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Accounting News 05/2010



‘Bamba’ aced accounting, pals say
EVERY Thursday afternoon two scores ago, a pack of students from the University of the Philippines in Diliman would jump on a bus and roar off to the cheap restaurants of Cubao or Quiapo. read more

Tax breaks and loopholes that cost us $1 trillion a year have staunch defenders
Montgomery is a Post staff writer. Andrews works for the Fiscal Times, an independent digital news organization that specializes in fiscal and economic matters. It is funded by Peter G. Peterson, who separately supports groups that advocate for long-term debt reduction. Tax break - Tax - United States - Accounting - Taxation

Inside autos
Cash for clunkers, the unofficial name of the government stimulus program last summer that gave incentives up to $4,500 to 680,000 people who traded in old gas guzzlers for new efficient cars, generally succeeded in its goals, the General Accounting Office says in a report issued Thursday. But it says it has a hard time measuring the degree of that success.

Cash for Clunkers success: 678K cars traded
The Cash for Clunkers program last year resulted in the trade-in of nearly 678,000 cars and trucks and the payout of $2.85 billion in credits.Fords were the most popular trade-in vehicles, accounting for 28.9 percent of the clunkers surrendered, according to the National Highway Traffic Safety Administration , which was in charge of assessing the success of the program. Chevrolet was next with ...

Indian ADRs gain $1.3 bn in April
NEW YORK: Indian stocks trading on American bourses gained $1.3 billion last month, with private sector lender HDFC Bank accounting for most of the gains.

Company/Individual Honors for May 3
Kelli Purdy Meadows has received the Christopher Newport University Distinguished Accounting Chair Award from Christopher Newport University. The award recognizes alumni who “have obtained a significant measure of success and who, in some way, have given back to the community.“ She is a partner with Meadows Urquhart Acree & Cook. Thomas G. Shaia has been given the Warren Von Schuch Distinguished ...

Strategic' defaults rise for mortgages
Decisions by homeowners to walk away from mortgages they can afford are accounting for an increasing share of defaults, according to Morgan Stanley.

Mark my words. They will be
In reply to PKFZ controversy: Former PKA general manager faces CBT trial in August : Mark my words. They will be no case against them. Just a trial process. They didn't pocket the money. Most world accounting bodies are laughing at our present ruling government. The present ruling government is actually promoting corruption. Think about it!!!!!!!!

Stroburg is finalist for entrepreneurial award
The chairman and CEO of Ames-based Renewable Energy Group is among the finalists for an entrepreneurial award from global accounting firm Ernst and Young.

Sonus removes interim tag from CFO Pastore
Networking company Sonus Networks Inc. of Westford has named Wayne Pastore as senior vice president and chief financial officer. He had served as interim CFO and previously worked as the VP for finance, corporate controller and chief accounting officer.

Institute of Management Accountants Prepares for 91st Annual Conference & Exposition in Baltimore
MONTVALE, N.J.----The Institute of Management Accountants will welcome the nation’s top accounting and finance professionals and industry experts to IMA’s 91st Annual Conference & Exposition .

What a Criminal Inquiry Portends for Goldman
Even though a criminal investigation is only in its earliest stages at this point, the mere revelation that the United States attorney’s office in Manhattan is involved shows the powerful impact such information has on the firm, as Goldman’s shares dropped almost 10 percent in response to the news.

PwC contests what comprises mining super-profits
The resources wealth being targeted by the government's controversial new tax on the sector is not super-profit, but ordinary profit, a leading accounting firm says.

Synergy Business Solutions Completes Major Reconfiguration of Accounting System for Hydro Resources
Synergy Helps Job Cost-based Firm to Use Robust Project Accounting Software to Full Potential

Audit shows L.A. departments can't always find what they've bought
With the city of Los Angeles facing severe spending cutbacks to balance a historic budget deficit, some city departments are having trouble accounting for money they've already spent, according to an audit to be released Monday.

LSU forensic accounting event set in July
The LSU Department of Accounting will host the 2010 Fraud & Forensic Accounting Conference July 19-20 at the Baton Rouge Marriott Hotel at 5500 Hilton Ave.

Screen Actors Guild - Producers Pension and Health Plans taps Vitech/V3 for New Premium Accounting System
Vitech Systems Group, Inc., a leading provider of software solutions for benefits administration, announced today that the Screen Actors Guild- Producers Pension & Health Plans has selected Vitech's V3 Benefits System as its new Eligibility and Premium Accounting solution.

Cash vs. accrual accounting
There are two forms of accounting used by small businesses -- cash and accrual. The basic difference between the two methods is the timing of income and expense recording.

Precise Accounting of the U.S. Nuclear Arsenal
WASHINGTON (AP) - The Obama administration is expected to release a more precise accounting of the U.S. nuclear arsenal Monday, military and other U.S. officials said, shedding new light on a secretive arsenal born in the Cold War and now shrinking rapidly. The release coincides with Secretary of State Hillary Rodham Clinton's address to a United Nations conference checking up on efforts to ...

U.S. says it has over 5,000 nuclear warheads
The United States has 5,113 nuclear warheads in its stockpile and "several thousand" more retired warheads awaiting the junk pile, the Pentagon said Monday in an unprecedented accounting of a secretive arsenal born in the Cold War and now shrinking rapidly.

US says it has 5,113 nuclear warheads
The United States has 5,113 nuclear warheads in its stockpile and "several thousand" more retired warheads awaiting the junkpile, the Pentagon said Monday in an unprecedented accounting of a secretive arsenal born in the Cold War and now shrinking rapidly.

Merck earnings drop 79% on merger costs
Merck & Co. on Tuesday reported a 79% drop in first-quarter profit on accounting adjustments from merging with Schering-Plough.

Leeds School Accounting Prof Wins FASB Fellowship
Phil Shane, an accounting professor at the University of Colorado, was recently appointed to a year-long research fellowship with FASB to build bridges between the standard setting world and academia.

IFAC and The Prince's Accounting for Sustainability Project Collaborate to Promote Sustainable Organizations
NEW YORK----The International Federation of Accountants and The Prince’s Accounting for Sustainability Project have entered into a memorandum of understanding to support the global accountancy profession’s role in developing sustainable organizations.

High school conference offers insights into accounting profession; More than 100 students attend event at Western ...
Panelists representing accounting firms and companies from across the state shared insights with students on a variety of topics, from how to prepare for a successful career in accounting to what to expect on the job to how to manage personal finances.

Telenor Profits Down on Accounting Changes
Norway's Telenor Group has reported revenues of NOK 23.95 billion (US$4 billion), representing an organic revenue growth of 3 percent - although it was down by 3% compared to last year. Net profit was down from NOK 1.6 billion (US$267 million) to a shade over NOK 1 billion (US$172 million).

05.05.2010 - DJ EANS-Adhoc: TA Triumph-Adler AG / Accounting mistakes at one subsidiary of TA Triumph-Adler AG entails ...
=------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution.

Peab: Application and Effects of New Accounting Principles for Peab's Housing Production
STOCKHOLM----Regulatory News:

Accounting officers: will the buck stop with you?
They might be perfectly competent in their role, but will senior accounting officers (SAOs) be reluctant to sign off risky tax planning schemes because the buck now stops with them when explaining the complex arrangements to the taxman?

Accounting for the unexpected
[As a teenage mother, Rachel Horrel Williams pledged that she wouldn't be labeled.

Fixed Asset Management Blog Popular with Readers Seeking Accounting Answers
Fixed Asset Management Blog Popular with Readers Seeking Accounting Answers. “Crazy About Your Assets,” authored by asset accounting expert Angie Bolton-Lyons, informs and entertains … in plain English

World’s First Accounting Software for the Vision Impaired
The world’s first accounting software able to be used efficiently by the blind and vision impaired is attracting increasing interest from blind organizations in Australia, the United States and other countries around the globe.

Landmark US Patent Granted to Infonic Recognizes Solution for Handling Uncertainty in Accounting Information
ZURICH, SWITZERLAND and NEW YORK, NY and LONDON--(Marketwire - 05/06/10) - Infonic AG , the leading provider of front, back and middle office software solutions to the funds of hedge funds (FoHF) industry and other institutional investors in hedge funds, today announced it has been awarded a United States Patent, No. 7,653,587 B2. This patent addresses a key issue in the portfolio accounting and ...

/ CORRECTION - Landmark US Patent Granted to Infonic Recognizes Solution for Handling Uncertainty in Accounting ...
ZURICH, SWITZERLAND and NEW YORK, NY and LONDON--(Marketwire - 05/06/10) - In the news release, "Landmark US Patent Granted to Infonic Recognizes Solution for Handling Uncertainty in Accounting Information," issued earlier today by Infonic AG, we are advised by the company that the first sentence of the first paragraph should read "Infonic AG, the leading provider of front, back and middle ...

Landmark US Patent Granted to Infonic Recognizes Solution for Handling Uncertainty in Accounting Information
Historic Award Recognizes Infonic's Creative Ownership of Information Availability and Transparency for Investments in Hedge Funds Where Data Is Supplied From Multiple Sources in Varying Quality and Often Substantially Time Delayed

Search FT.com
Capgemini , the French IT services company, said it was benefiting from the accounting scandal at Satyam , its Indian outsourcing rival.

Haskell & White Leaders to Speak at 2010 Accounting Day
IRVINE, Calif.----Haskell & White LLP , announced today that Managing Partner Wayne Pinnell, and IT Practice Leader Lee Barken, who is spearheading the firm’s efforts in the renewable energy and clean tech arena, will be presenting at Accounting Day on Monday, May 10 in San Diego, Calif.

Another CPA Disciplined for Porn Site Accounting Fraud
A federal district court in Nevada has granted the Securities and Exchange Commission s motion for a summary judgment and entered a final judgment against another CPA who was accused of stock manipulation and accounting fraud at a company that operated adult Web sites.

Creative Accounting in the NFL
The San Francisco 49ers have been doing a bit of accounting legerdemain to get around the salary caps and extend the contract of one of their best players, Patrick Willis.

Explorator Resources Restates Third Quarter 2009 Financial Results to Reflect Change in Accounting Policy
TORONTO, ONTARIO-- - Explorator Resources Inc. announces the restatement of its interim consolidated financial statements for the nine months ended September 30, 2009 in order to properly reflect a change of accounting policy adopted as part of the 2009 yearend audit review.

Explorator Resources Restates Third Quarter 2009 Financial Results to Reflect Change in Accounting Policy
TORONTO, ONTARIO--(Marketwire - May 7, 2010) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) announces the restatement of its interim consolidated financial statements for the nine months ended September 30, 2009 in order to properly reflect a change of accounting policy adopted as part of the 2009 yearend audit review. These financial statements are available on ...

FINANCIAL ACCOUNTING: A MERCIFULLY BRIEF INTRODUCTION
Looking For a Great Supplementary Text for Your Accounting Classes?

UPD: Accounting manger stole more than $45,000 from Holiday Inn
UTICA, May 7, 2010 -- An accounting manager at the Holiday Inn on Burrstone road was arrested for stealing more than $45,000 in company funds.

County chooses accounting firm
YORK — The county commissioners have chosen an accounting firm to help them formulate their budget for the 2010-11 fiscal year. They asked for quotes from local companies and several out-of-county firms who had expressed interest.

Audits say Pell City finances in good shape, but some accounting improvements needed
City officials hope to erase problems over 3 years with new software

Tax season beset by complaints
Data-entry errors by its staff and mistakes made by tax preparers. That’s how the state Department of Revenue explains what accounting firms statewide are describing as one of the worst headache-inducing tax seasons in some time. The problem, tax professionals assert, is rooted in a software upgrade by the state. The state counters that its new software, designed [...]

The Spirit of Accounting: Be careful when you wish for high-quality global standards
Consider this seemingly incontrovertible Feb. 24, 2010, assertion by American Institute of CPAs chief executive Barry Melancon: "Our increasingly global economy makes it clear that the U.S. should move toward a single set of high-quality, globally accepted accounting standards for public companies."

Accounting team wins state gold
Kevin Massey led the Granbury High School accounting team to first place in the state UIL contest today. Massey had a rare perfect score. He won first place individual while teammate Joe Wallace was right behind, placing second. Salutatorian Amanda Russell placed fifth in ready writing.

Accounting, engineering among best degrees
Employers in accounting services, engineering services, and retail/wholesale trade remain among the top recruiters of 2010 bachelor’s degree graduates, according to a survey from the National Association of Colleges and Employers. NACE said accounting services employers have extended the largest number of offers to new college graduates, followed by engineering firms and retail and wholesale ...

Job of the Week: Graebel seeks ready-to-go accounting clerks
Editors note: Every Sunday, the Wausau Daily Herald features an opportunity for people seeking local employment.