Home > Accounting News

Accounting News 07/2008



M.J. Hall and Co. Appoints Accounting Manager (Insurance Journal)
Nate Rubin has joined M.J. Hall and Co. Inc. as the accounting manager in its corporate office in Stockton, Calif. Rubin has more than 14 years of insurance accounting experience, 13 of which were at

Wirecard Plans to Make Cash Flow Accounting More Transparent (Bloomberg.com)
July 1 (Bloomberg) -- Wirecard AG , the German vendor of online payment software whose stock lost one third of its value after speculation about the company's accounting last week, will make the way it reports earnings more transparent.

Pineville accounting firm merges with Acadiana firm (The Alexandria Town Talk)
A Pineville accounting firm recently announced its merger with one of Acadiana's top three accounting firms, Kolder, Champagne, Slaven and Company, LLC.

Financial and Accounting Guide for Not-for-Profit Organizations, 2008 Cumulative Supplement, 7th Edition (Business Wire via Yahoo! Finance)
DUBLIN, Ireland----Research and Markets has announced the addition of the "Financial and Accounting Guide for Not-for-Profit Organizations, 2008 Cumulative Supplement, 7th Edition" report to their offering.

Financial and Accounting Guide for Not-for-Profit Organizations, 2008 Cumulative Supplement, 7th Edition (Centre Daily Times)
Research and Markets ( (link) financial_and_acco) has announced the addition of the "Financial and Accounting Guide for Not-for-Profit Organizations, 2008 Cumulative Supplement, 7th Edition" report to their offering.

PM asks for proper accounting for panchayat institutions (The Economic Times)
Prime Minister Manmohan Singh today asked the apex body for chartered accountants ICAI to meet the need of skilled accounting personnel for the growing rural economy.

PM seeks proper accounting system for panchayats (Outlook India)
Prime Minister Manmohan Singh today said a proper accounting system for funds received and spent by panchayat institutions was needed to make decentralisation of power a success.

PM asks for proper accounting for panchayat institutions (Chennai Online)
New Delhi, July 1 Calling for appropriate accounting system for Panchayati Raj Institutions, Prime Minister Manmohan Singh today asked the apex body for chartered accountants ICAI to meet the need of skilled accounting personnel for the growing rural economy.

Senate minority seeks full accounting of typhoon rehab fund (GMA News)
MANILA, Philippines - The Senate minority bloc asked the presidential palace on Wednesday for a full accounting of rehabilitation fund released for the victims of typhoon "Frank" to ensure that all victims get the necessary help.

Senate calls for full accounting of Palace rehab funds (The Daily Tribune)
Senators yesterday called for Malacañang to make a full accounting of all the rehabilitation funds disbursed so far for the relief operations in provinces hit by Typhoon “Frank.”

AICPA PUBLISHES IFRS.COM WEBSITE TO INFORM MEMBERS AND FINANCIAL PROFESSIONALS ABOUT INTERNATIONAL ACCOUNTING STANDARDS (Accounting Education)
The American Institute of Certified Public Accountants has announced the introduction of IFRS.com, a new Web site developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS)....

Accounting Irregularities Fast-Track School Annexation (The Morning News)
Accounting irregularities and declining fund balances are fast-tracking state officials' efforts to annex the Decatur School District into the Gentry, Gravette or Bentonville districts.

Wall Street girds for battle on accounting rules (Business Insurance)
NEW YORK/WASHINGTON (Reuters)—In the middle of a credit crisis that only seems to get worse, Wall Street is mustering its lobbying clout to delay tougher accounting rules that would force banks to add $5 trillion to their balance sheets.

FINANCIAL ACCOUNTING: AN INTRODUCTION (Accounting Education)
This book presents an expansive and up-to-date treatment of an ever-important discipline. Without over-simplifying the subject, Augustine Benedict and Barry Elliott have created a progressive guide to financial accounting which tackles not only the fundamentals, but also includes coverage of new and emerging topics - chief among them IFRS....

Sikich LLP and Rockford Accounting Firm Millikin Benning Kleckler & Kobischka, LLC Announce Merger (Marketwire via Yahoo! Finance)
Jim Sikich, CEO of Sikich LLP, announces that Sikich has entered into a merger agreement with the accounting, tax, and business consulting practice of Millikin Benning Kleckler & Kobischka, LLC (MBK&K) in Rockford.

India Plans To Adopt Accrual Based Accounting System - Government (Nasdaq)
NEW DELHI -(Dow Jones)- India's federal government plans to adopt an accrual based-accounting process in line with the changing information needs of decision makers, a government statement said Thursday.

Govt to shift to accrual system of accounting (Business Standard India)
The government has accepted in-principle to gradually move from cash based to accrual basis of accounting, under which revenues and expenditure are shown in the books even when they are realised later, Controller General of Accounts said today.

How to make accounting software cool (CNN Money)
It was too weird to be true. In late 2006, a series of videos appeared on YouTube about a Willow Springs, Ill., resident named Kyle Bone who'd created a successful product called "the anti-shirt" - a shirt that exposed the area of one's torso that a normal tee shirt would cover and revealed the area that would otherwise be exposed. In short, said Bone, it cured the age-old problem of "farmer's ...

Hopeful: Accounting background key factor (Plymouth Observer)
Mary Ann Prchlik knows the Plymouth Township clerk's job is roughly divided into two parts: accounting and elections.

Grand Power Becomes a Member of China's Cargo Accounting Settlement System (CCNMatthews via Yahoo! Finance)
CALGARY, ALBERTA AND HONG KONG, CHINA-- - Grand Power Logistics Group Inc. today announced that Grand Power Express International, a fully owned subsidiary of Grand Power has become a member of the Cargo Accounting Settlement System in China.

Nod for new accounting system (The Hindu)
NEW DELHI: The Union Government has accepted, in-principle, to move gradually from cash to accrual basis of accounting wherein revenues and expenditure are entered in the books even before actual realisations. Disclosing this at a conference ...

Nine convicted in Austrian bank fraud (International Herald Tribune)
Helmut Elsner, the former chief executive of Bawag, was found guilty of breach of trust, fraud and false accounting and was sentenced to nine and a half years in prison.

Accounting Plan Would Allow Use of Foreign Rules (New York Times)
Proposed regulatory changes would be a push toward global markets, but critics say the changes would dilute safeguards.

By the numbers: At 19, a master's in accounting (Sun-Sentinel)
Shayla Simmons is proof there that may be some truth to the adage, "age is nothin' but a number."

Accounting Plan Would Allow Use of Foreign Rules (NYTimes.com via Yahoo! Finance)
Officials say regulatory changes would attract investment and enhance U.S. competitiveness, but critics say the changes would dilute safeguards.

Accounting for Family Time in Your Professional Timeline (Washington Post)
Q How do you explain a gap in your career on a résumé? As a young professor, I sidelined my career for a few years to have a family. I gave up a tenure-track position at which I was very successful. After seven years, I took an adjunct professor position, and after two more years, I applied for another tenure-track position at the same university and was hired. I have had a successful career, ...

NewsWatch: Corporate earnings on track for fourth straight quarterly drop (Market Watch)
The profits of large U.S. companies are poised for their fourth straight year-over-year drop, with the housing market collapse and high energy prices accounting for much of the second quarter's pain.

Accounting Plan Would Allow Use of Foreign Rules (NYTimes.com via Yahoo! Finance)
Officials say regulatory changes would attract investment and enhance U.S. competitiveness, but critics say the changes would dilute safeguards.

CPA Joan Saks needed to network to build the business -- My Biggest Mistake (The Plain Dealer)
PEGGY TURBETTTHE PLAIN DEALERJoan Saks, co-owner of Goodman & Saks, a certified public accounting firm in Beachwood, learned to network to build the firm.

Metro tightens grant guidelines (The Tennessean)
Two years ago, the Project for Neighborhood Aftercare Inc. received $569,000 from Metro Nashville taxpayers, accounting for almost three of every four dollars the nonprofit organization could spend.

City gets recognition for financial policies (Ventura County Star)
The city of Simi Valley has received the highest recognition in the area of governmental accounting and financial reporting for its Comprehensive Annual Financial Report.

SLO sewer rates set to jump in wake of accounting gaffe (The San Luis Obispo Tribune)
San Luis Obispo residents will soon get notices in their sewer bills advising them of their rights to protest an unscheduled increase in rates set to take place in September. The proposed rate increase, reviewed and accepted by the City Council last week, is tied to bookkeeping mistakes a city consultant and the city Utilities Department made last year in determining rates. The mistakes ...

Mobile music to be $7.3 billion industry by 2011 (ITP.net)
According to eMarketer, mobile and online music are set to be high growth markets accounting for 40% of the total music spend in 2009

BUSINESS COMPANIES (South Bend Tribune)
SOUTH BEND -- Dan Osberger, CPA, announces the formation of OASIS Financial Solutions Inc. to complement his tax and accounting practice.

Bush to Keep Pressing Iran, North Korea on Nuclear Programs (Bloomberg.com)
July 6 (Bloomberg) -- President George W. Bush said the U.S. will keep pressing Iran to stop enriching uranium and ensure North Korea has given a full accounting of its nuclear program.

A Window in a Smoky Market (NYTimes.com via Yahoo! Finance)
The market for credit default swaps, one of the hottest and also one of the foggiest, might just get a bit clearer if a new accounting rule goes into effect.

A Window in a Smoky Market (NYTimes.com via Yahoo! Finance)
The market for credit default swaps, one of the hottest and also one of the foggiest, might just get a bit clearer if a new accounting rule goes into effect.

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD INSPECTION REPORTS UPDATE (Accounting Education)
The Public Company Accounting Oversight Board has updated its audit firm inspection reports. Ary, Roepcke & Mulchaey, P.C. Bassie & Co. Bobbitt, Pittenger & Company, P.A.

Hugh McColl's early lesson in accounting (BizJournals)
It’s no accident that Hugh McColl Jr. grew up to be a financial wizard.

Big Four accounting firms edge back into consulting biz (BizJournals)
A half-dozen years after passage of the Sarbanes-Oxley Act, much of the compliance work is leveling off and large accounting firms are casting their eyes back to the consulting and midmarket audit work they previously abandoned.

DWP sees concern in pensions accounting (vnunet.com)
Kevin Reed, Accountancy Age , Monday 7 July 2008 at 11:34:00 DWP to discuss pensions accounting concerns with the ASB The Department for Work and Pensions could step in to urge the Accounting Standards Board to look again at potential changes in the way companies account for their pension schemes....

DWP concerned over pensions accounting (vnunet.com)
Kevin Reed, Accountancy Age , Monday 7 July 2008 at 11:34:00 DWP to step in over City oncerns over lowered pension values The Department for Work and Pensions could step in to urge the Accounting Standards Board to look again at potential changes in the way companies account for their pension schemes....

Carrier houses/charges mobile printer and computer. (ThomasNet)
Supporting mobile printer and Motorola rugged mobile computers, RW 420 Route Palette allows workers to carry RW 420 printer for direct store delivery and route accounting. Ergonomic device can be carried by shoulder strap or fixed grip handle, or held in arm like painter's palette while user enters data and prints receipts, invoices, and inventory pick tickets. It features LED indicators, ...

Heineken to restate S&N accounts (ShareCast via Yahoo! UK & Ireland Finance)
Dutch firm Heineken confirmed that it plans to restate accounts for newly acquired Scottish & Newcastle, saying it is more conservative than its British rival in its accounting method.

Goldman Sachs opens hedge fund office in Toronto (Investment Executive)
Goldman Sachs Group, Inc. has opened a new hedge fund administration office in Toronto, the Ontario government announced Friday. The newest Goldman Sachs Administration Services office expands the fund accounting and investor servicing areas of its hedge fund administration operations.

Accounting and Consultancy (Mondaq)
In good times, many legal questions may be academic. But when there is a crisis, whether basic legal principles have been followed becomes a vital question.

PKF Texas' Raissa Evans Elected to National Board of the Association for Accounting Marketing (Centre Daily Times)
Pannell Kerr Forster of Texas, P.C. (PKF Texas) is pleased to announce Raissa Evans, Senior Manager - Practice Growth, has been elected to the national board for the Association for Accounting Marketing (AAM).

Housing, accounting worries sink Fannie, Freddie (San Jose Mercury News)
NEW YORK - Shares of mortgage purchasers Fannie Mae and Freddie Mac tumbled today after a Federal Reserve official warned housing market problems would likely extend into next year and an analyst said accounting changes could leave the two woefully short of necessary capital reserves.

Housing, accounting worries sink Fannie, Freddie (AP via Yahoo! Finance)
Shares of mortgage purchasers Fannie Mae and Freddie Mac tumbled Monday after a Federal Reserve official warned housing market problems would likely extend into next year and an analyst said accounting changes could leave the two woefully short of necessary capital reserves.

Housing, accounting worries sink shares of Fannie Mae and Freddie Mac (The Canadian Press via Yahoo! Canada News)
NEW YORK - Shares of mortgage purchasers Fannie Mae and Freddie Mac tumbled Monday after a U.S. Federal Reserve official warned housing market problems would likely extend into next year and an analyst said accounting changes could leave the two woefully short of necessary capital reserves.