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Accounting News 11/2011



ADM 1Q profit up 33 percent on accounting change
Agricultural processor Archer Daniels Midland says its fiscal first-quarter earnings rose 33 percent thanks mostly to an accounting change. Beyond that, the company made less money processing oil seeds and corn, and its operating profit fell.

ADM earns up on accounting gain, adj profit falls
Agricultural processor Archer Daniels Midland Co. said Tuesday its fiscal first-quarter earnings rose 33 percent mostly due to an accounting gain. Without the gain, its adjusted profit fell from a year earlier on weak margins in its oilseeds business and high corn costs.

2 accounting firms to merge into CliftonLarsonAllen
Two big players in the accounting business today announced plans to merge. Clifton Gunderson and LarsonAllen will merge Jan. 2, pending final approvals, according to a news release issued today by both certified public accounting firms. The new firm will be named CliftonLarsonAllen.

Accounting error trims Irish debt load
CHICAGO (MarketWatch) -- Ireland's Finance Department has discovered an accounting error that will bring down its national debt by $4.9 billion, the Associated Press reports. The department said that the same liability had been double-reported in last year's accounts of two government agencies and was found during the preparation of a report on the country's medium-term fiscal outlook. The ...

€3.6bn accounting error will 'have no impact on budget'
A €3.6 BILLION accounting error in the public finances is not expected to have any impact on December’s budget, although it has reduced the State’s amount of outstanding debt by 2.3 per cent of gross domestic product (GDP).

Accounting firms LarsonAllen, Clifton Gunderson to merge
Accounting firms Clifton Gunderson and LarsonAllen will merge Jan. 2, pending final approvals, according to a news release issued Tuesday. The new firm will be named CliftonLarsonAllen.

German central bank to probe huge accounting error
Germany says its central bank will lead an investigation into an accounting failure at a nationalized lender that led to the country's debt being overestimated by euro55.5 billion ($76 billion).

M & A wrap: Looking at MF Global’s accounting
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Landlords Likely Exempted from New Lease Accounting Rules
Commercial property owners and landlords have been excluded from proposed accounting standards changes requiring companies to capitalize real estate and equipment leases on their balance sheets. The International Accounting Standards Board (IASB) and the U.S.-based Financial Accounting Standards Board (FASB) signaled at their meetings Oct. 19-20 that they will exclude lessors and owners of ...

SEO Study Shows that Most Accounting, CPA Firms Overlook Search Engine Optimization as an Online Marketing Strategy
“When Will SEO and Accounting Firms Add Up?,” a new Online Marketing Coach study of 200 small and large accounting firms, concludes that 62% have no visibility in top search engine positions because of limited and ineffective strategies – from domain choices to keyword placement. ...

Landlords Exempted from Proposed Lease Accounting Rules
Commercial property owners and landlords have been excluded from accounting standards changes that would require companies to capitalize real estate and equipment leases on their balance sheets. The International Accounting Standards Board (IASB) and the U.S.-based Financial Accounting Standards Board (FASB) signaled at their meetings Oct. 19-20 that they will exclude lessors and owners of ...

Germany admits accounting blunder but no scapegoats
BERLIN (Reuters) - The German government has no plans to sack the bankers or accountants who made a 55-billion euro ($75 million) bookkeeping blunder that exposed it to ridicule across Europe, the finance minister said Wednesday.

Cloud Accounting Advocacy and Education Group Launched
Cloud accounting and finance education and advocacy are the goals behind the newly formed Cloud Accounting Institute, a group launched by Microsoft Dynamics GP and Intacct reseller and CPA Lindy Antonelli.

Big merger for two accounting firms
Minneapolis' LarsonAllen and Milwaukee's Clifton Gunderson will form CliftonLarsonAllen in a noncash deal. No layoffs are expected.

Accounting for the new philanthropy
In a philanthropic economy, the gift market would be balanced against the exchange market in every transaction

Exclusive - Olympus removed auditor after accounting dispute
TOKYO/LONDON (Reuters) - Japan's Olympus Corp replaced its auditor in 2009 after a disagreement over how to account for several acquisitions, but it decided not to reveal the dispute to investors, an internal document shows.

EXCLUSIVE - Olympus removed auditor after accounting dispute-document
TOKYO/LONDON (Reuters) - Japan's Olympus Corp replaced its auditor in 2009 after a disagreement over how to account for several acquisitions, but it decided not to reveal the dispute to investors, an internal document shows.

Exclusive: Olympus removed auditor after accounting
TOKYO/LONDON (Reuters) - Japan's Olympus Corp replaced its auditor in 2009 after a disagreement over how to account for several acquisitions, but it decided not to reveal the dispute to investors, an internal document shows.

Business Resurging for Accounting Firms
The worst is over for accounting firms, said Allan D. Koltin, chief executive of Koltin Consulting Group, in his keynote address at the Thomson Reuters Users' Conference for Professional Tax & Accounting Firms.

Exclusive - Olympus removed auditor after accounting dispute
TOKYO/LONDON (Reuters) - Japan's Olympus Corp replaced its auditor in 2009 after a disagreement over how to account for several acquisitions, but it decided not to reveal the dispute to investors, an internal document shows.

Roanoke accounting firms Anderson & Reed, Scearce & Crabbs to merge - www.roanoke.com
Roanoke accounting firms Anderson & Reed LLP and Scearce & Crabbs PC have announced they will merge in January and continue to operate under the moniker Anderson & Reed LLP. Anderson & Reed has about 15 employees and Scearce & Crabbs will bring five more to the firm when they relocate to Anderson & Reed's 1515 Franklin Road location.

Thomson Reuters Rebuilds Accounting CS for the Cloud
Rather than retool their existing accounting software, Thomson Reuters decided to build a completely new application from the ground up.

Clearwater Analytics Announces Next Generation Investment Accounting and Reporting Solution
The Clearwater Atlantic product release features dramatic new enhancements, including new user interface and flexible reporting capabilities.Boston, MA (PRWEB) November 07, 2011 Clearwater Analytics®, the leading provider of web-based investment accounting and reporting technology for institutional investors, today announced its completely redesigned investment accounting and reporting system at ...

LECTURER IN ACCOUNTING OR FINANCE
Lecturer in Accounting or Finance Open University Business School Milton Keynes, Buckinghamshire Salary: £32,751 - £44,016 (depending on qualifications and experience) Temporary contract for 2 years Do you want to join a truly global business school?...

Sage Small Business Accounting Solutions Now Available Anytime, Anywhere
LAS VEGAS, NV-- - From the annual Sleeter Group conference, Sage North America today announced a new Small Business Accounting Hosting Provider program that enables authorized independent hosting partners ...

Sikich LLP and Indianapolis Accounting Firm Ent : Imler CPA, PC Announce Merger
AURORA, IL-- - Jim Sikich, CEO and Managing Partner of Sikich LLP, announces that Sikich has entered into a merger agreement with the accounting, tax and management consulting practice of Ent : Imler CPA, ...

Accounting body may change its "fair value" rule
LONDON, Nov 7 (Reuters) - A global accounting rule rushedthrough after pressure from politicians during the financialcrisis may have to be tweaked, sparking disruption for investorsand companies. The International ...

Accounting body may change its ‘fair value’ rules
Reuters/London A global accounting rule rushed through after pressure from politicians during the financial crisis may have to be tweaked, sparking disruption for investors and companies.

IRS Accounting Method Change Prevents Escape by Statute of Limitations
  The Fifth Circuit  has upheld the Tax Court in their decision last fall in the case of Ramesh J. Bosamia, et ux. v. Commissioner ( TC Memo 2010-218).  The taxpayers had two S Corporations.  One was on the cash basis and the other was on the accrual basis.  Guess who owed whom [...]

Accounting Services Industry: Revenue from Bankrupt Clients will Dwindle, but Niche Markets will Provide Growth
The Accounting Services industry will continue to recover in 2012, driven largely by a rebound in the performance of major players, which were hit relatively hard by the economic crisis, according to IBISWorld, the nation’s largest publisher of industry research. In addition to their core auditing and corporate tax work, these firms derive a significant proportion of revenue from advisory work ...

Accounting Board May Change its ‘Fair Value’ Rule
A global accounting rule rushed through after pressure from politicians during the financial crisis may have to be tweaked, sparking disruption for investors and companies. The International Accounting Standards Board (IASB) had long planned a revamp of its “fair value” …

HCA Provides Update on Accounting for HITECH Payments
HCA Holdings, Inc. (NYSE: HCA) today announced ...

Sepialine Awarded Phone Call Accounting Patent
SAN FRANCISCO, CA-- - Sepialine, a leading provider of document accounting and control software, today announced that it has been awarded U.S. patent number 8,027,441 for its routed phone call accounting ...

Lingering Concerns over Qualcomm's Accounting: Greenberg
A year ago Qualcomm disclosed that the SEC was investigating its accounting after receiving a Whistleblower complaint. Since then, the story has all but disappeared. But the SEC hasn't.

How They Played the Accounting Game
Gadfly Abraham Briloff (left) helped expose infamous San Diego accounting scandals such as C. Arnholt Smith’s (right) U.S. National Bank debacle. The accounting profession has stark similarities with the world’s oldest profession.

Goldman, Morgan Stanley mull reducing mark-to-market accounting - WSJ
Nov 9 (Reuters) - Goldman Sachs Group Inc and MorganStanley are discussing whether to reduce their use ofmark-to-market accounting, in which companies immediately takeprofits or losses as asset values ...

China's Lashou halts roadshow due to accounting issues-IFR
SHANGHAI, Nov 10 (Reuters) - China's leading daily dealswebsite Lashou Group Inc has stopped a roadshow for its plannedinitial public offering on the Nasdaq, to clarify accountingissues with the U.S. ...

First Person: A Look Inside Our Small Business Accounting Process
*Note: This was written by a Yahoo! contributor. Do you have a small business story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles. ...

Ex-college accounting assistant embezzled $500,000, police say
A former accounting assistant at Antelope Valley College has been arrested and accused of embezzling $500,000, Los Angeles County sheriff’s officials said.

Accounting Board to Research Nonprofit Financial Standards
The group that establishes standards for financial accounting and reporting has approved two new projects that seek to streamline the way nonprofits complete their annual financial statements.

An Accounting of Programs That Aim to Help Troops
After a RAND Corporation study, a call for the Defense Department to conduct a comprehensive assessment of service members' needs.

Financial Business: Goldman Sachs and Morgan Stanley Accounting Change, Stocks Up 0.22%
All the top business stories of the day in the financial sector ...

Accounting for Financial Institutions Is a Mess
It is hard for investors to gauge banks’ estimates if the two banks are using the same valuation method for the same security, but come up with different values.

Accounting for Financial Institutions Is a Mess
It is hard for investors to gauge banks’ estimates if the two banks are using the same valuation method for the same security, but come up with different values.

Indy accounting firm merges with Sikich
Accounting and consulting firm Sikich LLP announced it will merge with the accounting, tax and management consulting practice Ent : Imler CPA, PC.

Indy accounting firm merges with Sikich
Illinois-based accounting and consulting firm Sikich LLP announced it will merge with the accounting, tax and management consulting practice Ent : Imler CPA, PC.

Accounting for treasury stock
Treasury shares are own shares acquired through a buy back arrangement and held by a company. In India, the Companies Act allows buy back of shares, but does not allow a company to hold those shares. Bought back shares must be cancelled within seven days. Therefore, in India companies cannot hold treasury stock. However, treasury stock may arise in some schemes of amalgamation under a Court order.

Barclays calls for clear accounting rules on debt - FT
LONDON (Reuters) - Barclays' finance director has called for an overhaul of "opaque and complex" accounting rules that artificially boosted the profits of big European and U.S. banks by billions of pounds in the third quarter of this year.

New Accounting and Administration Resources Featured at Sciencia.org
The Accounting and Administration Sciences are two of the key sections in the Business category of the Business Sciences Network Sciencia.org. The users of the website monitor nearly 100 scientific journals publishing in these two disciplines which currently contain nearly 4,500 articles.(PRWEB) November 14, 2011 Sciencia.org is a new sciences social network established to provide the very ...

Barclays Bank criticizes 'fair value' accounting
The finance director of Barclays Bank has called for the abolition of an accounting rule that he believes distorts the profitability of banks.