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Accounting News 04/2012



GM workers help needy people file their income taxes
These General Motors JumpStarters are volunteer income tax preparers for Accounting Aid Society's free tax assistance program. / Accounting Aid Society Today's subject: GM JumpStart is a program for new GM employees that fosters teamwork and leadership ...

Newsmakers Q&A | Accounting firm recognized for how it treats employees
based accounting and business-advisory firm. “What makes it so great? The audit firm has a long history of giving back,” the magazine said. “ Teams of volunteers called P&M Cares are active in every office, sending care packages to troops overseas, ...

Palm oil makers urge accounting shift
By Adam Jones Malaysian palm oil producers are spearheading a push to tailor international accounting rules more to the needs of Asia, Latin America, the Middle East and Africa. The plantation owners are leading calls for the International Accounting ...

Accounting fears set to take toll on stocks
Equities are set to retreat in the second quarter following the best three months in more than two years as accounting issues of non- state enterprises in the mainland continue to unnerve investors. Peter Lai Wing-leung, a director at DBS Vickers ...

A wealth of opportunity
CPAs also can offer important accounting and tax services to wealth management teams. For tax practitioners, the ability to provide these PFP-related services is one of many market differentiators between CPAs and registered tax return preparers (a ...

In Wake of Groupon Issues, Critics Wary of JOBS Act
Critics say that measure would allow a company like Groupon, which had well-publicized disagreements with the SEC over its accounting last year, to resolve such issues under the radar, without investors learning of them until later although still ...

Groupon's Accounting Mistake, the Media, Quant Funds and Academic Case Studies
Groupon had another accounting goof-up, and I hope they're not blaming the media, investigators or investors for their accounting mistake. It's not only the investors that Groupon will need to worry about, but the accounting professors (and those ...

How the proposed lease accounting standards may impact businesses
Proposed lease accounting rules could have a serious impact on businesses that have significant leasing activities. A draft standard for lease accounting developed by the US Financial Accounting Standards Board (FASB) and the International Accounting ...

CPA benefits all of Westport
I am responding to a letter that appeared on your letter to the editor on your website entitled "Vote yes to let Westport voters decide CPC" by Claude Ledoux. The ballot question is to voice a choice about Community Preservation Act (CPA), ...

Two parts accounting, one part psychology
Once you've developed accounting skills, the best training is to simply jump in and do it, to learn the patterns of the job." Demand for well trained accounts receivable professionals is high, notes Tim Paulsen, author of Paid in Full and the founder ...

Accounting a stepping stone to career success
She has enjoyed a diverse accounting career, including working with government and industry and running a thriving public practice in North Vancouver. When asked to speak to accounting hopefuls in college she says, "I tell them there's no wrong way to ...

Accounting Today Names Pannell Kerr Forster of Texas, P.C. (PKF Texas) One of ...
Accounting Today Names Pannell Kerr Forster of Texas, P.C. (PKF Texas) One of ...

GASB Issues Statements No. 65 and No. 66
NORWALK, Conn., Apr 02, 2012 (BUSINESS WIRE) -- The Governmental Accounting Standards Board (GASB) today issued two Statements addressing important practice issues for state and local governments. Statement No. 65, Items Previously Reported as Assets ...

Last Minute Tax Planning Discussed by Certified Public Accountant Sanjiv Gupta
About Sanjiv Gupta CPA Office: Sanjiv Gupta's firm is a full service Certified Public Accounting firm located in the heart of San Francisco Bay Area. Founded by Sanjiv Gupta, the practice has grown into a trusted and respected accounting firm with ...

Accounting Management Solutions Names MacKenzie President
WALTHAM, MA, Apr 02, 2012 (MARKETWIRE via COMTEX) -- Accounting Management Solutions, Inc. (AMS), the Northeast's leading provider of outsourced accounting, financial management, and consulting services for private, public, and nonprofit organizations, ...

Booking accounting reserves as income an 'error,' Nortel trial told
TORONTO – A former finance official for Nortel Networks Corp testified Monday the company made “errors” in booking old accounting provisions as income as Crown prosecutors attempted to connect them to a plot from former top executives to manipulate ...

FASB Changes Loom; Single-Tenant Deals in the Crosshairs - Daily News Article
NEW YORK CITY-In the works, and awaited with some anxiety, for the past few years, new standards for lease accounting have been on the industry's radar screen again lately. The Financial Accounting Standards Board and the International Accounting ...

FelCor Promotes Jeffrey D. Symes as Senior Vice President, Chief Accounting ...
FelCor Promotes Jeffrey D. Symes as Senior Vice President, Chief Accounting ...

JOBS Act Debate: Should Pre-IPO Companies Resolve Accounting Issues Behind ...
JOBS Act Debate: Should Pre-IPO Companies Resolve Accounting Issues Behind ...

Genworth Closes the Sale of Its Tax and Accounting Advisor Unit to Cetera ...
Genworth Closes the Sale of Its Tax and Accounting Advisor Unit to Cetera ...

Nortel released $80-million in accounting reserves to reach profit threshold ...
Nortel released $80-million in accounting reserves to reach profit threshold ...

Groupon's Accounting Issues Are Worse Than You Think
Does Groupon's latest accounting mishap foreshadow its eventual demise? Not everyone thinks so. Some say the company is just working out the kinks of its novel business model. Let's dig into the details and see what's really in store for the ...

Audit faults Sojourner Turth Academy's accounting practices
By Andrew Vanacore, The Times-Picayune A new financial audit finds fault with past accounting practices at a small Uptown charter school that is scheduled to close this year. A private auditing firm found that Sojourner Truth Academy didn't properly ...

Robert Half and FEI Release Third Annual Benchmarking Report
This is just one of the findings in the third annual study, Benchmarking the Finance Function 2012, which provides insight into how public and private firms of all sizes manage their accounting and finance departments. The study presents benchmarks in ...

PwC Releases Fifth Edition of Law Firm Accounting and Financial Management and ...
PwC Releases Fifth Edition of Law Firm Accounting and Financial Management and ...

The Trust Company of the South Expands Its Relationship with Innovest Systems ...
The Trust Company of the South Expands Its Relationship with Innovest Systems ...

Groupon's Accounting Gets SEC Attention Again
And the SEC is sniffing around again (an "informal inquiry") and yet again it's an accounting issue: Groupon said the revision, which reduced fourth-quarter earnings and revenue, was caused by the need for higher reserves for refunds on deals with ...

Accounting reserves weren't needed for Nortel bonuses, executive testifies
s top executives would have earned their special “return to profitability” bonuses – but later in 2003 than they were actually paid – after the company did two successive restatements of its books to correct the way accounting reserves were used at the ...

MF Global's Inscrutable Accounting Error
While securities dealer MF Global was melting down financially, the company's finance and treasury departments — in conjunction with futures market regulators — were on the hunt for the accounting error that wasn't. MF Global's general counsel and ...

Newman Ferrara LLP Investigates Groupon, Inc. for Possible Breaches of ...
Newman Ferrara LLP Investigates Groupon, Inc. for Possible Breaches of ...

Study Questions Accounting for Asset Securitization
By Michael Cohn, Accounting Today The multi-trillion dollar asset securitization market continues to have unresolved issues in the aftermath of the financial crisis, including how the assets are accounted for, and the credit risk assessments done by ...

Consultants suggest addition to Lenox accounting team
LENOX -- In an effort to straighten out recently disclosed town accounting difficulties and increase efficiency through shared services at Town Hall, a consultant's re port has whipped up a recipe for change. The consultants stressed the need for a ...

Here We Go: Groupon Hit With First Shareholder Suit Over Accounting Shenanigans
Less than four months after going public, Groupon is already facing an SEC probe – and now its new shareholders are suing it for gimmicky accounting practices. In the first of what is likely to be a parade of lawsuits, a Chicago man is seeking ...

FASB Alternatives Could Lessen Lease Accounting Impact
NEW YORK CITY-While the fate of lease accounting standards have not yet been determined, the benefits and drawbacks of the revised proposal set forth by the Financial Accounting Standards Board and International Accounting Standards Board were debated ...

Get Ready for Free Tax-Prep Software That Actually Works
But considering how good free business accounting tools like Wave Accounting are becoming, it's a safe bet the company won't be bumping up prices for business ledger management software like QuickBooks. The Web era's "everything-as-ad-supported-medium" ...

Baker Tilly Partners with FinancialForce on Professional Services Automation
By Seth Fineberg, Accounting Today Baker Tilly Virchow Krause and cloud accounting and financial technology provider FinancialForce.com have inked an agreement to deliver FinancialForce Professional Services Automation implementation and best practices ...

Government accounting
Hans Hoogervorst, the plain-speaking chairman of the International Accounting Standards Board (IASB), has referred to public-sector accounting as being in “a stage of primitive anarchy”. A new IMF paper offers a helpful taxonomy of ...

MF Global: The Accounting Error That Wasn't
The best accounting and “follow the money” reporting I have seen to date is provided by a Sense on Cents favorite, CFO, which writes, While securities dealer MF Global was melting down financially, the company's finance and treasury departments — in ...

Tweedie criticises 'cosy' auditor ties
After 10 years overseeing accounting rules used in the European Union, Canada, Brazil, South Korea and other countries, Sir David becomes president of ICAS, a leading professional body, this month. In such long-term relationships, Sir David said he did ...

Healthcare Services Group Announces Independent Lead Director, Independent ...
Healthcare Services Group Announces Independent Lead Director, Independent ...

You may never be a tax expert… but never rely on just your CPA to maximize ...
You may never be a tax expert… but never rely on just your CPA to maximize ...

CPA review program offered
"As an accounting major, graduating in May 2012, I am planning on taking the CPA exam in the very near future," Schneider said. "...I am sure that the review program for financial accounting and reporting will be of great help in refreshing the ...

Blazonco and 1800Accountant Launch Strategic Partnership
Web design and online marketing agency Blazonco today announced a strategic partnership with 1800Accountant, the first nationally recognized firm that specializes in offering tax and accounting services to small businesses. The partnership will allow ...

NTU most prolific in Asia for accounting research
SINGAPORE: The Nanyang Technological University's accounting research has come out tops in Asia, according to the latest ranking by Brigham Young University. NTU is ranked seventh in the world based on the productivity of its accounting researchers ...

Worth a good hour of anybody's time
Sir, Sir Chip Keswick's charge of accounting “gobbledegook” (Letters, April 2) strikes close to home for accounting professionals on both sides of the Atlantic. The quotation in question, from former IFRS chairman Sir David Tweedie (Letters, March 29), ...

NTU tops Asia for accounting research output
SINGAPORE: The Nanyang Technological University's accounting research has come out tops in Asia, according to the latest ranking by Brigham Young University. NTU is ranked seventh in the world based on the productivity of its accounting researchers ...

Media Company, Raconteur Selects IRIS Exchequer's Business and Finance ...
Media Company, Raconteur Selects IRIS Exchequer's Business and Finance ...

A 360 Degree View of Your Business: event for accounting, HR, sales and ...
A 360 Degree View of Your Business: event for accounting, HR, sales and ...

Analysis: Islamic finance pressured to join accounting mainstream
By Anjuli Davies | LONDON (Reuters) - Rapid growth of Islamic finance is increasing pressure for the industry to enter the accounting mainstream, by seeking guidance from the International Accounting Standards Board (IASB), the global body which sets ...

Entergy Announces Executive to Head Utility; Other Leadership Positions
Bunting, currently the company's senior vice president and chief accounting officer, assumes his new role on June 1, replacing Gary Taylor, who previously announced his intention to retire. Bunting will report to J. Wayne Leonard, Entergy's chairman ...