Accounting News Roundup: Deloitte vs. Brexit; Corporate Tax Cuts; EY Coaches Club | 11.17.16

Deloitte vs. Brexit

We've all been so distracted with our own mess, that we've kinda lost sight of the UK's disaster. How's that going?

The accountancy firm Deloitte has warned it will move some of its business out of Britain if Theresa May takes too strong a stance on immigration.

The warning comes after the Prime Minister accused Deloitte of “touting for business” after a leaked memo compiled by the firm claimed the Government could not cope with Brexit.

David Sproul, Deloitte's UK chief executive, made the comments after Mrs May said immigration must be tackled in the wake of the Brexit vote to show communities across the country that politicians are willing to “respond” to their concerns.

This goes without saying, but I could really go for a leaked memo out of a Big 4 firm opposing Trump policies to get me through the holidays.

Elsewhere in Deloitte disputes: RBS rejected Goldman, Deloitte warning over 2008 cash call, lawsuit alleges

Tax cuts

That populist rhetoric from Donald Trump in the campaign isn't really finding its way into his transition:

An economist who helped write Donald Trump’s tax proposals floated a plan for Congress to tackle business taxes — including a rate cut on companies’ overseas earnings — quickly next year, while postponing consideration of individual income taxes.

That strategy, offered by Stephen Moore, an economist who has advised Trump, has at least some political risk; throughout his campaign the president-elect generally pitched his tax plans as “a massive tax reduction” for working and middle-income Americans. But focusing on business taxation first might allow for moving a bill much faster — and win support from Senate Democrats, who want to use short-term revenue gains from an offshore tax break to fund nationwide infrastructure improvements.

"It’s still being decided; we don’t know yet,” Moore said later and the conjecture phase of this transition continues to roll on apace.

EY Coaches Club

What the hell is this?

Ernst & Young LLP today announced an agreement with MetLife Stadium, home of the New York Football Giants and New York Jets, to sponsor the EY Coaches Club. The EY Coaches Club is a premium luxury space between the Jets and the Giants locker rooms, which offers exclusive access to field level views, a private on-field deck just five yards behind the home team bench, and unique post game opportunities. The EY purpose of building a better working world will be showcased through this sponsorship with a high-impact campaign focused on asking better questions.  

Nothing soils fan tomfoolery quite like a smarmy corporate sponsorship. Each quote in the press release is more nauseating than the last.

John Mara:

Its belief that the highest-performing teams bring together diverse individuals under inclusive leadership aligns with our own values.

Woody Johnson:

We are thrilled to team with an organization like EY, which has deeply rooted values centered on integrity, respect and teaming, and a strong sense of obligation to deliver excellence in everything they do.

EY guy:

Both of these teams are fiercely competitive and have spirited, loyal fans supporting them. We are honored to work with these teams to create an exceptional fan experience. Much like both teams, EY is heavily invested in coaching to develop the capabilities of its people and produce excellent results.

First person to paint their face and crash the EY Coaches Club and send us the evidence wins our undying respect.

Has Donald Trump released his tax returns?

Nope! I know, I know. I said that this section of ANR was retired until further notice. Welp, further notice is here since the Washington Post editorial board wrote that internet troll and President-elect Donald Trump owes us his tax returns NOW MOAR THAN EVAH:

In his first television interview since winning the presidency, Mr. Trump waved aside a question about those returns. “Nobody cares. . . . Obviously the public didn’t care because I won the election very easily,” he told Lesley Stahl on “60 Minutes.”

But winning makes it all the more imperative that Mr. Trump release his returns — a tradition for incumbent presidents as well as for candidates. That would not solve the ethical conundrum before him. But it would be a helpful — indeed an essential — first step.

Obviously it's good for the Post to keep harping on this, but if you catch anyone holding their breath, slap them on the back.

University partner viewpoint: Are you special?

Everyone talks about niche these days, so how's that going for you? If you're still unsure, this Utica College post touches on the emerging area of cybersecurity:

Cybersecurity is an especially sought-after specialty in the wake of high-profile hacking attacks on Target, Home Depot, Sony, Anthem Blue Cross and affiliates and others. Cyber crime isn’t just a technology matter: The ripple effect from being a victim can spread to every area of a company and severely damage all of its relationships.

Headline-making hack attacks have made it clear to corporate leaders that it’s crucial for them to understand the risks and business implications, so they can make the right decisions and respond well to threats.

So I guess cybersecurity experts will be in charge of keeping the riffraff out. "Cyber bouncer" does have a nice ring to it.

Previously, on Going Concern…

Greg Kyte's latest Exposure Drafts cartoon touched on the absurdity of the billable hour. And in Open Items, someone's asking about salary negotiations.

In other news:

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