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Accounting News 12/2009



India defies the doubters to set deadline for accounting changes (Financial Times)
The Indian government has pledged to align India's corporate accounting practices with international financial reporting standards within 18 months, defying doubts about the readiness of the country's accounting industry.

Microsoft Dropped Office Accounting: Why the Surprise? (BusinessWeek)
Sure, Microsoft's decision to discontinue its Office Accounting software leaves small businesses in the lurch. Our bad: We should have seen it coming

Salisbury University takes first place in Goodman Accounting Challenge (The Petersburg Progress-Index)
RICHMOND - One of two teams registered from Salisbury University took top honors for the second consecutive year in the final competition of the 2009 Goodman Accounting Challenge, held Nov. 6-7, in Richmond. This year marks the eighth year of the Goodma

Accounting firm notes better record keeping in Comstock Park (The Grand Rapids Press)
The district showed "significant improvements" in record keeping and documentation in fiscal 2008-09 over the previous year, according to an accounting firm.

New Accounting Management Solutions Product, AMS Rapid Diagnostic, Provides Rapid Assessment of Financial Operations (Business Wire via Yahoo! Finance)
WALTHAM, Mass.----Accounting Management Solutions, Inc. , a leading provider of outsourced accounting, financial management, and consulting services for private, public, and nonprofit organizations, today announced the availability of the AMS Rapid Diagnostic™, a comprehensive service used to assess the financial health of organizations and provide a roadmap for moving forward.

Suddenlink Names Chief Accounting Officer (Business Wire via Yahoo! Finance)
ST. LOUIS----Suddenlink Communications today announced that it has hired James B. Fox as Senior Vice President and Chief Accounting Officer, reporting to Mary Meduski, the company’s Chief Financial Officer.

Computer Services, Inc. Partners with BankTEL to Offer Best-of-Breed Accounting Solutions (PR Newswire via Yahoo! Finance)
Computer Services, Inc. , recently announced a strategic partnership with BankTEL®, that allows CSI to provide its customers with the next generation of comprehensive financial accounting solutions.

INDIA DEFIES THE DOUBTERS TO SET DEADLINE FOR ACCOUNTING CHANGES (Accounting Education)
Alexandra Stevenson for the Financial Times is reporting that "the Indian government has pledged to align India's corporate accounting practices with international financial reporting standards within 18 months, defying doubts about the readiness of the country's accounting industry."

Windes & McClaughry Tax and Accounting Partner Appointed Chairman of IRS Subcommittee (PR Newswire via Yahoo! Finance)
Windes & McClaughry Accountancy Corporation, a leading Southern California accounting and consulting firm with 83 years in business, today announced that Brian Yacker will serve as the Chair for the Office of Professional Responsibility Subgroup for the Internal Revenue Service Advisory Council .

CCH Launches CCH Portal, an Application that Facilitates Safe, Secure Document Exchange Between Accounting Firms and ... (Marketwire)
TORONTO, ONTARIO--(Marketwire - Dec. 1, 2009) - CCH , Canada's leading provider of tax, accounting and audit information, software and services, today announced the launch of CCH Portal , a web-based application that allows accounting firms to exchange client documents of any size, confidentially and securely.

EU regulator calls for accounting overhaul (Reuters via Yahoo! UK & Ireland News)
One of the world's top accounting standards setters must be completely overhauled to make it more attuned to stakeholders, a top European Union regulator said on Tuesday.

Suddenlink Names Fox Chief Accounting Officer (MultiChannel News)
Suddenlink Communications has hired James B. Fox as senior vice president and chief accounting officer, reporting to chief financial officer Mary Meduski.

Miss.-based firm opening accounting office in BR (The Advocate)
Published: Dec 1, 2009 - UPDATED: 1:11 p.m. Horne LLP, one of the nation’s 50 largest accounting and advisory firms, announced it’s opening a new office in Baton Rouge.

Little Shell Tribe and State Leaders Argue Over Accounting Procedures (KFBB Great Falls)
HELENA, Mont. - A planned look into state concerns over accounting methods at Montana's Little Shell tribe on Tuesday turned into a tribal dispute over the legitimacy of its government.

San Jose Accounting Firm Changes Name (WebCPA)
Ireland San Filippo, a San Jose-based accounting firm, is being renamed Sensiba San Fillipo.

Vail Valley accounting firm welcomes new tax adviser (The Vail Trail)
Vail Tax & Accounting, a local firm doing business in the valley for 34 years, has added Mark McManis, CPA, to its staff. McManis has more than 30 years' experience in the fields of tax and accounting including holding l positions as a controller, CFO and corporate financial adviser on the Front Range and northwest United States. Additionally, he has owned several successful businesses that ...

EU regulator steps up row on accounting rules (Financial Times)
A senior European Union regulator on Tuesday stepped up the row over the introduction of new global accounting standards in response to the crisis, warning of a split between the US and Europe and calling for an independent review of the global standard-setter.

Sage Recognizes Financial Accounting and CRM Software Reseller from Austin, Texas (PRWeb via Yahoo! News)
Financial accounting and CRM software reseller, Mindover Software, from Austin, Texas, is cited for outstanding customer satisfaction by Sage, developer of Peachtree and other popular business software.

Kofax Provides U.S. National Security and Military Government Accounting Agency with a Document Capture Solution (Business Wire via Yahoo! Finance)
IRVINE, Calif.----Kofax plc , the leading provider of document driven business process automation solutions, today announced that it will provide a U.S. national security and military government accounting agency with a document capture solution.

PRO7 surpasses firearm accounting target (Manila Bulletin)
CEBU CITY – In line with the gun amnesty program that was aimed to account for loose firearms circulating in the country by virtue of the Executive Order 817 or the National Firearms Control Program, Police Regional Office (PRO) 7 has announced that it has not only hit the three percent monthly reduction target but also exceeded the requirement by at least 30 percent.

Executives expect U.S. to mull consumption tax (Reuters via Yahoo! News)
Corporate executives expect a value-added tax to be considered by the U.S. Congress in the next five years, according to a survey by tax and accounting firm KPMG released on Thursday.

Delaney Consulting, LLC Launches "Excellence in Accounting and Finance" Awards (Marketwire via Yahoo! Finance)
ATLANTA, GA--(Marketwire - 12/03/09) - Delaney Consulting, LLC (Delaney(TM)), global financial and executive services specialists, today announced the launch of the "Excellence in Accounting and Finance" award, which will recognize two accounting and finance professionals from the Metro Atlanta area who exemplify ethics and excellence in their profession and who demonstrate exceptional skill ...

Delaney Consulting, LLC Launches "Excellence in Accounting and Finance" Awards (Marketwire)
Annual Awards Recognize Accounting and Finance Leaders of Tomorrow

I.B.I.S., Inc. Named 2009 Technology Pacesetter by Accounting Technology (Business Wire via Yahoo! Finance)
NORCROSS, Ga.----The editors of Accounting Technology are pleased to announce that I.B.I.S., Inc. has been chosen as a Technology Pacesetter for 2009 for the ninth consecutive year.

IASB ISSUES MINOR AMENDMENT TO PENSIONS ACCOUNTING (Accounting Education)
The International Accounting Standards Board (IASB) has issued a minor amendment to its requirements on accounting for pension plans, and separately published for public comment a proposal to amend IFRS 1 First-time Adoption of International Financial Reporting Standards....

Crunch.co.uk takes a bite of accounting world for UK freelancers and contractors (Consultant News)
Aimed specifically at freelancers and contractors, Crunch.co.uk is the UK’s first combined online accounting system and accounting practice.

Accounting graduate students score highest on exam (TCU Daily Skiff)
For the second year in a row, Master of Accounting graduates at the university have achieved one of the highest pass rates in Texas on the Certified Public Accountant exam. In the July-August 2009 test window, university MAc graduates passed the uniform accounting exam at a rate of 71.

Kofax Provides U.S. National Security And Military Government Accounting Agency With A Document Capture Solution (EnterpriseContentManagementConnection-ECM)
Kofax plc, the leading provider of document driven business process automation solutions, recently announced that it will provide a U.S. national security and military government accounting agency with a document capture solution.

Cash Flow Accounting Anomaly And Operating Expense Ratios Create Valuation Uncertainty For Starwood Hotels According ... (Wall Street Transcript via Yahoo! Finance)
67 WALL STREET, New York - December 4, 2009 - The Wall Street Transcript has just published its Travel and Leisure--Airlines, Hotels, Resorts, Cruise Lines, and Restaurants Report offering a timely review of the sector to serious investors and industry executives. This 137 page feature contains expert industry commentary through 25 in-depth interviews with public company CEOs, Equity Analysts ...

‘We’re the CSI of Accounting” (WebCPA)
College students get to do the coolest things and yes, that includes those studying accounting.

League of Women Voters Implements Serenic Navigator, a Microsoft Dynamics Nonprofit Accounting Solution, to Streamline ... (dBusinessNews.com)
Baltimore, Maryland – December 3, 2009 – The League of Women Voters of the United States selected AVF Consulting, a Microsoft Gold Certified partner, to implement Serenic Navigator , a nonprofit accounting solution built on Microsoft Dynamics NAV . The League of Women Voters is a nonpartisan political organization founded in 1920 that encourages informed and active participation in government.

League of Women Voters Implements Serenic Navigator, a Microsoft Dynamics Nonprofit Accounting Solution, to Streamline ... (dBusinessNews.com)
Baltimore, Maryland – December 3, 2009 – The League of Women Voters of the United States selected AVF Consulting, a Microsoft Gold Certified partner, to implement Serenic Navigator , a nonprofit accounting solution built on Microsoft Dynamics NAV . The League of Women Voters is a nonpartisan political organization founded in 1920 that encourages informed and active participation in government.

US Supreme Court To Hear Challenge to Accounting Board (Nasdaq)
WASHINGTON -(Dow Jones)- The U.S. Supreme Court will hear arguments Monday in a case challenging the constitutionality of the 2002 Sarbanes-Oxley accounting law because of how the statute handles appointments to the independent Public Company Accounting Oversight Board.

Insurance group disputes liability accounting proposal (Business Insurance)
NEW YORK—A group representing insurers and reinsurers voiced objections Friday to a paper on measuring insurance company liabilities that the group feels might influence accounting discussions under way between the International Accounting Standards Board and the Financial Accounting Standards Board.

Clark Nuber Promotes New Leader for Accounting Services Group (Business Wire via Yahoo! Finance)
BELLEVUE, Wash.----Winn Richardson was recently promoted to Senior Manager in charge of Clark Nuber’s Accounting Services Group , a division of the firm that provides accounting and consulting solutions to small and medium size businesses in the form of temporary and permanent accounting services, internal control reviews, compliance testing, agreed upon procedures, and general business ...

The Arab Financial and Accounting Forum to be held in Beirut to discuss the 'G20 Resolutions' (AME Info)
Mr. Talal Abu-Ghazaleh, H.E. Mr. Fadi Abboud, Minister of Tourism and Mr. Rafik Zantout, Chairman of 'Confex International' at the press conference.

State: County record keeping falls short (Post-Tribune)
Porter County government could do a better job maintaining the county's financial records starting with a few basic bookkeeping duties, a state agency reported earlier this week. The State Board of Accounts pointed out accounting deficiencies after poring over documents from 2008, including ledgers, receipts and bank statements. On Monday, the State Board of Accounts filed the results of last ...

The Arab Financial and Accounting Forum discusses the G20 Resolutions and their implications (AME Info)
This important Forum, which is to be organized by the CONFEX International s.a.l, will be concurrently held with the annual meetings of the Talal Abu-Ghazaleh & Co. International, Talal Abu-Ghazaleh Legal and the Arab Society of Certified Public Accountants.

Honor Roll / Recognizing the accomplishments of Western New Yorkers (The Buffalo News)
The Alzheimer's Association of Western New York announced award recipients at the organization's 28th annual meeting Nov. 19 in Hearthstone Manor, Depew. The Helen R. Wright Volunteer of the Year award was presented to Kay Newell. For the past five years Newell has been a member of the Memory Walk committee and volunteered both for Blue Moon Galas and in the chapter office as an accounting ...

Another tenant for precinct (Otago Daily Times)
Another tenant was welcomed into the Post Office Precinct on the corner of Camp and Ballarat Sts on Saturday when Deputy Prime Minister Bill English offically opened the new offices of accounting firm WHK Cook Adam Ward Wilson.

After closures, new state bank for Venezuela: Chavez (AFP via Yahoo! News)
Venezuela's government will create a new state-run financial institution out of four private banks that were shut down this week for alleged accounting irregularities, President Hugo Chavez said Sunday.

9. Firms must ensure staff understand new accounting standards (The Star)
KUALA LUMPUR: Companies must ensure their accounting and finance division staff understand the requirements of the Financial Reporting Standard (FRS) 139 which will be implemented effective Jan 1, 2010.

Accounting for Supply Risk Programs (Industry Week)
The strategic question companies need to concern themselves with is how to budget and fund supply risk programs.

Firms must ensure staff understand new accounting standrads (MalaysiaNews.net)
KUALA LUMPUR: Companies must ensure their accounting and finance division staff understand the requirements of the Financial Reporting Standard (FRS) 139 which will be implemented effective Jan 1, 201...

Bridgewater audit shows deficiencies in accounting functions (The Brockton Enterprise)
While the report said the town has “clean audit” for 2008 — a marked improvement over the previous five years — the accounting firm of Roselli, Clark & Associates found the town’s funding for fire, public works, and education last compared to 12 other towns in the state with a similar populations and average annual income. The town came in second to last for funding to police.

Accounting major adds it up: Anthony's Cookies (San Francisco Chronicle)
In a city that takes all things culinary to the next level, Anthony Lucas, 32, is going back to the most basic of basics - perfecting a classic "milk and cookie" experience. Lucas began shilling his cookies and cream, cinnamon sugar, banana walnut and other...

SFO set for Aero Inventory accounting probe (vnunet.com)
Kevin Reed, Accountancy Age , Monday 7 December 2009 at 10:23:00 Aero Inventory's accounting problems set to be delved into by the SFO The black hole in the accounts of collapsed airline parts business Aero Inventory could be the focus of an investigation by the Serious Fraud Office. Its board wants the SFO to look into whether there is a case to answer after the company entered administration ...

Nigeria: Senate and Politics of Accounting Bodies (AllAfrica.com)
There is a growing disquiet within the Accounting profession in Nigeria over the delay in the passage of the Bill on the Institute of Chartered Public Accountants (CPA) and the Chartered Institute of Management and Cost Accountants (CICMA) by the Senate after these Bills scaled through the House of Representatives early this year.

International accounting standards: Why they might not be for us (TechJournal South)
Given up for dead just eight months ago, adoption of international accounting standards still has a pulse. And while that may seem like something for someone else to worry about, adopting the standards would add expense and complexity to U.S. companies' financial reporting.

SunGard hawks tax lot accounting system (Finextra)
SunGard is offering a Cost Basis Reporting Engine, a tax lot accounting solution to help financial services institutions using any back-office system ...