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Accounting News 12/2007



Elections Board Seeking Further Accounting From Black's Campaign (WRAL-TV 5 Raleigh)
The State Board of Elections is demanding information from the campaign of former House Speaker Jim Black, which still hasn't reported how it spent money in the first half of 2007.

AICPA TELLS U.S. SENATE THAT PUBLIC COMPANIES SHOULD BE ALLOWED TO USE INTERNATIONAL ACCOUNTING STANDARDS (Accounting Education)
The American Institute of Certified Public Accountants told a U.S. Senate panel that American public companies should be allowed to report their financial results using international accounting standards....

Official vows to address VA Retro Pay problems (Tacoma News Tribune)
Retired Air Force Maj. Eric Pettersen, 61, of Colorado Springs, Colo., has been frustrated for months by a lack of information on the VA Retro Pay program coming from the Defense Finance and Accounting Service.

Shortchanged seniors should be compensated for accounting glitch: Layton (The Canadian Press via Yahoo! Canada News)
TORONTO - Federal NDP Leader Jack Layton says Ottawa should come up with the cash owed to seniors shortchanged because of an accounting glitch.

Bulls enter favorite month with a bang (Chicago Tribune)
Like Edgar in accounting who ends up with a lampshade on his head at the office holiday party, the Bulls had a little too much fun last December.

Inside the alphabet of accounting (The News Journal)
At a time when many barriers to global trade have fallen and the world's economies have become increasingly linked, countries all over the world are taking steps to harmonize their accounting standards and develop a truly global language of business.

Sarbanes-Oxley doing its job, co-author says (Honolulu Star-Bulletin)
When the accounting scandal at Enron Corp. began to unravel in 2001, U.S. Rep. Michael Oxley said he thought it was an aberration. "A lot of people, including myself, kind of thought that," Oxley said during a lecture stop in Hawaii last week.

Vale audit finds only minor challenges (Argus Observer)
Vale - Small towns often do not operate according to the best accounting practices, auditor Kent Bailey told the Vale City Council Tuesday night, but the city of Vale makes do with what it has better than most.

Bellevue accounting firm sells (BizJournals)
Spokane-based LeMaster Daniels, already one of the nation's 100 biggest accounting firms by revenue, is expanding into the Puget Sound area by acquiring Bellevue-based Abramson Pendergast & Co.

Sarbanes-Oxley's buzz still being felt by accounting firms (BizJournals)
It's been a few years since the soaring audit costs of Sarbanes-Oxley struck public companies and became a boon to accounting firms.

Accounting leaders bullish about economic growth next year (Straits Times)
LEADERS from the accounting industry are upbeat about the economic outlook for next year, despite the American sub-prime crisis and soaring oil prices.

Verifone to restate 2007 financials because of accounting errors (Sharewatch)
BOSTON (Thomson Financial) - VeriFone Holdings Inc. said Monday it will restate its 2007 financial statements because of accounting errors related to the valuation of in-transit inventory and allocation of manufacturing and distribution overhead to inventory.

Maloney + Novotny Represents New Era for Ohio-based Accounting and Business Advisory Firm with 75 Years of Experience (PR Newswire via Yahoo! Finance)
In a move designed to better serve its clients, the accounting firm formerly known as Hausser + Taylor has changed its name and is now doing business as Maloney + Novotny. After a brief association with RSM McGladrey, a subsidiary of H&R Block, the firm's shareholders and professionals are committed to the importance of an independent, locally owned and managed firm.

Premarket Movers: VeriFone Drops (AP via Yahoo! Finance)
Shares of VeriFone Holdings Inc. fell sharply in premarket trading Monday after the San Jose, Calif., provider of electronic payment systems said it will restate results for its fiscal first, second and third quarters, due to errors in accounting related to inventory.

VeriFone Stock Plummets After 2007 Earnings Are Restated (Bloomberg.com)
Dec. 3 (Bloomberg) -- VeriFone Holdings Inc., the world's biggest maker of electronic-payment equipment, posted a record 28 percent drop in Tel Aviv trading after restating earnings for the nine months ended July 31 because of accounting errors.

Kyoto's failure haunts new U.N. talks (Los Angeles Times)
Negotiations begin today in Bali for another treaty to curb global warming. This one will have to be more than a well-intended symbol. In the Kyoto Protocol's accounting of greenhouse gases, the former Eastern bloc is a smashing success.

Advent Software Sponsors Financial Research Association's Fourth Annual Hedge Fund Accounting and Administration Forum (Marketwire via Yahoo! Finance)
Advent Software, Inc., the leading provider of software and solutions for the investment management industry, announced today that it is a sponsor of the Financial Research Association's Fourth Annual Hedge Fund Accounting and Administration Forum taking place in New York City this week.

VeriFone shares plunge on accounting mistakes (San Jose Mercury News)
Shares of VeriFone were slashed in half today after the company announced that recently discovered accounting mistakes would wipe out some 80 percent of its previously reported pre-tax profits so far this year.

VeriFone Feels Accounting Pain (Forbes)
The electronic-payment gizmo provider sees its stock priced nearly halved after announcing accounting problems.

AICPA RECOMMENDS U.S. SECURITIES AND EXCHANGE COMMISSION USE INTERNATIONAL ACCOUNTING STANDARDS (Accounting Education)
The American Institute of Certified Public Accountants recommended the U.S. Securities and Exchange Commission take comprehensive steps to harmonize U.S. and international financial reporting, including allowing American public companies to report financial results using international accounting standards....

FormFactor sued over accounting (BizJournals)
FormFactor Inc. shareholders are suing the Livermore company over alleged improper accounting, according to a statement issued by the law firm filing the suit. (FORM) (FORM)

Accounting Errors Cause Plunge in VeriFone Shares (New York Times)
The maker of electronic-payment equipment lost nearly half its market value in New York trading after accounting errors erased four-fifths of pretax profit for the first nine months of 2007.

Deloitte Establishes Endowed Professorship in Accounting at Texas A&M University's Mays Business School (SmartPros Accounting)
Dec. 4, 2007 Continuing a tradition of support for Mays Business School at Texas A&M University, the people of Deloitte and the Deloitte Foundation has established the Deloitte Foundation Leadership Professorship in Accounting.

Health Tip: Accounting for Weight Gain (HealthDay via Yahoo! News)
(HealthDay News) - It's no secret that the more fat and calories you consume, the more weight you're likely to gain.

New Miss California winner named after accounting error (WABC-TV New York)
An accounting mix-up led to the wrong woman being crowned Miss California USA, and she's relinquished her crown to the rightful winner.

Wrong woman named pageant winner (CNN.com)
LOS ANGELES, California (AP) -- An accounting mix-up led to the wrong woman being crowned Miss California USA, and she's relinquished her crown to the rightful winner, organizers said Monday.

Accounting student tops world (NZPA via Yahoo!Xtra News)
A New Zealand accounting student is on top of the world.

Accounting student tops world (The New Zealand Herald)
A New Zealand accounting student is on top of the world. Andrea Lockie, 27, originally from England, achieved the highest mark worldwide for the Association of Certified Chartered Accountants financial reporting exam.

Subprime crisis not seen changing accounting rules (Straits Times)
NEW YORK - AS banks reel from massive US subprime losses, some experts argue that creating transparency in the market would be more effective at restoring public confidence than changing accounting rules.

Ex-SEC chief: Disclose more but leave accounting rules alone (vnunet.com)
Penny Sukhraj, Accountancy Age , Wednesday 5 December 2007 at 00:00:00 Senior US figure urges banks to create transparency instead of making changes to accounting rules at New York International Federation of Accountants' World Accountancy Forum Creating transparency in the market would be more effective at restoring public confidence than changing accounting rules, a former US ...

Ex-SEC chief: Disclose more but leave accounting rules alone (Addict 3D)
Penny Sukhraj, Accountancy Age , Wednesday 5 December 2007 at 00:00:00 Senior US figure urges banks to create transparency instead of making changesto accounting rules at New York International Federation of Accountants' WorldAccountancy Forum Creating transparency in the market would be more effective at restoring public confidence than changing accounting rules, a former US Securities and ...

Accounting issues halt Carter & Carter prelims (Accountancy Age)
Troubled training firm Carter & Carter has had to postpone the release of its preliminary results in light of crippling accounting issues.

TaxSites.com - One of the Most Widely Visited Tax, Accounting and Payroll Information Sites - Revamped (PR Newswire via Yahoo! Finance)
AccountantsWorld.com announced today the complete redesign of its TaxSites.com directory of Tax, Accounting and Payroll resources. With over 4,000 links, TaxSites.com is a comprehensive online index designed to offer a faster, easier and more efficient means of finding tax, accounting and payroll specific information.

E-House Resolves Accounting Issue under FIN 46(R) (PR Newswire via Yahoo! Finance)
E-House Holdings Limited , a leading real estate services company in China, today announced that it has resolved the accounting issue under FIN 46, "Consolidation of Variable Interest Entities, an interpretation of ARB 51," relating to two entities involved in a primary real estate agency contract.

Hardy wants towns to use computerized accounting (Charleston Daily Mail)
Kanawha County Commissioner Dave Hardy wants small municipalities to adopt computerized accounting to help deter future financial troubles. Hardy wants the commission to pay for computers and servers to be used by small towns to keep financial records.

GERMAN ACCOUNTING LAW MODERNIZATION ACT RELEASED (Accounting Education)
The main intention of the reform is to modernize the German Accounting Law (Handelsgesetzbuch, HGB) with reference to the international accounting standards.

06-12-2007: Lack of accounting staff delays another (The Edge Daily)
KUALA LUMPUR: The lack of accounting staff has hampered another company from submitting its financial results to Bursa Malaysia within the given timeframe.

Accounting for nonaccountants (Asheville Citizen-Times)
ENKA -- The Asheville chapter of SCORE, Counselors to America's Small Business, in partnership with the Asheville-Buncombe Technical Community College Small Business Center, will present the seminar "Accounting For Nonaccountants.

The UTB-TSC Accounting Society will hold its fourth annual “Feed the Scorpion Day,” from 8 a.m. to 8 p.m. Friday in ... (The Brownsville Herald)
The UTB-TSC Accounting Society will hold its fourth annual “Feed the Scorpion Day,” from 8 a.m. to 8 p.m. Friday in the Jacob Brown Auditorium parking lot.

(AFX UK Focus) 2007-12-06 06:09 GMT: Verifone ratings on review for possible downgrade on accounting errors - Moody's (Interactive Investor)
MUMBAI (Thomson Financial) - Moody's Investors Service said it has placed the 'B1' corporate family rating and the senior secured debt ratings of Verifone Inc under review for possible downgrade following the company's announcement it will restate financial statements for the first three quarters of 2007, due to accounting errors associated with its valuation of inventories.

Verifone ratings on review for possible downgrade on accounting errors - Moody's (FinanzNachrichten)
MUMBAI (Thomson Financial) - Moody's Investors Service said it has placed the 'B1' corporate family rating and the senior secured debt ratings of Verifone Inc ( Nachrichten ) under review for possible downgrade following the company's announcement it will restate financial statements for the first three quarters of 2007, due to accounting errors associated with its valuation of inventories.

Moss Adams adds 5 to accounting staff (The Bellingham Herald)
Kelli Burgers, Brent Corbitt, Chelsey Hageman, Kyle Lodder, and John McDonald have joined the firm. Burgers received her bachelor’s degree in accounting and finance from Western Washington University and is a business assurance staff accountant.

China, Hong Kong Agree Convergence Of Accounting, Audit Rules (Nasdaq)
HONG KONG -(Dow Jones)- Hong Kong and mainland China Thursday agreed on the convergence of accounting and audit rules, marking a step toward China's full adoption of international accounting standards.

New Miss California to be crowned amid accounting error controversy (KSBY San Luis Obispo)
Associated Press - December 6, 2007 9:34 AM ET BEVERLY HILLS, Calif. (AP) - A new Miss California USA will be crowned today in Beverly Hills, while questions still linger after an accounting...

New Miss California to be crowned amid accounting error controversy (KTVN Reno)
BEVERLY HILLS, Calif. (AP) - A new Miss California USA will be crowned today in Beverly Hills, while questions still linger after an accounting mix-up led to the wrong woman initially being crowned.

Canada’s Simply Accounting Call Center Named The Best In The Americas By ContactCenterWorld.com (ContactCenterWorld.com)
Richmond, Canada - December 6, 2007 - Sage Software announced today that its Simply Accounting customer contact center has been awarded a gold medal by ContactCenterWorld.com as the Best Call Center in the Americas in the less than 50 associates category.

New Miss California Crowned After Accounting Flap (CBS 5 Bay Area)
Blaming an accounting mix-up, Miss California USA organizers have handed this year's title from Miss Los Angeles Christina Silva to Miss Barstow Raquel Beezley.

Auditors find accounting holes in U.S. fund for equipping Iraqi security forces (Chinapost.com.tw)
WASHINGTON -- A Pentagon audit of a $5.2 billion (��3.6 billion) fund used to train and equip Iraqi security forces found U.S. commanders used sloppy accounting and could not always show that equipment, services and construction were delivered properly, Defense Department investigators say.

Auditors find accounting holes in U.S. fund for equipping Iraqi security forces (KPLC)
WASHINGTON (AP) - A Pentagon audit finds U.S. commanders in Iraq used sloppy accounting in their handling of a $5.2 billion fund. The fund was spent to train and equip Iraqi security forces.

Auditors find accounting holes in U.S. fund for equipping Iraqi security forces (19 Action News Cleveland)
Associated Press - December 6, 2007 9:23 PM ET WASHINGTON (AP) - A Pentagon audit finds U.S. commanders in Iraq used sloppy accounting in their handling of a $5.2 billion fund.