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Accounting News 06/2014



Beijing defends ban on foreign accountants
Beijing has lashed out at criticism of its proposal to ban foreign accountants from auditing mainland firms listing overseas, saying the new rule will improve the quality of accounting and reduce audit risks. The Ministry of Finance said last week that ...

PPDA may issue market price guidelines to accounting officersPublish Date: Jun ...
PPDA may issue market price guidelines to accounting officersPublish Date: Jun ...

June First: A day where accounting changes and no loss of compensatory picks ...
June First: A day where accounting changes and no loss of compensatory picks ...

Fraudulent Government Accounting
Yet under honest accounting, taxpayers lose on all three. The Congressional Budget Office, Washington's official financial scorekeeper, says in a new report that the Department of Education's four largest student loan programs will yield an official ...

New accounting standards creating headaches for public institutions
“What will change is that the Government Accounting Standards Board, which is not a government agency, but is an organization that determines accounting standards, has issued statements requiring all the pension systems that we determine, using a ...

Accounting and finance
There will often be an introduction to the principles of finance – looking at, for example, the time value of money or the different sources of finance – as well as introduction to accounting, which will guide you through the regulation and basics of ...

Executive Q&A: Former band teacher finds niche in public accounting
Jim Denton taught high school band in a rural community north of Enid, before going back to college to earn an accounting degree. He's worked 30 years in public accounting — all with Edmond-based Arledge & Associates where he, since January 2008, has ...

Annie's Inc. Sees Additional Costs for Fixing Accounting
Annie's Inc. (BNNY) said it expects additional costs for reorganizing accounting operations after the organic-food producer found discrepancies requiring some changes to audited fiscal fourth-quarter figures. The company has “identified a material ...

Balance-Sheet Risk Makes AmTrust Shares Vulnerable
If AmTrust's accounting is found wanting, its tangible book multiple could drop back to the industry average of 1.4, bringing shares down below $15. The company denies there's a problem. "AmTrust is more than adequately reserved," says investor ...

Lawmakers Oppose Proposed Changes to Accounting Method
A bipartisan group of 115 House legislators asked Ways and Means Committee Chairman Dave Camp (R-MI) last week to reconsider making changes in his tax reform plan to an inventory accounting method used by many US businesses. In a letter sent to ...

Energy accounting firm opens San Antonio office to serve Eagle Ford clients
Jason Ferguson, Calvetti Ferguson managing partner, says the San Antonio area is clamoring for energy-related accounting services due to the robust activity in the nearby oil-and-gas play, according to a report in sister publication the Houston ...

Accounting Firms Ready Guidance for New Revenue Recognition Standards
Some of the major accounting firms and the American Institute of CPAs are planning to publish materials to help accountants and companies deal with the new revenue recognition standards. Nancy Salisbury. Last week, the Financial Accounting Standards ...

IBM Avoids SEC Penalty Over Accounting of Cloud Computing
Accounting experts say that standards for cloud computing are pretty well established now. But they add that accounting treatment can get complicated at a large company like IBM, where revenue from offering cloud-computing services could be combined ...

UL to offer graduate degree in accounting
Students who complete the University's undergraduate accounting program earn 120 credit hours. But, 150 hours earned at an accredited university are required to take the CPA exam in Louisiana, according to information on the State Board of Certified ...

"Big Four" China accounting units in settlement talks with US SEC -filing
June 2 (Reuters) - The Chinese units of the "Big Four" accounting firms are trying to reach a settlement with U.S. securities regulators to resolve a long-running dispute over regulators' access to audit documents, according to a regulatory filing ...

Working in Management: The Other Accounting Profession
Occasionally, young accountants need reminding that a career working for a firm isn't the only road you can travel: there's a lot of potential working in corporate management. AccountingWEB recently got on the phone with Jeffrey Thomson, president and ...

What investors must know about new accounting rules
A huge new set of rules on revenue recognition from the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board, which was 12 years in the making, made a thump when it was released last week. The complexity, to ...

Valeant Bulls Don't Understand This Accounting Trick, Allergan Shareholders ...
Valeant Bulls Don't Understand This Accounting Trick, Allergan Shareholders ...

We are the world
By contrast, reduced CO2 is front and center in both the purpose and accounting of the EPA's new carbon pollution proposal for power plants. In its regulatory impact analysis, the EPA relies on the White House SCC estimate which "includes a wide range ...

Now that he's out, Bergdahl's actions demand a full accounting
The Obama administration's decision to act now and negotiate a deal for Sgt. Bowe Bergdahl's release from Taliban captivity remains, in my opinion, the correct one in spite of all of the stories now emerging that suggest he deserted. If you want to ...

Pentagon seeks $211 mln repayment from Pratt for accounting issue
WASHINGTON, June 3 (Reuters) - The Pentagon is seeking $211 million from engine maker Pratt & Whitney for cost accounting problems on contracts dating back to 2005, according to a report released on Tuesday. The report by Defense Department ...

Annie's: PwC to resign as accounting firm
NEW YORK (AP) — Annie's independent accounting firm is resigning, the natural and organic foods company said Wednesday, and shares slipped more than 2 percent before the opening bell. PricewaterhouseCoopers LLP found "an insufficient complement ...

Thomson Reuters Checkpoint Releases Special Report on FASB and IASB ...
Thomson Reuters Checkpoint Releases Special Report on FASB and IASB ...

A final accounting of the Rudy's Chicken deal, all $1.4 million of it
So here's the city's final accounting of the Rudy's Chicken deal, breaking down what the city contributed and what restaurant owner Rudolph Edwards contributed. First, there's the $890,000 grant Caraway mentioned – and that's been the main point of ...

Accounting layoffs
ParenteBeard, the largest accounting firm based in Philadelphia with nearly 1,000 partners and staff in 19 offices in Pa., N.J., and N.Y., laid off 22 employees on June 2, including 6 from its Philadelphia-South Jersey region, the rest spread around ...

Fischer Offers Legislation to Promote Honest Government Accounting Practices
has introduced legislation, the Budget and Accounting Transparency Act of 2014 (S.2420), to increase honesty in government accounting practices by requiring the full costs of federal credit programs to be included in both annual budgets and cost ...

Five Minutes with Calvetti Ferguson Managing Partner Jason Ferguson
Calvetti Ferguson, one of Houston's fastest-growing energy accounting firms, this week opened a San Antonio office to keep pace with booming activity around South Texas' Eagle Ford Shale. While the office currently operates with a skeleton staff, ...

One Twin Cities Accounting Firm Acquires Another
Boyum & Barenscheer, which was founded in 1975, provides consulting, tax, and accounting services to privately held companies, individuals, and nonprofits. The firm, which was already one of Minnesota's 25 largest accounting firms, now employs roughly ...

Five minutes with Calvetti Ferguson Managing Partner Jason Ferguson
San Antonio is the closest major city, so therefore it is a natural destination for middle-market companies operating in the Eagle Ford to put their headquarters. (Oil and gas companies) want to work with advisors, including their accounting firm, who ...

US Accounting Rule Makers Sharpen Focus on Needs of GAAP-Users
After more than a decade spent aligning U.S. and international accounting rules, the U.S. Financial Accounting Standards Board is shifting its attention back toward domestic standards. Following the release of new revenue recognition rules last week ...

5 Marketing and PR Tactics for Small Accounting Firms
While larger firms may seem have an advantage over their smaller counterparts because they typically allocate more money toward marketing and public relations, there's no reason why smaller firms can't do what they can to market their practices ...

Prominent Long Island Accounting Firms to Merge
Two prominent accounting firms on New York's Long Island will join together beginning June 2, 2014. Combined, the two have more than fifty years of experience and the newly formed firm of CondeBoyce, LLP will unite the small business startup expertise ...

Bookkeeper/Accounting Clerk
AOS #77, Sunrise County School System Fall 2014 Opening AOS 77 Central Office Bookkeeper/Accounting Clerk (August 2014 start date) Deadline for Applications is June 30, 2014 at 3:00 p.m. To Request an AOS 77 application contact: AOS #77, Sunrise ...

Hertz to restate results over accounting issues
Hertz Global Holdings Inc. on Friday said it would have to restate and correct its results from 2011 through 2013 as a result of accounting problems in recent years. Hertz, citing the results of an internal audit, said its results for 2011, most ...

Shares Of Hertz Plunge On More Accounting Troubles
Hertz Global Holdings, a favorite stock in recent months of some closely-watched hedge funds, disclosed on Friday morning that its audit committee has concluded that the company's financial statement for the last three years were no good and must be ...

Hertz delays earnings report, finds accounting errors for past 3 years
Hertz Global Holdings Inc. says it has to review its financial reports from the past three years after an audit by the car rental company found accounting errors. The Park Ridge company says it will restate financial statements from 2011 and review ...

Value Stocks Vs Value Traps: Analyze The Accounting
Value Stocks Vs Value Traps: Analyze The Accounting by David Merkel, CFA of the Aleph Blog. One thing that floors me regarding my readers, is who reads me. I have many professional readers who read me regularly, and I thank you for doing so. Tonight's ...

Hertz falls as accounting review, weak rentals crimp results
NEW YORK — Hertz Global Holdings, the car- and equipment-rental company that's splitting in two, tumbled the most in 7 months after saying it needs to fix three years of accounting and that quarterly results won't meet consensus estimates on weak ...

Hertz Shares Sink Amid Accounting Mess Dating Back to 2011 HTZ
Shares of Hertz Global Holdings (NYSE:HTZ) sank more than 9% early Friday, following disclosure that the car-rental company will have to restate financial results for the last three years as a result of accounting errors in its 2011 statement. Hertz ...

Hertz to restate results for 2011-2013; shares skid
Car rental company Hertz Global Holdings said it would restate or correct financial results for the past three years to fix accounting errors originating in 2011, sending its shares down as much as 12 percent on Friday. First-quarter results are likely ...

Did Hertz CFO Leave Because of Accounting Flubs?
The 8-K said, “During the preparation of the First Quarter 10-Q, errors were identified relating to Hertz's conclusions regarding the capitalization and timing of depreciation for certain non-fleet assets, allowances for doubtful accounts in Brazil, as ...

Hertz Runs Into Accounting Trouble on the Road to a Corporate Split
Rental car giant Hertz (HTZ) is splitting its auto and construction-equipment businesses into two companies next year. Before that, however, the company is working to restate financial results for the past three years after discovering accounting ...

Customer service, recruiting talent fuel Premier Accounting's growth
Premier Accounting Group may be new to the accounting and bookkeeping services world, but its President Robert E. Davis has decades of industry experience. Since 2011, his start-up has quickly developed a strong client base and become a formidable ...

Hertz shares fall on accounting error disclosure
Accounting mistakes came to light during an audit, officials said. Hertz said in a government filing it will restate financial statements from 2011 and will correct and possibly restate statements from 2012 and 2013. “Financial statements for 2011 ...

Hertz Shares Tumble On Accounting Woes
The company also warned that its delayed first quarter 2014 results were likely to be below consensus and that the efforts to resolve the accounting issues might delay the planned spin-off of its equipment rental business. During the preparation of the ...

Hertz Accounting Pothole Expands; Shares Tumble 9%
Shares of Hertz Global Holdings (NYSE:HTZ) sank 9% Friday after the car rental giant disclosed that it will have to restate its 2011 earnings and correct financial results for the past three years as a result of accounting errors. Hertz also said it ...

Co-founder of Elgin accounting firm Mueller was pioneer in expanding services ...
Co-founder of Elgin accounting firm Mueller was pioneer in expanding services ...

Charlotte's Mike McGuire prepares to lead accounting firm Grant Thornton
In about seven months, Mike McGuire will be heading up one of the largest accounting firms in the U.S., Chicago-based Grant Thornton. Last week, the privately held firm announced the promotion of McGuire, its Charlotte-based chief operating officer, to ...

John Stancavage: Hertz shares fall on accounting error disclosure
A Hertz rental car worker checks out cars at San Jose International Airport in San Jose, Calif. Hertz Global Holdings Inc. says it has to review its financial reports from the past three years after an audit by the car rental company found accounting ...

The vanished grandeur of accounting
This is, in short, a portrait of not only wealth and material success, but of accounting. It might seem strange that an artist would lavish such care on the nuts and bolts of something so mundane, like a poet writing couplets about a corporate expense ...