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Accounting News 08/2008



EDF Net Drops 12% After Last Year's Accounting Gain (Update1) (Bloomberg.com)
Aug. 1 (Bloomberg) -- Electricite de France SA , Europe's biggest power generator, said profit fell 12 percent in the first half after last year's earnings were boosted by accounting gains from power distribution assets.

US delays accounting changes (Financial Times)
Banks have been given a one-year reprieve by US accounting standard-setters from having to take up to $5,000bn (£2,520bn) of debt assets on to their balance sheets, easing fears that they would be forced to raise large amounts of new capital quickly.

TXI names accounting executives (Dallas Business Journal)
Texas Industries Inc., a cement and building materials supplier, has promoted Sharon Ellis and Les Vines to the positions of treasurer and chief accounting officer, respectively. (TXI)

Oak Point hires accounting specialist, considers Web site update (The Little Elm Journal)
The July 21 regular city council meeting was the first Oak Point meeting for the city’s new Accounting and Administrative Specialist Terry Shepard.

CalSTRS Seeks Pension Accounting Consultant (Centre Daily Times)
The California State Teachers' Retirement System (CalSTRS) today launched a search for a consultant team to research, design and implement a best practice model for pension accounting and to provide CalSTRS employees transition support and training in its operation.

More accounting irregularities? (The Star)
PETALING JAYA: Accounting discrepancies may be cropping up again, judging by the failure of several public-listed companies to issue their audited financial statements on time as required under the stock exchange’s listing requirements.

Separate Trial Won by Tax-Shelter Defendant (New York Times)
A defendant in the large tax-shelter case involving former executives of the KPMG accounting firm will be tried separately on charges of personal tax evasion.

20TH INTERNATIONAL CONGRESS ON SOCIAL AND ENVIRONMENTAL ACCOUNTING RESEARCH (THE CSEAR SUMMER SCHOOL) (Accounting Education)
The Centre for Social and Environmental Accounting Research (CSEAR) has held an annual conference in the UK (often referred to as the Summer School) for over a decade. The next UK conference will be held in September 2007 at the University of St. Andrews, Scotland.

People making news (Detroit Free Press)
Asad Malik has been appointed vice president of finance at Henry Ford West Bloomfield Hospital. He will be responsible for overseeing all hospital accounting practices, directing financial strategy, and creating an environment marked by innovation and continued improvement. As the recent vice president of finance at the Rehabilitation Institute of Michigan, part of the Detroit Medical Center, ...

Oak Point hires accounting specialist, considers Web site update (The Little Elm Journal)
The July 21 regular city council meeting was the first Oak Point meeting for the city’s new Accounting and Administrative Specialist Terry Shepard.

Time Warner makes progress on AOL separation - Report (CNN Money)
Time Warner is expected to announce Wednesday that it has completed the accounting steps required to eventually separate AOL's dial-up Internet-access business from its advertising and content business, the Wall Street Journal reported Sunday.

New accounting standards proposed for charities (Straits Times)
IN a move to ensure more transparency and accountability, the Accounting Standards Council (ASC) is proposing that all charities comply with one set of its new accounting standards, regardless of their size or status.

A New Dawn For Industry Accounting Firm (Virtual Form Guide)
A new era is dawning at the Australian racing industry's leading accountancy firm. The new name reflects the nature of the business and its passionate team of equine professionals.

Looking for a Growth Career? Accounting Is Hot (Carteret County News-Times)
(ARA) - Looking for a career with lots of growth potential? According to the Bureau of Labor Statistics, the employment of accountants and auditors is expected to grow at least 18 percent by 2016 -- a rate faster than the average for all other occupations.

Harris to trim earnings in wake of subsidiary's accounting errors (Orlando Sentinel)
Harris Corp. tried to do some damage control last week after one of its subsidiaries disclosed a multimillion-dollar accounting foul-up that will mean years of earnings restatements.

Sucampo Chief Financial Officer resigns (AP via Yahoo! Finance)
Sucampo Pharmaceuticals Inc. said late Friday Chief Financial Officer Mariam E. Morris resigned, effective Aug. 1 and Chief Accounting Officer Jan Smilek will serve as acting finance chief.

Smaller charities to benefit under new accounting rules (Channel NewsAsia via Yahoo! Philippines News)
SINGAPORE: Singapore’s accounting body for companies and charities has drawn up new guidelines to bring all charities, co—operatives and societies here under one common set of accounting benchmarks for the first time.

Aetna Names Rajan Parmeswar Vice President, Controller and Chief Accounting Officer (Business Wire via Yahoo! Finance)
HARTFORD, Conn.----Aetna today announced that it has appointed Rajan Parmeswar, 46, Vice President, Controller and Chief Accounting Officer, reporting to Vice President and Head of Corporate Finance Kim Keck.

Aetna Names Rajan Parmeswar Vice President, Controller and Chief Accounting Officer (Centre Daily Times)
Aetna (NYSE: AET) today announced that it has appointed Rajan Parmeswar, 46, Vice President, Controller and Chief Accounting Officer, reporting to Vice President and Head of Corporate Finance Kim Keck. He succeeds Ronald M. Olejniczak, who, as previously announced, retired as controller and chief accounting officer on July 31. Parmeswar is expected to join Aetna on Aug. 18.

Buddi accounting software (Computer Active)
There are certainly plenty of good reasons for keeping on top of your finances and Buddi is a simple-to-use accounting program that keeps this as easy as possible.

Smaller charities to benefit under new accounting rules (Channel NewsAsia via Yahoo! Philippines News)
SINGAPORE: Singapore’s accounting body for companies and charities has drawn up new guidelines to bring all charities, co—operatives and societies here under one common set of accounting benchmarks for the first time.

Smaller charities to benefit under new accounting rules (Channel NewsAsia via Yahoo! Singapore News)
SINGAPORE: Singapore’s accounting body for companies and charities has drawn up new guidelines to bring all charities, co—operatives and societies here under one common set of accounting benchmarks for the first time.

Adopt govt rules on accounting: ICAI to Sebi (The Economic Times)
ICAI has asked capital market watchdog Sebi to make companies conform to only those accounting norms that have been notified by the government.

Accounting Partner Named Aetna VP (Hartford Courant)
Rajan Parmeswar, a partner in the accounting firm PricewatershouseCoopers LLP since 1998, has been named vice president, controller and chief accounting officer at Aetna Inc.

Oak Point hires accounting specialist, considers Web site update (The Little Elm Journal)
The July 21 regular city council meeting was the first Oak Point meeting for the city’s new Accounting and Administrative Specialist Terry Shepard.

Accounting Management Solutions Names Michael Whitney to New York Office (Marketwire via Yahoo! Finance)
Accounting Management Solutions, Inc., one of the fastest-growing private companies in the country, today announced that it has named Michael T. Whitney as Director of the Nonprofit Client Practice in its New York office.

Accounting Is Recession-Proof Job (SmartPros Accounting)
The report identifies the top 20 professions that have most consistently remained in highest demand over a more than eight-month period starting November 2007. Accounting-related positions landed in the fourth and fifth spots.

FTSE 100 company pension schemes suffered the largest 12 month swing in funding levels since modern pension accounting ... (eFinancial News)
FTSE 100 company pension schemes suffered the largest 12 month swing in funding levels since modern pension accounting began, wiping out £53bn (€66.9bn) to the end of July 2008.

Ambac Financial Group 2nd-qtr earnings more than quadruple on accounting-related gains (Canadian Business)
Stephen Bernard August 6, 2008 - 08:09 a.m.

EU, UN To Link CO2 Trading Accounting Systems Before Dec (Nasdaq)
BRUSSELS -(Dow Jones)- The European Union will link its carbon trading accounting system with that of the U.N. before December, so that CO2 credits earned outside the E.U. can count within the bloc, the Commission said Wednesday.

Ambac, Using an Accounting Change, Posts Net Income (Update2) (Bloomberg.com)
Aug. 6 (Bloomberg) -- Ambac Financial Group Inc. , the bond insurer that lost 92 percent of its stock market value in the past year, posted second-quarter net income after using an accounting change to record a $5.2 billion gain related to its debt securities.

Ambac, Using an Accounting Change, Posts Net Income (Update3) (Bloomberg.com)
Aug. 6 (Bloomberg) -- Ambac Financial Group Inc. , the bond insurer that lost 92 percent of its stock market value in the past year, posted second-quarter net income after using an accounting change to record a $5.2 billion gain related to its debt securities.

PDPW Management Accounting Conference slated (Dairy Herd)
The Professional Dairy Producers of Wisconsin’s Management Accounting Conference has been scheduled for Sept. 10-11 at the Madison Marriott West in Middleton, Wis. The conference features a follow-up training day on Nov. 17. This is a high-level financial training for dairy owners, managers, accountants, consultants, educators and industry professionals who have a vision for the future.

Marketing specialist joins accounting firm (Newport News-Times)
The accounting firm of Bryan P. Fitzsimmons, CPA now offers marketing services to help grow and support businesses. Joy Wilson is the new marketing specialist at the firm. She brings several years of marketing experience with her from the Portland area.

Ambac Posts Record Net Income on Accounting Change (Update2) (Bloomberg.com)
Aug. 6 (Bloomberg) -- Ambac Financial Group Inc. reported its biggest net income since going public in 1991, benefiting from an accounting change that allowed it to log a $5.2 billion gain as its main business of insuring municipal and corporate securities fell.

Oak Point hires accounting specialist, considers Web site update (The Little Elm Journal)
The July 21 regular city council meeting was the first Oak Point meeting for the city’s new Accounting and Administrative Specialist Terry Shepard.

Downloads of Microsoft accounting software soar (VNU Net via Yahoo! UK & Ireland News)
Microsoft has smashed its expectations for Office Accounting, claiming that 93,500 copies of the free application have been downloaded since its UK launch in November.

Downloads of Microsoft accounting software soar (vnunet.com)
kayleigh bateman , CRN , Thursday 7 August 2008 at 12:49:00 Reseller community shows support for Office Accounting with record downloads of the software Microsoft has smashed its expectations for Office Accounting, claiming that 93,500 copies of the free application have been downloaded since its UK launch in November....

Bond Insurers Continue to Retrench (New York Times)
The Ambac Financial Group said on Wednesday that net income tripled after a new accounting rule allowed its insurance unit to turn its difficulties into a gain, but the company said it was writing little new business.

Accounting System Firm Taps GlobalPay Scheme Coda (ePaynews)
Aug 07 2008 : Foreign exchange specialist Travelex has signed up UK-based accounting systems firm Coda as a partner for its GlobalPay business payments system.

Manchin wants full accounting in ’Pike hangup (The Register-Herald)
Peeved by motorists fuming over a fatal West Virginia Turnpike truck wreck that clogged the toll road and detour routes for as long as 15 hours, Gov. Joe Manchin wants a full accounting of the incident.

Barclays denies its accounting needs improvement (Accountancy Age)
Following the unveiling of a 33% slide in first-half pre-tax profits, to £2.8bn and a £2.4bn write-off of bad loans, Bob Diamond, Barclays president, denied the bank’s accounting needed improvement after suggestions it was not conservative enough.

Barclays denies its accounting needs improvement (vnunet.com)
AccountancyAge.com, Accountancy Age , Friday 8 August 2008 at 08:03:00 Barclays chief denies the bank’s accounting could be more conservative Following the unveiling of a 33% slide in first-half pre-tax profits, to £2.8bn and a £2.4bn write-off of bad loans, Bob Diamond, Barclays president, denied the bank’s accounting needed improvement...

Beazer posts deeper-than-expected loss (Reuters via Yahoo! News)
Beazer Homes USA Inc posted a deeper-than-expected quarterly loss on Friday as the builder labored under the sharpest housing market downturn in decades and a federal investigation of its accounting practices.

Oak Point hires accounting specialist, considers Web site update (The Little Elm Journal)
The July 21 regular city council meeting was the first Oak Point meeting for the city’s new Accounting and Administrative Specialist Terry Shepard.

MBIA profit rises on accounting gain (Reuters via Yahoo! News)
MBIA Inc posted a $1.7 billion quarterly profit due to an accounting change that turned credit problems into a big gain, but the world's largest bond insurer said on Friday it is having trouble winning new business since losing its top debt ratings.

MBIA profit rises on accounting gain (EARTHtimes.org)
NEW YORK (Reuters) - MBIA Inc posted a $1.7 billion quarterly profit due to an accounting change that turned credit problems into a big gain, but the world's largest bond insurer said on Friday it is having trouble winning new business since losing its top debt ratings.

Marketing specialist joins accounting firm (Newport News-Times)
The accounting firm of Bryan P. Fitzsimmons, CPA now offers marketing services to help grow and support businesses. Joy Wilson is the new marketing specialist at the firm. She brings several years of marketing experience with her from the Portland area.

MBIA 2nd-qtr profit rises on accounting gain (Reuters via Yahoo! News)
MBIA Inc posted a quarterly profit of $1.7 billion on Friday due to an accounting change that turned credit problems into a big gain, but the world's largest bond insurer said it is having trouble winning new business since losing its top debt ratings.

MBIA 2nd-qtr profit rises on accounting gain (EARTHtimes.org)
NEW YORK (Reuters) - MBIA Inc posted a quarterly profit of $1.7 billion on Friday due to an accounting change that turned credit problems into a big gain, but the world's largest bond insurer said it is having trouble winning new business since losing its top debt ratings.