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Accounting News 04/2010



Accounting Software Changes Help SMEs Beat the Recession
With the recession still hitting many firms, business owners are paying much more attention to detailed analysis of their business performance, accordingly Accomplish Ltd has updated the simplest accounting software around to do just that "provide more detailed management reports, and thus allow much closer control of costs and profit margins".

Fitch Report: Demystifying Recent Accounting Pronouncements and the Effect on Credit Ratings
CHICAGO----Several recent accounting pronouncements provide enhanced disclosure and transparency that can reveal early warnings relating to corporate cash flows and liquidity, according to a Fitch Ratings report.

Richburg fire district audited for inadequate accounting
RICHBURG - The Richburg-Wirt Fire District failed to maintain an adequate accounting system and hasn’t filed a required annual report since April 2003 according to an audit report published by the New York State Comptroller’s Office.

Accounting firms in O.C. and L.A. merge
Irvine CPA firm Caporicci & Larson has agreed to merge with Stonefield Josephson in Los Angeles. Terms of the deal were not disclosed. Caporicci & Larson, founded in Santa Ana in 1989, specializes in governmental accounting, auditing and advisory...

Madoff Trading Unit Buyer Sees Accounting Problems
It shouldn t come as a surprise that the securities firm that agreed to buy the trading unit at Bernie Madoff s old investment firm is quickly running into accounting headaches.

Dell Is in Talks With S.E.C. Over an Inquiry
Dell said that several of its former employees had been told they may face some sort of action by financial regulators related to a long-running inquiry of the company’s accounting.

Register for accounting forum
High school sophomores and juniors interested in pursuing an accounting or business career can register for the 2010 Summer Accounting Institute at the University of South Dakota. The five-day institute runs July 11-15 and will address educational, career exploration and professional opportunities in accounting. Field trips to a nationally recognized public accounting firm and various regional ...

Accounting software firm looks to Sage market
Estonian company hopes to make SMEs learn to love the cloud Small businesses don't want to hear about the cloud and are confused about SaaS. That's according to a survey by online business marketplace PeoplePerHour which found that 38 percent of small and medium businesses hadn't heard of the terms and 32 percent had but were not planning to use it.

Michael Steele's very bad week
The RNC says Michael Steele is ordering "substantive changes" to the Republican Party's accounting procedures in the wake of news that it spent nearly $2,000 at a bondage club in Hollywood. 

Dell says some former employees may face civil action over past accounting practices
NEW YORK - Dell Inc. said some of its former employees may face civil or administrative action related to an ongoing regulatory probe into the computer maker's accounting and financial practices dating back to 2001.

Emerging markets voice fears to accounting body
LONDON: Emerging markets fear the creation of a single set of global accounting standards is being overly influenced by Europe and the US to the neglect of their interests, a top Indian businessman said on Thursday. The International Accounting Standards Board and its US counterpart, the Financial Accounting Standards Board (FASB) are in intensive talks to converge their rules by June 2011 ...

Former Dell Employees May Face Civil Action From SEC
Dell on Friday said its former employees may face civil or administrative action from the U.S. Securities and Exchange Commission in connection with an accounting probe that began in August 2005.

Accounting software firm looks to Sage market
Estonian company Erply looks to shake up accountancy software market

Emerging markets voice fears to accounting body
LONDON: Emerging markets fear the creation of a single set of global accounting standards is being overly influenced by Europe and the US to the neglect of their interests, a top Indian businessman said on Thursday.

New Northwest CEO to focus on investigation
Welded steel pipe company Northwest Pipe on Friday accepted the resignation of its CEO and hired a new one as an internal investigation over accounting issues continues.

Richburg fire district audited for inadequate accounting
RICHBURG - The Richburg-Wirt Fire District failed to maintain an adequate accounting system and hasn’t filed a required annual report since April 2003 according to an audit report published by the New York State Comptroller’s Office.

COLAs loom large in pension snarl
It sounds like the kind of arcane accounting question only an actuary could love: How should annual cost-of-living adjustments (COLAs) in Cincinnati's pension system be calculated? But it's an issue with multimillion-dollar stakes for taxpayers - and City Hall.

Barring a miracle, Cal athletics will take a hit
This being Easter and all, it is rather a dodgy matter to invoke the name of The Man in a sporting context, let alone an accounting one. Yet, when the chairman of Cal's Academic Senate, Christopher Kutz, told our Comrade Asimov on Wednesday afternoon that the...

TAYLOR: School district hires accounting firm to help cut $9.4M
TAYLOR — An accounting firm will help the school district figure out how to save up to $9 million before June.

60 Seconds with: Tom Turner
TOM TURNER Metro Business asked Tom Turner, a tax manager at the accounting firm of Dooley & Vicars, about last-minute tax tips: “When preparing your income taxes, the first thing you want to do is get last year’s tax return and use it as a guide. Whether you are using software or doing the return by hand, you want to be sure you enter all information correctly, especially Social Security numbers.

Tories snapped up VIP Olympic tickets, opposition avoids
OTTAWA - A newly released accounting shows Tory MPs and senators took advantage of up to 211 reserved VIP tickets for the Vancouver Olympics, which they paid for themselves.

Academic spotlight
LI Stephanie Lewitzke of Green Bay graduated magna cum laude last summer from Upper Iowa University with a bachelors degree in accounting.

Top 10 Relaxing Spa Treatments for Tax Time
If you're worried about what you may owe Uncle Sam, tax time can be particularly stressing. That's why there's no better time to treat yourself to a relaxing spa treatment. And if you're lucky enough to be on the receiving end of a sizeable refund this year, well then, you may want to use some of that hard-earned cash to reward yourself. Tax - Uncle Sam - Spa - Accounting - United States

(AFX UK Focus) 2010-04-05 13:02 UPDATE 1-Spectrum posts Q4 profit
April 5 (Reuters) - Spectrum Pharmaceuticals Inc posted a fourth-quarter profit, helped by an accounting restatement to reclassify common stock warrants from equity to liability.

State audit details Cedar Rapids schools embezzlement; officials to respond today
RELATED: Statement from Cedar Rapids School DistrictA former accounting clerk with the Cedar Rapids School District misappropriated more than $587,000 in district funds, an investigation released this morning by the state auditor reveals. The district requested the investigation in August 2009 after learning of allegations made by a confidential informant against Jamie [...]

Spectrum Pharma turns 4Q profit on one-time gain
Spectrum Pharmaceuticals Inc. said Monday it turned a profit in the fourth quarter due to an accounting change that resulted in a nearly $20 million gain.

India asks for more trade ties with Abu Dhabi
/WAM) India Monday asked Abu Dhabi to increase trade between the two countries and allow the India-based International Accounting Institute to set up a branch in Abu Dhabi.

Tax Experts Decipher the Complexities of S Corporation Employee Benefits in New BNA Tax & Accounting Webinar
ARLINGTON, Va., April 5 /PRNewswire-USNewswire/ -- The tax treatment of employee benefits in an S corporation is tricky because S corporation shareholders are treated as partners for some benefits, but not for others. On May 11, 2010, Jim Lynch and Ken Bagner from the accounting firm Sobel & Co. will lead a BNA Tax & Accounting webinar, S Corporation Employee Benefits, in which they will explain ...

Indecency, Obscenity Complaints Down In FCC's Most Recent Accounting
Q3 2009 shows dramatic decrease from previous three...

Indecency/Obsecenity Complaints Down In FCC's Most Recent Accounting
The summer of 2009 was a slow time for indecency and obscenity complaints at the Federal Communications Commission, according to its most recent quarterly accounting.

Accounting standards
But listing on the NSE will require firms to have high accounting standards and make full disclosures of their operations. Firms also have to be profitable for five years in a row before listing, this has been one of the biggest obstacles to listing.

The 100 Most Trustworthy Companies
These are the American businesses that have the most transparent and conservative accounting practices and most prudent management.

Five Ways to Grow Accounting Leads with E-mail Marketing
E-mail marketing is an extremely powerful medium that can be a major lead generation source for any accountancy firm, from small-town sole practitioners to multinational corporations. When applied properly, these five innovative approaches can significantly boost your prospect response rates.

What IT Can Learn From Health Care Reform
The rising costs and accounting problems of health care mirror those faced by IT.

Survey: Executives Say It Takes a Month or More to Fill Accounting Positions
For already-stretched accounting departments, waiting a month for help may seem like an eternity. Yet, a recent survey found it can take at least that long for employers to hire for open positions.

Fraud Rises in India as Competition Increases, KPMG Study Says
April 6 (Bloomberg) -- Incidents of fraud in India have risen in the last two years as competition intensified, three fourths of respondents in a survey by accounting firm KPMG said.

Wolters Kluwer Financial Services Enhances Options Functionality in GainsKeeper Brokerage Tax Lot Accounting Solution
WALTHAM, Mass.----Wolters Kluwer Financial Services has enhanced its GainsKeeper tax-lot accounting technology to help brokerages simplify capital gain and loss calculations for investors who are trading options.

Commentary: City needs a full accounting of Harrisburg Authority's past
When asked if they were looking into the 2003 and 2007 bond deals that pushed the Harrisburg Authority ’s debt to a crippling $288 million, the new authority chairman paused, drummed his fingers and smiled.

BBC spending 'needs accounting'
The BBC is not held "properly to account" in the way it spends billions of pounds of public money, a group of MPs has said.

Newspaper Publisher A. H. Belo Corporation to Restate Financial Results to Reflect Change in Pension Accounting
Newspaper publisher A. H. Belo Corporation reported today that during the Company's regular audit of its December 31, 2009 financial statements, a potential misapplication of generally accepted accounting principles was identified in the selection of the accounting principle used to account for its contractual obligation to Belo Corp. under the employee matters agreement entered into in ...

China Life profit doubles on global market rebound
China Life (2628.HK), the world's top life insurer by market value, reported fourth quarter earnings more than double a year ago, helped by new accounting rules, a rebound in global markets and strong premium growth.

GM Completes Fresh-Start Accounting
General Motors Company announced that it had completed fresh-start accounting, and would be filing its third quarter 2009 Form 10-Q and 2009 Form 10-K with the SEC today. Â

Accounting Firm Marks Paneth & Shron LLP Names Michael L. McNee as New Head of Westchester Office
TARRYTOWN, NY and NEW YORK, NY--(Marketwire - 04/07/10) - Marks Paneth & Shron LLP (MP&S), a leading New York area accounting firm, announced today that Michael L. McNee, CPA ,51, Partner-in-Charge of the firm's Nonprofit and Government Services practice, has been named Partner-in-Charge of the firm's Westchester office located at 660 White Plains Road in Tarrytown. In his new role, Mr. McNee ...

Accounting Firm Marks Paneth & Shron LLP Names Michael L. McNee as New Head of Westchester Office
McNee Will Continue to Also Serve as Partner-in-Charge of the Firm's Nonprofit Practice

Filling Accounting Positions Takes a Month or More
Even with high unemployment, businesses are finding that it takes at least a month to fill open accounting and finance positions.

CVA to move accounting to fiscal year
The Palm Springs Desert Resort Communities Convention and Visitors Authority is moving its accounting to a fiscal year model to come into line with the schedules of government agencies.

Nu? The New New GM Completes Fresh-Start Accounting
DETROIT, April 7 -- General Motors Company announced that it had completed fresh-start accounting, and would be filing its third quarter 2009 Form 10-Q and 2009 Form 10-K with the SEC today.

Accounting Boards to Work on Repo Transactions
The Financial Accounting Standards Board and the International Accounting Standards Board plan to reconsider the standards for the types of repurchase transactions that Lehman Brothers used to shift $50 billion temporarily off its balance sheet before issuing its quarterly financial statements.

Accounting faculty to further studies of business ethics
Only 12 percent of Americans rate business executives as highly ethical, according to a Gallup poll published Dec. 9. The ability of the private sector to practice self-control has been hotly debated. ACU accounting professors, armed with databases, surveys and ethical theory, are investigating whether this distrust of businesses is founded. This summer, they will conduct [...]

Linfield College’s Adult Degree Program Announces Significant Growth in Enrollment of Online Accounting Degree and ...
Linfield offers two educational programs in accounting – an accredited bachelor’s degree and a post baccalaureate accounting certificate. These programs have grown thirty percent in the last two years.