time funds are stolen for "strip club outings, vacations to Hawaii and Disneyland, and such personal expenses as mortgage payments and child support," and referred to as "our treasure chest" and "personal (expletive) candy store," it seems appropriate to share.

    How women can reach the top in accounting [Fortune]
    Learn to communicate. Find a sponsor. Start or join an all-inclusive affinity group. Get a beer with people. 

    IASB Formalizes 1-Year Deferral of Revenue Recognition Standard [AT]
    Effective date of January 1, 2018.

    Former Church of Scientology accountant's novel strategy: Get insiders to help topple David Miscavige [TBT]
    James Jackson prepared L. Ron Hubbard's taxes in the '80s and helped the church's accounting firm, Greenberg & Jackson, win its tax exempt status from the IRS in the early '90s. Now he's taking on LRH's successor. 

    Man who shot roommate while teasing cat with laser sight fined $50 [LT]
    That's what you get for messing with cats, bro. "According to a criminal complaint, [Vaughn] Rothering and his roommate were on the porch of their Onalaska residence on May 11 when Rothering let their cat chase the laser of his 9mm pistol; he said he was spinning the gun in his hand when it went off and struck his roommate in the ankle."