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Accounting News 03/2010



Cedar Rapids school district hires accounting supervisor (The Gazette)
CEDAR RAPIDS — Sherry Luskey joined the Cedar Rapids school district in February as its accounting supervisor. Luskey’s position was created as part of a restructuring of the accounting department in an effort to better segregate incompatible duties to strengthen internal controls.

Companies are making fewer accounting mistakes (USA Today)
In another potential boost to investor confidence, the era of sloppy accounting appears to be ending.

HSBC misses expectations after accounting losses (Reuters via Yahoo! News)
HSBC Holdings missed expectations with a $7.1 billion annual pretax profit as accounting losses masked record investment bank earnings and a late year slowdown in bad debts at its troubled U.S. business.

HSBC misses expectations after accounting losses (The Globe and Mail)
LONDON (Reuters) - HSBC Holdings missed expectations with a $7.1 billion annual pretax profit as accounting losses masked record investment bank earnings and a late year slowdown in bad debts at its troubled U.S. business.

(AFX UK Focus) 2010-03-01 09:05 UPDATE 1-HSBC misses expectations after accounting losses (Interactive Investor)
LONDON, March 1 (Reuters) - HSBC Holdings missed expectations with a $7.1 billion annual pretax profit as accounting losses masked record investment bank earnings and a late year slowdown in bad debts at its troubled U.S. business. Profits by Europe's biggest bank in 2009 were down from $9.3 billion in 2008, missing an expected pre-tax profit forecast of $11.4 billion, according to the average ...

HSBC misses expectations after accounting losses (MalaysiaNews.net)
) missed expectations with a $7.1 billion annual pretax profit as accounting losses masked record investment bank earnings and a late year slowdown in bad debts at its troubled U.S. business.

HSBC misses expectations after accounting losses (The Malaysian Insider)
LONDON, Mar 1 – HSBC Holdings missed expectations with a $7.1 billion (4.68 billion pound) annual pretax profit as accounting losses masked record investment bank earnings and a late year slowdown in bad debts at its troubled US business. Profits by Europe’s biggest bank in 2009 were down from $9.3 billion in 2008, missing an expected pre-tax profit forecast of $11.4 billion, according to the ...

Skilling Asks High Court for New Trial Minus ‘Tar and Feathers’ (Bloomberg)
March 1 (Bloomberg) -- Four years after a Houston jury found Jeffrey Skilling guilty of leading the accounting fraud that drove Enron Corp. into bankruptcy, that signature prosecution victory may be in jeopardy.

CPA Exam Review Courses Equal College Credit for Accounting Students (WebCPA)
Roger CPA Review and Golden Gate University are teaming up to offer accounting students some help they can now take CPA Exam review classes for college credit.

Cedar Rapids school district hires accounting supervisor (The Gazette)
CEDAR RAPIDS — Sherry Luskey joined the Cedar Rapids school district in February as its accounting supervisor. Luskey’s position was created as part of a restructuring of the accounting department in an effort to better segregate incompatible duties to strengthen internal controls. The district also added the position of internal auditor, which was filled by Deb [...]

The Defense Finance and Accounting Service has Deployed Envision Centricity. (ContactCenterWorld.com)
Seattle, United States - March 2, 2010 - Envision Telephony , a global provider of workforce optimization (WFO) solutions for the contact center and enterprise, announced today that the Defense Finance and Accounting Service (DFAS) of the United States federal government, the world’s largest finance and accounting operation, has deployed Envision Centricity at its Cleveland contact center site ...

Powerwave Technologies Announces Change of Accounting for Specified Convertible Debt (Business Wire via Yahoo! Finance)
SANTA ANA, Calif.----Powerwave Technologies, Inc. , a global supplier of end-to-end wireless solutions for wireless communications networks, today announced that it plans to reissue certain of its previously issued financial statements to revise the accounting treatment of its 1.875% convertible subordinated notes due 2024.

CMS Implements Sage Abra HRMS Integrated with Sage MIP Fund Accounting for New York Non-profit (PRWeb via Yahoo! News)
CMS Implements Sage Abra HRMS Integrated with Sage MIP Fund Accounting for New York Non-profit. Connecticut-based Human Resource and Payroll software specialists integrate Sage Abra HRMS and Sage MIP Fund Accounting to help PathStone Corporation eliminate duplicate data entry, improve workflow, and more easily meet regulatory reporting requirements.

Ed officials: Shortfall an accounting error (Lowell Sun)
DRACUT -- State education officials recently cleared the town of violating state laws after local leaders were able to show a school spending shortfall was actually an accounting mistake. In January, The Sun reported that state education officials flagged the town for spending $1.

The Defense Finance and Accounting Service - Cleveland Site (DFAS-CL) Deploys Envision Centricity in Contact Center (Business Wire via Yahoo! Finance)
SEATTLE----Envision Telephony, Inc., a leading global provider of workforce optimization solutions for the contact center and enterprise, announced today that the Defense Finance and Accounting Service of the United States federal government, the world’s largest finance and accounting operation, has deployed Envision Centricity at its Cleveland contact center site .

Accounting students offer free tax preparation (Sioux City Journal)
YANKTON, S.D. -- Mount Marty College accounting students areoffering free income tax preparation for low-incomeindividuals.

New accounting system on hold (Aldergrove Star)
others also read... When the Langley school district hired Deloitte to audit its books, the result ended with a $8.3 million deficit, full of overspending made by accounting errors.

Accounting error means New York Yankees' World Series shares don't set record (ESPN)
A full share for the World Series champion New York Yankees was revised to $350,030 by the commissioner's office after an accounting error was discovered that caused three people to be left off the original distribution list.

Tulare County Workforce Investment Board chief says accounting error to blame in shifting of stimulus funds (Visalia Times-Delta / Tulare Advance-Register)
More than $1 million in federal stimulus funds intended for a summer work program were improperly shifted to help pay the Tulare County Workforce Investment Board's rent and other overhead last year, a state report shows.

Research and Markets: An Essential Report on Accounting Services in the US (Business Wire via Yahoo! Finance)
DUBLIN----Research and Markets has announced the addition of the "Accounting Services" report to their offering.

SEC Sues Verint for Improper Accounting (WebCPA)
The Securities and Exchange Commission has filed a settled civil complaint against Verint Systems, a former subsidiary of Comverse Technology, alleging a fraudulent scheme involving improper accounting practices.

Accounting in the cloud (Mail and Guardian)
The global phenomenon of taking business functions out of the head office and hosting them with third parties in the public cloud has extended to the most sensitive department -- finance and accounting.

FASB ISSUE ACCOUNTING STANDARDS UPDATE NO. 2010-10, CONSOLIDATION: AMENDMENTS FOR CERTAIN INVESTMENT FUNDS (Accounting Education)
The FASB issued Accounting Standards Update No. 2010-10, Consolidation (Topic 810): Amendments for Certain Investment Funds. For many reporting entities (in particular, calendar year companies) these amendments are effective immediately....

SEC APPROVES STATEMENT ON GLOBAL ACCOUNTING STANDARDS (Accounting Education)
The Securities and Exchange Commission has voted to issue a statement that lays out its position regarding global accounting standards and makes clear that the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S investors....

Local CPA firms see steady business despite difficult times (The Toledo Blade)
By HOMER BRICKEY SPECIAL TO THE BIZ INSIDER Despite the recession, most Toledo-area certified public accounting firms serving the business community report that billings are steady, even though cash flow is slower than usual. And partners of those locally owned CPA firms in Toledo and its suburbs say they have picked up clients in recent years that once would have had their audits done by large ...

Audit shows accounting errors at Greenon schools (Springfield News-Sun)
ENON - A state audit released today, March 4, showed several errors in how the Greenon Local School District collected and recorded money for athletic events, including a theft of nearly $3,000 that went unnoticed for some time.

Accounting students prepare income tax returns for free (Muleskinner)
To those who aren't accounting majors, income tax return forms can look like some sort of alien code, complete with dozens of different boxes, letters and numbers. However, the accounting department at UCM is here to help out. The Voluntary Income Tax Assistance program (VITA) is in full swing as of Wednesday, Feb.

Accounting and tax news round up (ShareChat)
Huljich steps down as the managing director and chief investment officer at Huljich Wealth Management this week after a board review of the company's operations with KiwiSaver funds and NetProphet reporter Rob Hosking goes to the Penny and Hooper case at the Court of Appeal reporting on what went on in court as we await the outcome of the deliberations.

Former professor of accounting Higley dies (The Tack)
By: Carly Evans Former BVU accounting professor, Wayne Higley, passed away on Sunday. Higley was 78 years old and resided in Storm Lake....

Crown Prince of White-Collar Convicts May Go Free: Ann Woolner (Bloomberg)
March 5 (Bloomberg) -- In the rash of white-collar prosecutions that followed the rash of accounting scandals in 2001 and 2002, no conviction was as welcome as those of Enron Corp.’s top two executives.

Consumer, labor advocates oppose smart natural gas meter plan (The Press-Enterprise)
Consumer and labor advocates are striving to block a Southern California Gas Co. plan to install "smart" meters in all its customers' homes and businesses that would give a daily accounting of each one's natural gas consumption, with the aim of promoting conservation.

Staff members at accounting firm tee off during break from tax work (Reading Eagle)
The first hole in this executive mini-golf course falls from a carpeted tee to a broad fairway of office cubicles. From there, players have to putt around a tricky hazard: an accountant deep into tax season.

Should We Put A Dollar Value On Nature? (Time Magazine)
In many countries nature is quickly sacrificed for wealth creation. But there is a cost to this loss and ignoring it, some experts contend, is "bad accounting."

Accounting misdeeds haunt nonprofits (Everett Herald)
SACRAMENTO, Calif. — Nonprofit groups are paying a price for the corporate and accounting misdeeds of Enron, Tyco International and others nearly a decade ago.

Sturgeon Bay native Heather Hafeman becomes accounting firm partner (Door County Advocate)
Heather Hafeman became a partner in the Strom Ballweg Accounting Firm in Madison Jan. 1. Hafeman is a certified public accountant with more than 11 years of experience in public accounting. She specializes in serving insurance entities.

Journalistic Shoplifting (New York Times)
The Times owes its readers a full accounting of its investigation into a former reporter accused of plagiarism.

Forbes praises free markets at Richmond Forum (Richmond Times-Dispatch)
Free markets work, governments, not so well, two-time presidential hopeful Steve Forbes told The Richmond Forum last night. Joking that he planned to bore the sell-out crowd at the Landmark Theater with monetary policy, accounting issues and the importance of the rule of law, Forbes said capitalism and free markets are the answer to the nation’s current troubles.

Mover: Scott Robinson (Pioneer Press)
What is your new title? Vice president, corporate controller and chief accounting officer for Imation, Oakdale.

At Westminster, world unlocked by 'integration' (The Salt Lake Tribune)
Once upon a time, students taking college-level business courses typically focused solely on such fields as marketing, finance or accounting. An accounting major really didn't worry about what went on in marketing -- and vise versa.

Accounting misdeeds haunt nonprofits (Everett Herald)
SACRAMENTO, Calif. — Nonprofit groups are paying a price for the corporate and accounting misdeeds of Enron, Tyco International and others nearly a decade ago.

Search FT.com (Financial Times)
Proposed changes to international accounting standards will accelerate the pace at which corporate pension schemes are selling out of equities and closing to further accrual by existing members, consultants believe.

Roger Barry seeking nomination for treasurer (Logan Herald-Observer & Woodbine Twiner)
Primary elections are right around the corner and the race for the title of Harrison County Treasurer may be crowded, including Woodbine’s Roger Barry, owner of R.L. Barry Accounting.

Indian ADRs gain $8 bn in a week (Business Standard India)
Indian stocks trading on American bourses together added $8 billion to their cumulative market capitalisation, with IT bellwether Infosys Technologies and private sector lender ICICI Bank accounting for $3 billion of the total gains.

IFRS will change accounting practice for Financial Assets (Business Standard India)
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial asset is cash, equity shares issued by another entity, and a contractual right to receive cash or another financial asset. A derivative instrument is recognised either as an asset or a liability depending on whether the price of the ...

People & Places for March 8 (Richmond Times-Dispatch)
ON THE MOVE ACCOUNTING Orlando Tranlam is a staff accountant at Meadows Urquhart Acree & Cook. He will provide tax services to individual, corporate and nonprofit clients. He was formerly with CarMax. He earned his bachelor’s degree in accounting and finance from Virginia Commonwealth University. Sara C. Applegate is an accounting associate at Harris, Hardy & Johnstone. She will focus on ...

MoD budget row centred on resource accounting (Accountancy Age)
Serious differences between the Ministry of Defence and the Treasury over resource accounting reforms have emerged at the heart of rows over spending involving defence chiefs threatening to resign.

Accounting Management Solutions Offers Nonprofits Easy Access to UPMIFA Expertise (Marketwire)
WALTHAM, MA--(Marketwire - March 8, 2010) - Accounting Management Solutions, Inc . (AMS), a leading provider of outsourced accounting, financial management, and consulting services for private, public, and nonprofit organizations, today announced that the company is offering a variety of expert support options for nonprofit organizations and CPAs who need help dealing with the Uniform Prudent ...

Relevant Links (AllAfrica.com)
The Banking sub-sector was the most active in the week under review, accounting for 59.77 per cent of the market turnover, with 1.04 billion shares valued at N11.12 billion in 17,717 deals.

Roger Barry seeking nomination for treasurer (Logan Herald-Observer & Woodbine Twiner)
Primary elections are right around the corner and the race for the title of Harrison County Treasurer may be crowded, including Woodbine’s Roger Barry, owner of R.L. Barry Accounting.

Globalization Key Focus of Accounting Association That Taps Wolf & Company CEO, Daniel P. DeVasto, To Fill Board ... (PR Newswire via Yahoo! Finance)
Wolf & Company, P.C. of Boston is pleased to announce that Daniel P. DeVasto President and Chief Executive Officer, has been appointed Chairman of the Board of Directors of PKF North America for 2010. Â