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Accounting News 05/2008



You can count on them: Lufkin High School makes its first team appearance at state accounting competition (The Lufkin Daily News)
Lufkin High School accounting teacher Janice Holcomb is becoming a familiar face at the state UIL competition in Austin. She will be making her sixth trip as a coach to the state meet this weekend, after her accounting team steam-rolled through the district and regional rounds. The Lufkin team recorded the second-best overall score in the state, with Ann Geiger scoring a state-best 409 out of ...

The Financial Accounting Standards Board and the China Accounting . Standards Committee Sign Memorandum of Understanding (InfoBolsa)
Standards Committee Sign Memorandum of Understanding 28/04/2008 15:10:00 Business Wire The Financial Accounting Standards Board (FASB) and the China Accounting Standards Committee (CASC) have issued a Memorandum of Understanding (MOU) articulating their commitment to strengthen cooperation and communication between the two standards-setting organizations.

Cigna Net Falls 80% on Retirement Business Accounting (Update1) (Bloomberg.com)
May 1 (Bloomberg) -- Cigna Corp. , the U.S. insurer that specializes in employer-sponsored health benefits, said first- quarter profit dropped 80 percent because of a new accounting rule for a discontinued retirement-income business.

Accounting change to knock Japan Tobacco profit (Reuters via Yahoo! Malaysia News)
TOKYO, May 1 - Japan Tobacco Inc , the world's third-largest cigarette maker, booked a 9 percent gain in quarterly operating profit on expanding sales outside its shrinking home market, but forecast a 28 percent fall this year due to an accounting change, its first drop in eight years.

Cigna Net Falls 80% on Retirement Business Accounting (Update3) (Bloomberg.com)
May 1 (Bloomberg) -- Cigna Corp. , the U.S. insurer that specializes in employer-sponsored health benefits, said first- quarter profit plunged 80 percent because of a new accounting rule for a discontinued retirement-income business.

SEC Charges McCann-Erickson Worldwide With Accounting Fraud (U.S. Securities and Exchange Commission)
Washington, D.C., May 1, 2008 — The Securities and Exchange Commission today filed enforcement actions against global advertising network McCann-Erickson Worldwide, its parent company, and two former executives for their roles in an accounting fraud involving intercompany transactions.

Cigna Net Falls 80% on Retirement Business Accounting (Update5) (Bloomberg.com)
May 1 (Bloomberg) -- Cigna Corp. , the U.S. insurer that specializes in employer-sponsored health benefits, said first- quarter profit plunged 80 percent because of a new accounting rule for a discontinued retirement-income business.

Advertising Firm Settles Accounting Claims (New York Times)
McCann-Erickson Worldwide agreed to pay a $12 million fine to resolve federal regulators? claims of civil accounting fraud in transactions with its parent, Interpublic.

Capital Bank's chief accounting officer resigns (The News & Observer)
Capital Bank is seeking a new chief accounting officer to replace Lyn Hittle, who submitted her resignation after eight months on the job.

Ericsson says talk of accounting error groundless (The Economic Times)
Telecom equipment maker Ericsson said on Friday market talk that it had made an accounting error was "groundless". "There are rumours, probably somebody trying to move the share," said Ericsson spokeswoman Ase Lindskog.

02 Process Manufacturing Software: Mixed Mode Manufacturing Accounting Software System (ChemicalOnline)
Finally, a new dimension in Accounting & ERP software has been discovered with the release of the 02 Process Manufacturing system designed exclusively for Sage MAS 500 ERP Accounting software. The capabilities of this comprehensive formula management, production and accounting solution presents an ideal option for business owners in the food, beverage, rubber, chemical, fragrances and petroleum ...

Independent accounting firm to audit PKFZ (The Star)
PUTRAJAYA: New Port Klang Authority chairman Datuk Lee Hwa Beng will appoint an independent accounting firm to conduct an overall audit on the Port Klang Free Zone (PKFZ) project.

Agency Pays $12 Million to Settle Accounting Case (NYTimes.com via Yahoo! Finance)
The Interpublic Group agreed to pay the fine to settle a Securities and Exchange Commission investigation into its accounting practices.

Lifting the Lid: Accounting Rulemakers to Speed Up Convergence (Insurance Journal)
Get ready for a flurry of new accounting rules. U.S. and foreign accounting rulemakers will soon debut a new plan to speed up the convergence of international and U.S. accounting rules, with the ai

Accounting principle to cost county millions (Cumberland Times-News)
It's an issue of pay now or pay later. Either way, a new accounting principle will cost Allegany County government millions as it works to play catch up.

INDEPENDENT ACCOUNTING COMPANY TO AUDIT PKFZ FINANCIAL STATUS (Bernama via Yahoo! Malaysia News)
PUTRAJAYA, May 2 (Bernama) -- An independent accounting firm will be appointed next week to audit the financial status of the Port Klang Free Zone to give it a new footing, Transport Minister Datuk Ong Tee Keat said.

Accounting rulemakers to speed up convergence (Business Insurance)
NEW YORK/WASHINGTON (Reuters)—Get ready for a flurry of new accounting rules.

Capital Bank chief accounting officer to step down (Banking Business Review)
Capital Bank announced that Lyn Hittle, its senior vice president and chief accounting officer, has notified her intention to resign from her positions in order to pursue a new opportunity.

Agency Pays $12 Million to Settle Accounting Case (NYTimes.com via Yahoo! Finance)
The Interpublic Group agreed to pay the fine to settle a Securities and Exchange Commission investigation into its accounting practices.

Oak Point City Manager resigns, police investigating accounting irregularities (The Little Elm Journal)
Oak Point City Manager Richard Martin resigned Monday. Martin was not present at an emergency City Council meeting held Friday or at the regular city council meeting Monday night. Martin said he had submitted his resignation, and as far as he knew, the council had accepted it.

Business people / Hires, Promotions & Honors (The Buffalo News)
Gaines Kriner Elliott, an Amherst-headquartered certified public accounting firm, named Michael T. Vanderwerf, Michael D. Jozwiak, Jeffrey H. Couchman and Denise M. Neamon partners. Jozwiak and Vanderwerf joined the firm as a result of the merger with J. D. Elliott and Co. in 2004. Jozwiak, a graduate of the University at Buffalo, has more than 30 years of accounting experience. Vanderwerf is a ...

Moscow Efes Brewery sees net losses soar 260% in Q1 (Interfax)
MOSCOW. May 4 (Interfax) - The Moscow Efes Brewery, owned by Efes Breweries International, saw its net losses under Russian accounting standards (RAS) expand 260% to 376 million rubles in the first quarter of 2008 from 104.1 million rubles in the same period of 2007, the company said in a statement.

MCTC, small business development center offer accounting workshops (The Huntington Herald-Dispatch)
QUICKBOOKS WORKSHOP: The West Virginia Small Business Development Center at Marshall Community and Technical College will offer an Accounting with QuickBooks workshop from 6 p.m. to 9 p.m. Monday and Tuesday, May 19 and 20, at 348 15th St., Huntington.

Accounting for succession (BizJournals)
Auditor Tom Akin has hit his stride. At 53, he is one of four senior partners in Akin, Doherty, Klein & Feuge, a 30-person, San Antonio public accounting firm that handles a big chunk of local public company work.

Canadian accounting-standards changes are sign of the times (BizJournals)
Canada recently announced that it will be changing its accounting standards in 2011.

Taiwanese Annual Inflation Eases In April (Nasdaq)
(RTTNews) - Taiwanese annual inflation eased to 3.86% in April from 3.95% in March, while expectation was 3.75%, the Directorate General of Budget, Accounting and Statistics reported Monday.

Fraud trial set to begin for Drabinsky, Gottlieb (CBC)
Garth Drabinsky and Myron Gottlieb will go on trial Monday over allegations of accounting irregularities in connection with their former theatre company, Livent.

Public cos in Israel stick with big accounting firms (Globes Online)
The top five CPA firms audit 90% of Israel's public companies.

Accounting/ERP System integrates document management. (ThomasNet)
DEACOM Integrated Accounting and Enterprise Resource Planning (ERP) Software System is available with DEACOM document linker, which allows manufacturers to link unlimited number of transactional documents to their corresponding transactions using barcodes. Document linker lets users instantly view all linked documents for given transaction within one ERP system, designed to integrate business ...

Out of the Gate: American Capital slides after downgrade (AP via Yahoo! Finance)
Shares of American Capital Strategies Ltd. dropped Monday morning after an analyst downgraded the investment company, saying the impending implementation of a new accounting rule may harm 2008 earnings.

Sikich Technology Division Ranks #15 in Accounting Technology's 2008 Top 100 (Marketwire via Yahoo! Finance)
Sikich has been ranked 15th in Accounting Technology's Top 100 Value Added Reseller list with revenue totaling over $16.12 million in 2007, an increase of just under 11%.

Jenkintown accounting firm in merger (Philly.com)
Goldenberg Rosenthal LLP, a Jenkintown accounting firm with 21 partners and 125 staff members, merged with Edison, N.J.-based Amper, Politziner & Mattia, creating a firm with 84 partners, 600 employees and annual revenue of $113 million.

Former Broadway theater producers plead not guilty to accounting fraud in Canada (Minneapolis-St. Paul Star Tribune)
TORONTO - Two former Broadway producers pleaded not guilty Monday to participating in large-scale accounting fraud.

3 area accounting firms acquired, will unite (The Clarion-Ledger)
Three Jackson-area firms are uniting under the umbrella of one of the nation's 10 largest accounting firms, Springfield, Mo.-based BKD.

Former securities chief lands a job with accounting firm (Deseret Morning News)
The embattled former director of the Utah Division of Securities is taking a job with a Miami-based forensic accounting firm.

‘Ragtime’ producers deny accounting fraud (vnunet.com)
AccountancyAge.com, Accountancy Age , Tuesday 6 May 2008 at 08:00:00 Former Broadway producers deny they have participated in large-scale accounting fraud Former Broadway producers Garth Drabinsky and Myron Gottlieb have been charged with two counts of fraud and one count of forgery.... >  Read the full article

Mississippi accounting firms to combine with BKD (The Springfield News-Leader)
Three Jackson, Miss.-based accounting firms are combining with Springfield-based BKD LLP, BKD said Monday.

Business: Weickgenant Accounting turns 50 (Baraboo News Republic)
Numbers are his stock in trade, but Jim Weickgenant said it's the people behind the numbers who matter. Last month his family's accounting firm celebrated its 50th anniversary, a legacy built on client relationships. "It all comes back to people working with people," Weickgenant said. "It's not all about the numbers." The firm has grown steadily since his father Peter launched it from his ...

Wiley-Blackwell to Publish Australian Accounting Review (Kansas City InfoZine)
Wiley-Blackwell, the scientific, technical, medical and scholarly publishing business of John Wiley & Sons, Inc (NYSE: JWa), (NYSE: JWb), today announced its partnership with CPA Australia for the publication of the Australian Accounting Review.

Chris Senyek Joins ISI to Head Its New Accounting & Tax Policy Research Team (PR Newswire via Yahoo! Finance)
ISI, an investment research firm, broker-dealer and fund manager, announced today that Chris Senyek has joined the firm as a managing director and head of Accounting & Tax Policy research.

Former Broadway theater producers plead not guilty to accounting fraud in Canada (WIVB Buffalo)
Associated Press - May 6, 2008 4:35 AM ET TORONTO (AP) - Two former Broadway producers on trial in Canada have pleaded not guilty to participating in large-scale accounting fraud.

Costco principal accounting officer exercises options (AP via Yahoo! Finance)
The principal accounting officer of Costco Wholesale Corp. exercised options for 7,500 shares of common stock, according to a Securities and Exchange Commission filing Monday.

American Capital posts loss, cites accounting rule (Market Watch)
SAN FRANCISCO (MarketWatch) -- Private equity firm American Capital Strategies Ltd. said Tuesday it swung to a loss in its first-quarter compared to the period a year earlier thanks in part to the adoption of a new accounting rule.

Salesforce offers hosted accounting software (ZDNet Asia)
Accounting company Coda and on-demand specialist Salesforce.com claim to have come up with a way for companies to handle their accounting software without having to pay for a full-scale application.

American Capital posts loss, cites accounting rule (MENAFN)
American Capital posts loss, cites accounting rule

Accounting Degrees Up 19 Percent: AICPA Report (SmartPros Accounting)
May 6, 2008 (SmartPros) The American Institute of CPAs announced that more than 64,000 students graduated with bachelor's and master's degrees in accounting in the 2006-07 school year, a 19 percent increase since the 2003-04 school year, when the AICPA last surveyed this data.

Accounting workshop set for tonight (Salem Statesman Journal)
The third in a series of workshops about accounting for small businesses is scheduled for tonight in downtown Salem. Accounting Series 3, designed for existing businesses, runs from 6 p.m. to 9 p.m. at Chemeketa Center for Business & Industry, 365 Ferry Street SE. Cost is $45. For information, call (503) 399-5088.

South Africa: Move to Simplify New Accounting Rules Welcomed (AllAfrica.com)
MOVES by the International Accounting Standards Board to simplify the accounting standard for financial instruments have been welcomed by SA's own accounting board and the accountancy profession.

CODA Launches First Enterprise Accounting System Built and Run Entirely on Salesforce.com's Force.com Platform (PR Newswire via Yahoo! Finance)
demand accounting application from one of Europe's

Angeion Selects New Independent Registered Public Accounting Firm (Business Wire via Yahoo! Finance)
ST. PAUL, Minn.----The Angeion Corporation today announced that the Audit Committee of the Board of Directors has selected Virchow Krause & Company, LLP to succeed KPMG LLP as the company's independent registered public accounting firm, effective immediately.