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Accounting News 09/2011



INSIDE Public Accounting Recognizes GHamp;I as One of the Nations Best of the Best Firms
ATLANTA, GA Atlanta-based certified public accounting and advisory firm Gifford, Hillegass Ingwersen LLP GHI is proud to announce that it has been named to INSIDE Public Accountings Best of the Best list of accounting firms for 2011. INSIDE Public Accounting IPA honors 25 firms for their wise management and superior operational performance on more than 50 criteria. More than 400 firms...

Silvercorp Says Accounting-Fraud Allegation in Anonymous Letter Is False
Silvercorp Metals Inc. (SVM) , which is developing silver mines in China , said an allegation of accounting fraud contained in an anonymous letter addressed to Canadian regulators is false.

Forensic Accounting Expert Gary Kane Publishes New Article With Tips For Fraud Identification
Orlando, FL September 2, 2011 - Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published an article on his website http://www.kaneforensic.com helping business owners identify signs of potential fraud. The article, titled Identifying fraud: What to Watch for, examines common signs of employee fraud. Gary Kane writes, It...

Accounting firm Alexander, Lankford & Hiers wins annual Small Business of the Year award
A Lufkin public accounting firm that has served the area since 1966 was named Small Business of the Year by the Lufkin/Angelina County Chamber of Commerce during a Friday luncheon.

Accounting and accountability
The Comptroller and Auditor General (CAG)'s report No. 38 of 2010-11, on the accounts of Autonomous Bodies (AB) to Parliament, points out some serious inadequacies in preparation of accounts, and internal control deficiencies of some of the non-profit government organizations.

JAPAN AND U.S. ACCOUNTING STANDARDS BOARDS HOLD BIANNUAL MEETING
Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met on August 18 and 19, 2011, in Tokyo, Japan. The meeting was the eleventh in a series of discussions between the ASBJ and the FASB....

Research and Markets: Accounting 101 for Dentists - Take Advantage of these Strategies that will Maximize your Income
Research and Markets has announced the addition of the "Accounting 101 for Dentists" audioconference to their offering.

Singapore Company Registration Specialist Offers Accounting Solution to Beat Talent Crunch
"Outsourcing accounting tasks to specialists is part of the solution to counter the challenge of talent crunch for accounting and finance professionals,” says Satish Bakhda of http://www.rikvin.com, a company registration specialist and accounting services provider based in Singapore.(PRWEB) September 05, 2011 "Outsourcing accounting tasks to specialists is part of the solution to counter the ...

VRL Launches New Data Tool For Global Accounting Profession
LONDON--(BUSINESSWIRE)-- Leading business data provider, VRL Financial News, has today announced the launch of a new data service, International Accounting Intelligence. Created in association with International ...

The lowdown on Salesforce's bottom line
Aggressive accounting practices and riskier investment decisions have helped boost software company’s profit

The lowdown on Salesforce.com's bottom line
Aggressive accounting practices and riskier investment decisions have helped boost software company’s profit

Former iSoft auditors to face accountancy board
Former auditors of iSoft, the software group that hit substantial accounting problems in 2006, are to face a hearing at the Accountancy and Actuarial Discipline Board (AADB).

Accounting for Homeland Security spending not easy
In this Intelligence Report: Illinois' Homeland Security and questions about where the money is going.

NAPF calls for overhaul of retirement accounting
Accounting standards are undermining companies' pension provision in Britain, a report commissioned by the National Association of Pension Funds argues today.

Pension accounting has caused closure of 'perfectly viable' schemes
Accounting measures used to calculate company pensions have introduced short-term volatility into the system and led to the closure of "perfectly viable" schemes, experts have warned.

Professional Advantage Ranks #5 in Accounting Today’s VAR 100 list for 2011
Professional Advantage has been named to the 2011 Accounting Today VAR 100 list, an annual ranking of the top 100 Value Added Resellers (VARs) nationwide.Fargo, ND (PRWEB) September 07, 2011 Professional Advantage has been named to the 2011 Accounting Today VAR 100 list, an annual ranking of the top 100 Value Added Resellers (VARs) nationwide. Accounting Today’s selection is based on revenue ...

Short-term accounting 'no good for pensions'
ACCOUNTING STANDARDS that leave pensions prey to market volatility are undermining the sector and pushing companies to close viable schemes, a new report has claimed.

NAPF call for reform of occupational pension accounting
Accounting standards used by companies to calculate pension assets are too focused on the short-term, undermine occupational pension provision and should be reformed, according to a report from the National Association of Pension Funds.

Francis E. Scheuerell, Jr. Joins Navigant’s New York Forensic Accounting Practice
Navigant announced today that Francis E. Scheuerell, Jr. has joined Navigant’s Forensic Accounting team as a Managing Director in the New York office. Scheuerell will assist public and privately held entities with technical accounting, forensic accounting and financial reporting matters.

Francis E. Scheuerell, Jr. Joins Navigant’s New York Forensic Accounting Practice
NEW YORK--(BUSINESS WIRE)--Navigant announced today that Francis E. Scheuerell, Jr. has joined Navigant’s Forensic Accounting team as a Managing Director in the New York office.

Forensic Accounting Expert Gary Kane Publishes New Blog Noting That Fraud Is Often Perpetrated By A Trusted Employee
Orlando, FL September 7, 2011 - Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published a blog on his website http://www.kaneforensic.com discussing the reality that fraud is almost always perpetrated by a longtime, trusted employee. The blog, titled Fraud Prevention Tips: Understand that Fraud is Often Perpetrated by a Trusted ...

CPAmerica Member Firms Make INSIDE Public Accounting’s 2011 Best of the Best
Two CPAmerica International member firms were named INSIDE Public Accounting’s 2011 Best of the Best and three member firms received Best of the Best Honorable Mentions.Alachua, Florida (PRWEB) September 07, 2011 Two CPAmerica International member firms were named INSIDE Public Accounting’s 2011 Best of the Best and three member firms received Best of the Best Honorable Mentions.The newsletter ...

Accounting Technology PR Vet Joins Avalara
Former SpeedTax public relations director and accounting technology industry veteran Brian Austin has joined SaaS-based sales tax automation service provider Avalara in a newly created position as director of accountant and industry relations.

Accounting is called ‘sloppy’ but not illegal
Auditor Timothy Vrabel led a discussion addressing concerns regarding accounting procedures at borough hall during a recent Council meeting.

Doeren Mayhew Named to INSIDE Public Accounting’s Best of the Best List for 2011
Doeren Mayhew, Michigan-based certified public accounting and management consulting firm, has been named by INSIDE Public Accounting as one of the nation’s Best of the Best accounting firms.Troy. Michigan (PRWEB) September 09, 2011 Doeren Mayhew, a Michigan-based certified public accounting and management consulting firm with locations in Troy and Houston, Texas, has been named by INSIDE Public ...

Letter-Writing Campaign Supports Private Company Accounting Standards Board
Close to 2,500 letters have been written to the Financial Accounting Foundation supporting the creation of a separate standards board for private company accounting, according to the American Institute of CPAs.

Accounting Today and ADP Partner on Research Council, Confidence Index
New accounting community to provide unique monthly perspectives on business and the economy

Accounting Today and ADP(R) Introduce the Executive Research Council and Accountants Confidence Index
http://www.myprgenie.com) -- Accounting Today and ADP have formed a strategic partnership with the introduction of the Executive Research Council, whose members will be surveyed each month to create the new Accountants Confidence Index.

Deloitte Squeezed by SEC, Chinese Regulators
The global accounting powerhouse, Deloitte, is sitting between a bullet and a target in a global battle over the future of free enterprise. In May, Deloitte China received a subpoena from the U.S. Securities and Exchange Commission demanding records related to possible accounting fraud at the Hong Kong-based Chinese financial software company, Longtop Financial Technologies. ...

BroadPoint Ranked #17 in Nation Among Accounting Software Resellers
BroadPoint Technologies Recognized as a Top 100 Value-Added Reseller (VAR) in the United StatesBethesda, MD (PRWEB) September 12, 2011 BroadPoint Technologies, Inc., a reseller of Microsoft Dynamics solutions, was ranked 17th nationally and the largest in the mid-Atlantic as reported in the Accounting Today VAR 100 “Signs of Life”.The Accounting Today VAR 100 lists the top 100 accounting ...

WNS Partners with AAA NCNU in a Finance & Accounting Services Contract
NEW YORK & MUMBAI, India--(BUSINESSWIRE)-- WNS (Holdings) Limited (NYSE: WNS), a leading provider of global Business Process Outsourcing (BPO) services, today announced its partnership with AAA of Northern ...

Hayashi & Wayland Accounting & Consulting in Salinas promotes staff
Hayashi & Wayland Accounting & Consulting, LLP of Salinas is announcing several staff promotions and accomplishments.

Three Strategies to Selecting Winning Accounting Software
The main aim of any accounting software is its use as a business management tool in assessing the fiscal health of one's business. For business owners, selecting the right accounting software means the ability to post transactions in a way that's meaningful to your business. This translates into greater clarity into financial results and the ability to create operational reports that help ...

Risk, accounting standards and the pensions puzzle
PENSIONS are hitting the news as workers strike and companies stagger under the financial strain, but accounting standards might be making the problem worse.

K12 delays 2011 report due to accounting system
K12 Inc., which runs online public schools across the country, said Monday it will delay reporting its fiscal 2011 results because delays from installing a new accounting system.

Online accounting firm to expand
Edinburgh-based online accounting firm FreeAgent is to take on more staff after securing more than £2m from investors.

New Accountants Confidence Index Shows Low Expectations
Accounting Today's inaugural ACI reveals profession's serious concerns about U.S. economy

Accounting Today and ADP® Launch New Accountants Confidence Index; Near-Term Growth Flat, Mid-Term More Optimistic
Accounting Today released its inaugural Accountants Confidence Index today. The Index, created in partnership with ADP®, is a new monthly economic indicator that leverages the insights of accountants into the strength and prospects of businesses in the U.S. Â

Analysis: U.S. court fight may not solve Chinese accounting mess
NEW YORK (Reuters) - U.S. regulators appear to be on strong footing in a legal battle over a Chinese auditor's work papers, though their ability to act may have limits and a victory in court may not resolve a widening international accounting mess.

Schawk says SEC has closed accounting probe
Schawk Inc., a provider of digital imaging services, said Tuesday it has been notified by the Securities and Exchange Commission staff that the agency has completed and closed its investigation of accounting matters related to the company's restatement of results for 2005, 2006 and the first three quarters of 2007.

Pacquiao hires new accounting firm: report
Filipino boxing icon Manny Pacquiao has hired the accounting firm of Tanner, Mainstain, Blatt and Glynn to review his tax returns as well as audit the records of Top Rank, Inc., according to a report. Pacquiao had previously hired another firm, VisionQwest, but fired the firm just last month.

Scott Watson Joins M3 Hotel Accounting as Vice President of Sales
Proven leader to guide M3’s sales force.Gainesville, GA (PRWEB) September 14, 2011 M3 Hotel Accounting announced that Scott Watson has joined the Gainesville-based hotel accounting software company as the Vice President of Sales. This newly created position will help to guide M3’s sales force as it grows and expands in the industry. Scott has over twenty-six years of sales and sales management ...

U.S. Court Fight May Not Solve Chinese Accounting Mess
U.S. regulators appear to be on strong footing in a legal battle over a Chinese auditor’s work papers, though their ability to act may have limits and a victory in court may not resolve a widening international accounting mess. At …

Forensic Accounting Expert Gary Kane Publishes New Article Discussing How To Identify Fraud
Orlando, FL September 14, 2011 - Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published an article on his website http://www.kaneforensic.com pointing out common signs of fraud. The article, titled Fraud Prevention: Who Should You Watch For looks at common traits and red flags to watch out for. Gary Kane writes, When...

FAF Group Plans Changes in Accounting Standard-Setting Board
A trustee working group at the Financial Accounting Foundation plans to release its proposals in the next few weeks for changing the structure and process of the Financial Accounting Standards Board's oversight of standards for private companies and nonprofits.

How Hollywood Accounting Can Make a $450 Million Movie 'Unprofitable'
Most corporations try to make a profit by limiting costs. Movies corporations manage to record a loss by maximizing fees to their studios

Nigeria: Accounting for Ecological Funds
Last week, the Ecological Funds Office (EFO) announced that contracts worth 11.5 billion naira had been awarded as part of Federal Government's intervention to assist states that face ecological problems. The then permanent secretary in charge of EFO, Mrs Ibukun Odusote, noted that the money had in fact been released last year as reports of the devastating effects of erosion came to light.

Credulity tested as financial insititutions play fast and loose with accounting rules
The numbers banks are reporting are hurting investor confidence, writes Jonathan Weil.

FASB Issues Accounting Standards Update to Simplify Testing Goodwill for Impairment
The Financial Accounting Standards Board today issued Accounting Standards Update No. 2011-08, Intangibles—Goodwill and Other : Testing Goodwill for Impairment. The Update simplifies how an entity tests goodwill for impairment.

Credulity tested as financial insititutions play fast and loose with accounting rules
The numbers banks are reporting are hurting investor confidence, writes Jonathan Weil.