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Accounting News 05/2009



Exciting new take on Chartered Accounting (Scoop.co.nz)
Elevate CA Limited have launched in Whangarei and Auckland. “Elevate CA is an exciting new take on the Chartered Accounting business”, says director Rebecca Brennan.

Interim City Finance Director makes changes in accounting, control procedures (Fernley Leader)
FERNLEY--Interim City Finance Director Susan Fairfield addressed issues where the city had been deficient in its accounting and control procedures, and thus made changes in a number of areas.

Accounting Standards Board levels playing field on determining value of financial instruments (Investment Executive)
Following a special meeting, the Accounting Standards Board (AcSB) confirmed Thursday that “the recent U.S. guidance on determining the fair value of financial instruments is consistent with Canadian standards.”

Practical accounting principles for private enterprises (CNW Group via Yahoo! Finance)
On April 29, The Canadian Accounting Standards Board released its long awaited Exposure Draft on Generally Accepted Accounting Principles for Private Enterprises, recognizing that 'one size fits all' does not necessarily meet the needs of all private companies.

Accounting Standards Board levels playing field on determining value of financial instruments (Investment Executive)
Following a special meeting, the Accounting Standards Board (AcSB) confirmed Thursday that “the recent U.S. guidance on determining the fair value of financial instruments is consistent with Canadian standards.”

Accounting Changes Boost Hartford's Books (Washington Post)
The Hartford's $1.2 billion first-quarter loss would have been a lot worse if the struggling insurance giant hadn't changed the way it keeps its books.

Cindy Heath with Five Star Staffing & Accounting Recruiters Named 2009 HR & Staffing Impact Leader (dBusinessNews.com)
RALEIGH , NC – Cindy Heath, Principal, Five Star Staffing & Accounting Recruiters, a responsive staffing firm focusing on Administrative and Accounting placements in the Triangle, has been named one of the 2009 Business Leaders Media's HR & Staffing Impact Leader.

Boards Try to Reconcile Lease Accounting Standards (WebCPA)
The Financial Accounting Standards Board and the International Accounting Standards Board are working together on resolving the knotty problems involved in lease accounting.

How Finder's Fees Work, Accounting-Wise (BusinessWeek)
First, decide if it's a percentage of the transaction or a flat fee. Then consider your industry and payout frequency to determine classification

World of Accounting conference attracts future accountants (Rochester Democrat and Chronicle)
Accounting can be a rewarding profession, local CPAs shared with high school students Friday.

Management Accounting Think Tank to Confer in Dubai (PR.com)
The ripples from the economic downturn are either being felt or anticipated at organisations across the GCC, which has had considerable ramifications for management accounting professionals. With this in mind, IIR Middle East is delighted to present you with details of a brand new forum, which will provide a formula to your company's future success. [PR.com - October 21, 2008]

Sparta accounting firm to be honored for its charity work (New Jersey Herald)
James Caristia, managing partner of accounting office Caristia, Kulsar & Wade in Sparta, has a dozen or more stories about his firm's charitable foundation and all it has accomplished in the county, from providing a custom-built wheelchair for a local teen to assisting a debilitatingly injured local veterinarian with her rehabilitative surgery costs.

Audit cites holes in accounting by water department (Jacksonville Patriot)
An audit performed for Jacksonville Water Department revealed a potential for fraud but with newly recommended controls that possibility could lessen, a certified public accountant says.

Q & A with an accounting student (The Des Moines Register)
Q. Why did you choose to study accounting?

Accounting standards - where is the honesty? - community blog from Stanley Epstein (Finextra)
Accounting standards - where is the honesty? Once again I am appalled by the banks. Here we are, all in the midst of the worst financial crisis of the past seventy years, brought on by the greed and stupidity of the banking community and what are the banks doing?

Bridging the GAAP: FASB chairman digests possible changes to accounting rules (BizJournals)
A few weeks ago, Federal Accounting Standards Board Chairman Robert Herz spent a few days visiting Wake Forest University. While on campus, he met with students and faculty, but also gave a public lecture on the convergence of U.S. Generally Accepted Accounting Principles, or GAAP, with International Financial Reporting Standards, or IFRS.

Intacct and CPA2Biz Launch New Program and Product to Help CPA Firms Transform Client Accounting Practices (Marketwire via Yahoo! Finance)
Intacct, a leading provider of on-demand financial management and accounting applications, and CPA2Biz, a subsidiary of the American Institute of Certified Public Accountants, today announced the launch of the new Intacct Accountants Program. This groundbreaking new program, available exclusively through CPA2Biz, will help CPA firms deepen their role as a trusted business advisor, transform ...

Pacific Asia Petroleum Ranked in the Top 3% of Companies for Its Conservative Accounting and Governance Risk, Report ... (GlobeNewswire via Yahoo! Finance)
HARTSDALE, N.Y., May 4, 2009 -- Pacific Asia Petroleum, Inc. is rated amongst the top 3% of companies reviewed as to their accounting and governance risk, as reported by the Forbes Magazine "100 Most Trustworthy Companies" audit firm.

United Insurance hires accounting firm McGladrey & Pullen (Business Journal of Tampa Bay)
The audit committee of the board of directors of United Insurance Holdings Corp. engaged McGladrey & Pullen LLP as the company’s independent public accounting firm.

VR Charlotte Retained by Large Accounting Firm Interested in Expansion (PR Newswire via Yahoo! Finance)
VR Mergers & Acquisitions Charlotte announced today it has been retained by a well established certified public accounting firm who is interested in acquiring additional professional accounting firms in the Carolinas.

Grossinger Named Assistance Vice President Accounting at TopLine Federal Credit Union (Business Wire via Yahoo! Finance)
MAPLE GROVE, Minn.----Judy Grossinger has been promoted to assistance vice president of accounting at TopLine Federal Credit Union. Grossinger, who joined the credit union in 1999, has many years of experience in accounting and finance.

ACCOUNTING STANDARDS BOARD ANNOUNCES DECISION REGARDING FAIR VALUE ACCOUNTING STANDARDS AND IMPAIRMENT OF DEBT ... (Accounting Education)
The Accounting Standards Board (AcSB) confirmed, following a special meeting, that the recent US guidance on determining the fair value of financial instruments is consistent with Canadian standards.

Monthly accounting system to give businesses power over credit rating (Daily Telegraph)
Businesses will be able to prove to banks and insurers that they remain viable under a groundbreaking deal struck by a leading credit reference agency.

Get Peachtree Accounting Pro 2009 for free (CNET)
Staples wants to borrow $140 from you for 4-6 weeks. If you'll agree to the loan, they'll give you this full-featured accounting package absolutely free. For keepsies.

Regulators Didn't Challenge Freddie's Accounting (SmartPros Accounting)
April 30, 2009 (Associated Press) WASHINGTON - An outside investigator early last year told regulators that Freddie Mac failed to properly document interest rate bets, but the government didn't challenge the mortgage finance company's accounting practices.

Lease Accounting: Changes the IT Industry Should Know (BillingWorld)
The Financial Accounting Standards Board (FASB) is a private sector organization funded by corporations — not the government — and overseen by the Securities and Exchange Commission. Its mission is to develop Generally Accepted Accounting Principles (GAAP), which all public companies must follow.

Wyoming changes accounting methods to move losses (KIFI Idaho Falls)
Associated Press - May 4, 2009 7:25 PM ET CHEYENNE, Wyo. (AP) - State Treasurer Joe Meyer has changed Wyoming's accounting rules to start counting recent losses from stocks and other sour...

U.S. Accounting Services to Exhibit at 2009 Business Expo (dBusinessNews.com)
RALEIGH, N.C. (May 5, 2009) – U.S. Accounting Services, Inc., a growing provider of customized accounting services to right business, will be an exhibitor at the 2009 Business Expo on May 7, 2009. Hosted by the Greater Raleigh Chamber of Commerce, the 2009 Business Expo will take place from 9:30 a.m. to 5 p.m. in the Jim Graham Building at the N.C. State Fairgrounds.

CUSI Implements Utility Billing Software Integrated with Sage MIP Fund Accounting for Texas Utility (PRWeb via Yahoo! News)
CUSI Implements Utility Billing Software Integrated with Sage MIP Fund Accounting for Texas Utility. Integrated Utility Billing and Accounting Generates Quick Returns for Brushy Creek Municipal Utility District.

Banks face profit hit if accounting rules adopted (The West Australian)
Australian banks may suffer a big hit to profits from the middle of next year if the nation’s accounting standards for bad debt provisioning follows a US ruling that bases provisions on expected custo

Patni's Asset Management Practice Introduces Outsourced Operational Fund Accounting Service (Business Wire via Yahoo! Finance)
CAMBRIDGE, Mass.----Patni Computer Systems , a leading global IT and BPO services provider, today announced an Operational Fund Accounting Service designed to alleviate the challenges of back office operations that buy-side firms face on a daily basis.

Wyoming changes accounting methods to move losses (AP via Yahoo! Finance)
State Treasurer Joe Meyer has changed Wyoming's accounting rules to count recent losses from stocks and other sour investments against the value of the state's permanent funds rather than allow the losses to reduce the state's calculation of annual investment income.

Accounting firm Plante & Moran lays off 80 employees (Crain's Detroit Business)
Bill Hermann, the managing partner at Southfield-based Plante & Moran P.L.L.C., confirmed Tuesday that the accounting and consulting firm laid off about 80 employees last Thursday.

St. Louis Accounting Firms Merge (WebCPA)
Local accounting firms Conner Ash and the SPS Group CPAs met in St. Louis, danced the hoochee koochee, became each other s tootsee wootsie, and have now announced a merger.

Freddie Pressured Over Accounting Disclosure (Washington Post)
When Freddie Mac privately suggested to regulators last month how it planned to account for its mounting losses, the mortgage giant set off a firestorm.

India Government Plans To Adopt Accrual-Based Accounting In 5 Yrs (Nasdaq)
NEW DELHI -(Dow Jones)- The Indian government plans to adopt accrual-based accounting within five years, migrating from its current cash-based accounting system, the finance ministry said Wednesday.

South Africa: 'Keep Politics Out' of Accounting Rules (AllAfrica.com)
Johannesburg — THOSE who set global accounting standards should work effectively with stakeholders to avoid political interference, says an audit expert at Ernst & Young.

Accounting Center established for small and medium enterprises in Armenia (PanARMENIAN.Net)
146 legal entities attended the newly established Accounting Center between January 26 and May 4.

Centre to adopt accrual basis accounting in five years (Business Standard India)
The government is planning to shift to a system of accounting where transactions are recorded in the books even if cash changes hands later, in five years.

World's No 1 accounting standards-setter is in town (The Edge Daily)
IF we ask most Malaysians whether the name Sir David Tweedie rings a bell, many would reply in the negative. Even if they are told that he is the chairman of the International Accounting Standards Board (IASB), the gravity of his role would escape the majority.

Govt to adopt new accounting system (The Hindu)
NEW DELHI: The Centre is planning to shift from cash to accrual-based system of accounting within five years under which transactions are recorded in the books even before cash actually changes.

Centre to adopt accrual-based accounting in five years (Express India)
In a major overhaul of its accounting system, the government is planning to shift in five years' time to a method of accounting where transactions will be recorded in the books even if cash changes hands later.

Centre to shift to modern accounting system (The Times of India)
Nearly five years after the 12th Finance Commission recommended an accrual-based accounting, the Centre has finally decided to shift to the modern accounting system.

Fair value accounting – making it work (The Star)
THE financial landscape will be irrevocably changed once fair value accounting or mark-to-market accounting via FRS139 Financial Instruments: Recognition and Measurement comes into force in Malaysia on Jan 1, 2010.

Flotek Industries Announces Appointment of Scott D. Stanton as Chief Accounting Officer and Vice President of Finance (PR Newswire via Yahoo! Finance)
Flotek Industries, Inc. , a technology driven growth company serving the oil, gas, and mining industries, appointed Scott D. Stanton as the company's Vice President of Finance and Chief Accounting Officer on May 6, 2009.

EU's McCreevy says accounting body clash over crisis  (Reuters via Yahoo! UK & Ireland News)
Accounting standard setters cannot ignore European Union finance ministers calling for swift action to amend rules to ease the impact of the financial crisis, a top EU official said Thursday.

CFO Rick Belgarde of San Francisco Chosen to Manage Journeyfilm's Accounting Needs (Marketwire via Yahoo! Finance)
CFO Rick, an accounting services firm dedicated to start-up organizations in the Bay Area, announced that it has been hired by Journeyfilm, an outdoor adventure film company, founded by filmmaker JB Benna in 1999.

Grey's Anatomy Star's Divorcing Husband Accuses Accounting Firm (WebCPA)
The estranged husband of actress Kate Walsh has filed papers asking a judge to force her accounting firm to produce more financial information about her and their home.

HEALTH CARE: AMN reports $122M loss amid accounting charge and falling revenue (North County Times)
North County Times CARMEL VALLEY ---- AMN Healthcare Services Inc. said it lost $122 million in the first quarter amid falling revenue and a large accounting adjustment.

4 With Ties to Ernst & Young Guilty of Tax Fraud (New York Times)
Four current and former partners of the Ernst & Young accounting firm were found guilty Thursday of fraud involving tax shelters that helped wealthy people evade income taxes.