Accounting News Roundup: Greece Gets A(nother) Life Jacket; Olympus' Ideas for New Leadership; Overstock's Tardy Reporting | 02.21.12

Greece Wins Second Bailout as Europe Picks Aid Over Default [Bloomberg]
Debt-stricken Greece won a second bailout after European governments wrung concessions from private investors and tapped into European Central Bank profits to shield the euro area from a precedent-setting default. Finance ministers awarded 130 billion euros ($173 billion) in aid, engineered a central-bank profits transfer and coaxed investors into providing more debt relief in an exchange meant to tide Greece past a March bond repayment. Stocks fell and the euro fluctuated as investors speculated the deal won’t fix Greece’s long-term challenges. Bondholders’ response to the swap, Greece’s tolerance of more austerity and a gantlet of parliamentary approvals in northern European countries gripped by an anti-bailout mindset loom as risks to the latest salvage operation. “Everybody understood that this was the moment of truth,” Belgian Finance Minister Steven Vanackere told reporters early today after 13 1/2 hours of talks in Brussels.

Olympus Eyes Sasa for New President [WSJ]
Olympus Corp. may propose a veteran of the company's medical business as its next president, and a former banker from its biggest lender as its chairman, in what some critics are calling a step back for the scandal-racked maker of cameras and endoscopes. A company-appointed committee is considering medical marketing chief Hiroyuki Sasa as a candidate for the post of president, a person familiar with the matter said Tuesday. The person added that an official originally from Sumitomo Mitsui Banking Corp.—one of Olympus's major creditors—is also a leading candidate to become the new chairman, though no final decision has been made.
 
With election looming, White House, GOP tiptoe towards corporate tax overhaul [The Hill]
Corporate tax reform is creeping back into the picture, although experts predict the election will chase the issue off the agenda this year. Congressional Republicans and the White House are flirting with plans to overhaul the corporate tax system. But any perceived progress is expected to stall out despite a push from business groups to lower the 35 percent corporate tax rate, the highest among industrialized nations. Within the next few weeks — possibly by the end of February — the Obama administration is expected to unveil a "broad framework" on corporate tax reform and Treasury Secretary Timothy Geithner said this week he "wants to bring down the rate to an average of our major competitors."
 
Accounting software hatched by guy who hates accounting [GM]
Kirk Simpson co-founded an accounting software firm because he hates accounting. “I hate everything to do with accounting,” says the president and chief executive officer of Toronto-based Wave Accounting Inc. “That is generally the attitude of most small businesses.”
 
Oscar Ballots Are Due Tuesday [ABC Radio]
Brad Oltmanns and Rick Rosas are drumming their fingers.
 
American Mustache Institute Launches "Million Mustache March" in Support of STACHE Act [AMI]
The STACHE Act would provide a $250 annual tax deduction for expenditures on mustache grooming supplies in the determination of Adjusted Gross Income.
 
The slightly-soiled half-dozen [Tax Update]
Joe Kristan's offshoot on the IRS's Dirty Dozen.
 
How Overstock.com Violated S.E.C Rules on Timely Disclosures and Delayed Reporting a Default on Bank Loan [WCF]
Sam Antar is back on the O.co beat.

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