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Accounting News 11/2008



Accounting changes aid Deutsche Bank profits (Financial Times)
Deutsche Bank has recorded a profit instead of a loss in its most recent results by using new accounting provisions designed to mitigate the impact of the financial crisis on European banks.

ESCC introduces Peachtree Accounting program (Eastern Shore News)
MELFA -- Eastern Shore Community College has a program that makes it easy to take high-quality, non-credit online courses. ESCC has partnered with ed2go to offer hundreds of online, instructor-facilitated courses and is pleased to announce the launch of Introduction to Peachtree Accounting 2009.

Auditor, Canal Advocate Kenneth Rollins Sr. (Washington Post)
Kenneth Stewart Rollins Sr., 88, a retired auditor with the General Accounting Office who was an advocate for the C&O Canal, died Oct. 13 of heart disease at the Kensington Park retirement community.

Police special chief is charged (BBC News)
The Chief Special Constable for Hampshire police is charged with theft and false accounting.

BSP approves new bank accounting guidelines (Philstar.com via Yahoo! Philippines News)
The Bangko Sentral ng Pilipinas (BSP) has approved new guidelines on how banks would implement accounting procedures that would allow them to soften the impact of the financial crisis on their balance sheets.

U tries to squash bugs in new accounting system (Minneapolis-St. Paul Star Tribune)
MINNEAPOLIS - The University of Minnesota is trying to squash some bugs in a $50 million accounting system. The new Enterprise Financial System handles all of the university's business. Whether it's a payment to an employee, or a payment to a vendor, everything passes through the EFS.

U tries to squash bugs in new accounting system (KARE 11 Minneapolis-St. Paul)
The University of Minnesota is trying to squash some bugs in a $50 million accounting system. The new Enterprise Financial System handles all of

U of M tries to squash bugs in new accounting system (Winona Daily News)
MINNEAPOLIS (AP) — The University of Minnesota is trying to squash some bugs in a $50 million accounting system.

SBA-backed loan allows accounting firm to grow (BizJournals)
Within five years Kevin Davies has doubled his accounting firm’s size and revenue.

Accounting for change (BizJournals)
When Scott Van Deren noticed his company’s inventory-flow process and paperwork were inefficient, he sought guidance from Richard Kendall, a principal of Gordon, Hughes & Banks LLP (GHB), a public accounting firm based in Golden.

Series of three workshops to help improve accounting at businesses (Salem Statesman Journal)
SALEM — A series of three workshops intended to help existing business improving their accounting practices starts Wednesday.

Gov's help sought in nuke funds mystery (Asbury Park Press)
Members of the 9th Legislative District delegation have called on Gov. Corzine to assist them in obtaining accounting records of a dedicated fund meant to provide emergency management funding in the event of a nuclear accident.

U tries to squash bugs in new accounting system (KARE 11 Minneapolis-St. Paul)
The University of Minnesota is trying to squash some bugs in a $50 million accounting system. The new Enterprise Financial System

Wipro BPO to set up shared services centre for AmBev (Consultant News)
The centre is to handle Finance & Accounting, Human Resources, Customer Services and Order Management processes for AmBev, the largest brewery company in Latin America.

UBS says accounting effects to weigh (Reuters via Yahoo! UK & Ireland News)
UBS AG , one of Europe's hardest-hit banks in the crisis, said on Tuesday accounting effects would weigh on fourth quarter results but it had seen some encouraging signs in client flows in October.

Colo. accounting firm joins Eide Bailly (Rocky Mountain News)
Gordon, Hughes & Banks, the Colorado-based accounting firm started in the late 1960s, has become a part of Eide Bailly.

RBS Writes Down 206 Million Pounds, Helped by Accounting Rules (Bloomberg)
Nov. 4 (Bloomberg) -- Royal Bank of Scotland Group Plc , waiting to take up the U.K.'s biggest bailout, will write down $206 million pounds ($323 million) of assets in the third quarter using new accounting rules that are less stringent.

UBS: Q4 Fee-based Lines To Be Hurt; Accounting Issues Eyed (Fox News)
UBS: Q4 Fee-based Lines To Be Hurt; Accounting Issues Eyed

UBS says accounting effects to weigh on Q4 (Reuters via Yahoo! News)
UBS AG , one of Europe's banks hardest-hit by the financial crisis, said accounting effects would weigh on fourth-quarter results but it had seen some encouraging signs of client money flows in October.

RBS To Take $325 Million Write-down After Accounting Change (Fox News)
RBS To Take $325 Million Write-down After Accounting Change

South Africa: Saica Threat to Wits Accounting School as Its Standards Fall (AllAfrica.com)
THE South African Institute of Chartered Accountants (Saica) is threatening to withdraw its accreditation of the University of the Witwatersrand School of Accounting in what would be a crippling blow to the university and lay low what is arguably the profession most fundamental to the economic success of SA.

Accounting gain, higher selling prices send Archer Daniels Midland 1st-quarter profit soaring (Canadian Business)
NEW YORK (AP) - Archer Daniels Midland Co. says its fiscal first-quarter earnings more than doubled, beating Wall Street estimates as the company benefited from an accounting change and higher selling prices.

UBS says accounting effects to weigh on Q4 (Washington Post)
ZURICH (Reuters) - UBS AG , one of Europe's banks hardest-hit by the financial crisis, said accounting effects would weigh on fourth-quarter results but it had seen some encouraging signs of client money flows in October.

Accounting gain, higher selling prices send Archer Daniels Midland 1st-quarter profit soaring (Minneapolis-St. Paul Star Tribune)
NEW YORK - Archer Daniels Midland Co. said Tuesday its fiscal first-quarter earnings more than doubled, beating Wall Street estimates as the company benefited from an accounting change and higher selling prices.

South Africa: Accounting At Wits (AllAfrica.com)
IF THE University of the Witwatersrand's school of accounting is in trouble, how much worse is the situation at universities that are further from the big city and have less in the way of resources, human or financial?

Accounting firms bridge the gap (The Australian)
ACCOUNTING giants are looking to take up more than 70,000sqm of office space in Sydney's CBD.

ICAI suggests reforms on financial accounting (Navhind Times)
PANAJI- ICAI, a premier accounting body, has discussed various issued suggested reforms on the state financial accounting systems. The ICAI members met with Chief Minister Mr Digambar Kamat and forwarded it to him ICAI plans for the state.

Wits accounting degree 'at risk' (News 24 South Africa)
The University of the Witwatersrand is still accredited to offer the B Com accounting degree, despite a row after a review by the Institute of Chartered Accountants was leaked to the media.

ESCC introduces Peachtree Accounting program (Eastern Shore News)
MELFA -- Eastern Shore Community College has a program that makes it easy to take high-quality, non-credit online courses. ESCC has partnered with ed2go to offer hundreds of online, instructor-facilitated courses and is pleased to announce the launch of Introduction to Peachtree Accounting 2009.

Accounting firm spreads base with merger - roanoke.com (Roanoke Times)
Brown, Edwards & Co. merged operations with firms in Harrisonburg and West Virginia. An accounting firm with a significant presence in Roanoke has stretched its footprint into the Shenandoah Valley and farther into West Virginia. Brown, Edwards & Co. has merged its operation with two accounting firms, S.B. Hoover & Co. in Harrisonburg and Chambers, Paterno & Associates in Charleston, W.Va. ...

Nash Finch fiscal 3rd-quarter profit falls 44 percent, hurt by one-time accounting charges (Canadian Business)
MINNEAPOLIS (AP) - Food distributor Nash Finch Inc. said Thursday its third-quarter profit fell 44 percent, hurt by accounting and other charges. The company earned $8.6 million, or 65 cents per share, for the three months ended Oct. 4, down from $15.4 million, or $1.12 per share, a year ago.

Sage Software Makes Accounting Even Simpler and Easier With Launch of Sage BusinessWorks 50 Accounting 2009 (Marketwire via Yahoo! Finance)
Sage Software announced today the availability of Sage BusinessWorks 50 Accounting 2009, the latest version of one of the company's popular business-management solutions for small to medium-sized businesses.

Recession-proof Career: Forensic Accounting and It Auditing Financial Fraud Increases in Economic Recessions (Newswise)
The business of financial fraud at the corporate level historically spikes as those in desperate need of money manipulate company revenues and assets for personal gain, and the trend is the key reason why a career in forensic accounting and information technology (IT) auditing is not only recession-proof but recession-flourishing, according to Tommie Singleton, Ph.D., associate professor of ...

IASB questions relaxing of fair value accounting (Financial Times)
European banks’ accounting practices have worsened as a result of the easing of fair value accounting standards, says Sir David Tweedie, head of the International Accounting Standards Board.

Accounting probe delays Accuray earnings filing (AP via Yahoo! Finance)
Accuray Inc. said Thursday it will delay reporting its latest earnings to investigate potential mishandling of its accounting by a former employee.

IMPROVED GOVERNANCE FOR AUSTRALIA'S ACCOUNTING AND AUDITING STANDARDS BODIES (Accounting Education)
Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has welcomed the passage through Parliament of the Governance Review Implementation (AASB and AUASB) Bill 2008. The Bill improves the existing governance arrangements of the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB)....

New accounting prices Taj at Re 1 (The Economic Times)
Govt may assign Re 1 to most heritage structures, museums & paintings when it switches to transparent system of accounting. World's best places of final rest

South Africa: Accounting at Wits (ii) (AllAfrica.com)
HANG on a minute. There is so much spin being created around our report that the University of the Witwatersrand's School of Accountancy is being threatened with de-accreditation by the accounting regulator it is hard to tell where the truth is.

Bank accounting not as good as it was - IASB (vnunet.com)
Accountancy Age, Accountancy Age , Friday 7 November 2008 at 11:15:00 Tweedie says accounting for financial instruments needs overhauling Accounting for banks was better before the introduction of recent changes introduced to relieve political pressure, according to the head of the International Accounting Standards Board....

Accountants edition of Xero web-based accounting system helps small businesses and accountants work smarter together (Business Wire via Yahoo! Finance)
LONDON----Accountants Edition of Xero web-based accounting system makes it easy for small business and their accountants to share financial information.

Accountants edition of Xero web-based accounting system helps small businesses and accountants work smarter together (Centre Daily Times)
Accountants Edition of Xero web-based accounting system makes it easy for small business and their accountants to share financial information.

Sage Software Launches Sage BusinessWorks 50 Accounting 2009 (T-Net British Columbia)
Vancouver, BC, November 7, 2008--(T-Net)--Sage Software announced today the availability of Sage BusinessWorks 50 Accounting 2009, the latest version of one of the company’s popular business-management solutions for small to medium-sized businesses.

Deloitte alleges insider trading (Chicago Tribune)
Former partner accused of using audit information The giant accounting firm Deloitte LLP claims that one of its former partners in its Chicago office traded on inside information related to an audit client.

Challenges ahead for Islamic banking (AME Info)
Bahrain is set to host top experts, government officials, regulators, shariah experts at the Accounting and Auditing Organisation for Islamic Financial Institutions and World Bank Annual Conference 2008, which opens on November 10. Ahead of the conference experts say regulations and supervision of the Islamic financial institutions are among the key challenges for industry players.

Shady accounting practices alleged (St. Tammany News)
Recent allegations the Causeway Commission made $26,000 in illegal or “improper payments” to two area agencies, including $10,000 to Mandeville to landscape a tree, are unfounded and merit no further investigation, according to a letter released last week by the state Inspector General’s Office.

Executive moves (Crain's New York Business)
Executives in accounting, advertising, finance, high tech and new media, law and real estate have all found new digs. Check out the new faces in key places.

DAR chief told to make a full accounting of CARP funds (The Daily Tribune)
A senator yesterday asked Agrarian Reform Secretary Nasser Pangandaman to comply with a Senate directive to make a full accounting of the funds intended for the Comprehensive Agrarian Reform Program (CARP) as a condition for the Senate’s approval of the extension of the program which expired last June l0.

New endowment accounting measures (Philanthropy Journal)
A few recent accounting measures will have significant implications for nonprofits in many states. Nonprofit endowment and investment policies will soon or may have already been impacted by UPMIFA, the Uniform Prudent Management of Institutional Funds Act, which was released in July 2006.

Advantage Systems Adds New Security Feature to Accounting for Mortgage Bankers Software (Finance Technology Network)
Enhancement further enables lenders to restrict access to sensitive accounting data.

Finance, accounting have job prospects (BizJournals)
Despite the uncertain economy, there’ll be increased demand next year for some positions in finance and accounting, technology and administrative fields, according to the “2009 Salary Guides” from Robert Half International.