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Accounting News 02/2010



The International Accounting Standards Board has increased the frequency with which it meets its US counterpart, in an ... (eFinancial News)
The International Accounting Standards Board has increased the frequency with which it meets its US counterpart, in an effort to meet a deadline of the middle of next year to create a single set of global standards.

The ‘ayatollah of accounting’ hits back (eFinancial News)
Sir David Tweedie looks at the grubby windows of his office with a wistful smile. The chairman of the International Accounting Standards Board has noticed they still bear the fingerprints of the children he invited in a few months earlier to watch the Lord Mayor of London’s annual show from what is an excellent vantage point, along the parade route just up the road from St Paul’s Cathedral.

Bangladesh Welcomes Free Web Accounting Software (OfficialWire)
NolaPro, the web's premier free accounting suite with over 100,000 users worldwide, has strengthened its Southeast Asian presence by procuring representation in Bangladesh, announced its publisher Noguska LLC.

Sales Harvest Automates Order Import From Network Solutions To Peachtree Accounting (OfficialWire)
Phitech’s innovative software development group, is pleased to announce today the release of Sales Harvest for all Network Solutions ecommerce customers.

No-bid DPS contract angers activists (Detroit Free Press)
A $1-million no-bid contract between Detroit Public Schools and a Washington, D.C.-based company that mass distributes messages to voice, e-mail and text devices has drawn fire from grassroots activists who are demanding a public accounting of spending.

Obama tones down international corporate tax aims  (Reuters via Yahoo! UK & Ireland News)
President Barack Obama appeared to scale back his ambitious plan to close loopholes global companies use when accounting for taxes on profit earned overseas in his 2011 budget blueprint released on Monday.

Economic assumptions in Obama's proposed budget (AP via Yahoo! Finance)
The cost of President Barack Obama's proposed government budget for 2011 is based on several assumptions about how the economy will perform. Gross Domestic Product (GDP) figures are in billions of dollars. Real GDP figures are in percentage change from the previous fourth quarter after accounting for inflation. Inflation is measured as the percent change in consumer prices (CPI) from year to ...

Supreme Court considers accounting oversight panel (Arkansas News Bureau)
As part of its efforts to tighten oversight of internal controls and outside auditors following accounting scandals at Enron Corp., WorldCom and Tyco International, Congress created the Public Company Accounting Oversight Board.

Parents Try To Extort Detailed Accounting Of Wedding Gifts (Dear Abby via Yahoo! News)
DEAR ABBY: Shortly before my wedding, I decided to have my teeth fixed. The dentist quoted me a price of $4,000, which my husband and I could not afford since we were paying for our entire wedding.

Local accounting firm merges with one in Fla. (Montgomery Advertiser)
Carr, Riggs & Ingram announced that it is merging with Florida-based Davis, Monk & Co.

Asia's accounting app market to see double-digit growth (Network World)
The financial accounting applications market in Asia Pacific excluding Japan is forecast to grow at a five-year CAGR of 10.6 percent, rising from US$979.9 million in 2010 to US$1.46 billion by 2014, said IDC Monday.

China financial accounting market to hit US$600 million (Network World)
Research firm IDC says China is leading the financial accounting market in the Asia Pacific excluding Japan (APEJ) region this year with an estimated market share of 42 per cent or US$408.5 million.

Area accounting firm merges (The Gainesville Sun)
By Anthony Clark Business editor Longtime Gainesville accounting firm Davis, Monk & Company has merged with Carr, Riggs & Ingram, one of the largest accounting firms in the Southeast, the companies announced Monday.

Corra Group Conducting Background Checks for Accounting Firms This Tax Season (GlobeNewswire via Yahoo! Finance)
LOS ANGELES -- Corra Group, a worldwide background screening service, has prepared a special background checking package designed to assist accounting and financial firms as they gear up for the tax season.   The special background screening package, called the Certified and Licensed Professionals Packages, offers the series of background checks that accounting firms have requested for their pre ...

ERP Software integrates accounting functions. (ThomasNet)
Engineered for mid-to-large sized building component and batch process manufacturers, DEACOM 12.1 features optimized main menu, which contains all functional areas that are managed in single system, such as purchasing, sales, CRM, inventory control, accounting, and production. Version 12.0 also includes menu sections for frequently accessed forms and reports to minimize number of navigational ...

Indonesia Welcomes Expansion Of Free Web Accounting Software (OfficialWire)
NolaPro ( nolapro.com ), the web's premier free accounting suite with over 100,000 users worldwide, has further strengthened its SE Asian presence by procuring additional representation in Indonesia, announced developer Noguska LLC.

Accounting Franchise Announces Discount Military Veterans Program (dBusinessNews.com)
McLean, VA (February 1, 2010) – BookKeeping Express , the first U.S. franchise focused solely on certified bookkeeping services, has announced it is offering a 20% discount on franchises for qualified military veterans.

Supreme Court considers accounting oversight panel (Arkansas News Bureau)
As part of its efforts to tighten oversight of internal controls and outside auditors following accounting scandals at Enron Corp., WorldCom and Tyco International, Congress created the Public Company Accounting Oversight Board.

Corra Group Conducting Background Checks for Accounting Firms This Tax Season (dBusinessNews.com)
LOS ANGELES -- Corra Group, a worldwide background screening service, has prepared a special background checking package designed to assist accounting and financial firms as they gear up for the tax season.

Politics › Agricultural ministry finds accounting irregularities totaling Y136 mil (Japan Today)
The agricultural ministry said Tuesday its in-house investigation has found 427 cases of improper accounting totaling 103.63 million yen in the five years through fiscal…

Boeing 'restructuring' Seal Beach accounting offices (Long Beach Press-Telegram)
SEAL BEACH - Boeing executives will meet Friday with workers at the company's Seal Beach satellite research and development facility to discuss "restructuring" of its accounting offices, including possible transfers or layoffs.

Isosceles Finance Extend Existing Outsourced Finance, Accounting and Payroll Services to Include Outsourced HR ... (PR Newswire via Yahoo! Finance)
In response to growing customer demand Isosceles Finance , the business accounting and HR consultants, today introduces their outsourced HR service for small and medium companies.

Isosceles Finance Extend Existing Outsourced Finance, Accounting and Payroll Services to Include Outsourced HR ... (ITNews)
STAINES, England, February 3 /PRNewswire/ -- In response to growing customer demand Isosceles Finance ( (link) index.htm ), the business accounting and HR consultants, today introduces their outsourced HR service for small and medium companies.

Intacct Launches Upgraded Online Accounting Program (Small Business Computing)
With Intacct Winter 2010, a cloud-based financial management and accounting solution, adds new dashboard views, automated workflows for employees, an improved multi-dimensional general ledger support and more.

NetSuite and HEIN Partner to Provide Expert Accounting and Regulatory Compliance Solutions From the Cloud (PR Newswire via Yahoo! Finance)
NetSuite Inc., , a leading vendor of cloud computing business management software suites, and HEIN & ASSOCIATES LLP, a leading accounting and advisory services firm, today announced a partnership to provide both public and private companies with a range of customized accounting and regulatory compliance solutions powered by NetSuite's leading cloud computing applications for financials ...

NetSuite and HEIN Partner to Provide Expert Accounting and Regulatory Compliance Solutions From the Cloud (dBusinessNews.com)
SAN MATEO, Calif. and DENVER, Co. — February 3, 2010 — NetSuite Inc., (NYSE: N), a leading vendor of cloud computing business management software suites, and HEIN & ASSOCIATES LLP , a leading accounting and advisory services firm, today announced a partnership to provide both public and private companies with a range of customized accounting and regulatory compliance solutions powered by ...

Supreme Court considers accounting oversight panel (Arkansas News Bureau)
As part of its efforts to tighten oversight of internal controls and outside auditors following accounting scandals at Enron Corp., WorldCom and Tyco International, Congress created the Public Company Accounting Oversight Board.

Kenya : Kengen Accounting Rule Change Sparks Off Debate on Forex Exposure in Power Bills (AllAfrica.com)
Had KenGen adhered to provisions of the International Accounting Standards (IAS) while preparing its financial statements for last year, it would have reported a pre-tax loss of Sh894.6 million.

WHK acquires Bathurst accounting firm in tuck-in transaction (Money Management)
WHK Group has acquired Bathurst-based accounting firm The Right Advice through its member firm WHK (Central West NSW).

Cisco Soars on Accounting Change, Client Upgrades (BillingWorld)
Cisco Systems Inc. ’s (CSCO) fiscal second-quarter earnings came in higher than analysts projected, thanks to two factors – an accounting change and more customer network upgrades.

Global accounting rules may face delays (Reuters via Yahoo!7 News)
NEW YORK (Reuters) - The world's top accountants are warning that plans by the United States to move to global accounting standards are vulnerable to major delays and the process could get very politicized.

Who Says Accounting is Boring? (WebCPA)
A new Web site, AccountingIsBoring.com, seeks to answer the question of who in Twitterland finds accounting boring.

Congressmen seek accounting of AIDS fraud complaints (Washington Post)
Two Republican congressmen who help oversee billions of dollars for people with AIDS are asking the federal government for an accounting of fraud and mismanagement complaints leveled against AIDS programs nationwide.

FirstRand exec to join accounting standards board (Independent Online)
FirstRand Limited has announced that Darrel Scott, the Chief Financial Officer is leaving to join the International Accounting Standards Board as an executive, based in London.

Three Labour MPs and one Tory peer to be CHARGED with false accounting over expenses claims (Daily Mail)
(From left) Labour MPs Jim Devine, Elliot Morley and David Chaytor and Tory peer Lord Hanningfield are to be prosecuted for false accounting under the Theft Act.

MPs and a peer charged with false accounting (Northern Echo)
THREE Labour MPs and a Conservative peer have been charged with offences of false accounting arising from their claims for parliamentary expenses, the Director of Public Prosecutions announced today.

Livingston MP Jim Devine charged with false accounting after expenses claims (The Scotsman)
LIVINGSTON MP Jim Devine has been charged with offences of false accounting arising from his claims for parliamentary expenses along with two other Labour MPs and a Conservati

The four parliamentarians charged with false accounting (Epolitix via Yahoo! UK & Ireland News)
Three Labour MPs and a Conservative peer have been charged with false accounting under section 167 of the Theft Act 1968.

David Chaytor: Expenses claims were an 'accounting error' (The Scotsman)
LABOUR MP David Chaytor will face three charges of false accounting in relation to his expenses claims.

Foundation Software Celebrates 25 Years as Leading Developer of Construction-Specific Accounting Software and Payroll ... (Business Wire via Yahoo! Finance)
CLEVELAND----In 1985, Foundation Software founder Fred Ode started his business with one product and one goal: to build a company that would be a dominant force in the construction accounting software industry.

BAE to pay £30m accounting fine in SFO deal (vnunet.com)
Kevin Reed, Accountancy Age , Friday 5 February 2010 at 16:03:00 UK and US agree groundbreaking deal with BAE BAE Systems will pay £30m and admit to failing to keep reasonably accurate accounting records in relation to its activities in Tanzania, in a ground-breaking deal with the Serious Fraud Office . BAE will admit to the charge in the Crown court, and the £30m will comprise a financial order ...

Lear posts $1.2 billion fourth-quarter net income, fueled by $1.5 billion accounting gain (Crain's Detroit Business)
Lear Corp. posted $1.2 billion in net income in the fourth quarter, driven by a roughly $1.5 billion accounting gain related to its November Chapter 11 bankruptcy exit.

Council, accounting firm to meet this afternoon (The Neosho Daily News)
The Neosho City Council will meet at 4 p.m. today in a special session to discuss hiring a Joplin accounting firm to review city financial records.

Supreme Court considers accounting oversight panel (Arkansas News Bureau)
As part of its efforts to tighten oversight of internal controls and outside auditors following accounting scandals at Enron Corp., WorldCom and Tyco International, Congress created the Public Company Accounting Oversight Board.

DOT Board Reverses Accounting (Georgia Public Broadcasting)
The Board of the Georgia Department of Transportation reversed its decision to change accounting procedures today. Yesterday DOT Board Members were summoned to the capitol where State Senators gave them a verbal reprimand for trying to switch from cash based system to accrued accounting. Such accounting, lawmakers told the board, is illegal and the switch could negatively affect the states bond ...

UCO accounting students to offer tax assistance (The Oklahoman)
EDMOND — Accounting students in University of Central Oklahoma’s College of Business Administration will partner with the Internal Revenue Service’s Volunteer Income Tax Assistance Program to provide free income tax preparation and e-filing in Room 105 of the College of Business Administration Building.The first-come, first-served program is open to low- and moderate-income taxpayers, and to all ...

Three MPs and one peer charged with false accounting (Irish Examiner)
PROSECUTORS charged three MPs and one peer yesterday with false accounting over alleged abuses of the parliamentary expenses system.

Neosho panel hires outside accounting firm (The Joplin Globe)
NEOSHO, Mo. — The Neosho City Council unanimously approved up to a $10,000 contract with a Joplin accounting firm to help untangle the city’s finances.

Congressmen, citing reports of fraud, seek accounting for AIDS funding (News-Medical-Net)
"Two Republican congressmen who help oversee billions of dollars for people with AIDS are asking the federal government for an accounting of fraud and mismanagement complaints leveled against AIDS programs nationwide," The Washington Post reports.

Transportation Board backtracks on accounting vote (Rome News-Tribune)
State Transportation Board member David Doss of Rome expressed frustration Friday after the board voted to rescind a controversial decision regarding its accounting methods. “I’m tired of waiting...