Home > Accounting News

Accounting News 08/2012



Donny Shimamoto Wins AICPA's Maximo Mukelabai Award
As baby boomer partners begin retiring from the accounting profession, doors are opening wide for a new generation of CPAs. With hard work, exceptional service to clients, and demonstrated leadership skills, young professionals can maintain the ...

Hillshire Brands Responds to DE MASTER BLENDERS 1753's Disclosure of ...
Hillshire Brands Responds to DE MASTER BLENDERS 1753's Disclosure of ...

FASB Abandons Project to Modify Contingency Disclosure Requirements
On July 9, 2012, the Financial Accounting Standards Board determined to remove from its agenda its project to modify accounting standards related to disclosure of loss contingencies, including litigation. This project was first added to the FASB's ...

Accounting for the Unique Nature of Tax Credit Investments
The need for a broad and varied investor base was one of many market tenets underscored by the Great Recession and the resulting market disruption. In the years since the start of the recession, affordable housing, community development, historic ...

Rowan Cabarrus restructures accounting program
“We have students who come here with a bachelor's degree, take courses with us and sit for the CPA exam,” said Robin Turner, program chair of the college's accounting program. “Students can also enroll in courses without any accounting experience ...

Legislation could benefit Scituate recreation areas
Legislation recently signed by Governor Deval Patrick will allow for changes to the Community Preservation Act, which will benefit municipalities participating in the program, such as Scituate, across the state. “The plan approved by the Governor calls ...

Navistar says SEC is probing its accounting practices
Truck-and-engine maker Navistar International Corp. said Thursday that it is the target of a Securities and Exchange Commission investigation "related to certain accounting and disclosure matters" and withdrew its full-year earnings forecast until ...

Skelton: Accounting problems a political hurdle for Jerry Brown
Recent revelations about loose accounting could undermine Gov. Jerry Brown's campaign for tax increases, George Skelton writes in Thursday's column. It doesn't matter whether the governor knew about the problem or not. "The astute old pol — who sold ...

Running a Successful Joint Workshop
Last week, we discussed two best practices for achieving maximum attendance at your jointly sponsored education events with other professionals. Now that you know how to fill the room with your best prospects on a basis of trust, it's time to take a ...

Vision33 Moves up This Year's Accounting Today Top VAR 100 List
Accounting Today recently ranked Vision33, Inc. #31 on its annual Top VAR 100, a list that recognizes 100 of the top tier accounting and enterprise resource planning (ERP) software resellers in the country. As a leading provider of online business news ...

J. Allen Kosowsky, CPA Selected For "2012 Westchester Select Wealth Managers"
J. Allen Kosowsky, CPA, PC is a forensic accounting, valuation and expert witness firm that concentrates on tax controversies, white collar crime defense, criminal tax defense and commercial damages assignments. Following the publication of J. Allen ...

Changes to CPA benefit municipalities, November proposal in Beverly
Recent changes to the Community Preservation Act were made to help stabilize the declining statewide trust fund match of locally raised CPA funding. Voters in Beverly will again be asked to adopt the Community Preservation Act, which was rejected in ...

FASB Floats Early Ideas on Private Company Accounting
If private companies should have different accounting standards, the Financial Accounting Standards Board is looking for ideas on how those differences should be established. FASB published some early ideas for how financial reporting requirements ...

WP Carey Provides Update on Its Proposed REIT Conversion and Merger With ...
WP Carey Provides Update on Its Proposed REIT Conversion and Merger With ...

Intacct Announces 2012 Partner Award Winners
CliftonLarsonAllen, one of the nation's top accounting firms, earned the Partner of the Year Award for its sales accomplishments, channel leadership, collaboration with other Intacct partners, development on the Intacct cloud financial management ...

Navistar shares sink 13% on expected loss in 3rd quarter, disclosure of SEC ...
Navistar shares sink 13% on expected loss in 3rd quarter, disclosure of SEC ...

J. Allen Kosowsky, CPA Selected For "2012 Westchester Select Wealth Managers"
J. Allen Kosowsky, CPA, PC is a forensic accounting, valuation and expert witness firm that concentrates on tax controversies, white collar crime defense, criminal tax defense and commercial damages assignments. Following the publication of J. Allen ...

AFLAC INC - 10-Q - Management's Discussion and Analysis of Financial ...
AFLAC INC - 10-Q - Management's Discussion and Analysis of Financial ...

Premier promises full accounting of London Olympics trip expenses
In the wake of a health-care system expense scandal this week, Premier Alison Redford said “every single dime will be accounted for” during her weeklong trip to London — and her government is committed to transparency when it comes to spending by her ...

Rules on use of community preservation funds loosened
The state budget for the fiscal year that started July 1 includes an overhaul of the 2000 law creating the program, which lets cities and towns assess a property tax surcharge of up to 3 percent to pay for affordable housing, open space, recreation ...

New approach to loss impairment
Hence, the International Accounting Standards Board proposes that the “incurred loss” model be replaced with the “expected loss” model. In the latter, impairment losses will be recognised over the life of the financial asset, by including expected ...

Good deeds go well with best accounting practices
However, there is no central legislation or legal framework prescribing the accounting and reporting responsibilities of NPOs. With a plethora of regulations governing them, NPOs find it difficult to comply with the varied and often conflicting ...

Intangible assets: A search for right accounting
Intangible assets constitute a significant class of assets for companies that create value by managing intangibles (e.g. corporate identity, product brand and knowledge). They spend a significant amount of resources to create and maintain those assets ...

New CPA executive director sets out objectives
New CPA executive director sets out objectives. Post a commentBy Joe Whitworth, 06-Aug-2012. Related topics: Packaging, Americas. The new executive director of the Contract Packaging Association (CPA) has targeted membership growth, increased ...

Oil Claim Calculator Selected by New Orleans Accounting Firm for Online BP Oil ...
Oil Claim Calculator Selected by New Orleans Accounting Firm for Online BP Oil ...

Accounting Professor Receives National Business Information Award
Bruce Behn, a renowned UT accounting professor, has received the 2012 Beta Alpha Psi Business Information Professional of the Year award. He was one of three recipients to be honored this year with the national accolade. “I am truly honored and humbled ...

Tim Shelley and Glenn Aldridge Join Forces
Tim Shelley and Glenn Aldridge are joining forces to expand the CPA practice of Aldridge Shelley, PC, formerly operating as K. Glenn Aldridge, PC. Glenn Aldridge formed the original firm in 2009 to provide best-of-class service for small and midsize ...

Saba Provides Update on Status of Ongoing Accounting Review
Saba (NASDAQ: SABA), the premier provider of people-centric enterprise solutions, today announced that as a result of the previously reported accounting review, Company management has determined, in consultation with the Audit Committee of the ...

Accountant to CPA: Becoming a Better Hire
There are many crucial differences between being an accountant and being a CPA, including job scope, education, salary and more. CPAs are granted professional jurisdiction over a number of financial and accounting specialties that are otherwise off ...

Sudanese Citizenship-State: Overthrowing the regime or building the alternative?
This modest contribution aims at providing an objective and critical analysis, exploring the root causes and dimensions of Sudan's chronic national problems, and proposes solutions, especially in light of the repercussions and consequences of the ...

Gates grant OK'ed
The Central Cemetery Committee approached the Community Preservation Committee Monday night for funds to restore the iron gates and fences at the cemetery, some of which members say are in danger of collapse. Rick Swanborg of the Central Cemetery ...

WP Carey Announces Second Quarter Financial Results
Our proportionate share of the adjustments before income taxes was approximately $2.6 million. In accordance with current accounting guidance, we have retrospectively adjusted our results of operations in our Real Estate Ownership segment for the three ...

Accounting loophole key to Labor surplus: economist
The Gillard government is able to maintain its budget surplus only because of an accounting loophole created by a previous Coalition government, according to an Australian Financial Review report citing Bank of America Merrill Lynch chief economist ...

Chinese Accounting Earns Tough Stance
The issue took on added urgency last week when the Chinese affiliate of Big Four accounting firm KPMG converted from a joint venture with the international firm to a local business with a majority of Chinese partners. The change was mandated by China's ...

Planning association approves scaled-back Bird Rock project
Pat Sherman photos. By Pat Sherman. During its Aug. 2 meeting, La Jolla Community Planning Association (LJCPA) trustees voted 13-2-1 to approve a two- story, mixed-use development at 5702 La Jolla Blvd. It in- cludes 10 residential rental units and ...

Planning association approves scaled-down Bird Rock project
Pat Sherman photos. By Pat Sherman. During its Aug. 2 meeting, La Jolla Community Planning Association (LJCPA) trustees voted 13-2-1 to approve a two- story, mixed-use development at 5702 La Jolla Blvd. It in- cludes 10 residential rental units and ...

Glenview's Holzman persistence pays off with CPA award
Memories like these have helped the accounting professional in Holzman to appreciate others via mentoring. “I was shocked,” said Holzman, of his reaction when he learned he had won this year's Lifetime Achievement Award. “I have been very active in the ...

W. P. Carey's CEO Discusses Q2 2012 Results - Earnings Call Transcript
W. P. Carey & Co. LLC (WPC) Q2 2012 Earnings Call August 7, 2012 11:00 AM ET. Operator. Good morning and welcome to the W. P. Carey Earnings Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there ...

Oki Electric: Found Improper Accounting At Spain Unit
By Kana Inagaki. TOKYO--Japanese printer maker Oki Electric Industry Co. (6703.TO) said Wednesday that it found improper accounting at its unit in Spain, possibly resulting in a loss of around Y8 billion. The company, which makes telecommunications ...

Accounting Today Ranks Microsoft ERP and CRM Partner Altico Advisors in the ...
Accounting Today Ranks Microsoft ERP and CRM Partner Altico Advisors in the ...

Computer Modelling Group Announces First Quarter Results
However, if this requirement creates or enlarges an accounting mismatch in profit or loss, the entire change in fair value will be recognized in profit or loss. Amounts presented in OCI will not be reclassified to profit or loss at a later date. IFRS 9 ...

IFRS accounting norms from next fiscal: Corporate Affairs Ministry
The new accounting standards are considered to be more reliable, consistent and uniform and are meant to enhance the credibility of businesses by incorporating more disclosures that lead to good corporate governance. “Reforms in the processes of doing ...

State CPA society announces new leadership
Members of TSCPA work in all areas of accounting including public accounting, education, government, business and industry. TSCPA is headquartered in Brentwood. © Copyright 2012 Shelbyville Times-Gazette. All rights reserved. This material may not be ...

Accounting firm settles lawsuit over investments
A Montana accounting firm has reached settlements with six current and former farm and ranch owners who said they lost millions of dollars in real estate investments they say the firm advised them to make. The lawsuits filed against Anderson ZurMuehlen ...

Calian Reports Third Quarter Results: In Line With Management Expectations
These interim consolidated financial statements have been prepared in accordance with the accounting policies the Company expects to adopt in its annual consolidated financial statements for the year ending September 30, 2012 which are described in ...

CPA: Plymouth history in the making
When the Community Preservation Committee participated in a joint meeting with the Board of Selectmen and the Advisory and Finance Committee last week, its members came prepared with a 24-page booklet that outlined, among others things, how they ...

Accounting Today Opens Submissions for Managing Partner Elite
Following on the success of its many lists and rankings -- including its Top 100 Firms, Top 100 Most Influential People and Top 100 Best Firms to Work For lists -- Accounting Today is now accepting submissions for its newest list, of the Managing ...

RLR, LLP, a northern Colorado CPA frm,
RLR, LLP is a small growing CPA firm specializing in providing tax, audit and accounting services to a wide range of small business clients, including individuals and non-profit organizations throughout Northern Colorado and Southeast Wyoming. We offer ...

Oki Electric Shares Plunge on Spain Accounting Woes: Tokyo Mover
Oki Electric Industry Co. shares plunged the most in at least 37 years in Tokyo after the company said its Spain unit overstated accounts and it will miss the deadline for filing financial reports, prompting the Tokyo bourse to put the company on watch ...

Fras-le Announces its Results for the 2nd Quarter and 1st Half of 2012
... on a consolidated basis and the amounts are expressed in Brazilian reais, in accordance with International Financial Reporting Standards (IFRS) Issued by the International Accounting Standards Board (IASB) and the accounting practices adopted in ...