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Accounting News 08/2009



Accounting change set for Witherell (Greenwich Time)
The town is changing its accounting system for the Nathaniel Witherell nursing home -- which recently reported a profit for the last fiscal year, only the second time in its 100-year-plus history --

3 Huron execs resign over accounting missteps (Chicago Tribune)
Consulting firm announces it will restate financial results for the past 3 fiscal years Chief Executive Gary Holdren and two other top executives are resigning from Chicago-based management consultancy Huron Consulting Group as the company announced Friday it is restating financial statements for three fiscal years.

Huron CEO, CFO leave over accounting scandal; shares plunge (Crain's Chicago Business)
(Reuters) - Huron Consulting Group Inc's entire top management team is departing and the company will be forced to restate more than three years of results, slashing its profits by almost half, because of an accounting scandal. Shares of the company, which says it provides consulting services ...

Slidell recognized for financial reporting, accounting practices (St. Tammany News)
The city of Slidell’s Finance Department received the Certificate of Achievement by the Government Finance Officers Association for its comprehensive annual financial reporting.

Cost accounting norms to be in tune with IFRS (Business Standard India)
It is not just Indian accounting standards, which would converge fully with the International Financial Reporting Standards (IFRS) by 2011, but cost accounting standards (CAS) would also need to be in tune with the global model.

Countplus buys stake in accounting firm (Sydney Morning Herald)
Count Financial Ltd says it wholly owned subsidiary Countplus Pty Ltd has bought a cornerstone stake in an accounting and financial planning firm for $585,586.

Slidell recognized for financial reporting, accounting practices (St. Tammany News)
The city of Slidell’s Finance Department received the Certificate of Achievement by the Government Finance Officers Association for its comprehensive annual financial reporting.

Cost accounting norms to be in tune with IFRS (rediff.com)
The Institute of Cost and Works Accountants of India, the apex body to regulate the profession of cost accountants, is working out the impact of IFRS on costing principles. The ICWAI has taken this initiative at the behest of the International Federation of Accountants, the global organisation for the accountancy profession, which is for the first time addressing costing and has come out with ...

Law Firms Weigh Shareholder Claims Against Huron (New York Times)
Two law firms are investigating potential shareholder claims against Huron Consulting Group concerning possible securities violations after the company disclosed an accounting scandal Friday.

Sting in accounting tail for Argo Investments (The Age)
Argo Investments has reported its second-largest operating profit, but new accounting standards have forced it to report $205 million in unrealised losses after the value of equity investments fell in the recent sharemarket crash.

KPMG Foundation Marks 15th Year of Minority Accounting Doctoral Scholarship Program With Awards of $390,000 to Scholars (PR Newswire via Yahoo! Finance)
The KPMG Foundation is marking the 15th anniversary of its Minority Accounting Doctoral Scholarship program by announcing today it has awarded a total of $390,000 in scholarships to 39 minority doctoral scholars for the 2009 - 2010 academic year.

East Africa: Accounting Practice Set for Major Review (AllAfrica.com)
Nairobi — Accounting standards across the globe are to undergo a major review following the financial crisis that has hit the world.

Scientists Open Doors To Diagnosis Of Emphysema (redOrbit)
EMBL development may provide powerful new test for inflammatory lung diseasesChronic inflammatory lung diseases like chronic bronchitis and emphysema are a major global health problem, and the fourth leading cause of death and disability in developed countries, with smoking accounting for 90% of the risk for developing them.

Huron Consulting Shares Plummet Amid Accounting Scandal (Fox News)
Shares of Huron Consulting Group (HUR) lost more than two-thirds of their market value and plunged to 52-week lows Monday morning amid an accounting scandal that forced the exit of the company’s management team.

Huron Consulting loses senior management after accounting ‘errors’ (Accountancy Age)
US management consulting group Huron has seen its share price plummet 69% after the uncovering of accounting errors led to the departure of the chief executive and CFO.

We didn't mean to politicise accounting, says US finance committee (Accountancy Age)
A peak US financial committee said it didn't mean to politicise accounting standards when it leaned on the US standard setter to change its fair value rules.

Huron should be last firm with accounting woes (Chicago Tribune)
For a firm born with a scarlet letter -- "A" for Arthur Andersen -- on its lapel, Huron Consulting should have been the very last to get into an ethically compromised accounting fix.

GOODWILL ACCOUNTING AND MFI, PART 1 (Guru Focus)
Goodwill is an accounting concept anyone who has investigated financial statements has likely encountered. This 2-part "mini-series" of articles will describe what goodwill is, how it is accounted for, and how it is largely ignored by the Magic Formula screening strategy, sometimes unfortunately for investors. This first article will concentrate on what goodwill is and how it is accounted for. ...

SLED chief calls accounting records a joke (NBC 26 Augusta)
There's a controversy over the South Carolina State Law Enforcement Division budget, with SLED Chief Reggie Lloyd calling the accounting records of his predecessor ``a joke.''

SEC charges GE with accounting fraud (CNN Money)
The Securities and Exchange Commission on Tuesday filed a suit against General Electric claiming that it reported false results in its financial statements.

GE Settles Derivatives Accounting Issues With SEC (Fox News)
GE Settles Derivatives Accounting Issues With SEC

GE pays 50 mln dlrs to settle accounting fraud probe (AFP via Yahoo! News)
General Electric Co. agreed to pay 50 million dollars to settle a probe into allegations it misled investors by manipulating financial statements, regulators announced Tuesday.

(AFX UK Focus) 2009-08-04 15:55 FDIC's Bair-new accounting rules provoke heartburn (Interactive Investor)
WASHINGTON, Aug 4 (Reuters) - U.S. regulators on Tuesday said they harbor serious concerns about the timing of new accounting rules that could force banks to move more assets onto their books. Sheila Bair, chairman of the Federal Deposit Insurance Corp, said the timing of the implementation of the so-called off-balance-sheet rules "gives me some heartburn" and could hamper the recovery of the ...

G.E. Agrees to Pay $50 Million Accounting Fine (New York Times)
The company agreed to pay the civil penalty to settle charges that it had misled investors with some fraudulent accounting in 2002 and 2003.

General Electric Settles SEC Accounting Probe (TheStreet.com)
General Electric on Tuesday said it settled four separate accounting matters with the Securities and Exchange Commission, paying a fine of $50 million.

GE fined after accounting probe (BBC News)
General Electric will pay a fine of $50m after being accused of improper accounting in order to make its results look better.

General Electric charged in accounting fraud (USA Today)
The Securities and Exchange Commission on Tuesday charged General Electric with committing accounting fraud spanning several years.

SLED chief: Old accounting system 'a joke' (The Times and Democrat)
CHARLESTON, S.C. (AP) — There’s a controversy over the South Carolina State Law Enforcement Division budget, with SLED Chief Reggie Lloyd calling the agency’s old accounting system “a joke.”

GE to pay $50 million to settle accounting allegations (Los Angeles Times)
The SEC says the company bent the rules to make its financial results appear more attractive to investors. General Electric Co. will pay a $50-million civil penalty to settle charges by the Securities and Exchange Commission accusing the conglomerate of improper accounting to make its financial results appear more attractive to investors.

Improper accounting nets penalty for GE (Tulsa World)
General Electric Co. will pay a $50 million civil penalty to settle charges by the Securities and Exchange Commission accusing the conglomerate of improper accounting in order to make its financial results ...

United Biscuits Partners with Genpact to Optimize its Finance & Accounting Operations (Business Wire via Yahoo! Finance)
NEW YORK & GURGAON, India----Genpact , a leader in the globalization of services and technology and a pioneer in managing business processes for companies around the world, today announced it has been awarded a five year contract to provide multiple finance and accounting services for United Biscuits , a leading European manufacturer and marketer of biscuits, cakes and snacks.

Judge extends time for DBSI accounting inquiry (AP via Yahoo! Finance)
A federal judge agreed to give an investigator more time to scrutinize the past transactions and accounting records of DBSI Inc., the Idaho-based real estate company accused of defrauding hundreds of investors nationwide.

Judge extends time for DBSI accounting probe (Argus Observer)
BOISE (AP) — A federal judge on Tuesday agreed to give an investigator more time to scrutinize the past transactions and accounting records of DBSI Inc., the Idaho-based real estate company accused of defrauding hundreds of investors nationwide.

Broadway Producers Sentenced for Accounting Fraud (WebCPA)
Garth Drabinsky, a theater impresario who brought Ragtime, Kiss of the Spider Woman, and a revival of Showboat to the Broadway stage, has been sentenced to seven years for accounting fraud.

Tidwell forms accounting firm (Montgomery Advertiser)
Barry Tidwell, formerly a managing principal in the Reznick Group accounting firm, announced he has opened the Tidwell Group, an accounting and business advisory firm.

Greenberg agrees to settle SEC charges on AIG accounting (CNNMoney.com via Yahoo! Finance)
Maurice "Hank" Greenberg, former chief executive of American International Group, has agreed to pay $15 million to settle charges related to an accounting scandal, the Securities and Exchange Commission said Thursday.

Accounting error results in $5.6 million reserve (WRIC 8 News Richmond)
Associated Press - August 7, 2009 4:05 AM ET FREDERICKSBURG, Va. (AP) - An accounting error within the Stafford County school system resulted in a $5.6 million surplus that went unnoticed for...

South Africa: Accounting Proposals Will Simplify Financial Statements ... (AllAfrica.com)
Johannesburg — NEW proposals on accounting for financial instruments will help investors and other stakeholders understand financial statements.

MOF drafts international accounting standards roadmap (People's Daily)
China's Ministry of Finance (MOF) has drafted a road map for the country to adopt international accounting standards, and the Ministry will solicit public opinions on the draft at a later time, Shanghai Securities News said today. The road map will make clear the principals, content, procedure and timeline for the Chinese accounting standards to follow the international standards "in a ...

City accounting, consulting firm looks to expand (Fort Wayne News-Sentinel)
A Fort Wayne accounting and consulting firm wants to build a $1.9 million headquarters on Illinois Road, creating five jobs with an annual salary of $50,000.

Accounting error ends in $5.6M reserve (WAVY TV 10 Portsmouth)
FREDERICKSBURG, Va. (AP) - An accounting error within the Stafford County school system resulted in a $5.6 million surplus that went unnoticed for two years.

SEC Charges Hank Greenberg and Howard Smith for Roles in Alleged AIG Accounting Violations (Kansas City InfoZine)
The Securities and Exchange Commission charged former American International Group Chairman and CEO Maurice "Hank" Greenberg and former Vice Chairman and CFO Howard Smith for their involvement in numerous improper accounting transactions that inflated AIG's reported financial results between 2000 and 2005.

Colonial BancGroup says feds conducting criminal investigation over accounting irregularities (Minneapolis-St. Paul Star Tribune)
MONTGOMERY, Ala. - Colonial BancGroup says it is under criminal investigation by the Department of Justice over alleged accounting irregularities at its mortgage warehouse lending unit.

Montgomery-based Colonial BancGroup faces criminal probe for alleged accounting irregularities (Mobile Press-Register)
Colonial BancGroup said this morning it is under investigation by the federal Department of Justice centered on its mortgage warehouse and alleged accounting problems there.

Colonial Banc Group says it faces criminal investigation on its accounting (Sun-Sentinel)
Colonial BancGroup said Friday it is under criminal investigation by the Department of Justice over alleged accounting irregularities at its mortgage warehouse lending unit.

Former AIG Execs to Pay $16.5M for Accounting Violations (WebCPA)
Former American International Group chairman and CEO Maurice Hank Greenberg and former vice chairman and CFO Howard Smith have agreed to pay $15 million and $1.5 million, respectively, to settle SEC charges that they were involved in improper accounting transactions that inflated AIG s financial results between 2000 and 2005.

Huron Shareholders Sue over Accounting Scandal (WebCPA)
Huron Consulting Group, a consulting firm set up by a group of former Arthur Andersen partners, is now facing a series of shareholder class-action lawsuits after admitting last week to accounting irregularities.

Freddie Mac Swings To 2Q Profit On Accounting Adjustments (Nasdaq)
Freddie Mac (FRE) swung to a second-quarter profit on accounting adjustments and gains while the mortgage financier, which was placed under conservatorship in September to prevent its potential implosion, said it did not need more federal funds at this time.

Rebecca has world’s highest marks in Accounting test (The Star)
JOHOR BARU: While most fuss and grumble when it comes to numbers, 19-year-old Rebecca Ruphini Vincent, who scored the highest marks in the world in her Accounting B paper, modestly said it was because she had “a thing” for numbers.

Audit: Kazanjian's 2007 campaign had accounting errors (Lowell Sun)
LOWELL -- An audit of City Councilor Alan Kazanjian's 2007 election campaign by the state's Office of Campaign and Political Finance revealed a handful of accounting discrepancies, including the failure of the campaign to disclose two contributions and the inaccurate disclosure of receipts of $50 or less.