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Accounting News 01/2009



Accounting distorts pension fund liabilities (Accountancy Age)
Many pension funds will show a surplus in the year-end accounts despite the true position being that the schemes have moved to record deficits. According to Aon Consultng figures, FTSE100 final salary schemes will record a deficit of £155bn for the 12 months to November 2008.

Accounting distorts pension fund liabilities (vnunet.com)
Gavin Hinks, Accountancy Age , Friday 2 January 2009 at 08:36:00 IAS19 blamed for covering true pension position Many pension funds will show a surplus in the year-end accounts despite the true position being that the schemes have moved to record deficits....

New study shows governments need more honest environmental accounting (PhysOrg)
(PhysOrg.com) -- University of Queensland research is paving the way for better management of our precious natural environment.

Affordable Outsourcing for Small Business (PIZZAHEROS)
For many "who like to do things yourself" it is important to keep in mind that proper knowledge of small business accounting is required if you want to keep your finances in order.

$8,600 in checks allegedly forged (The State Journal-Register)
A Springfield woman who works for an accounting company was arrested Wednesday for allegedly forging more than $8,600 worth of checks to herself on a client’s account.

Would you like your values long-term or open market? (The Charlotte Observer)
(By Christina Rexrode, [email protected]) At the heart of the current banking crisis, there's a complicated and hotly disputed little regulation that the banking industry is trying to obliterate, saying it's making the financial meltdown even worse. The regulation, called fair value accounting, has been in place in its current form for about two years, but the banks have grown ...

Local News & Events (The Salinas Californian)
Accounting firm Bianchi, Kasavan and Pope LLP has two new staff accountants, Mark Long, CPA, and Cristin Sakamoto; and a new administrative assistant/bookkeeper, Leigh Anne Conto. All are working out of the firm's Monterey office.

Tennessee shifts to online accounting system (WBIR-TV Knoxville)
With the start of the new year, Tennessee state government begins the next phase of a massive, $134 million reorganization of the state's accounting system, flipping the switch to move toward a new online process for procurement, bidding and payment for state contractors.

Blues cool off Blue Jackets, Mason (MSNBC)
ST. LOUIS (AP) -The Blues' special teams cooled off Blue Jackets rookie goalie Steve Mason, accounting for all of the goals in a 5-2 victory over Columbus on Saturday night.

Blues special teams cool off Jackets goalie Mason (CBS Sportsline)
The Blues' special teams cooled off Blue Jackets rookie goalie Steve Mason, accounting for all of the goals in a 5-2 victory over Columbus on Saturday.

Special teams help Blues beat Mason and Blue Jackets 5-2 (Canadian Press via Yahoo! News)
ST. LOUIS - The Blues' special teams cooled off Blue Jackets rookie goalie Steve Mason, accounting for all of the goals in a 5-2 victory over Columbus on Saturday night.

Buchanan opens accounting business (Asheville Citizen-Times)
ASHEVILLE – Charlene Buchanan has opened All About Accounting, which provides a range of services for small business owners.

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.

Accounting push hit by politicking (The Age)
World leaders have vowed to help prevent future financial meltdowns by creating international accounting standards so all companies would play by the same rules.

Hood grads tackle update of Detrick's history (The Capital)
FORT DETRICK, Md. (AP) — A pair of Hood College graduates are working to flesh out Fort Detrick's history and bring the last accounting of the post's past up-to-date.

KPMG IFRS BRIEFING SHEET - ISSUE 121 (Accounting Education)
KPMG has published its IFRS Briefing Sheet, Issue 121. This IFRS Briefing Sheet summarises the International Accounting Standards Board’s (IASB or Board) Exposure Draft (ED) Embedded Derivatives – Proposed amendments to IFRIC 9 and IAS 39, which was published on 22 December 2008. Comments are due by 21 January 2009.

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD INSPECTION REPORTS UPDATE (Accounting Education)
The Public Company Accounting Oversight Board has updated its audit firm inspection reports. AJ. Robbins, P.C. Causey Demgen & Moore Inc.

Movers (Miami Herald)
ACCOUNTING Jose Gonzalez has been hired as manager of computer forensics and litigation support for Grant Thornton. BANKING Joshua E. Young has been appointed executive vice president and general counsel of Turnberry Bank. Previously, he was senior vice president and general counsel of the bank.

Survey shows most firms still hiring fresh graduates (Channel NewsAsia via Yahoo! Singapore News)
SINGAPORE: Thousands of fresh graduates are expected to enter the Singapore job market this year, flooding a labour pool that is seeing more retrenchments. Industries that are still hiring include accounting, engineering and sales.

Sikich Named Technology Pacesetter for 2008 by Accounting Technology (Marketwire via Yahoo! Finance)
The editors of Accounting Technology are pleased to announce that Sikich has been chosen as a Technology Pacesetter for 2008.

U.K. Retailers Issue Most Negative Sales Updates in Three Years (Bloomberg)
Jan. 5 (Bloomberg) -- U.K. retailers issued the largest number of negative sales updates in three years in 2008’s fourth quarter as even the industry’s strongest companies struggled to maintain revenue growth, accounting firm Grant Thornton said.

Grant Thornton profit dips as downturn bites (vnunet.com)
AA Freelancer, Accountancy Age , Monday 5 January 2009 at 15:45:00 Top five firm warns of tough year ahead Grant Thornton has become the first big accounting firm to report a fall in profits in 2008, blaming the economic downturn and the cost of its merger with Robson Rhodes....

Churches support later summer holidays (Stuff)
Religious leaders favour shifting summer holidays away from Christmas, but accounting experts say it could harm the economy.

S.E.C. Answers Critics of Fair-Value Accounting (New York Times)
For those on Wall Street who hope that 2009 will bring some relief from mark-to-market accounting rules, the Securities and Exchange Commission had some glum tidings last week.

IPOs in China to jump 47 percent in 2009: accounting firm (AFP via Yahoo! Philippines News)
Funds raised by Chinese companies in local initial public offerings are likely to rise 47 percent this year compared with last year, accounting firm PricewaterhouseCoopers said Tuesday.

DATC is expanding accounting classes (Deseret Morning News)
The Davis Applied Technology College will be hosting eight new accounting specialty programs.

Tennessee shifts to online accounting system (The Tennessean)
With the start of the new year, Tennessee state government begins the next phase of a massive, $134 million reorganization of the state's accounting system, flipping the switch to move toward a new online process for procurement, bidding and payment for state contractors.

Microgen adds liquidity accounting hub (Finextra)
Microgen has today announced that it has added liquidity calculation functionality to its Microgen Accounting Hub (MAH), which is powered by Microgen ...

JPB Enterprises, Inc. Announces the Formation of JPB Accounting Services (Marketwire via Yahoo! Finance)
JPB Enterprises, Inc., a privately owned holding company focused on investment banking services, private equity, real estate development, and a portfolio of owned businesses, recently announced the formation of JPB Accounting Services, LLC, a premier provider of outsourced accounting and financial management services in the Baltimore-Washington corridor.

While Some Industries Struggle, Employment in Accounting Remains Strong (PRWeb via Yahoo! News)
Accounting career outlooks remain promising as other industries feel the brunt of this economic downturn.

Chicago Area CPA Firm Earns Prestigious Accounting Certification for Construction Industry (PRWeb via Yahoo! News)
Chicago Area CPA Firm Earns Prestigious Accounting Certification for Construction Industry. Partner at Porte Brown, LLC Earns CCIFP Certification Granted to Less Than 500 People Nationwide.

Bally Technologies Releases Microsoft Windows® Version of Gaming’s Leading Slot Management/Accounting System (Centre Daily Times)
Bally Technologies, Inc. (NYSE: BYI), a leader in slots, video machines, and casino management systems for the global gaming industry, announced today the release to compliance of the new Version 11.0 of its flagship SDS slot management and accounting system that supports the Microsoft Windows software platform, Microsoft SQL Server 2005, and an entirely new, streamlined and easy-to-use ...

Bank Mutual names new principal accounting officer (The Business Journal of Milwaukee)
Richard Schroeder will become senior vice president and principal accounting officer at Bank Mutual Corp., succeeding Marlene Scholz, who informed the company Jan. 2 that she intends to retire from the company on May 22. (BKMU)

Global accounting rules could cost plenty (UPI)
WASHINGTON, Jan. 6 (UPI) -- U.S. companies could end up spending tens of millions each to comply with new international accounting rules, sources said.

Supreme Court Review Sought in Public Accounting Board Case (Law.com)
The federal appeals court opinion that upheld the constitutionality of the Public Company Accounting Oversight Board was a disastrous decision that undermines the president's ability to supervise federal officers, say Jones Day lawyers who want the Supreme Court to review the case. The lawyers are urging the Court to review a split decision in which a D.C. Circuit judge wrote a 58-page dissent, ...

Supreme Court Review Sought in Public Accounting Board Case (Law.com via Yahoo! Finance)
The federal appeals court opinion that upheld the constitutionality of the Public Company Accounting Oversight Board was a disastrous decision that undermines the president's ability to supervise federal officers, say Jones Day lawyers who want the Supreme Court to review the case.

Indian software company chief quits in accounting scandal (International Herald Tribune)
Satyam Computer Services, a leading Indian outsourcing company that serves many of the world's biggest companies, massively inflated its earnings for years, the chairman said, throwing the industry into turmoil.

Accounting changes saves Kingfisher Rs 744 cr (rediff.com)
'But for the change in the method of accounting... the loss for the quarter ended September 30, 2008 would have been more by Rs 129.5 crore (Rs 1.29 billion) and for the half-year ended on that date would have been more by Rs 744.23 crore (Rs 7.44 billion),' chartered accountant B K Ramadhyani & Company said in their report to the board of directors of Kingfisher Airlines.

Kingfisher saves Rs 744 cr; thanks to accounting changes (Business Standard India)
Private carrier Kingfisher Airlines saved close to Rs 744 crore during the six-month period ended September 30, due to some changes in accounting methods, in absence of which the losses sufferred by the Vijay Mallya-promoted company would have been about Rs 1,400 crore.

Kingfisher saves Rs 744 cr; thanks to accounting changes (The Hindu)
NEW DELHI: Private carrier Kingfisher Airlines saved close to Rs 744 crore during the six-month period ended September 30, due to some changes in accounting methods, in absence of which the losses suffered by the Vijay Mallya-promoted company would have been about Rs 1,400 crore.

Most EU banks not using looser accounting rules (AP via Yahoo! News)
Most European banks and blue chip companies are not using looser accounting rules allowing them to revise upward the value of complex investments which depreciated during the financial crisis, EU market supervisors said Wednesday.

Manulife Probed in U.S. Over Tax Accounting, Post Says (Bloomberg)
Jan. 7 (Bloomberg) -- Manulife Financial Corp. , Canada’s biggest insurer, is being probed by U.S. officials over accounting practices in a tax shelter that collapsed during the credit crisis, the National Post reported, citing unidentified people.

Satyam Chief Admits Huge Accounting Fraud (New York Times)
A leading Indian outsourcing company massively inflated its earnings for years, the chairman said.

Few banks and companies have used accounting rule change, EU finds (International Herald Tribune)
Most European banks and blue-chip companies are not using looser accounting rules that would have allowed them to revise upward the value of complex investments, which depreciated during the financial crisis, a group of European Union regulators said Wednesday.

Shelton accounting firm merges with state s largest (Connecticut Post)
Connecticut's biggest home-based accounting and consulting firm got bigger at the start of 2009, after merging with Shelton-based Nishball, Carp, Niedermeier, Pacowta & Co.

Satyam Accounting Scandal Erodes Confidence in India (Update1) (Bloomberg)
Jan. 8 (Bloomberg) -- The accounting scandal that caused Satyam Computer Services Ltd. to collapse yesterday is shaking investor confidence in Indian stocks, putting an end to the market’s best start since 2000.

Deloitte Poll: Nearly Two-Thirds of Executives Anticipate Uptick in Accounting Fraud, Resulting From Down Market (PR Newswire via Yahoo! Finance)
When the economy takes a downturn, fraud increases, according to a recent online poll, conducted by Deloitte. Nearly two-thirds of executives polled expect accounting fraud to increase during the next two years.

Boston Tax Firm Vitale Caturano Is Honored By Accounting Technology As A Technology Pacesetter for 2008 (PRWeb via Yahoo! News)
Boston Tax Firm Vitale Caturano's Technology and Management Consulting Practice Recognized for Its Influence and Involvement in the Accounting Software Community

Satyam Reviewing Finances After $1 Billion False Accounting (Bloomberg)
Jan. 8 (Bloomberg) -- Satyam Computer Services Ltd., India’s fourth-largest software exporter, is assessing its finances after its founder admitted $1 billion of false accounting, triggering a record fall in the company’s stock.

Biovail, staff agree on accounting settlement (AP via Yahoo! Finance)
Canadian drug developer Biovail Corp. says it has agreed with the staff of the Ontario Securities Commission on a settlment of charges of accounting fraud and deceiving investors.