Home > Accounting News

Accounting News 06/2010



Reportlinker Adds Top General Accounting Outsourcing Vendors, Black Book Survey Results
Reportlinker.com announces that a new market research report is available in its catalogue:

Standard Setters Call For Public Input,
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published simultaneously for public comment proposals to improve the consistency of how items of Other Comprehensive Income (OCI) are presented.

Accounting Grad Didn't Figure On Job Rejections
Students graduating from college this spring are entering perhaps the toughest, most uncertain job market in generations. In this series, we meet recent grads, who share the frustrations and fears they face as they set out in search of work. Melanie Singer has been preparing for the job market...

Social Security admits accounting error; Retiree won't have to pay back money
A local retiree has taken on the federal government and won. Willard Thurman asked for help after the Social Security Administration said he owed thousands of dollars because of an accounting error. The problem was the retiree had already paid SSA more than $1,000 to settle up that exact same accounting error. When we started asking questions, SSA promised to get answers. After looking into it ...

Accounting, Finance, Marketing and Management for Recent Law Grads
Solo attorney Mark S. Farha says a lack of formal business training may adversely impact recent legal graduates' practices in two ways. Lawyers entering solo practices or small firms that must manage their own practices will lack the knowledge base to do so effectively, while lawyers representing businesses will be less effective representing and developing clients. Farha provides a quick ...

SEC Is Boosting Scrutiny of Offshore Accounting, Fagel Says
Securities and Exchange Commission investigators are increasing scrutiny of U.S. companies’ offshore operations amid concern that accounting controls may be too weak, the head of the agency’s San Francisco office said.

Herz moves convergence deadline six months
Accounting convergence between the US and international accounting codes will be pushed back as much as six months, the head of the US accounting rule maker has warned.

Fraud & Forensic Accounting Ed confab roundup
“Accountants on steroids.” That’s how FBI special agent Bob Herndon described forensic accountants at the opening keynote of the 2010 Fraud and Forensic Accounting Education Conference. Herndon, a CPA, called forensic accounting the fastest growing segment of the accounting industry.

PrimeVest Implements Broadridge's Portfolio Accounting And Reporting Service
The Aspire service delivers performance reporting, advanced portfolio analytics, and lot-level cost basis tracking and reporting in a single package.

Two UC Berkeley Accounting Professors Honored for Contributions to Accounting and Governance Research
Widely-cited study identified common causes of earnings manipulations and shaped public policy over the past decade.

PRIMEVEST Adopts Broadridge’s Portfolio Accounting and Performance Reporting Service
Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that PRIMEVEST Financial Services, a leader among broker-dealers dedicated to serving financial institutions, has implemented Broadridge’s Aspire Portfolio Accounting and Performance Reporting service. PRIMEVEST can now use the integrated service both to comply with new IRS requirements and to provide sophisticated performance ...

Thomson Reuters Launches Certified Implementer Program for Accounting and Consulting Firms
Grant Thornton LLP designated the first Certified Implementer of ONESOURCE corporate tax solutions read more

Thomson Reuters Launches Certified Implementer Program for Accounting and Consulting Firms
Grant Thornton LLP - the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations - is the first firm to be named Certified Implementer of Thomson Reuters ONESOURCE(R) corporate tax solutions, offered by the Tax & Accounting business of Thomson Reuters. Grant Thornton's agreement with Thomson Reuters provides that any Grant Thornton ...

FASB Pushes Back Convergence Target Six Months
Financial Accounting Standards Board Chairman Robert Herz is now saying that FASB and the International Accounting Standards Board will probably miss their goal of converging U.S. and international standards by June 30, 2011.

Kucinich wants Obama to 'call Israel to an accounting'
Rep. Dennis Kucinich, D-Ohio, called Wednesday on President Barack Obama "to call Israel to an accounting" for its attack Monday on a Turkish ship that was traveling in international waters laden with humanitarian goods for Gaza.

SEC Boosts Offshore Accounting Scrutiny, Fagel Says (Update1)
Securities and Exchange Commission investigators are increasing scrutiny of U.S. companies’ offshore operations amid concern that accounting controls may be too weak, the head of the agency’s San Francisco office said.

Voting equipment maker Diebold settles accounting fraud charges for $25 million
Diebold, the maker of electronic voting equipment that has links to alleged voting irregularities in the 2004 presidential election, agreed Wednesday to pay $25 million to settle accounting fraud charges brought by the Securities and Exchange Commission. Diebold - Business - U.S. Securities and Exchange Commission - Walden O'Dell - Automated teller machine

Accounting Standard Setters Shift Goalposts,
The international and US accounting standards boards have announced that they will be be unable to meet the June 2011 target date for the convergence of International Financial Reporting Standards (IFRS) with US Generally Accepted Accounting Principles (GAAP).

US to delay full adoption of new accounting rules
NEW YORK -- US and international accounting rule makers said on Wednesday they are developing a modified strategy to come up with a single set of global accounting rules.

P/C Trade Groups Join GNAIE in Opposing Unitary Accounting Standard
The Group of North American Insurance Enterprises (GNAIE), an association representing the Chief Financial Officers of major life insurance companies in Bermuda, Canada, and the United States, has ...

LECTURER (FIXED TERM) IN ACCOUNTING
Applications are invited from suitably qualified candidates for the above post. The appointment is for a one year contract term which is available from September 1st 2010.

Cornerstone Mortgage Selects Advantage Systems' Accounting for Mortgage Bankers
IRVINE, Calif.----Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, today announced that St. Louis-based Cornerstone Mortgage Inc. selected its Accounting for Mortgage Bankers system for the lender’s mortgage accounting needs.

Bank of London and the Middle East Deploys Reval For Sharia'a Compliant Hedge Accounting
LONDON----Reval, a leading global provider of risk management and hedge accounting solutions, announced today that Bank of London and The Middle East , one of the first Sharia’a-compliant banks in the world to qualify for hedge accounting under International Accounting Standard 39, has deployed Reval® Software-as-a-Service for a more robust and flexible solution for its hedge accounting ...

Cornerstone Mortgage Selects Advantage Systems’ Accounting for Mortgage Bankers
Advantage Systems , a provider of accounting and contract management tools for the mortgage and real estate industries, today announced that St. Louis-based Cornerstone Mortgage Inc. selected its Accounting for Mortgage Bankers (AMB) system for the lender’s mortgage accounting needs. read more

Bank of London and the Middle East Deploys Reval For Sharia’a Compliant Hedge Accounting
Reval , a leading global provider of risk management and hedge accounting solutions, announced today that Bank of London and The Middle East (BLME), one of the first Sharia’a-compliant banks in the world to qualify for hedge accounting under International Accounting Standard (IAS) 39, has deployed Reval ® Software-as-a-Service (SaaS) for a more robust and flexible solution for its hedge ...

Intacct Achieves Top Score in Web-Based Accounting Software Review From The CPA Technology Advisor
LAS VEGAS, NV--(Marketwire - 06/07/10) - AICPA Practitioners Symposium and TECH+ Conference -- Intacct, the leader in cloud financial management and accounting applications, today announced that The CPA Technology Advisor has awarded Intacct the top score in its 2010 Review of Web-Based Small Business Accounting Systems. Intacct scored a perfect score of five stars in many areas -- Basic System ...

Intacct Achieves Top Score in Web-Based Accounting Software Review From The CPA Technology Advisor
Basic System Functions, Core Accounting Capabilities and Management Features. Intacct outscored all other leading products, including those from Intuit. read more

Intacct Achieves Top Score in Web-Based Accounting Software Review From The CPA Technology Advisor
Intacct Attains Highest Score for Third Straight Year

GAAP versus International Financial Reporting Standards
NEW YORK----As accounting policy makers, including the Financial Accounting Standards Board and the Securities and Exchange Commission, continue to discuss a game-changing shift in the world of financial reporting, NYU Stern experts are available to comment on a variety of issues surrounding the possible convergence of U.S.

USI accounting students take first place in national competition
A team of accounting students from the University of Southern Indiana won first place in the national Student Case Competition sponsored by the Institute of Management Accountants.

SmartVault Receives 2010 Tax and Accounting Technology Innovation Award for Second Year in a Row From CPA Technology ...
At the 2010 California Accounting & Business Show, SmartVault, a leading provider of Software as a Service (SaaS) document management solutions, today announced its document management solution, SmartVault, was honored with a Technology Innovation Award from CPA Technology Advisor for the second year in a row. read more

CCH KnowledgeConnect Wins 2010 CPA Technology Advisor Tax & Accounting Technology Innovation Award
CCH's leadership in leveraging the latest technology to deliver innovative, practical solutions to professionals was demonstrated again as two CCH solutions were recognized as part of the annual CPA Technology Advisor Tax & Accounting Technology Innovation Awards.

CCH KnowledgeConnect Wins 2010 CPA Technology Advisor Tax & Accounting Technology Innovation Award
SaaS version of CCH ProSystem fx Document Awarded Honorable Mention read more

Thomson Reuters to Help Insurance Companies With Unclaimed Property Compliance at IASA 2010
The Tax & Accounting business of Thomson Reuters has been selected to help finance executives at insurance companies navigate through the various regulatory responsibilities and complex unclaimed property laws during the 2010 IASA conference in Grapevine, Texas. Â

EVALUATION OF NEW CHINESE ACCOUNTING STANDARDS
Fiscal year 2009 was the third year of adopting the new accounting standards in China. The Ministry of Finance has conducted a survey of all Chinese listed firms.

WEBCASTS: FASB - DISCUSSION OF PROPOSED ACCOUNTING STANDARDS UPDATE - ACCOUNTING FOR FINANCIAL INSTRUMENTS
The Financial Accounting Standards Board (FASB) has announced an upcoming webcast to discuss the Proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities.

M3 Accounting Services Engages Consonus for Business Continuity Planning
CARY - Consonus today announced that M3 Accounting Services Inc., a leader in managed software solutions for the hospitality industry, has engaged Consonus to perform a comprehensive Disaster Recovery/Business Continuity (DR/BC) assessment.

Reval Examines What Market Crises Can Teach Companies and Investors About Accounting for Risk
NEW YORK----Companies that elected not to apply hedge accounting treatment to the derivatives they use to hedge business risk, but simply recorded fair value movements through profit and loss on their balance sheets, suffered most during the significantly volatile times since the global financial crisis, says Reval in a new white paper, “Hedge Accounting: Coming of age in the global financial ...

Real Estate Financial Reporting: Understand the Difference Between GAAP vs. Income Tax Basis Accounting, Then Choose ...
Generally Accepted Accounting Principles, also known as GAAP, is a common accounting method but is not the only choice for real estate companies that issue financial statements. read more

Real Estate Financial Reporting: Understand the Difference Between GAAP vs. Income Tax Basis Accounting, Then Choose ...
Generally Accepted Accounting Principles -- "GAAP" -- and Income Tax Basis Accounting Often Yield Very Different Financial Reporting Results; Real Estate Companies Need to Understand What the Choices Mean for Their Business and Apply What Is Best for Their Bottom Line, Says Partner at NY Accounting Firm Marks Paneth & Shron

SaaS Accounting Not Yet '100 Percent'
While Software-as-a-Service-based accounting offers the promise of cost savings, security and greater productivity compared to on-premise solutions, the reality is that no SaaS solutions currently live up to that promise, and switching to the cloud requires a great deal of scrutiny before doing so, CPA and tech consultant Geni Whitehouse told attendees at the AICPA Practitioners Symposium & Tech ...

Fact And Comment
Stop the mark-to-market madness.

Rasmussen College Sees Increased Demand for Accounting Graduates
Projected Job Growth Places High-Demand on Students Enrolled in Bachelor’s Accounting Degree Programs

Accounting for Poets -- and Pundits
More students are opting out of liberal arts and choosing practical majors such as accounting. But who says accounting can't be taught as a humanistic subject? Liberal arts - Education - Labour economics - Cynthia Ozick - Venetian Arsenal

Accounting Standards Board supports IASB/FASB extension of convergence timeline to permit increased stakeholder ...
The Accounting Standards Board applauds the joint announcement of the International Accounting Standards Board and the US Financial Accounting Standards Board to extend their convergence timeline beyond June 2011, allowing for greater public participation and ultimately higher quality accounting standards.

Proposed U.S. fair value accounting will hit banks’ balance sheets: Fitch
If the new fair value accounting treatment proposed by U.S. accounting standard setters is adopted, banks could face a heavy hit to their shareholders equity, Fitch Ratings says.

Jonathan Weil: Bankers Get Off Easy in Accounting Compromise
The industry is squawking about a proposed change to accounting rules that would mean loans have to be shown on lenders' balance sheets at fair value

Legislation may correct accounting for federal education funding
TOLLAND — A debate between members of the Town Council and the Board of Education about how to handle the accounting of $1.5 million in federal funding may be resolved with the passage of legislation, but it’s unclear whether the measure is really necessary.

Dell shares slip on accounting probe costs 8:08 AM CT
The Round Rock-based computer maker said that it is setting aside $100 million to cover potential costs related to an ongoing accounting probe.

Professor: Accounting Isn't A Boring Profession!
Professor Dan Deines is pumping up K-State's accounting program and the profession by promoting better high school courses.