“I think it is about time [the SEC] took action against the gatekeepers,” said John Coffee, a Columbia University securities-law professor. The SEC has been “somewhat egregious and far less than aggressive” in taking action against auditors, attorneys and other outside professionals who may have abetted the conduct that led to the crisis, he said. [WSJ]
California to Post $851 Million Budget Surplus, Brown Says [Bloomberg]
AICPA Offers Fair Value Auditing Guide The guide reflects the new clarified auditing standards resulting from the AICPA’s Clarity Project. It incorporates the clarified auditing standards to enable auditors to understand the recently issued auditing standards, as well as begin updating their audit methodologies, resources and tools. [AT]
The Fiscal Cliff Deal in One Picture [TPC]
Nebraska Man Crashes Car Into Pizza Shop, Asks If He Can Still Place an Order [Gawker]
Eventually, differences would be so insignificant "that for all intents and purposes, we have a single set of standards – sort of like American English and the Queen's English," FASB Chairman Leslie Seidman said at Thursday's conference.
Lottery winner's in-law had IRS woes The father-in-law of Urooj Khan — the million-dollar lottery winner who died of cyanide poisoning weeks later — allegedly owed more than $120,000 in back taxes, a debt that led the Internal Revenue Service to place liens on Khan's Far North Side house almost two years ago, according to records obtained by the Tribune. Khan's father-in-law, Fareedun Ansari, was living at Khan's residence with his daughter and son-in-law when Khan was fatally stricken, according to Ansari's criminal defense attorney. The Cook County medical examiner's office initially found that Khan died of natural causes, but after a relative raised concerns, extensive toxicological tests showed he died of lethal levels of cyanide. Police and prosecutors are investigating his death as a homicide.
Trail of Cheetos Leads to Burglary Suspect