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Accounting News 07/2007



Finance leader knows about money, charity (The Florida Times-Union)
In April, KPMG LLP tapped Travis Storey to be managing partner of its Jacksonville office. KPMG, one of the largest accounting firms in the world, has about 130 employees in Jacksonville and audits eight of the 12 largest public companies in the area.

School audit shows accounting errors (The Ironton Tribune)
An audit of the Ironton City Schools during the 2005-06 fiscal year has turned up some accounting problems for the district’s athletics department. Superintendent Dean Nance said the all problems have been corrected and amounted to misplaced paperwork.

After the abacus: China's accounting switch holds perils as well as promise (Financial Times)
As his eyes dart back and forth from his office computer, Xue Jianmin cheerily admits to spending an hour each day on one of China's numerous discussion websites. But Mr Xue, chief financial officer of Shanghai Tyre and Rubber, is no work-dodger.

City starts new accounting system (Carroll County Times)
The first parts of a new accounting system that will allow Westminster to follow its spending more closely were scheduled to begin collecting information Sunday.

Accounting Today Again Calls for Nominations (WebCPA)
(July 2, 2007) - Accounting Today is again issuing a call for nominations for its annual Top 100 Most Influential People in Accounting list.

McCarthy writes her own ticket in accounting (BizJournals)
Mary Pat McCarthy didn't have a guidebook to follow when she began working as an accountant in Silicon Valley during the technology boom. So she wrote the book herself.

Forensic accounting tackles corporate crime (The Star-Ledger)
Enron. Worldcom. Tyco. Adelphia.

ACCOUNTING AND THE REDUCTION OF STATE-OWNED STOCK IN CHINA (Accounting Education)
In 2001, the Chinese government announced that it would reduce its ownership position in companies on the Shanghai and Shenzhen stock markets. As state-owned shares had previously not been permitted to be traded, this announcement was a significant market event in China.

International Rectifier Fires CFO (AP via Yahoo! Finance)
International Rectifier Corp., which makes power management chips used in industrial, consumer and communications products, on Monday said it fired its chief financial officer on Sunday amid an internal accounting probe.

Sara Lee Accounting Chief Retires (AP via Yahoo! Finance)
Food and household products maker Sara Lee Corp. on Monday said its chief accounting officer is leaving, effective immediately.

FINANCIAL ACCOUNTING: AN INTERNATIONAL INTRODUCTION, 3/E (Accounting Education)
'Financial Accounting' is the ideal choice for all those looking for an introductory text in financial accounting, particularly those with little or no previous knowledge of the subject. With a clear writing style, this accessible book is unique in teaching financial accounting from a non-country specific perspective, using International Financial Reporting Standards (IFRS) as its framework to ...

ISS parent RiskMetrics to buy accounting firm (The Post-Standard)
RiskMetrics Group, parent company of proxy advisory firm Institutional Shareholder Services, has agreed to acquire forensic accounting firm Center for Research & Analysis, and it will name its chief executive, Rich Leggett, as head of ISS.

Macronix discrepancy in 2006 EPS simply due to differences in accounting methodology (Digi Times)
Macronix International Company (MXIC) has posted a filing with the Taiwan Stock Exchange (TSE), stating that discrepancies found in its 2006 financial reports are due to differences in accounting methodology.

Keeping on top of accounting changes (The Record)
Colleen Cunningham of Rockaway Township is a New Jersey born-and-raised mover and shaker in the field of accounting.

Accounting errors plague Chinese subsidiary of Anaren (Accountancy Age)
US microwave and electronic components company Anaren has announced accounting errors at its Chinese subsidiary and further warned that its second and third quarter results could be restated.

RiskMetrics to acquire accounting firm (Crain's New York Business)
The parent company of proxy advisory firm Institutional Shareholder Services agreed to acquire forensic accounting firm Center for Research and Analysis.

Home Tutoring Business Celebrates 2nd Anniversary with Web-Based Accounting Program (PR Newswire via Yahoo! Finance)
This July, Home Tutoring Business celebrates its second year anniversary with a revolutionary web-based accounting program customized to the tutoring industry.

Home Tutoring Business Celebrates 2nd Anniversary with Web-Based Accounting Program (SYS-CON Media)
This July, Home Tutoring Business celebrates its second year anniversary with a revolutionary web-based accounting program customized to the tutoring industry. Designed to address the unique needs of a busy tutor referral service, the accounting and client management program helps with the specific business practices involved with tutoring referral services.

Accounting errors plague Chinese subsidiary of Anaren (vnunet.com)
Penny Sukhraj, Accountancy Age , Tuesday 3 July 2007 at 00:00:00 US components company announces accounting errors in its Chinese subsidiary and warns of possiblityof restatements US microwave and electronic components company Anaren has announced accounting errors at its Chinese subsidiary and further warned that its second and third quarter results could be restated.... > Read the ...

Accounting errors plague Chinese subsidiary of Anaren (Addict 3D)
Penny Sukhraj, Accountancy Age , Tuesday 3 July 2007 at 00:00:00 US components company announces accounting errors in its Chinese subsidiaryand warns of possiblityof restatements US microwave and electronic components company Anaren has announced accounting errors at its Chinese subsidiary and further warned that its second and third quarter results could be restated....

SEC Proposes Accounting Changes (AP via Yahoo! Finance)
U.S. securities regulators have issued a proposal that would eliminate a current requirement for foreign firms to use U.S. accounting if they tap U.S. capital markets.

RiskMetrics to acquire accounting firm (Crain's New York Business)
The parent company of proxy advisory firm Institutional Shareholder Services agreed to acquire forensic accounting firm Center for Research and Analysis.

SEC Issues Accounting Rule Proposal (Compliance Reporter)
The Securities and Exchange Commission published details of a proposal that would eliminate the existing requirements for foreign private issuers filing their financial statements under International Financial Reporting Standards to reconcile them with U.S. generally accepted accounting principles.

Accounting case hits Halliburton (Houston Chronicle)
A complaint by a former employee alleging Halliburton Co. used improper accounting to "distort the timing of billions of dollars in revenue" may soon create trouble for the oil-field-services giant.

Work related to accounting woes earns bonuses (The Charlotte Observer)
First Charter Corp.'s compensation committee awarded two directors special bonuses for work involving the Charlotte bank's recent accounting problems, according to a securities filing late Tuesday.John Poelker, the audit committee's financial expert, received $25,000, and Jewell Hoover, who chaired a special subcommittee that probed the bank's accounting practices, received $10,000, the filing ...

Hancock hires new accounting firm (Northeast Mississippi Daily Journal)
BALDWYN - Hancock Fabrics has dumped PricewaterhouseCoopers and has hired a new accounting firm, according to a filing with the U.S. Securities and Exchange Commission.

Networking execs sentenced for accounting fraud (IT World)
Four former executives with computer networking and security vendor Enterasys Networks Inc. have been sentenced to prison terms for their roles in accounting fraud at the company that cost investors millions of dollars, the U.S. Department of Justice announced Tuesday.

Networking execs sentenced for accounting fraud (InfoWorld)
( InfoWorld ) - Four former executives with computer networking and security vendor Enterasys Networks have been sentenced to prison terms for their roles in accounting fraud at the company that cost investors millions of dollars, the U.S. Department of Justice announced Tuesday. The executives were convicted on conspiracy and fraud charges during a December 2006 trial. At sentencing ...

Networking execs sentenced for accounting fraud (Addict 3D)
( InfoWorld ) - Four former executives with computer networking and security vendor Enterasys Networks have been sentenced to prison terms for their roles in accounting fraud at the company that cost investors millions of dollars, the U.S.

CDC Corp. Appoints Finance Veteran as Chief Accounting Officer (Business Wire via Yahoo!7 Finance)
CDC Corporation (NASDAQ:CHINA), focused on enterprise software applications, online games and mobile applications, today announced that James W. FitzGibbons, finance veteran in the software and services industries, has joined the company as corporate chief accounting officer (CAO). FitzGibbons brings more than 16 years of finance experience to CDC Corp. largely at publicly-traded technology ...

Accounting and Finance Worker Confidence Plummets in June (SmartPros Accounting)
July 5, 2007 (SmartPros) After a substantial jump in May, worker confidence among accounting and finance workers plummeted in June, driven by lower hiring expectations and anticipated layoffs.

Japan insurer Millea quits Nasdaq, U.S. accounting (Reuters via Yahoo! News)
Japanese insurer Millea Holdings Inc. (8766.T) said on Thursday it will voluntarily have its shares delisted from the U.S. Nasdaq market and stop reporting its earnings under U.S. accounting rules to save costs.

CDC Corp. Appoints Finance Veteran as Chief Accounting Officer (Business Wire via Yahoo! Finance)
BEIJING & ATLANTA----CDC Corporation , focused on enterprise software applications, online games and mobile applications, today announced that James W. FitzGibbons, finance veteran in the software and services industries, has joined the company as corporate chief accounting officer .

New Research Finds Red Flags to Uncover Accounting Fraud (Newswise)
Companies that cook their books share several common characteristics that can serve as red flags to help predict accounting fraud, according to Patricia Dechow, an accounting professor at the University of California, Berkeley's Haas School of Business.

AT Systematisation adopts new accounting procedure (The Star Online)
PENANG: AT Systematisation Bhd is adopting new accounting procedures to keep its books healthy and reflective of actual sales for its automated equipment.

Research Finds Red Flags to Uncover Accounting Fraud (SmartPros Accounting)
July 6, 2007 (SmartPros) Growth companies suffering deteriorating operating performance are most likely to cook their books, according to an analysis of enforcement releases by Patricia Dechow, an accounting professor at the University of California, Berkeley's Haas School of Business.

SEC Seeks Comments on Int'l Accounting Proposal (SmartPros Accounting)
July 6, 2007 (SmartPros) The Securities and Exchange Commission has published for public comment a proposal that would let foreign firms use international accounting standards if they tap U.S. capital markets.

Largest Arkansas-based accounting firm makes acquisition (Arkansas News Bureau)
LITTLE ROCK - Moore Stephens Frost, the largest Arkansas-based accounting firm, announced Thursday that it had acquired Lynch and Howard, a North Carolina-based accounting firm with 28 employees.

Keeping on top of accounting changes (The Record)
Colleen Cunningham of Rockaway Township is a New Jersey born-and-raised mover and shaker in the field of accounting.

Accounting students hot business targets (UPI)
Accounting isn't usually considered a thrilling course of study but number-crunching students are hot college commodities, a report said.

Vimicro Hires Quincy Tang as Vice President of Accounting and Chief Financial Officer (FinanzNachrichten)
BEIJING, July 6 /Xinhua-PRNewswire-FirstCall/ -- Vimicro International Corporation , ( Nachrichten ) a leading fabless semiconductor company that designs and develops multimedia semiconductor products and solutions, today announced the hiring of Quincy Tang as Vice President of Accounting and Chief Financial Officer.

Vimicro Hires Quincy Tang as Vice President of Accounting and Chief Financial Officer (SYS-CON Media)
Vimicro International Corporation , a leading fabless semiconductor company that designs and develops multimedia semiconductor products and solutions, today announced the hiring of Quincy Tang as Vice President of Accounting and Chief Financial Officer. Mr. Tang is a fellow member of the Hong Kong Institute of Certified Public Accountants and has more than twenty years of executive financial ...

Accounting students hot business targets (EARTHtimes.org)
Accounting isn't usually considered a thrilling course of study but number-crunching students are hot college commodities, a report said. Major companies trying to keep up with the exploding demand for financial workers are lavishing plump paychecks and t...

Scottish Re names interim accounting chief (BizJournals)
Scottish Re Group Ltd. has appointed Duncan Hayward as interim chief accounting officer.

Scottish Re Names Accounting Officer (AP via Yahoo! Finance)
Bermuda-based reinsurer Scottish Re Group Ltd. Friday named Duncan Hayward interim chief accounting officer, effective Friday.

Connecticut Governor Vetoes Bill to Shift State’s Accounting (New York Times)
Gov. M. Jodi Rell has vetoed a bill that would have given the state comptroller the authority to prescribe special accounting rules for the state.

Accounting Students Hot Business Targets (SmartPros Accounting)
WASHINGTON, July 9, 2007 (United Press International) Accounting isn't usually considered a thrilling course of study but number-crunching students are hot college commodities, a report said.

South Florida accounting firm to pay $3.5 million in Mutual Benefits collapse (Sun-Sentinel)
Client cheated investors out of $830 million A South Florida accounting firm is responsible for $3.5 million to settle claims that it was negligent in auditing the financial statements of Mutual Benefits Corp. , a defunct Fort Lauderdale firm that cheated thousands of investors out of $830 million.

Keeping on top of accounting changes (The Record)
Colleen Cunningham of Rockaway Township is a New Jersey born-and-raised mover and shaker in the field of accounting.

Teens hoping time at accounting camp will be one for the books (The Nashua Telegraph)
PITTSBURGH – At 9 a.m. on a Monday in July, a fair share of high school students are still in bed, and others are on their way to a summer job or maybe even on vacation with their families. ... - By JOYCE GANNON Pittsburgh Post-Gazette