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Accounting News 04/2008



SEC is investigating accounting errors (Colorado Springs Gazette)
Federal securities regulators are investigating Westmoreland Coal Co. for accounting errors that have forced the company to revise its earnings twice in the past 16 months.

Event: Financial Reporting Symposium Features Top Accounting Authorities (SmartPros Accounting)
April 1, 2008 (SmartPros) The upcoming 28th Financial Reporting Symposium, sponsored by the Houston CPA Society, will feature top authorities from the Securities and Exchange Commission, the Financial Accounting Standards Board, and other oversight boards.

Watson Wyatt to Present Pension Accounting Webcast (SmartPros Accounting)
WASHINGTON, Mar 31, 2008 (BUSINESS WIRE) (SmartPros) Watson Wyatt Worldwide, a global consulting firm, will present a Webcast hosted by Citi Investment Research on pension accounting and changes that may result from future pension accounting reform.

Accounting and Consultancy (Mondaq)
In this edition of RSL issues, we examine how recent changes to reporting standards and accounting practices affect the RSL sector. We also look at the business plan model, and compare bonus levels in housing associations with other sectors.

PetroFalcon Had Loss in 2007 Amid Accounting Change (Update1) (Bloomberg.com)
April 1 (Bloomberg) -- PetroFalcon Corp. , a Canadian oil and gas company doing business in Venezuela, said it had a net loss of $3.6 million in 2007 as it changed accounting methods.

Magellan Aerospace Q4 loss doubles to $4.9M on accounting errors, misstatements (Canadian Business)
Romina Maurino, The Canadian Press April 1, 2008 - 2:16 p.m. TORONTO - Accounting errors and misstatements uncovered by Magellan Aerospace Corp. (TSX:MAL) pushed up its net loss last year to $11.3 million, including $4.9 million in the fourth quarter, the company said Tuesday.

FTI Consulting acquires London-based Forensic Accounting (Consultant News)
The acquisition further extends FTI's ability to serve clients in the UK and Europe. FTI Consulting, Inc., the global business advisory, said is has acquired Forensic Accounting LLP, a London-based consultancy which enhances its UK presence and breadth of service offerings.

Magellan Aerospace Q4 loss doubles to $4.9M on accounting errors, misstatements (Canadian Business)
Romina Maurino, The Canadian Press April 1, 2008 - 5:37 p.m. TORONTO - Magellan Aerospace Corp. (TSX:MAL) said Tuesday that recently uncovered accounting errors and misstatements pushed up its net loss last year to $11.3 million, including $4.9 million in the fourth quarter.

Ambler Main Street will institute new, more strict accounting policies (The Ambler Gazette)
The public, elected officials and Ambler Main Street investors can be 'assured that moving forward there will be proper accounting for how dollars donated are spent.'

Accounting and Consultancy (Mondaq)
United Kingdom - Accounting and Consultancy - Financial Reporting - A Briefing For Finance Directors, March 2008 - Smith & Williamson - We look at the impact recent revisions to IFRS will have on both accounting practices and future acquisitions. (02/04/2008 09:00:14)

Accounting and Consultancy (Mondaq)
United Kingdom - Accounting and Consultancy - SWift - News And Views For Lawyers And Solicitors - Just One Click - Smith & Williamson - In recent years, employers have become increasingly vulnerable to resentful employees misusing or stealing electronic data. (02/04/2008 09:00:14)

Greenbrier Appoints James Cruckshank as Chief Accounting Officer (PR Newswire via Yahoo! Finance)
The Greenbrier Companies today announced the appointment of James Cruckshank as Senior Vice President & Chief Accounting Officer.

Verifone CFO Quits Amid Accounting Woes (AP via Yahoo! Finance)
VeriFone Holdings Inc. Chief Financial Officer Barry Zwarenstein resigned amid accounting issues that reduced the company's reported operating profit in the first nine months of fiscal 2007 by more than 80 percent.

(AFX UK Focus) 2008-04-02 13:22 GMT: VeriFone completes accounting probe, delays filings; CFO resigns (Interactive Investor)
BOSTON (Thomson Financial) - VeriFone Holdings Inc. Wednesday said it completed an independent investigation into its accounting and financial controls following the company's Dec. 3, 2007, announcement that it would restate results and said that its chief financial officer resigned.

Greenbrier appoints James Cruckshank as chief accounting officer (BizJournals)
The former chief financial officer for MathStar is the new senior vice president and chief accounting officer for The Greenbrier Cos. (GBX) (MATH)

The Hindu Business Line : The standard makes hedge accounting difficult (The Hindu)
AS-30 has a whole set of rules on hedge accounting. The rules are pretty stringent and in many cases it may be impossible to apply hedge accounting because the rules cannot be complied with. This may be so, even if there was a perfect economic hedge.

Accounting regulator ‘consults too much’ (Financial Times)
The accounting regulator should cut back on its consultations, a senior accountant has said, warning that the volume of papers and proposals is creating an extra burden for firms.

PEKIN: Hospital's accounting department brings down alleged embezzler (Peoria Journal Star)
PEKIN - The work of Pekin Hospital's accounting department may have led to the discovery of alleged embezzlement by a former state treasurer's office employee.

CPA to be 1st woman to lead top accounting firm (Milwaukee Journal Sentinel)
The accounting firm Clifton Gunderson is promoting Milwaukee partner Krista McMasters to chief executive officer, making her the first woman to lead a top 25 accounting firm, according to the American Institute of Certified Public Accountants.

Amherst Accounting Error (WKBW-TV Buffalo)
In the Town of Amherst, a major accounting mistake has been detected by the newly appointed comptroller. Hundreds of thousands of tax dollars that were supposed to be passed on to the school districts, like Williamsville, Sweet Home and Amherst, never made it.

Basic Earth Science appoints interim principal accounting officer (Energy Business Review)
Basic Earth Science Systems, an oil and gas exploration company, has appointed Joseph Young as its interim principal accounting officer.

Beers + Cutler Ranks Among the Top 25 Accounting and Consulting Firms for Growth Nationally (PR Newswire via Yahoo! Finance)
Beers + Cutler, the leading accounting and consulting firm focused on the Washington, DC region is pleased to announce that it has been recognized as one of the 25 fastest growing firms in the United States according to Accounting Today's annual "Top 100 Firms" report.

(AFX UK Focus) 2008-04-03 13:24 GMT: VCG Holding names Donald Prosser interim chief financial and accounting officer (Interactive Investor)
NEW YORK (Thomson Financial) - VCG Holding Corp. Thursday named Donald Prosser interim chief financial and accounting officer.

SEC Content Released onto the FASB Accounting Standards Codification(TM) for the Verification Phase (Business Wire via Yahoo! Finance)
NORWALK, Conn.----The Financial Accounting Standards Board has released selected portions of Securities and Exchange Commission and SEC staff content onto the FASB Accounting Standards CodificationTM for reference by public companies.

Accounting course to open up new avenues (The Times of India)
For those of you who have just appeared for the twelfth standard exams and feel you have some aptitude with numbers, accounting is all set to offer an all-new avenue.

Students get insight into accounting jobs (The Warren Reporter)
HACKETTSTOWN -- During the last several years, as career opportunities for certified public accountants have expanded dramatically, accounting has become one of the fastest growing majors in American colleges and universities.

Congestion Pricing Critics See A $1 Billion Accounting Trick (The New York Sun)
ALBANY — Critics of Mayor Bloomberg's congestion pricing plan are charging that the revised legislation under consideration in Albany rests on an accounting trick that makes it appear as if the Port Authority of New York and New Jersey would share in the costs by contributing $1 billion toward the program. In fact, as critics of congestion pricing are pointing out, the $1 billion is not a new ...

Ex-Oregon accounting official admits stealing school aid (The Oregonian)
A former accounting director for the Oregon Department of Education pleaded guilty Thursday to stealing nearly $1 million of federal school funds and agreed to give up all his money, his house and potentially his retirement account to pay it back.

Bundesbank vice-president says market-value accounting rules destabilise economy (The Forex Market)
FRANKFURT (Thomson Financial) - International accounting rules that force companies to rate their financial assets at current market prices tend to aggravate economic crises and should be reconsidered, the vice-president of Germany's Bundesbank Franz-Christoph Zeitler told Handelsblatt.

Accounting students add to the fun (The New Straits Times)
THE Association of Professional Accounting Students, the student body of Universiti Teknologi Mara (UiTM) Faculty of Accounting, organised an annual dinner for its alumni, lecturers and students at Sheraton Subang Hotel and Towers last Friday.

LHS Band's Missing $30,000 an Accounting Error, not Theft (KOLN Lincoln)
Police say money believed to be missing from a Lincoln High School band fundraising account turned out to be an accounting error, not theft.

Ethics laws on agenda at MTSU Accounting Alumni Appreciation Day (Daily News Journal)
The 17th annual Accounting Alumni Appreciation Day at Middle Tennessee State University will be held from 7:30 a.m. to 4:45 p.m. May 2,, in the State Farm Lecture Hall of the Business and Aerospace Building.

Missing Music Money Shows Up; Accounting Blamed (KETV 7 Omaha)
Money reported missing from a Lincoln high school band fundraising account turned out to be an accounting error and not theft.

Geokinetics Inc. Appoints New Vice President and Chief Accounting Officer (PR Newswire via Yahoo! Finance)
Geokinetics Inc. , announced that Mark A. Hess, age 49, has joined the Company in the newly created position of Vice President and Chief Accounting Officer effective April 1, 2008.

Accounting For Differences In Oil And Gas Accounting (Investopedia via Yahoo! Finance)
How a company accounts for its expenses affects how its net income and cash flow numbers are reported.

Accounting norms brainstormed (The Peninsula)
DOHA • Building public trust is a key factor in corporate governance and accountability and companies need to improve auditing and accounting standards to ensure transparency in their financial statements, Salah Ghanem Al Ali, Head of Qatar Accounting Council said.

Qatar; Accounting norms brainstormed (MENAFN)
Qatar; Accounting norms brainstormed

ALLEN PARK: Error by Ford may force tax increase (Detroit Free Press)
In the wake of news that Ford Motor Co. made an accounting error that will cost Allen Park about $800,000 in taxes, city officials are looking at ways to cut costs and increase revenues. At a meeting Saturday, members of the City Council's administrative committee pondered seeking a tax increase.

Has McCain learned his lesson? (Orange County Register)
Senator, of the 'Keating Five,' suggests loosening accounting rules during credit mess. It sounds eerily similar to his strategy during S&L crisis.

Ex-Yugoslav banks duck under credit crisis (Financial Times)
Before the former Yugoslavia broke apart, its numerous banks were linked by a common currency, shared economic burdens, and a single accounting network for public or corporate banking transactions.

Accounting standard for financial instruments (The Hindu)
The standard in question is Accounting for Financial Instruments, AS 30. AS 30 is substantially the replica of international accounting standard IAS 39. While the common notion is that AS 30 is related to accounting for derivatives, it must be clear that the standard is not limited to derivatives accounting.

The total deficit at UK pension schemes would soar to more than £130bn (€165bn) under proposed new accounting ... (eFinancial News)
The total deficit at UK pension schemes would soar to more than £130bn (€165bn) under proposed new accounting standards which would tighten the rules on liability calculations, according to advisers.

Clifton Gunderson Names First Woman to Lead Top Accounting Firm (SmartPros Accounting)
April 7, 2008 (SmartPros) Clifton Gunderson, one of the nation's largest certified public accounting and consulting firms, announced it has named Krista McMasters as CEO. McMasters succeeds Carl George, who is retiring from CEO after 16 years in the post.

Accounting For Differences In Oil And Gas Accounting (Investopedia)
Companies involved in the exploration and development of crude oil and natural gas have the option of choosing between two accounting approaches: the "successful efforts" (SE) method and the "full cost" (FC) method.

RECENT ITEMS» (Filter Magazine)
Accounting for legends and myths is a difficult endeavor.

(AFX UK Focus) 2008-04-07 13:24 GMT: German private banking association calls for review of IFRS accounting standards (Interactive Investor)
BERLIN (Thomson Financial) - German private banking association Bundesverband deutscher Banken (BdB) is calling for a review of the current international accounting standards for banks.

Story Ideas From Accounting Management Solutions, Inc. -- April 2008 (Marketwire via Yahoo! Finance)
The following are story ideas from Accounting Management Solutions, Inc., the leading provider of outsourced accounting, financial management, and recruiting services to emerging companies and public, private, and nonprofit organizations throughout New England, with operations in the New York City area.

Canon U.S.A. and Sepialine Introduce Advanced Accounting for Canon Large Format Printers (Business Wire via Yahoo! Finance)
LAKE SUCCESS, N.Y. & SAN FRANCISCO----Canon U.S.A., Inc., a leader in imaging solutions, and Sepialine, Inc., today announced the immediate availability of Sepialine's print accounting software for the Canon imagePROGRAF large format printer series.

Canon U.S.A. and Sepialine Announce Availability of Sepialine's Argos Print and Copy Accounting Solution for Canon's ... (Business Wire via Yahoo! Finance)
LAKE SUCCESS, N.Y. & SAN FRANCISCO----Canon U.S.A., Inc., a leader in imaging solutions, and Sepialine, Inc., today announced the availability of Sepialine's Argos Embedded Copy Tracking for Canon's Multifunctional Embedded Application Platform .

SBA Communications exec sells shares (Miami Herald)
The chief accounting officer of Boca Raton-based SBA Communications, which owns wireless communication towers, sold 25,000 shares of common stock under a prearranged trading plan, according to filings with the Securities and Exchange Commission.