Argentina may be in deep financial trouble, but its central bank is comfortably back in the black — thanks to a small accounting maneuver.
"Today it's lying about its profits in order to print money, finance the government and make itself even more insolvent," said Aldo Abram, economist at Buenos Aires-based Libertad y Progreso, a research center that advocates for free markets.
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In Argentina, a country which has been hit by frequent financial crises, repeated changes in the way the central bank operates are common. The institution has had 62 presidents since its foundation almost 85 years ago and isn't, officially or in practice, independent from the government. Its charter has been modified 11 times in almost three decades.
Other things to check out:
Jeana Spears with Professional Accounting and Tax | Podcasts | northwestgeorgianews.com
Jeana Spears started in accounting at a young age working for local car dealers. In 1992, she decided to go out on her own and handle tax preparations for individual clients. She has earned the prestigious Enrolled Agent certification from the Internal Revenue Service. It is the highest credential the IRS awards.
Enrolled agents are federally licensed tax practitioners who may represent taxpayers before the IRS when it comes to collections audits and appeals. To become an enrolled agent, one must take a 16 hour test to maintain status, as well as a required 40 hours of continuing education each year.
Bloomberg - Are you a robot?
Baxter probe finds accounting errors leading to $276M in inflated income | FierceBiotech
In a filing with the SEC, Baxter International disclosed that it may have overstated its income over multiple years, inflating it by about $276 million in total.
Following an internal audit and probe into its accounting measures, the medtech manufacturer said it found reporting discrepancies from 2016 through the first half of 2019—including by as much as $117 million in 2017, or 9.6% of the $1.217 billion in operational income before taxes the company reported that year.
This may worth something:
Damon Accounting hires Dharma Damon | Lewiston Sun Journal
Damon will be providing bookkeeping and payroll services to clients. She graduated from Telstar High School with honors in 2016 and has been working at BB Development LLC. Damon resides in Norway with her fiancee.
In the blogs: No bots about it | Accounting Today
5G and the cloud; EITC refund timeframe; EideBailly; and other highlights from our favorite tax bloggers.
Art of Accounting: Barry Melancon updated | Accounting Today
AICPA president and CEO Barry Melancon gave his annual update at the Accountants Club of America on Feb. 4. This was a can't-miss program for me and likely for all of the other attendees at the sold-out breakfast.
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The above are some of my takeaways, and I'm passing them on in expectation that there can be some benefit to you in your practice.
Barry Melancon is a leader of our profession and has a vision and feels a mission to carry it forward. Change is upsetting and unsettling to many, but I feel it is essential to take every opportunity to hear him speak and find out what's on his mind, i.e., to get it firsthand. I find his views a window into the future.
Westlake Chemical Appoints Johnathan Zoeller Chief Accounting Officer - Odessa American: Business
Westlake Chemical Corporation (NYSE: WLK) today announced that its board of directors has appointed Johnathan Zoeller, 44, to serve as the company's vice president and chief accounting officer. His appointment will become effective upon the retirement of his predecessor, George Mangieri, who, as previously disclosed, plans to retire from the company about March 31, 2020.
Mr. Zoeller joined Westlake in August 2018, as vice president and corporate controller. With over 19 years of public accounting experience, Mr. Zoeller previously was an audit partner with KPMG in its Houston office, where he was responsible for clients in the chemicals, oilfield services and oil/gas exploration and production industries. Mr. Zoeller, a Certified Public Accountant, began his career with Arthur Andersen LLP in 1998.
Happening on Twitter
A little-noticed decision by Argentina's policy makers transformed the central bank's balance sheet overnight, turn… https://t.co/i04CU18hb7 economics (from New York, NY) Tue Feb 18 13:29:39 +0000 2020
Argentina may be in deep financial trouble but its central bank is comfortably back in the black -- thanks to a sma… https://t.co/p3eataYOXD markets (from New York) Tue Feb 18 18:45:05 +0000 2020
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