Footnotes: Analyzing Herbalife's Financials; Wasendorf Gets 50; Territorial Taxation in Play? | 01.31.13

What Do Herbalife's Financials Tell Us? [GOA]

FASB Clarifies Scope of Offsetting Disclosures [CW]

There's a forensic accounting ETF now, I guess. [ETC]

Guns and Tax Returns [Christopher Bergin/Tax Analysts]

SEC Takes China-Based Auditors to Task for Refusal to Produce Work Papers [T]he carefully segmented corporate structure of the "Big Four" accounting firms gave the auditors a further basis to resist producing discovery. While auditors often trumpet their global reach in marketing materials, when litigation arises, each entity suddenly becomes an island. [BD]

Justice Dept. Seeks to Block Anheuser’s Deal for Modelo [DealBook]

Former Peregrine CEO Wasendorf gets 50 years in prison [Reuters]

Roundtable chief: Obama might back move to territorial taxation John Engler, president of the Business Roundtable, said that in recent meetings the president "reaffirmed" his support for corporate tax reform and signaled he might support a territorial system, which exempts profits made outside the United States from taxes. "A favorable impression was left by the president," Engler told reporters. But the White House remained cool to the idea on Thursday. "The President is eager to pursue corporate tax reform that lowers the rate, broadens the base, and incentivizes investment here at home, but does not believe that a pure territorial system is the best way to achieve this goal," a White House official told The Hill. [The Hill]

Thanks to DCJ, we discovered this little gem. [DCJ/TA]

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