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Accounting News 08/2010



IASB proposes overhaul of insurance accounting practices
The International Accounting Standards Board released proposals on Friday for a new accounting model for insurance contracts, which could impact the way Canadian insurers measure their profitability.

AAOIFI issues two new accounting standards
02 August 2010 Kingdom-based global Islamic finance standards maker, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said yesterday it issued two new accounting standards and an accounting guidance note.

IASB Proposes Improvements To Insurance Accounting,
The International Accounting Standards Board (IASB) has published for public comment an exposure draft of improvements to accounting standards for insurance contracts.

Accounting Expert to Answer Your Questions
As part of a monthly series with the La Quinta Chamber of Commerce, you can spend time with an accounting expert to learn about "The Seven Biggest Accounting Challenges Business Owners Face." On Thursday, August 5th, Lee Osborne of Peterson Slater Osborne will be addressing the issue. The event is from 5:00 pm - 7:00 pm. The business discussion is from 5:00 - 6:15 and there's a Q & A session ...

Group Formed to Set Sustainability Accounting Rules
The Prince s Accounting for Sustainability Project has teamed up with the Global Reporting Initiative to form the International Integrated Reporting Committee, with the goal of creating a globally accepted framework for sustainability accounting.

Rossetter and Knapp win accounting scholarships
Reynolds and Rowella, LLP, a public accounting and consulting firm based in Ridgefield, has awarded “Strength in Numbers” scholarships to two Ridgefield High School graduating seniors, Ryan Rossetter and Lauren Knapp.

Insurance Accounting Proposals Welcomed,
The recent proposals by the International Accounting Standards Board for a new accounting model for insurance contracts have been generally welcomed by tax experts, although much work lies ahead if the far-reaching plans are to be implemented properly.

ETargetMedia releases American Accounting & Bookkeeping Services file to market
ETargetMedia releases American Accounting & Bookkeeping Services file to market

ETargetMedia releases accounting and bookkeeping file to market
ETargetMedia has released the American Accounting & Bookkeeping Services file to market.

American Accounting Association and AICPA Create Pathways Commission to Study the Future of Accounting Higher Education
SAN FRANCISCO, Aug. 3 /PRNewswire-USNewswire/ -- The American Accounting Association and the American Institute of Certified Public Accountants together have formed the Pathways Commission to study possible future paths of higher education for those seeking entry into the accounting profession.

Commission to Study Future of Accounting Education
The American Accounting Association and the American Institute of CPAs have teamed up to form a new commission to study possible future paths of higher education for those seeking entry into the accounting profession.

The Royal Accounting Treatment
Is the Prince of Wales proclaiming sustainability reporting throughout the accounting realm?

IASB proposals aim to demystify insurance accounting
The international accounting standard setter has released new proposals for insurance contracts which seek to demystify one of the most complex areas of company reporting.

Accounting charge leaves AOL with $1B-plus loss
NEW YORK — Internet company AOL says a $1.4-billion accounting charge pushed the company to a $1-billion-plus net loss in the second quarter. It also saw advertising revenue fall at an even quicker rate than in the first quarter. And its subscription dial-up Internet business continued to erode.

AOL posts $1B-plus loss on accounting charge; advertising and dial-up businesses decline
NEW YORK - Internet company AOL Inc. said Wednesday a $1.4 billion accounting charge pushed the company to a $1 billion-plus net loss in the second quarter.

AOL posts huge 2Q loss on accounting charge
Internet company AOL Inc. said Wednesday a $1.4 billion accounting charge pushed the company to a $1 billion-plus net loss in the second quarter. The company is in the midst of a turnaround effort under Chief Executive Tim Armstrong, who is looking to shift AOL from relying on a shrinking dial-up Internet business to finding growth in online ad sales. But since splitting from Time Warner Inc. in ...

AICPA and Association for Accounting Marketing Publish Guide to Help CPA Firms Gain Clients, Boost Their Bottom Line
NEW YORK, Aug. 4 /PRNewswire-USNewswire/ -- The American Institute of Certified Public Accountants and the Association for Accounting Marketing have published Bull's-Eye! The Ultimate How-To Marketing & Sales Guide for CPAs to help firms expand their client base and increase their bottom line.

AOL posts huge 2Q loss on accounting charge
NEW YORK (AP) - Internet company AOL Inc. said Wednesday a $1.4 billion accounting charge pushed the company to a $1 billion-plus net loss in the second quarter. The company is in the midst of a turnaround effort under CEO Tim Armstrong, who is looking to shift AOL from relying on ...

Institute warns against industry specific accounting standards
Mario Christodoulou, Accountancy Age , Thursday 5 August 2010 at 09:55:00 Institute urges IASB to reconsider accounting rules for oil and gas companies One of the UK’s most prominent accounting bodies has warned against creating industry-specific rules, in response to international efforts to create reporting rules for oil and gas companies. The ICAEW, believe if new accounting rules are brought ...

Independent directors may need to have accounting knowledge
KUALA LUMPUR (Aug 5, 2010) : The Government is studying a proposal to make it mandatory for independent directors of public listed companies to be equipped with accounting skills.

Powerball Jackpot Leads to Accounting M&A Deal
Two years after winning a $206.9 million Powerball jackpot, Ron Miller has sold his New Mexico CPA firm Miller & Associates to Accounting & Consulting Group.

US Accounting Board Wants Sarbanes-Oxley Change On Public Hearings
US Accounting Board Wants Sarbanes-Oxley Change On Public Hearings

Midwest accounting firm buying LeMaster Daniels - Thu, 05 Aug 2010 PST
LarsonAllen LLP, a large Midwest-based accounting firm, is buying the assets of Spokane’s LeMaster Daniels PLLC, the companies said today. No terms of the deal have been disclosed.

Golden Gate University’s Forensic Accounting Certificate to Be Offered Completely Online for Fall Semester
SAN FRANCISCO--(BUSINESS WIRE)--From cases like Bernie Madoff and the BP spill, forensics accounting is a booming practice, with high stakes and high demand. This fall, Golden Gate University takes it from the classroom to online.

Donetsk Accounting Chamber head arrested on bribery charges
The employees of the department for combating organized crime have arrested in Donetsk the chief of a structural department of the Accounting Chamber of Ukraine for bribery.

Accounting for what?
There is lack of transparency at the City of Meadow Lake. Concerns were raised at last week's council regarding communication with residents.

For accounting giant PwC, layoffs may not always be last resort
By Jeff Harrington, Times Staff Writer Friday, August 6, 2010 PricewaterhouseCoopers has cultivated an image as one of corporate America's upper-tier workplaces. Competitive pay. Great benefits. A perennial on Fortune 's list of Best Places to Work. Human resources experts with the company have preached to clients about effectively managing workers and using layoffs as the last option in times ...

For accounting giant PwC, layoffs may not always be last resort
By Jeff Harrington, Times Staff Writer Friday, August 6, 2010 PricewaterhouseCoopers has cultivated an image as one of corporate America's upper-tier workplaces. Competitive pay. Great benefits. A perennial on Fortune 's list of Best Places to Work. Human resources experts with the company have preached to clients about effectively managing workers and using layoffs as the last option in times ...

The Most Trustworthy Companies
Audit Integrity ranks firms with the most transparent accounting and prudent management.

IASB looks to update insurance accounting standard
LONDON—An updated international accounting standard for insurance should make insurers' accounts more comparable and transparent, experts say.

11. Planters concerned over new accounting standard
PETALING JAYA: Local plantation players are getting apprehensive about the implementation of the International Accounting Standard 41 for Agriculture (IAS 41) in Malaysia, which they claim will have negative implications on the industry's account...

People & Places for Aug. 9
ON THE MOVE ACCOUNTING Jessica S. Michael has been promoted to manager at Goodman & Co. She has more than six years of experience in auditing government contractors, nonprofit organizations and government agencies.

TaxWorks Now Includes Integrated RedGear Accounting Powered by CYMA
TaxWorks has teamed with CYMA Accounting Software to offer an integrated, full-feature accounting and tax preparation software package for 2011.

E&Y bolster green accounting division
Ernst & Young is hoping to take advantage of a surge in sustainability accounting, recruiting 300 advisers to a new division, The Times reports.

Absolutely Public Relations Named PR Agency of Record for Denver-based Accounting Firm Holben Hay Balzer CPAs
Colorado public relations consulting firm, Absolutely Public Relations, is the PR agency of record for the Denver-based accounting firm, Holben Hay Balzer CPAs, LLC . Â The announcement is made by Absolutely PR Owner/Founder Maggie Chamberlin Holben, APR, who says, "HHB's PR effort launched in June with its name change announcement from the Holben Hay Husman moniker used during past decade. Â A ...

Intacct Takes on NetSuite With Project Accounting App
Intacct is going after NetSuite and others with new SaaS software for project accounting. NetSuite - Services - Accounting - Business - Salesforce.com

Accounting PACs spread the wealth
Political fundraisers in the accounting profession began shifting their largesse toward congressional Democrats after they won control over both the House and the Senate four years ago.

Sanusi Reforms Gather Pace
Banking and accounting regulation have been overhauled, following an audit of Nigeria's banks.

Intacct Launches New Project Accounting Application
SAN JOSE, CA--(Marketwire - 08/10/10) - Intacct, the leader in cloud financial management and accounting applications, today announced the immediate availability of Intacct Project Accounting. This new application will help Professional Services organizations and project-based companies adopt "cloud computing" to maximize the performance and profitability of their businesses, improve cash flow ...

Intacct Adds Project Accounting and Partnership
Cloud-based accounting and financial management software provider Intacct has introduced over 100 product enhancements, a new project accounting application, and a partnership with work management solutions provider Clarizen Inc.

Salesforce Customers Want Better Link to Accounting
A new survey of Salesforce.com customers found that the majority of them want to link more closely between their customer relationship management software and accounting software.

Intacct Partners With Clarizen, Adds Project Accounting App
Intacct's new cloud-based Project Accounting application gives SMB professional services organizations and departments an affordable, IT-sparing way to track and manage project time and expenses, including from in-the-field employees.

Accounting Department Chair Heads International Association for Accountants
Sandra Richtermeyer, who heads the accounting department at the Williams College of Business, is serving as chair of the Institute of Management Accountants, a professional association with 60,000 members.

Birmingham council rejects contract proposal to fix city's troubled accounting system
Several council members say they need more information, claim mayor evasive about selected accounting firm

More Companies Choosing Online Retail Accounting Software, Reports CV Retail
Increasing numbers of retailers are discovering the cost-cutting and time-saving benefits of switching to online retail accounting software, reports CV Retail. FMCG retailers across Europe are changing from traditional retail accounting software to secure online accounts that they can access from anywhere.

Croatian 2010 Tourism May Grow 5% as Visitors Shun Greece, Analysts Say
Croatian tourism, accounting for about a sixth of the Balkan nation’s economy , will grow around 5 percent this year as Greece’s crisis drives visitors north, analysts at Zagrebacka Banka d.d. and Splitska Banka d.d . said.

Advantage Systems Enhances Accounting for Mortgage Bankers (AMB) With Broker Price Opinion Tracking
IRVINE, Calif.----Advantage Systems, a provider of accounting and contract management tools for the mortgage and real estate industries, today announced the addition of a Broker Price Opinion tracking feature to its Accounting for Mortgage Bankers system.

TaxWorks Now Includes Cyma’s RedGear Accounting
RedGear Technologies, developer of TaxWorks professional tax software, has partnered with Cyma Accounting Software to create a software package that will prepare complex tax returns as well as provide solutions for a broad spectrum of accounting needs.

ElcomSoft Recovers Sage PeachTree Accounting Passwords
ElcomSoft Co. Ltd. announces the release of Advanced Sage Password Recovery, a Windows tool to display Admin and user passwords to Sage PeachTree Accounting software as well as recover or replace passwords protecting ACT! documents. Advanced Sage Password Recovery works instantly, replacing or displaying the passwords in plain text in just a moment.

TrueBlue lauded for accounting policies
Tacoma-based TrueBlue Inc. has won a national honor for its accounting practices.