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Accounting News 12/2008



(AFX UK Focus) 2008-12-01 00:52 Taiwan to review new accounting rule on inventory expensing - report (Interactive Investor)
TAIPEI (XFN-ASIA) - The incoming chairman of the Financial Supervisory Commission said he will re-evaluate the impact of a new accounting rule on inventory expensing, which is due to come into effect on Jan 1, the Economic Daily News reported.

01-12-2008: What motivates corporate scandals and accounting fraud? (The Edge Daily)
KUALA LUMPUR: Corporate scandal and fraud arise due to various factors motivating company officials including performance-related remuneration or the need for a company to meet earnings expectations, said CPA Australia’s board of directors member John Cahill.

Time is money: Delays can be costly in accounting (BizJournals)
A lot of considerations may go into the calculus of choosing the right firm to handle a company’s accounting needs, but in the end, it may come down to a single factor: How long it takes to get answers to your questions.

CBIZ/MHM signs deal to buy NYC-based accounting firm (BizJournals)
CBIZ Inc. will make the largest acquisition in its history, signing an agreement on Nov. 24 to buy Mahoney Cohen & Co. for an undisclosed amount.

Personnel Source now offers an accounting service for business (Salem Statesman Journal)
SALEM — Personnel Source has started offering accounting services. The new Account Source service "will provide the very best talent without the prices that have scared many businesses away from this resource," said Roscoe Divine, the founder and president of Personnel Source.

Amgen Veteran Joins CNM LLP to Lead Accounting & Transactions Advisory Business (Business Wire via Yahoo! Finance)
WOODLAND HILLS, Calif.----CNM LLP, an independent accounting and advisory services firm, today announced the appointment of Carl Adams to head CNM’s Accounting & Transactions Advisory service line.

Rothstein Kass Rated Top Accounting Firm in 2008 Hedge Fund Service Providers Survey by Alpha Magazine (PR Newswire via Yahoo! Finance)
CPA firm Rothstein Kass rated first among accounting firms in the 2008 Alpha Awards, an annual ranking of hedge fund service providers sponsored by Institutional Investor's Alpha Magazine.

Accounting for Taste (Psychology Today)
What your taste reveals about you.

Survey of 1,500 U.S. Accounting Educators Rates Grant Thornton LLP as Best National Accounting Firm for Work-Life ... (Business Wire via Yahoo! Finance)
CHICAGO----In Public Accounting Report’s 27th Annual Survey of Accounting Professors, Grant Thornton LLP again topped the list of the global accounting firms as the U.S. firm they considered to be the most ethical and the best for work-life balance, for the second consecutive year.

Uncovering A Career In Forensic Accounting (Investopedia)
Forensic accountants are financial detectives who audit , investigate and ascertain the accuracy of financial reporting documents, often in connection with anticipated or ongoing legal action.

New Taiwan accounting standard to affect profits in PC supply chain (Digi Times)
Although the Taiwan government has announced a delay in implementing a new accounting standard for inventory accounting, players in the PC supply chain have already started adopted new strategies for managing their inventory.

Beazer's results hit by housing downturn, tax issues (Market Watch)
Beazer Homes USA Inc. on Tuesday says its fiscal fourth-quarter loss rose to nearly $500 million as the home builder’s results were hit by an accounting rule that will likely prevent it from reaping the tax benefits of loss carry-forwards.

Quest Software stock options settlement pending (AP via Yahoo! Finance)
Quest Software Inc. said Tuesday that the company has reached a pending settlement with the Securities and Exchange Commission in a case involving improper stock option accounting practices.

Bomb squad responds to Brewer accounting office (Bangor Daily News)
BREWER, Maine — Brewer and Bangor police responded late Tuesday morning to an accounting office on Parkway South after a grenade was found inside a box there.

Greater Baltimore finance, accounting industry job outlook found bleak (Baltimore Business Journal)
The early 2009 job outlook in the finance and accounting industry looks bleak for Greater Baltimore, according to the Robert Half International Financial Hiring Index released Tuesday.

Sluggish IPO market, poor business chill accounting firms (China Daily)
The sharp fall in initial public offerings and other businesses has forced many accounting firms in China, including the big four international giants, to start cutting jobs for the first time in many years.

Accounting firms start cutting jobs (People's Daily)
The sharp fall in initial public offerings and other businesses has forced many accounting firms in China, including the big four international giants, to start cutting jobs for the first time in many years. Ernst & Young has laid off 50 to 100 auditors at its Beijing office, a source at the firm said. There has been a spate of departures from the firm last week. Many of those who have left are ...

AES Unit Had ‘Irregular’ Accounting Procedures, Argentina Says (Bloomberg)
Dec. 2 (Bloomberg) -- AES Corp. , the U.S. power producer with operations in more than two dozen countries, employed “irregular” accounting methods at its Argentine unit, the country’s government said today.

Lima accounting firm donates 5,000 pounds of food (The Lima News)
Nearly 5,000 pounds of food will be donated to Christian Corner Community Center to help hungry local families, thanks to Rea and Associates employees.

Bankers Demand Quick Action on Mark-to-Market (Financial Planning.com)
The American Bankers Association has written to Treasury Secretary Henry Paulson calling on regulators to make several immediate reforms to mark-to-market and fair value accounting rules before banks have to file their year-end financial statements.

Canadian to lead international accounting standards advisory council (Investment Executive)
Paul Cherry, Accounting Standards Board (AcSB) chairman, has been appointed chairman of the International Accounting Standards Board’s Standards Advisory Council (SAC), effective Jan. 1, 2009, for a three-year term.

Sanlam 10-Month Profit Slides, Hurt by Falling Stocks (Update1) (Bloomberg)
Dec. 3 (Bloomberg) -- Sanlam Ltd ., the largest South Africa- based insurer, said earnings a share before one-time items and accounting adjustments through October fell 86 percent, after investment returns were hurt by falling stock markets.

Canadian to lead international accounting standards advisory council (Investment Executive)
Paul Cherry, Accounting Standards Board (AcSB) chairman, has been appointed chairman of the International Accounting Standards Board’s Standards Advisory Council (SAC), effective Jan. 1, 2009, for a three-year term.

Analog Devices Promotes Seamus Brennan to Vice President, Corporate Controller, and Chief Accounting Officer (Centre Daily Times)
Analog Devices, Inc. (NYSE: ADI ), a global leader in high-performance semiconductors for signal processing applications, today announced that Seamus Brennan has been promoted to vice president, corporate controller, and chief accounting officer, reporting to the CFO, effective December 8, 2008.

Thomson Reuters buys accounting firm favourite Paisley (vnunet.com)
Gavin Hinks, Accountancy Age , Wednesday 3 December 2008 at 23:44:00 Governance risk and compliance software used by global accounting firms is acquired up by Thomson Thomson Reuters, the global business information provider, is to buy up Paisley one of the biggest developers of software which helps multinationals and large accounting firms manage internal controls and... ...

Accounting for non-accountants (Asheville Citizen-Times)
The Asheville chapter of SCORE, in partnership with A-B Tech's Small Business Center, will present a seminar titled “Accounting For Non-Accountants” 8:30 a.m.-1 p.m. Saturday in 128 Haynes on the A-B Tech Enka Campus.

Southern Housing Group addresses component accounting (PublicTechnology.net)
While the majority of UK housing associations are beginning to face up to the challenges associated with moving to Component Accounting and meeting the SORP 2008 deadline, Southern Housing Group has already successfully made the move to component accounting from April 2006 and delivered its first statement.

Audit: CityVest misused funds; officials blame accounting error (The Citizens' Voice)
Nonprofit developer CityVest misused more than $84,000 in state funding and violated the terms of its grant contract, a state auditor general report found. CityVest leaders Wednesday denied any intentional wrongdoing, and attributed the audit’s accusations to accounting and administrative mix-ups.

ACCOUNTING FIRM TO FINISH PKFZ PROBE THIS MONTH (Bernama via Yahoo! Malaysia News)
KUALA LUMPUR, Dec 4 (Bernama) -- PricewaterhouseCoopers (PWC), the accounting firm appointed by the government to audit the financial status of the Port Klang Free Zone (PKFZ), is expected to finish its investigation this month.

Accounting Management Solutions Names Rich Silton to Advisory Board (Marketwire via Yahoo! Finance)
Accounting Management Solutions, Inc., a leading provider of accounting, financial management, and consulting services to private, public, and nonprofit organizations, today announced the appointment of Rich Silton, president and chief operating officer of Access TCA, Inc., to its Advisory Board.

1st Int'l Accounting Confab opens in Tehran (Islamic Republic News Agency)
Iran - Accounting - Confab The First International Accounting Conference opened in Tehran on Thursday. Iranian and foreign experts are taking part in the two-day event.

1st Int'l Accounting Confab opens in Tehran (Islamic Republic News Agency)
Iran - Accounting - Confab The First International Accounting Conference opened in Tehran on Thursday. Iranian and foreign experts are taking part in the two-day event.

FASB Accounting Standards CodificationTM Expected to Officially Launch on July 1, 2009 (Business Wire via Yahoo! Finance)
NORWALK, Conn.----U.S. accounting and reporting standards are undergoing a major restructuring, and the Financial Accounting Standards Board is alerting constituents to significant changes that are expected to occur next year.

Insight Distribution Software Announces Advanced Route Accounting Solution for the Beverage and Food Industries (Centre Daily Times)
Insight Distribution Software, a leading provider of supply chain software solutions for the beverage and food industries, introduced InsightXcelerate ® RouteCenter 3.0, the next generation of their ground-breaking route accounting and supply-chain software system.

Audit: CityVest misused funds; officials blame accounting error (The Citizens' Voice)
Nonprofit developer CityVest misused more than $84,000 in state funding and violated the terms of its grant contract, a state auditor general report found. CityVest leaders Wednesday denied any intentional wrongdoing, and attributed the audit’s accusations to accounting and administrative mix-ups.

Insight Distribution Software Announces Advanced Route Accounting Solution For The Beverage And Food Industries (SupplyChainSolutions - SupplyChainMarket)
Insight Distribution Software, a leading provider of supply chain software solutions for the beverage and food industries, introduced InsightXcelerate® RouteCenter 3.0, the next generation of their ground-breaking route accounting and supply-chain software system. InsightXcelerate® RouteCenter 3.0 now offers unique flexibility for all operational scenarios requiring multiple warehouse locations ...

Around we go again: the accounting fictions of corpses (Sydney Morning Herald)
The best thing about being around a while and watching the economy and the business cycles is that you witness the same old mistakes cropping up again and again.

Forensic audit clears Vaughan Mayor, decries city accounting policies (GlobalTV Ontario)
A forensic audit into Vaughan Mayor Linda Jackson's 2007 expenses has found issue not only with the Mayor's accounting, but also with the city's accounting policies.

UN climate official defends global emissions program (International Herald Tribune)
Yvo de Boer, executive secretary of the UN Framework Convention on Climate Change, called a U.S. General Accounting Office report, released this week by the U.S. General Accounting Office, "constructive criticism."

Auditor: Stone County lacks accounting controls (The Springfield News-Leader)
State Auditor Susan Montee released an audit of Stone County's books from 2005 and 2006 today, detailing a number of shortcomings in how the county oversees the flow of tax dollars.

Accounting student latest Arland Williams scholarship winner (Journal Gazette & Times-Courier)
MATTOON — Marcus Miller knows where he’s headed, and the Arland D. Williams Jr. Scholarship will help him get there.

Barofsky Nominated to Oversee Bailout (Washington Post)
Neil M. Barofsky, who was nominated yesterday to be the chief watchdog of the $700 billion bailout program, has spent his career as a federal prosecutor going after everyone from perpetrators of esoteric multibillion-dollar accounting frauds to South American drug lords with names such as "El Gordo"...

Barofsky Nominated to Oversee Bailout (Washington Post)
Neil M. Barofsky, who was nominated yesterday to be the chief watchdog of the $700 billion bailout program, has spent his career as a federal prosecutor going after everyone from perpetrators of esoteric multibillion-dollar accounting frauds to South American drug lords with names such as "El Gordo"...

LETTER: School cost accounting questionable (The Standard-Times)
School cost accounting questionable

Accounting student latest Arland Williams scholarship winner (Journal Gazette & Times-Courier)
MATTOON — Marcus Miller knows where he’s headed, and the Arland D. Williams Jr. Scholarship will help him get there.

People in Business (The Tennessean)
Allyson N. Podwoski joins as an administrative assistant. Podwoski attends Belmont University, where she is expected to graduate in December 2009 with a degree in accounting.

Wall Street's toxic export (Seattle Times)
Securitization is a shadow banking system that funds most of the world's credit cards, car purchases, leveraged buyouts and, for a while, subprime mortgages. It also pumped out record profits for banks, accounting for as much as one-fifth of their revenue over the past decade.

Sen. Claire McCaskill, Sen. Kit Bond call for more oversight of bailout (St. Louis Post-Dispatch)
WASHINGTON — The government is hearing a blunt message as bailout talks continue this week: Don't even think about giving the auto industry billions of dollars until you start accounting for the financial rescue money that's already being doled out.

White House kills FCC rule on backup power at cell sites (Louisville Courier-Journal)
The White House's accounting arm has rejected a rule requiring wireless companies to maintain enough generators or batteries to sustain cellular telephone and pager service in the event of a power failure.

Anchin, Block, Anchin LLP Adopts Penny Software from TKS Solutions for Intricate Investment Partnership Accounting (Centre Daily Times)
TKS Solutions LLC , a provider of partnership and shareholder accounting solutions for the financial industry, today announced that Anchin, Block, Anchin LLP is utilizing Penny, TKS’ flagship software, as its central partnership accounting system. TKS Solutions helps Anchin maintain flexibility and better manage the complexities of investment partnership accounting.