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Accounting News 09/2012



CPA conference will boost Sri Lanka's image - Speaker
CPA conference will boost Sri Lanka's image - Speaker. By Uditha KUMARASINGHE. Scion of a famous political family in Giruwa and Magam Pattu, down South, Speaker Chamal Rajapaksa learned his ABC in politics from his father, D.A.Rajapaksa, one time ...

Village accounting criticized
ALBANY — Sloppy accounting by the village of Ballston Spa resulted in unrealistic annual budgets that caused significant overspending for the past several years, according to a state audit released this week. A review of village accounting records ...

Three at Novogradac earn CPA licenses
Three employees – Erin Neff, Ryan Rieger and Tara Woody – recently earned CPA licenses at the Dover office of Novogradac & Company LLP, a national certified public accounting and consulting firm. Erin Neff is a senior accountant. During her five years ...

IFRS view on 'investment entities'
To address these aspects, the International Accounting Standards Board is developing a new IFRS that will define the term 'investment entities'; such entities will have to account for their investments in subsidiaries, associates and joint ventures at ...

Discretion and subjectivity in accounting rules - necessary evil
Globally, regulators, accounting standard setters, preparers and users have settled for principle-based accounting standards because it provides the flexibility that is needed to apply the accounting principles and methods appropriately in various ...

Hon Hai, Foxconn reverse Sharp accounting losses
The company said its first-half earnings included an accounting loss of NT$4.50 billion for its investment in Sharp while its unit Foxconn Technology booked an accounting loss of NT$2.26 billion for its investment in the Japanese company. As Sharp ...

Accounting for gobbledegook
OPINION: They can turn an otherwise pleasant period of self-assembly into the release of terrible destructive power and may cause bleeding. Their evil lies in presenting a desirable goal while sabotaging its achievement by suggesting part in box fit ...

TEXT-Fitch Withdraws Yash Accounting's Ratings
(The following was released by the rating agency). MUMBAI/SINGAPORE, September 03 (Fitch) Fitch Ratings has withdrawn India-based building materials and construction company Yash Accounting & E Services Pvt Ltd's (Yash) National Long-Term 'Fitch ...

Messy accounting leaves CTL in financial dump
Improper and messy accounting practices combined have created opportunities for fraudulent activities and helped to toss the Caymanas Track Limited (CTL) into the financial hole in which it has found itself, an audit commissioned by the Public ...

Wolters Kluwer Tax & Accounting Continues to Invest and Expand in Corporate ...
Wolters Kluwer Tax & Accounting Continues to Invest and Expand in Corporate ...

Accounting, business objectives mismatch to spell trouble: NACAS
"When business objective supersedes accounting principles resulting into sometimes inaccurate, sometimes inappropriate accounting disclosures also then there are troubles for the long run," he said. Speaking at a function organised by the Confederation ...

Questioning Europe's Numbers: EU Taxpayers Paying The Price For Spain's ...
Questioning Europe's Numbers: EU Taxpayers Paying The Price For Spain's ...

Phoenix IT in flames over accounting irregularities
Phoenix IT plunged 34% to 139p after the cloud computing services provider said it had uncovered accounting irregularities over a number of accounting periods. The company said it appears that certain control processes in the finance division at its ...

Definition of hyperinflation
The stable measuring unit assumption (not hyperinflation, as generally accepted) as it is implemented as part of the 3000-year-old, generally accepted, globally implemented, traditional Historical Cost Accounting model even during hyperinflation (as ...

Queler receives accounting management designation
Mitchell Queler, director of operations at Reynolds & Rowella, LLP, a New Canaan accounting firm with offices also in Ridgefield and Wilton, recently received the accredited administrator in accounting practice management designation. Queler, who ...

South Sound mangrove threat
(CNS): The CPA has once again given planning permission to a project which will allow the developer to remove critical recovering mangrove buffer. Despite recommendations from the department of environment and the planning department against the ...

Funny Health Care Reform Video -- The Latest Kyle's CPA Video Blog
Kyle's CPA Video Blog has received considerable acclaim in the profession and with accounting media, including a feature spot as one of the top ten branding ideas in professional services on an independent professional services marketing blog produced ...

Smiths' write accounting book geared toward all
Many students enrolled in an accounting course arrive afraid of being bogged down by numbers and bizarre financial terms. Professors Katherine Smith and Murphy Smith, professors in the Arthur J. Bauernfeind College of Business, collaborated with ...

British Airways becomes the first airline to sign for Amadeus' new revenue ...
British Airways becomes the first airline to sign for Amadeus' new revenue ...

How outsourcing tax functions can keep you compliant and focused on your core ...
How outsourcing tax functions can keep you compliant and focused on your core ...

Wiley Launches WileyCPA.com to Expand its Leading CPA Exam Review ...
Wiley Launches WileyCPA.com to Expand its Leading CPA Exam Review ...

Meet Stephen Pedneault, Owner of Forensic Accounting Services, LLC
He not only does detective work by pouring over accounting files, bank statements, and canceled checks, but he also interviews the individuals involved in the alleged crimes. His business card looks like a puzzle piece. He is kind of like the Jack Webb ...

JOHN WILEY & SONS INC. : Wiley Launches WileyCPA.com, a Digital Forum for ...
JOHN WILEY & SONS INC. : Wiley Launches WileyCPA.com, a Digital Forum for ...

Lee Student Receives CPA Scholarship
The goal of the scholarship committee is to encourage students to enter the accounting profession. The TSCPA scholarship is only available to students who are majoring in accounting, have completed introductory accounting courses, and have gone through ...

British Airways becomes the first airline to sign for Amadeus' new revenue ... - eTravelBlackboard
British Airways becomes the first airline to sign for Amadeus' new revenue ...

Directors lacking when it comes to accounting expertise
Unsurprisingly, both directors and financial professionals rated board members' knowledge of basic accounting principles as much higher than their knowledge of specific and technical accounting issues. Despite having a generally high view of their own ...

CPA gets spot on Salem ballot
SALEM — Voters in this city will have one more decision to make in November. It appears almost certain the Community Preservation Act will be on the ballot. “They have enough signatures,” City Clerk Cheryl LaPointe said yesterday after her office ...

CPA Will Be on Nov. 6 Ballot
asset[new_asset_attachment_attributes][to_type]. Article. article[new_asset_attachment_attributes][user_id]. new_asset_attachment_attributes. Correction: A previous version of this article stated that the CPA property surcharge being considered for ...

Cloud Accounting: A New Way To Streamline Financial Operations
Accountants have a ton of work to do, but much of it can be replaced with digital intelligence. Cloud accounting isn't something new, but it certainly has been catching on lately. If your business is in its ripest beginnings, it's also possible that ...

ICPAS Showcase Put Practical Focus on the Future
For the last four years, Edward J. Hannon, partner in charge of tax practice at Freeborn & Peters LLP in Chicago, Illinois, says the opportunity to attend the Illinois CPA Society (ICPAS) Annual Midwest Accounting and Finance Showcase has been nothing ...

College guides accounting student into dual degree program at top business ...
College guides accounting student into dual degree program at top business ...

Utah Accounting Firm Named 'Best of the Best' for Third Straight Year
SALT LAKE CITY, Sept. 5, 2012 — /PRNewswire/ -- (http://www.myprgenie.com) -- For the third year in a row, INSIDE Public Accounting (IPA) has recognized Tanner LLC's performance and named them to their prestigious annual list of the 50 "Best of the ...

Accounting and MIS professor receives national recognition for research
9:11 a.m., Sept. 5, 2012--Guido Geerts, professor of accounting and management information systems (MIS) in the University of Delaware's Alfred Lerner College of Business and Economics, received the 2012 Outstanding Contribution to Research Award ...

Reported theft of Romney tax records being probed
(AP) — The Secret Service said Wednesday it is investigating the reported theft of copies of Republican presidential candidate Mitt Romney's federal tax records during a break-in at an accounting office in Franklin. Someone claiming responsibility ...

Pasadena Armenian Genocide Memorial Committee Selects Accounting Firm
Based in Glendale, SVHS is a long-time accounting and financial advisory firm to many high-profile businesses and non-profit organizations throughout Southern California. Sadd-Velazquez has been repeatedly relied upon by many Glendale- and ...

Secret Service investigates reported theft of Romney tax files, $1 million ...
Secret Service investigates reported theft of Romney tax files, $1 million ...

Accounting Career Consultants Hires Mark Kurz as Staffing Consultant
LOUIS/September 5, 2012 – Accounting Career Consultants has hired Mark Kurz, as a Staffing Consultant to identify and work with clients for their accounting and financial project/temporary staffing needs. In his new position, Mark will develop new ...

Accounting method changes to be allowed in corporate reorganizations
The IRS on Wednesday announced a change in its policy on automatic accounting method changes in corporate reorganizations (Rev. Proc. 2012-39). Taxpayers that engage in a tax-free reorganization or liquidation under Sec. 381(a) after Aug. 31, 2011 ...

'316 cos,73 audit firms guilty of violating accounting norms'
"During the last three years, 316 companies and 73 audit firms were found guilty of violation of accounting principles and other financial irregularties for non-compliance of disclosure norms," Minister of State in Corporate Affairs R P N Singh ...

Reported theft of Romney tax records being probed
The Secret Service said Wednesday it is investigating the reported theft of copies of Republican presidential candidate Mitt Romney's federal tax records during a break-in at an accounting office in Franklin. Someone claiming responsibility demanded $1 ...

'No evidence' Romney's tax records stolen by hackers, firm says
An anonymous letter sent to Romney's accounting firm and political offices in Tennessee and published online sought $1 million in hard-to-trace Internet currency to prevent the disclosure of his tax filings, which have emerged as a key focus during the ...

Utah Accounting Firm Named 'Best of the Best' for Third Straight Year
SALT LAKE CITY, Sept. 5, 2012 -- /PRNewswire/ -- (http://www.myprgenie.com) -- For the third year in a row, INSIDE Public Accounting (IPA) has recognized Tanner LLC's performance and named them to their prestigious annual list of the 50 "Best of the ...

CPA Wins Fraud Trial on All Counts
As part of a plea agreement to receive a lower sentence, the three pled guilty to conspiracy and testified that Miller assisted the conspiracy by forming more than 20 corporations and preparing bogus accounting records and tax returns to conceal their ...

Accounting and finance hiring plans stabilize
Accounting and finance staffing appears to be entrenched in a period of relative calm, a recent survey of CFOs shows. Eighty-nine percent of the more than 1,400 U.S. CFOs surveyed by staffing services firm Robert Half expect to maintain their current ...

CBDT to come out with accounting norms for real estate
"We will shortly come forward with accounting standard in this regard (for real estate sector)," Central Board of Direct Taxes (CBDT) chairperson Poonam Kishore Saxena told reporters here. She further said the report of the CBDT-appointed committee on ...

CPA firm Gelman, Rosenberg & Freedman buys part of Greystone Advisory Group
“Incorporating Greystone Advisory Group's knowledge brings tremendous depth to our services in litigation support, forensic accounting and internal corporate investigation,” said David Graling, managing partner at Gelman, Rosenberg & Freedman in a ...

CPA Business Executives Grow Gloomier about Economy
The third-quarter AICPA Economic Outlook Survey, which polled 1,365 CPAs with executive leadership and senior management positions such as CFOs and controllers in U.S. companies in August, revealed growing pessimism for the second consecutive ...

CPA survey finds fewer Canadians living pay cheque to pay cheque. Employees ...
CPA survey finds fewer Canadians living pay cheque to pay cheque. Employees ...

MCMC pushes for separate telco accounting - Business Times
The MCMC said the release of a public inquiry paper today on the proposed Accounting Separation Framework and Implementation Plan was a major step forward by the commission towards greater operational transparency for the industry. "We believe a ...

Accounting glitch prevent Miss. tax collections meeting budget estimate
An accounting glitch prevented state revenue collections from matching the revenue estimate for the month of August by $13.7 million. The Northeast Mississippi Daily Journal reports ( (link) SpCvzq ) that in July, some unnamed retailers ...