Accounting News Roundup: KPMG Partners Face Contempt Over Chinese Audit | 12.20.17

kpmg china medical

KPMG partners face court contempt over China audit [Reuters]
Ninety-one (!) current and former KPMG partners face contempt charges in a Hong Kong court for refusing to turn over workpapers related to its audit of defunct China Medical Technologies.

Congress Is on Brink of Tax Overhaul [WSJ]
The Senate approved the bill early Wednesday morning in a party-line vote, 51-48, with Arizona Senator John McCain absent. The bill goes back to the House for a final vote after minor changes were made to comply with Senate rules.

Republican Senators Will Save Millions With Special Real-Estate Tax Break [IBT]
Fourteen GOP Senators who hold more than $100 million in real estate interests that would benefit from an 11th-hour change to the bill. It allows pass-throughs that own depreciable property and just a few employees to qualify for the new pass-through rate.

Shinewing faces huge fine [China Accounting Blog]
Paul Gillis notes that the fine levied against one of China’s largest non-Big 4 firms, Shinewing, is larger than what each of the Big 4 Chinese affiliates paid for failing to turnover workpapers to the Securities and Exchange Commission.

Good News! You Are a Bitcoin Millionaire. Bad News! You Forgot Your Password [WSJ]
One guy built a supercomputer “that […] sits in a 270 gallon tank in special mineral water to disperse the heat” to try to crack his passcode. It’ll only take a couple hundred years to run through all the possible combinations.

Previously, on Going Concern…

In Open Items, a user asks about compensation with a Big 4 valuation group in a major market like New York or Chicago.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here. You can also sign up to receive our job alerts for select cities like Houston and Los Angeles.

See something we missed? Have a tip, correction, comment, or complaint? Email us at editor@goingconcern.com.

Related articles