Accounting News Roundup: Rhode Island Is Mad at Deloitte and WWDJTD About Non-GAAP Accounting? | 01.13.17

By | 2 months ago

Rhode Island is mad at Deloitte

The Boston Globe reports that Deloitte has run aground on another state government project, this time in Rhode Island where a new system "has been beset by technical problems, causing thousands of delays in distributing food stamp benefits." This has gotten the attention of the governor, Gina Raimondo:

"Clearly the rollout of the new system hasn’t gone the way it needs too," she said. "It’s been disappointing, it’s been frustrating, and it’s been unacceptable."

Raimondo said she is withholding nearly $15 million in payments to Deloitte as the state reviews the vendor’s work and assesses the stability of the new computer system that has had "too many bugs and glitches."

Deloitte has found itself in hot water after other government projects, most notably in Massachusetts and Marin County in California.

Adventures in non-GAAP accounting

Man, people must be worried about non-GAAP accounting if the topic makes it into the pages of USA Today. Although this particular article mostly focuses on the SEC rules that were introduced last May, the subject of WWDJTD does come up:

If Trump were to roll back on non-GAAP rules, it "wouldn't surprise me at all," [NYU Professor Paul] Zarowin says. "Trump is not a fan of SEC regulation."

Right, the SEC did make an example out of Trump Hotels and Casino Resorts for its deceptive non-GAAP results. I'm sure the PEOTUS is still stewing over that.

Has Donald Trump released his tax returns?

Nope! Even before Donald Trump said that no one cares about his tax returns except "reporters," Pew Research released the results of its latest national poll: "[T]he public thinks that he has a responsibility to do so: 60% say this, compared with 33% who say he does not have a responsibility to release his tax returns."

Also, Oregon Senator Ron Wyden wrote an op-ed for the New York Times on the subject and South Carolina Representative Mark Sanford (who also wrote about it during the campaign) still thinks he should release them. Although Wyden's bill to require presidents and presidential nominees to release returns has little chance at becoming law, ABC reports there are similar bills in Hawaii, California, New Mexico, Massachusetts and the District of Columbia.

Previously, on Going Concern…

I wrote about PwC's plan to hire GE's tax department. In Open Items, someone questions the simplification in the FASB's simplification initiative. And Accountingfly's featured job of the week is a tax preparer with Ryan & Cosica in Salem, Mass.

In other news:

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