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Accounting News 09/2014



Port Byron Mayor Ron Wilson said the village is implementing accounting ...
Port Byron Mayor Ron Wilson said the village is implementing accounting ...

Government amends accounting norms for depreciation
"These changes bring in some anti-abuse provisions on the application of the new requirements on estimation of life of assets and also consistency in their application," Sai Venkateshwaran, Partner and Head of Accounting Advisory Services, KPMG in ...

Top 10 US colleges for an accounting degree
Are you interested in math and business? An accounting major may just be the right fit for you. This major involves lots of math classes, as well as courses in business, marketing, finance, statistics and economics. A degree in accounting opens up ...

The Big Number: Changes in Lease Accounting Rules Draw Closer
U.S. and international accounting-rule makers are edging closer to completing a decadelong effort to overhaul lease accounting rules. The rules, which could be issued next year, threaten to bring roughly $2 trillion of off-balance-sheet leases onto ...

UK accounting watchdog fines Mazars two million pounds
"Accountants must not allow undue influence of others to override their professional judgements and they must have a clear understanding of who their client actually is," FRC Executive Director of Conduct, Paul George, said in a statement. Mazars was ...

Spok Names Brogan Controller and Chief Accounting Officer
In this position, she managed a team that supported the monthly close process for the Company's clients as well as advised them on technical accounting and regulatory issues. Brogan also provided client support for risk analysis as well as internal and ...

Lease Accounting Changes May Trip Up Bank Loans
U.S. and international accounting-rule makers are edging closer to completing a decadelong effort to overhaul lease accounting rules. The rules, which could be issued next year, threaten to bring roughly $2 trillion of off-balance-sheet leases onto ...

State audit prompts accounting changes at jail
The Madison County Detention Center has changed how it reconciles its checkbook and no longer uses a signature stamp, prompted by the state auditor's criticism. According to a news release from state Auditor Adam Edelen, the jail's bank reconciliations ...

August Accounting and Auditing Highlights
Aug. 27–The Financial Accounting Standards Board issued Accounting Standards Update No. 2104-15: Presentation of Financial Statements- Going Concern (Subtopic 205-40; Disclosure of Uncertainties About an Entity's Ability to Continue as a Going ...

Hunterdon Finance Department had college accounting students as summer ...
Hunterdon Finance Department had college accounting students as summer ...

Grand County tables accounting firm's oversight proposal
The conversation centered on new accounting software that the county has moved to purchase for its departments, and which Alvarez & Marsal hopes to implement. Costs for Alvarez & Marsal's help in training and customizing the new software make up the ...

Key Accounting Principles That Every Lawyer Must Know
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to join Above the Law and our friends at Clio to learn how to better ...

David Merkel on accounting valuation, Reggie Middleton on Apple & Google
David Merkel, founder and president of Aleph Investments, talks about accounting valuations. Veritaseum CEO Reggie Middleton gives the latest tech news and his thoughts on Apple. In the Big Deal, Erin and Edward Harrison break down Eric Cantor's new ...

Tesco: Aggressive Accounting Hides Financial Weakness
The company continues to lose market share in the UK, which still accounts for the majority of its profits, while its overseas operations have also struggled. Investor opinion on the company is strongly divided. Supporters argue that Tesco remains a ...

How to Make Accounting and CRM Systems Play Nice
The accounts payable representative made me revise the report four times to put things in the right buckets and correct a $1.04 error. (Really.) Of course, I can't charge anybody for his or her time, and the A/P department is really busy because it's ...

Xero vs. QuickBooks: The Battle for Your Small Business Accounting
Haven't tried out or even heard of Xero accounting software yet? Maybe that's because you're over there stateside. As you can see in this graph, Quickbooks dominates the U.S. marketplace, while the New Zealand-bred Xero is the household name in ...

Philadelphia accounting firm ParenteBeard merging with Baker Tilly Virchow ...
Philadelphia accounting firm ParenteBeard merging with Baker Tilly Virchow ...

An Accounting of Word Counts
Whenever I used to advise students on early drafts of college essays, I assured them that I didn't care about word counts. "Write it long, write it short -- I don't care," I'd tell them. "Just get your thoughts on to the page." Often, I'd receive one ...

Key Accounting Principles That Every Lawyer Must Know
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to join Above the Law and our friends at Clio to learn how to better ...

Hamilton accounting firm merger
Two Hamilton accounting firms announced on August 28 plans to merge. The deal is effective Sept. 2. Baker & Associates CPAs LLC, located at 188 N. Brookwood Ave., in Hamilton is merging with Stephen L. Bossert CPA LLC. Bossert's firm will close its ...

Betfair lifted by World Cup, defends its accounting
L) reported strong growth in quarterly profit on Thursday thanks to the soccer World Cup and defended its accounting policies after an error relating to past dividend payments. Betfair said it generated revenue of almost 16 million pounds ($26.3 ...

Logitech makes minor adjustments amid accounting probe
"We expect that the scrutinized accounting practice will no longer be an issue in a few weeks, with few consequences on reported earnings, in particular not because of any financial penalty," Zuercher Kantonalbank analyst Andreas Mueller said. He rates ...

Hanger names chief accounting officer
She was previously the chief financial officer for InReach Inc., a North Carolina software company specializing in online educational software for professional continuing education and training. Debes was also interim chief accounting officer of ...

What's an accounting puzzle like Alibaba (really) worth?
For most of its time in the public view, Alibaba Group Holding Ltd has been able to capture the investor zeitgeist, shaping its asset portfolio to accommodate whatever investors think is sexy at the moment. Business-to-business commerce? Check. Online ...

CORRECTED-Logitech makes minor adjustments amid accounting probe
(Corrects headline and first paragraph to reflect that Logitech's accounting probe is not yet concluded, and second paragraph to remove reference to penalty or further investigation.) * Logitech restates 2011, 2012 results. * No change to 2013 or 2014 ...

Avoiding These Accounting Expert Problems
The Texas State Board of Public Accountancy Rules provides standards to be followed by certified public accountants testifying as expert witnesses. These rules are also published by the American Institute of Certified Public Accountants as the ...

Accounting error draws penalty for Florida Healthcare Plus
The finances of Florida Healthcare Plus, a Medicare HMO and drug plan, are under state scrutiny after a major error. The company was caught making a $600,000 mistake in its financial statement and has been temporarily barred from adding new members, ...

Mahlon Rubin, co-founder of RubinBrown accounting firm, dies at 89
Mahlon Rubin, co-founder of RubinBrown, one of the largest accounting firms in the St. Louis area, died Thursday. He was 89 years old. Mahlon Rubin founded the accounting firm in 1952 with Harvey Brown and Sidney Gornstein. “Mahlon was steadfast in ...

Art of Accounting: Saving a Business
I remember one instance when I received a referral for a business in another state requiring a plane trip. In those days a one-hour plane ride really only took one hour, and you could get to the gate only a few minutes before take-off. Before the trip ...

Skaneateles woman encourages entrepreneurs to keep track of accounts
Irene Stafford has a passion for launching small businesses and will share her business expertise this fall with students of all ages in an entrepreneurial accounting class. For 43 years, the Skaneateles woman ran a heating, plumbing and incineration ...

How Accountants Created Civilization
In his new book, The Reckoning, Professor Jacob Soll of the University of Southern California reviews the history of accounting and shows how the rise of double-entry bookkeeping has made people wealthy throughout the centuries. He also explains why ...

Small towns, big debts: assessing impact of new pension accounting standards
New accounting guidelines coming into play are intended to improve pension fund reporting in ways most expect will expose red ink previously kept off the books. But the change comes five years after the state introduced a pension rating system to ...

Letter: Says a 'full accounting' of how tax dollars are spent in Stow needed
applaud Councilman Brian Lowdermilk's insistence in getting a full accounting of the use of the storm water management fund in Stow. Without an understanding of where the roughly $7 million collected over the last 10 years has been spent, it is ...

“Accounting for the Numberphobic:” Small Business Owners Financial Guide
In Accounting for the Numberphobic, Fotopulos explains a company's financial dashboard, the net income and cash flow statements as well as balance sheets. These won't just be numbers or reports that you pull up and print out or send to your CPA, these ...

6 Must-Know Accounting Tips for Your Small Business
Accounting is and always will be a critical function of the savvy business owner, but accounting doesn't have to be a nightmare or something to dread. It just takes a little perseverance and planning to ensure that your records are as accurate and ...

The Revised Accounting Model for Revenue Recognition – Why Companies ...
The Revised Accounting Model for Revenue Recognition – Why Companies ...

7 Reasons Your Small Business Should Use Accounting Software
But when a client sends over a computerized accounting file that has been kept up to date and includes cash and credit card purchases, I'm fairly confident that every eligible deduction will be included on the tax return. I encourage all serious ...

Purk & Associates, PC, Selected as One of the 2014 Accounting Today's “Best ...
Purk & Associates, PC, Selected as One of the 2014 Accounting Today's “Best ...

Hertz CEO Steps Down After Accounting Errors
Mark Frissora has resigned as chief executive of Hertz Global Holdings Inc., citing personal reasons, as pressure from investors mounts following a series of accounting errors. Several investors and analysts named Scott Thompson, former CEO of Dollar ...

ORBA Ranked Among the Top 200 Public Accounting Firms for 2014 by INSIDE ...
ORBA Ranked Among the Top 200 Public Accounting Firms for 2014 by INSIDE ...

North Carolina Accounting Firm Digs Into What Clients Need And Value
CHARLOTTE, N.C.--(BUSINESS WIRE)--When LB&A, a Charlotte accounting firm, interviewed one of its top clients, the objective was to understand exactly why LB&A was chosen and what the client's needs were. This effort is part of a strategy to service ...

Non-IFRS Accounting Zones Dwindle in Number
In 106 countries, all or most domestic public companies are required to report under IFRS, according to a review of 130 countries by the parent of the London-based International Accounting Standards Board. Another 15 countries permit or require the use ...

10 accounting students receive 2014-2015 AICPA/Accountemps Student ...
10 accounting students receive 2014-2015 AICPA/Accountemps Student ...

A Revelation About BlackBerry's Accounting (BBRY)
In late July, BlackBerry filed a response to a SEC comment letter. The filing had detailed information on the inventory writedown and revenue recognition policy. The information on revenue recognition provided more color regarding its change in the ...

Grand County rejects accounting firm oversight proposal
The Grand County Board of Commissioners has rejected a proposal from accounting firm Alvarez & Marsal for implementing new policies and procedures in the county, and will instead allow county officials to take the helm. A steering committee on the ...

​7 Big Questions: A Qualitative Accounting
In the world of business, what's measured is managed, and what is immeasurable is often ignored -- and yet, the immeasurable is often the most valuable and in need of support. There's a handy bottom line to account for concrete profits and losses, but ...

Officials' silence on trooper shooting fuels anger, suspicion, demands for ...
Officials' silence on trooper shooting fuels anger, suspicion, demands for ...

Walsh College Names Sanderson to Chair Accounting, Business Law, and ...
Walsh College Names Sanderson to Chair Accounting, Business Law, and ...

This Legendary Accounting Firm Just Ran the Numbers on Climate Change
With every year that passes, we're getting further away from averting a human-caused climate disaster. That's the key message in this year's "Low Carbon Economy Index," a report released by the accounting giant PricewaterhouseCoopers. The report ...

Accounting industry facing heavy merger activity
If the ParenteBeard merger with Baker Tilly goes through, it won't be the last time you hear about accounting firms merging this year. The aging of the principals in the accounting industry and the lack of succession planning has left it vulnerable to ...