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Accounting News 12/2011



Globalstar, Inc. Announces Accounting Consulting Agreement With John M. Shay
COVINGTON, La. -- Globalstar, Inc. , a leading provider of mobile satellite voice and data services to businesses, governments, and consumers, today announced that it has entered into a consulting agreement ...

Accounting firm escapes from soured H&R Block deal
Aaron Elstein - Back in 1999, a bit of the euphoria that drove big New York banks to strike a flurry of mergers and create “financial supermarkets” dripped into the Midwest when Kansas City-based tax-preparer H&R Block acquired an accounting firm called RSM McGladrey from McGladrey & Pullen, an accounting firm based in Minnesota. But like so many of the big bank mergers, the partnership ...

Accounting firm marks milestone in style
Sixty-five years after the first pen was dipped in ink and the first numbers entered in a ledger, McColl Turner LLP celebrated a milestone anniversary in gala style Wednesday night. "It's a big company with a lot of history," Mayor Daryl Bennett said before the celebration at Splice on George St.[...]

Accounting giant Grant Thornton enters CT
Accounting giant Grant Thornton LLP for the first time ever is planting its flag in Connecticut.

MF Global Accounting Technique May Require More Disclosure, Schapiro Says
An accounting technique used by MF Global (MF) Inc., the failed broker-dealer, is being reviewed by the U.S. Securities and Exchange Commission, agency Chairman Mary Schapiro said.

UPDATE 2-U.S. SEC chair says probing MF Global accounting
* SEC probing MF Global accounting, disclosures-Schapiro * Says regulators looking at accounting reforms * Sen. Conrad says accounting loopholes should be closed (Adds comments from SEC Chairman Mary Schapiro) ...

MF Global Accounting Technique Under Review, Schapiro Says
An accounting technique used by MF Global Inc., the failed broker-dealer, is being reviewed by the U.S. Securities and Exchange Commission, agency Chairman Mary Schapiro said.

MF Global proves Enron-era accounting lives on
(Reuters) - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global. Like its predecessors, the bankrupt brokerage formerly run by Jon Corzine took advantage of an accounting maneuver to keep certain financial obligations off its books, making the firm look less indebted and thus less a risk ...

UPDATE 3-U.S. SEC chair says probing MF Global accounting
* SEC probing MF Global accounting, disclosures-Schapiro * Says regulators looking at accounting reforms * Sen. Conrad says accounting loopholes should be closed * Schapiro: SEC, PCAOB also reviewing role ...

MF Global Accounting, EU Bank State Aid, U.K. Loans, Balboa: Compliance
An accounting technique used by MF Global Inc., the failed broker-dealer, is being reviewed by the U.S. Securities and Exchange Commission, agency Chairman Mary Schapiro said.

Analysis: MF Global proves Enron-era accounting lives on
(Reuters) - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global. Like its predecessors, the bankrupt brokerage formerly run by Jon Corzine took advantage of an accounting maneuver to keep certain financial obligations off its books, making the firm look less indebted and thus less a risk ...

Wave Accounting Wins People's Choice at CIX
TORONTO, ONTARIO-- - Capping a very successful and milestone-filled season, tech startup Wave Accounting won the People's Choice award at the Canadian Innovation Exchange Top 20 event in Toronto last night."Innovation ...

Corrected - MF Global proves Enron-era accounting lives on
(The following story was corrected to reflect repo-to-maturity part of Nomura's exposure, paragraph 17; this version was repeat of story from Thurday, Dec. 1) (Reuters) - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global . Like its predecessors, the bankrupt brokerage formerly run by Jon ...

Analysis: MF Global proves Enron-era accounting lives on
(Reuters) - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global . Like its predecessors, the bankrupt brokerage formerly run by Jon Corzine took advantage of an accounting maneuver to keep certain financial obligations off its books, making the firm look less indebted and thus less a risk ...

Accounting firm alleges billing problems
A Miami accounting firm has suspended two partners after discovering what it described as over-billing clients.

MF Global proves Enron-era accounting lives on
(Reuters) - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global . Like its predecessors, the bankrupt ...

India Inc seeks forex accounting cover to tide over rupee fall
India Inc is lobbying hard for a change in accounting rules, so that it would not have to reflect the marked-to-market position of its foreign currency debts in the quarterly statement of accounts.

Accounting Dept. ranks 15th for CPA passing rate
The National Association of State Boards of Accountancy has ranked ISU’s Department of Accounting 15th in the nation for overall pass rate in accounting programs offering advanced degrees and for student performance on the Certifed Public Accountant exam.

Accounting Failures 'Exarcebated Banking Crisis'
A new report, assessing the causes of the global financial crisis, has identified that shortcomings in the accounting standards issued by the International Accounting Standards Board was a major contributing factor to the instability experienced in the UK and Irish banking sectors, and subsequent taxpayer-funded bailouts.

Accounting Failures 'Exacerbated Banking Crisis'
A new report, assessing the causes of the global financial crisis, claims that shortcomings in the accounting standards issued by the International Accounting Standards Board were a contributing factor to the instability experienced in the UK and Irish banking sectors, and subsequent taxpayer-funded bailouts.

U.S. seen only partly backing global accounting rules - IASB
LONDON, Dec 5 (Reuters) - The United States is likelyto signal, perhaps this week, only qualified support forswitching to global accounting rules, said a top standardsofficial on Monday. The U.S. Securities ...

Accounting exam one of world's toughest
Seven Sudbury-area chartered accounting students have passed this year's Canada-wide uniform evaluation (UFE), one of the world's most challenging professional entry examinations.[...]

Financial Accounting Foundation Names Bank of America’s Charles H. Noski as Chairman of the Financial Accounting ...
NORWALK, Conn.--(BUSINESS WIRE)--Charles H. Noski, vice chairman of Bank of America Corporation, today was appointed chairman of the Financial Accounting Standards Advisory Council (FASAC) for a one-year term beginning January 1, 2012. The Council advises the Financial Accounting Standards Board (FASB), the private-sector organization responsible for setting accounting standards for U.S ...

Analysis: MF Global proves Enron-era accounting lives on
(Reuters) - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global . Like its predecessors, the bankrupt brokerage formerly run by Jon Corzine took advantage of an accounting maneuver to keep certain financial obligations off its books, making the firm look less indebted and thus less a risk ...

Fitzgibbon Joins Accounting Management Solutions as Vice President, Sales
WALTHAM, MA-- - Accounting Management Solutions, Inc . , the leading resource for outsourced accounting and financial management services in the Northeast, announced today that Patrick Fitzgibbon has joined ...

Japan's Olympus faces moment of truth in accounting
(Reuters) - The fate of Japan's disgraced Olympus Corp may become clearer on Tuesday, when it is expected to release the findings of an investigation into an accounting scandal that has threatened to bring the 92-year-old firm to its knees. Olympus, a maker of cameras and medical equipment, has lost more than half its market value since the scandal erupted in October and now risks being delisted ...

Accounting firm to review Armenian Genocide fund claims
Audit costs will come out of the $2.5 million left in a $17.5-million compensation fund set up by Axa several years ago.

JPB Partners Appoints Edward C. Harding III CPA, as Managing Director of Accounting Services Practice
Columbia, Maryland -- JPB Partners has announced that Edward C. Harding III, CPA, has joined the firm as Managing Director of JPB Partners' Accounting Services Practice. Mr. Harding has 18 years of experience ...

U.S. States, Cities Face Accounting Push to Disclose Five-Year Projections
U.S. accounting regulators want state and local governments to put financial projections in their annual reports, a shift they say would give investors a more accurate picture of the fiscal pressure facing municipalities.

Fast Growing Accounting and Advisory Firm Smart Devine Chooses Deltek Maconomy
Deltek, Inc. (Nasdaq: PROJ), the leading global provider of enterprise software and information solutions for government contractors and professional ...

Investigation finds possible fraud in accounting practices at veterans home
A state investigation into accounting practices at the Minnesota Veterans Home in Minneapolis has found evidence of possible financial wrongdoing and fraud.

Altara Joins Intacct Business Partner Program
SAN JOSE, CA-- - Intacct, a leading provider of cloud financial management and accounting software , today welcomed Altara, one of the largest and most experienced ERP consulting firms in the western United ...

Lease Accounting Changes Could Hurt Economy
Proposed changes in lease accounting standards could have a broad negative impact on the U.S. economy, triggering a $10 billion reduction in gross domestic product and 60,000 fewer jobs by 2016, according to a new study from the Equipment Leasing & Finance Foundation.

Key accounting bodies back FOFA's opt-in arrangements
Australia's three major accounting bodies have backed the two-year opt-in arrangements contained in the Government's Future of Financial Advice arrangements, describing them as "an important pillar of the FOFA reforms".

KPMG Warned, Then Got ‘Careless’ in Olympus Accounting Fraud
KPMG LLP’s Tokyo affiliate signed off on Olympus Corp.’s 2009 results five days after the auditor confronted its camera-making client over accounting irregularities, according to the findings of a month-long probe.

Accounting, small business experts offer yearend tips
If small business owners take some time this month to review their 2012 business and tax plans, it could mean a little more money in their pockets next year. Local accountants and small business specialists are offering a few end-of-year tax tips. Stockman Kast Ryan accountant Cheryl Solze says keep first things first. “No matter if you’re an [...]

AICPA and Brazilian Accounting Bodies Agree on Memorandum of Understanding
MOU with CFC and FBC to Advance Accounting Profession in the U.S. and Brazil /PRNewswire-USNewswire/ -- The American Institute of CPAs, the Conselho Federal de Contabilidade ("CFC"- Federal Accounting Council) and the Fundacao Brasileira de Contabilidade ("FBC"-Brazilian...

Diamond Shares Go Nuts With Pringles In The Bag
Shares in Diamond Foods jumped 43% Friday after an analyst hinted that an accounting probe that has been launched into the company’s acquisition offer for Pringles would end quickly and the deal would proceed.

Nominal Accounting Software Seeks User Feedback from Small Business Owners
Nominal Accounting Software – an easy-to-use, ATO compliant, small business accounting package that has all the features you need. (PRWEB) October 3, 2010 There’s a new player in the DIY Accounting software market – Nominal Accounting. Nominal’s CEO, Uriel Maimon, says his firm wants to provide small business owners, particularly those who previously used only spreadsheets or the now defunct ATO ...

Olympus ousted CEO to visit Japan
TOKYO (Reuters) - Olympus Corp's ousted CEO, Michael Woodford, flies to Japan on Tuesday to press on with a battle to win back his job, as media reported that prosecutors plan to raid the homes of suspects in a $1.7 billion accounting fraud at the camera maker. Woodford wants to meet potential candidates for a new management team for which he will also seek shareholder and investor backing when ...

Accounting graduates count on careers in numbers
Six Nanaimo students are ready to become certified accountants.

Ernst & Young to Probe Olympus Accounting
An Ernst & Young ShinNihon LLC committee will determine whether there were auditing problems or lapses in judgment in its probe on the coverup of a $1.7 billion fraud at Olympus Corp.

Olympus Auditor Ernst & Young to Probe Accounting, Judgment Call
An Ernst & Young ShinNihon LLC committee will determine whether there were auditing problems or lapses in judgment in its probe on the coverup of a $1.7 billion fraud at Olympus Corp.

Olympus Auditor Ernst & Young to Probe Accounting, Judgment
An Ernst & Young ShinNihon LLC committee will determine whether there were auditing problems or lapses in judgment in its probe on the coverup of a $1.7 billion fraud at Olympus Corp.

Olympus ex-CEO to meet MPs, push for Japan reform: source
TOKYO (Reuters) - The whistleblower in a $1.7 billion accounting scandal at Japan's Olympus Corp, ex-CEO Michael Woodford, plans to meet ruling-party lawmakers in Tokyo this week as he lobbies for reforms to Japanese boardrooms, a source said on Monday. Woodford, an Englishman who was sacked as chief executive by the firm's board two months ago, arrives in the Japanese capital on Tuesday on a ...

House appropriation director: State should ignore accounting standards
ALEXANDRIA —A top adviser to the General Assembly says Virginia can use a loophole to ignore new accounting standards designed to protect taxpayers, despite state law requiring its compliance.

A Delayed Report Pops Diamond's Run, Shares Fall
Diamond Foods shares tumbled Monday morning after the snack food company released an update on an investigation into its own accounting practices this quarter.

Financial Accounting Foundation Adds Boston Public Roundtable to Outreach on Plan to Improve Private Company Standard ...
NORWALK, Conn.--(BUSINESS WIRE)--The Financial Accounting Foundation (FAF) has added a Boston location to a series of roundtables intended to solicit public comment about the FAF’s proposal to improve the accounting standard-setting process for private companies. The FAF also announced specific sites for all four roundtables, which are scheduled to take place across the country early next year ...

Accounting rules saw RBS in a 'fools paradise'
Financial traders spotted the dangerous risks inside Royal Bank of Scotland (RBS) long before politicians or regulators because they did not accept the figures reported in the bank's accounts, the critical ...

Is Diamond Foods a Classic Case of Accounting Fraud?
Diamond Foods (NASDAQ: DMND) is a food company that manufactures and distributes snack products internationally.