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Accounting News 04/2015



State finds faults in school accounting
AMESBURY — A recent state review found several problems with the Amesbury school system's finances, such as a budget that is “unclear” and “incomplete,” clerks who don't know how to use modern accounting software like Excel, and poorly documented ...

Top World Bank Strategist for Accounting Conference
A top World Bank strategist on Africa, Dr Edward Olowo Okere will headline a cast of international accountants, businessman and academics to address a conference convened to brainstorm on establishing a solid foundation for the country's economic ...

Eighty-Six Business Schools Extend Their AACSB Accreditation in Business or ...
Eighty-Six Business Schools Extend Their AACSB Accreditation in Business or ...

Myers Industries cuts Q4 earnings after investigating accounting problems in ...
Myers Industries cuts Q4 earnings after investigating accounting problems in ...

IBS sending accounting software into the cloud
As a reseller, we will diversify our enterprise accounting reach beyond commercial real estate. And as a commercial real estate specialist we will create an attractive upgrade path for our current customers, and a technologically advanced solution for ...

How to Mitigate the Impact of New Lease Accounting Rules
New lease accounting standards expected to be finalized by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in the third quarter are already a concern for CFOs, even though they're not expected to ...

Government notifies new accounting standards for computing business income
"ICDS were developed with a view to minimising tax related disputes by bringing greater consistency in the application of accounting principles governing the computation of income," KPMG (India) Partner and Head (Accounting Advisory) Services Sai ...

Struck ad agency grows quietly, adds Sage accounting as client
The Beaverton-based office of Sage chose Struck, which joins a roster of other ad agencies that serve the United Kingdom-based accounting software company. The Sage account is for a single campaign only but it represents a key acquisition for the ...

Accounting-related Securities Class Actions Climb 47%
After two years of relatively low activity, consulting firm Cornerstone Research reported, 69 new class actions were filed with accounting allegations last year, an increase of 47% on 2013. Overall, the number of securities class-action filings rose ...

She keeps a close accounting on city's finances
Together with Accounting Technician Trisha Pollock, Grinnell is responsible for general accounting, payroll, risk management, utility billing, fixed asset control, and compliance with governmental financial and accounting regulations. She is also ...

Merger expands Boise accounting firm Jitasa
Jitasa, the Boise-based accounting firm that tailors services to non-profits, announced Thursday it had purchased Dynamic Shared Services, a similar company based in Townsend, Md. With the acquisition, Jitasa gains the DSS client list, the bulk of ...

FASB Plans Further Accounting Simplification Projects
The Financial Accounting Standards Board is planning to propose two new projects as part of its initiative to simplify accounting standards, along with two new projects for FASB's Emerging Issues Task Force. The first simplification project relates to ...

Perrigo Company hires Barret Bloenk as associate director, corporate accounting
Perrigo Company plc, a leading pharmaceutical supplier, has hired Barret Bloenk as associate director, corporate accounting, for the finance team in Allegan. In this role, Bloenk will assist with financial reporting, internal controls and financial ...

Brazil stock exchange fined $641 mln on 2008 merger accounting
The fines already include 75 percent interest, the filing said. The revenue service is questioning accounting relating to the 2008 merger of the Bovespa and BM&F exchanges. It had already fined the exchange for allegedly incorrectly reducing its tax ...

Brazil stock exchange fined $641 million on 2008 merger accounting
The fines already include 75 percent interest, the filing said. The revenue service is questioning accounting relating to the 2008 merger of the Bovespa and BM&F exchanges. It had already fined the exchange for allegedly incorrectly reducing its tax ...

Toshiba to Probe 2013 Infrastructure Business Accounting
Toshiba Corp. said it will appoint a committee to investigate possible problems with accounting methods used for infrastructure projects in fiscal year 2013. The panel will examine the “reasonableness of estimates” when using the percentage-of ...

Certified Public Accounting IPA Beer On Tap This Tax Season
The weeks of early April are rough on all U.S. citizens, but are roughest on the accountants who must rush to handle the deluge of business that hit them just before the tax filing deadlines. In thanks for their Herculean efforts, Rhode Island ...

Toshiba to Probe 2013 Accounting for Infrastructure Business
(Bloomberg) -- Toshiba Corp. said it will appoint a committee to investigate possible problems with accounting methods used for infrastructure projects in fiscal year 2013. The panel will examine the “reasonableness of estimates” when using the ...

Merger expands Boise accounting firm Jitasa
With the acquisition, Jitasa gains the Maryland company's client list, the bulk of which is labor unions, Jitasa founder and CEO Jeff Russell said. The purchase also gives Jitasa software and intellectual property that merges accounting tasks and union ...

Xero Cloud Accounting Now Tracks Small Business Inventory
Xero, the cloud-based accounting software company that originated in New Zealand, is branching out to help small businesses get a better handle on their finances. Now with a new integrated inventory-tracking feature, customers have one less hoop to ...

Range Resources ranks among most trustworthy companies
Fort Worth-based Range (NYSE: RRC) has a market capitalization of $8.4 billion and scored 89 points out of 100 on the Aggressive Accounting and Governance Risk composite score. Companies on the list “consistently demonstrated transparent accounting ...

Skoda Minotti makes Accounting Today's Top 100 list
“We are delighted to be recognized again by Accounting Today for our growth initiatives,” said Gregory J. Skoda, chairman. “What we're most proud of is the hard work by our employees to help our clients succeed and grow. In 2014, our team grew by over ...

Winsted officials seek unified accounting with schools
I recommend that we immediately make an allocation of sufficient funds in the current year to reorganize the district accounting system, and I will work with Mr. King to confirm that estimated cost. I would think that's probably in the $20,000 range ...

Public accounting near for Rolling Stone
The public accounting of what went wrong with the article "A Rape on Campus" is, among other things, a bid by Rolling Stone to restore its reputation. The review may also provide some closure for the University of Virginia community harmed by the ...

David Prowse played Darth Vader but never gets a cheque.
I've been reading about the way Hollywood accounting works and I think I am going to adopt their system. It's a wonder of ingenuity, based on wholly novel accounting principles. Say I buy a cup of coffee and the seller wants $4. I will pay $2, because ...

Toshiba Drops Most Since 2012 After Accounting Probe
Toshiba Corp. fell the most in more than two years after the company said it would appoint a committee to investigate possible problems with its accounting. The maker of nuclear reactors, chips, appliances and electronics dropped as much as 9 percent ...

Local accounting firm DHJJ joins PKF North America
DiGiovine Hnilo Jordan + Johnson Ltd. recently announced it has joined PKF North America. PKF North America is a leading association of over 100 accounting and consulting firms located in the U.S., Canada and Caribbean. Its member firms have collective ...

Accounting firm partner charged with theft, money laundering
Police arrested the managing partner of local accounting firm PKF Pacific Hawaii on Sunday on suspicion of first-degree theft and money laundering. Patrick Oki, 45, was arrested at the Honolulu Airport at 10:50 a.m.. PKF underwent a major restructuring ...

A full accounting of the Kimbrel trade?
Once you eliminate the extraneous parts, here's the essence of the trade – the Padres bought Craig Kimbrel for $53.35 million, two prospects and the 41st pick of the June draft. That is a steep price, but it's consistent with general manager A.J ...

Toshiba accounting probe: Time to sell the stock?
Toshiba accounting probe: Time to sell the stock? CNBC Videos by CNBC Videos 3:04 mins. Toshiba said it will appoint a committee to investigate possible problems with its accounting. Ed Rogers, CEO & CIO at Rogers Investment Advisors, explains what ...

Rancho Santa Fe Association hires new controller, improves accounting practices
Recently, during a review of the Association's accounting department, outside consultants found a significant internal reporting error: Both restricted reserves and free reserves for all the entities within the Association appear to have been ...

TRAI starts review of operators' accounting reporting system
NEW DELHI: Telecom regulator TRAI has started review of accounting reporting system of operators on concerns over products and network licences, among others, raised by the industry. "The Telecom Regulatory Authority of India is in the process of ...

John Hussman: Stock-Flow Accounting And The Coming $10 Trillion Loss In ...
John Hussman: Stock-Flow Accounting And The Coming $10 Trillion Loss In ...

TRAI Starts Review of Operators' Accounting Reporting System
Telecom regulator TRAI or Telecom Regulatory Authority of India has started review of accounting reportsystem of operators on concerns over products and network licences, among others, raised by the industry. "The Telecom Regulatory Authority of India ...

Art of Accounting: Surprise Staff Leader
2) The tax manager was not responsive to the needs of the accounting staff. It appeared he only gave his attention to what he thought were “important” issues on clients he was directly involved with. Lessons learned were to not underestimate any staff ...

Accounting firm partner accused of stealing $500000 from his company
The 45-year-old managing partner of local accounting firm PKF Pacific Hawaii is scheduled to enter a plea in Circuit Court as early as Thursday on multiple counts of theft, forgery and money laundering for allegedly stealing $500,000 from his company ...

Accounting Fraud, Meet the SEC's 'Robocop'
Creativity might be valued in many aspects of business: marketing, research and development—even the legal department. But there's one function where getting creative is very risky business: accounting. Although accounting fraud might not occupy as ...

Intel changes its accounting practices, will no longer report mobile group losses
Intel said that it will now combine the operating results of its PC and mobile device groups in its quarterly reports. The move mirrors an effort in sales to hit customers with a unified sales pitch, rather than subjecting them to multiple pitches from ...

Accountants, Not Clients, Hold Privilege Governing Confidentiality Of Records ...
Accountants, Not Clients, Hold Privilege Governing Confidentiality Of Records ...

Local accounting firm supporting Indian Film Festival
Headquartered in Santa Monica, Gumbiner Savett Inc. is a full-service accounting and consulting firm. Gumbiner Savett Inc. has sponsored the Indian Film Festival of Los Angeles for the past six years and Shreedhar (Shree) Kothari, CPA, a shareholder of ...

Register now for Accounting Alumni Appreciation Day
MURFREESBORO – The 24th annual Accounting Alumni Appreciation Day at Middle Tennessee State University will be held Thursday, April 30, in the State Farm Lecture Hall of the Business and Aerospace Building. The event, which runs from 7:30 a.m. to ...

PCAOB Sanctions 5 Auditors for Violations
The Public Company Accounting Oversight Board has sanctioned five current and former partners and employees of the auditing firms L.L. Bradford & Company, LLC in Las Vegas and Samyn & Martin in Kansas City, Mo., for violating PCAOB requirements for ...

Business college and accounting programs maintain legacy of excellence
And only one of those – UMSL – holds dual accreditation in both accounting and business. This 'exclusivity' is attributable to the fact that AACSB accreditation means that our faculty and our programs have undergone rigorous review and met high and ...

Commission names accounting manager
She said, “All accounts are current and I plan on keeping it that way!” Before joining the county, Johnson was in accounts payable with Ira Hidgeon. She has degrees in accounting, business and general studies and is furthering her accounting studies in ...

Cloud Accounting Startup FreeAgent Raises $5M In Debt Financing
FreeAgent, the cloud-based accounting software startup that targets freelancers and so-called “micro-businesses”, for which it claims to be the leader in the U.K., has raised a further $5 million in funding — money it plans to use to increase the rate ...

Hussman Funds: Stock-Flow Accounting And The Coming $10 Trillion Loss In ...
Hussman Funds: Stock-Flow Accounting And The Coming $10 Trillion Loss In ...

Region's largest accounting firm chooses finance veteran as new CFO
Gallina is the largest accounting firm in the region, as ranked by the number of CPAs in the local offices, according Business Journal research. The firm has 50 partners and more than 300 staff members. Through mergers and expansions, the company has ...

Buybacks Are Not Just An Accounting Trick
As if on cue, news of record buyback authorizations earlier this year unleashed a torrent of media coverage denouncing them as nothing more than an accounting sleight of hand. We think the reaction has been pretty extreme. Corporate America's great ...

Commissioners seek accounting of county money spent on movie
“At the least we should have a copy of that movie, an accounting of what the money was spent on and an opportunity for Scranton Tomorrow who does free films over at the Lackawanna County Courthouse in the summer (to screen the movie),” Mr. O'Malley ...

It's time for Congress to institute truth in Medicare accounting: guest opinion
Furthermore, the structural reforms included in the plan provide a down payment on long term reforms to finally make Medicare solvent." The first step, which the House-passed bill takes, is to address accounting gimmicks that hide Medicare's true cost ...