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Accounting News 05/2015



Who Cares That IPOs Lack Accounting Standards? Nobody, Really
Would you buy stock in a company that doesn't regularly record its debits and credits? Or one that admits it lacks accounting skills? How about one that couldn't account for some of its expenses? Apparently you would. About 30 percent of companies that ...

SMB Best Customer Service: GMLCPA Applies Problem Solving to Accounting ...
SMB Best Customer Service: GMLCPA Applies Problem Solving to Accounting ...

Scaife trust files accounting month early
The trust fund at the center of a bitter court battle paid late Tribune-Review publisher Dick Scaife $448 million in the 20 years before his July 4 death, according to an accounting filed Friday in Allegheny County Common Pleas Court. Over the two ...

IRS Officer Busted for Identity Theft and Fraud
An Internal Revenue Service revenue officer has been indicted for committing mail and wire fraud, filing false tax returns, identity theft and perjury. James Brewer, a 38-year-old Staten Island, N.Y., resident who works in the IRS's Edison, N.J ...

The Spirit of Accounting
Except for the naive or disingenuous, everyone involved in financial reporting knows about the huge problems created by the lease accounting industry. Failing to confront them only allows further deterioration of the integrity of managers, auditors, ...

Conference Introduces College Students to Accounting Careers
The Illinois CPA Society's inaugural Jumpstart to Accounting program welcomed more than 100 college students and professors from more than 30 colleges and universities across the state of Illinois on April 24. The new conference, targeting college ...

Anadarko names new execs
Anadarko Petroleum Corp. (NYSE: APC) earlier this week named Christopher Champion as vice president, chief accounting officer and controller. The company also promoted Darrell Hollek to executive vice president of U.S. onshore exploration and ...

Accounting Professors Honored for Their Innovative Course Design
Randy Hoffman, Betty Chavis and Glen Hatton of Cal State Fullerton's Accounting Department will receive the 2015 Jim Bullock Award for Innovations in Management Accounting Education in August. The trio will be recognized for their efforts to improve ...

Department of Defense POW/MIA Accounting Agency Announces Soldier ...
Department of Defense POW/MIA Accounting Agency Announces Soldier ...

Student's an artist, but accounting is in her future
She isn't majoring in art, though, and she isn't heading to Lawrence. She hopes to major in accounting and obtain a bachelor's degree from Kansas State University, Manhattan. "I really love math, and I love the way everything works in accounting ...

Tax Fraud Blotter: 'Let Me Get You Money'
Zastrow has continued to work as a tax preparer even though his license to perform public accounting was revoked in 1993 for an embezzlement scheme, which was resolved in civil court. In 1994, he was convicted of felony unlawful expenditure of ...

REITs remain hot for year, accounting for half of top 10 strategies
Nicholas Sundberg, data analyst — separate accounts at Morningstar Inc., Chicago, said there was no real dominant equity style for the year. He said the mix of styles “probably relates more to the strength of the individual strategies than anything ...

Willis Launches Forensic Accounting Practice
In response to the increasing number of large scale disasters that result in highly complex claims, Willis Group Holdings plc, the global risk advisory, re/insurance broking, and human capital and benefits firm, launched the new Forensic Accounting ...

Share “The demands of tomorrow are facing today's...”
(BPT) - Technology is rapidly changing all industries, including the accounting profession. An accountant from 30 years ago would barely recognize the field as it exists today, as mobile devices and cloud computing have begun to automate many of the ...

Northern Trust Enhances Insurance Accounting and Regulatory Reporting ...
Northern Trust Enhances Insurance Accounting and Regulatory Reporting ...

SEC's Internal Controls And Accounting Procedures Need Improvement: GAO
The GAO letter notes significant deficiencies over accounting for disgorgements and penalties. Explaining the procedure, the GAO letter points out that as part of its enforcement responsibilities, SEC issues orders and administers judgments ordering ...

Thomson Reuters Issues Guide to SSARS Preparation
Thomson Reuters has introduced PPC's Guide to SSARS Preparation Engagements to explain the new financial statement preparation service introduced by the American Institute of CPAs' Accounting and Review Services Committee. The book provides ...

Marcum Channels its Marketing Campaign to Cable TV
Top 100 Firm Marcum LLP has launched a television advertising campaign in key markets across the United States. The Ask Marcum campaign, which also includes print, digital and billboard ads, showcases Marcum's expertise as a leading accounting and ...

O'Connor Davies acquires New Jersey accounting firm
O'Connor Davies LLP has bolstered its New Jersey presence with the acquisition of a longtime Livingston accounting firm, it announced Monday. The firm, which has offices in Paramus and Cranford, among other locations, said in a news release that it is ...

O'Connor Davies merges with New Jersey accounting firm
O'Connor Davies LLP has bolstered its New Jersey presence, thanks to a merger with a longtime Livingston accounting firm, it announced Monday. The firm, which has offices in Paramus and Cranford, among other locations, said in a news release that it is ...

What Young Accountants Know That You Don't
I recently spoke with graduates from some of the top accounting programs in the country to find out all the latest accounting best practices that your new, digitally savvy competitors have been learning to help level the playing field. While there was ...

Accountants: Start Living in the Future
As the pace of change in today's world continues to increase, CPAs and accountants need to focus their organizations on anticipating change, rather than merely responding to it, according to futurist and technology educator Dan Burrus -- and that will ...

Are the Big 4 accounting firms or technology giants?
Nearly 100 per cent of the tasks currently performed by accountants will be automated by 2035, ‎according to a Pw‎C report, done in conjunction with Oxford University and released last week. Accounting is at the top of a list of professions expected to ...

Chattanooga's biggest accounting firm moving into historic Miller Building
"The young people are excited. We're moving into an old building, but you can do great things with a blank slate." The accounting firm will occupy more than 40,000 square feet in the historic Miller Building, which dates to 1898. The company is leasing ...

Accounting Firm Wealth Management Practices Often Severely Underperform
Looking at the matter from the structure of both the accounting profession and the wealth management industry, it is quite clear that there are a multitude of inherent advantages to accounting firms wealth management practices compared to their ...

Fixing Public Sector Finances: The Accounting & Financial Reporting Lever
Worse, ineffective reporting has created incentives for accounting gimmicks that have directly contributed to the dramatic decline of public sector finances. Fixing the reporting regime is thus a necessary first step toward fiscal recovery. We provide ...

Apollo-Backed Athene CFO Leaves Amid Accounting Lapses
Athene Holding Ltd., the insurer tied to Apollo Global Management LLC, said Chief Financial Officer Brenda Cushing is leaving as the company works to fix its accounting. The insurer, which has been planning for a possible public offering, has begun a ...

A New Reason To Avoid Golar LNG - Accounting Risks (GLNG)
The M-Score was developed by accounting professor Messod Beneish as a way to spot companies that have a greater than average chance of engaging in earnings management. The methodology isn't perfect, but it has had some impressive results in the ...

Tax and Accounting Franchiser Announces Expansion Plans
“ATAX is bucking the trends in our tax preparation and accounting services category. We are in an extraordinary growth phase as others are contracting,” said founder Rafael Alvarez, who recently received the 2015 International Franchise Association's ...

DZH Phillips Merges in Bridgeway
DZH Phillips has agreed to merge in Bridgeway LLC, a financial operations consulting firm located in Burlingame, Calif. The new addition comes with eight employees, which brings the total of DZH Phillips staff to more than 80 accounting professionals ...

Willis Launches Forensic Accounting Practice
In response to the increasing number of large scale disasters that result in highly complex claims, Willis Group Holdings plc, the global risk advisory, reinsurance broking, and human capital and benefits firm, launched the new Forensic Accounting ...

National accounting firm opens Nashville office
St. Louis-based RubinBrown, one of the nation's 50 largest accounting and business consulting firms, is opening a Nashville office. According to a news release, the new office will open on June 1, with a focus on serving clients in the real estate ...

Accounting for the Pentagon
Those two accounts make up the bulk of conventional military spending, which Obama and most Congressional Republicans want to increase. So what are they arguing about? In its latest budget blueprint, the White House requested the largest base budget ...

To Serve Investors, Accounting Must Evolve
The passage of the Securities Exchange Acts of 1933 and 1934 and the creation of the Financial Accounting Standards Board in 1973 both occurred when investor confidence was plummeting. The creation of the SEC, and later the FASB, helped provide ...

Origins of Kaisa Default in China Sought in Accounting Footnotes
Questions over Kaisa's accounts are now delaying both the restructuring of its $10.5 billion of debt and a takeover worth as much as $1.2 billion by rival Sunac China Holdings Ltd. Asian junk dollar bond yields began climbing in the second half of last ...

Deal imports American bottom-line accounting to Italy's Catholic churches
VATICAN CITY — A number of Catholic parishes in Italy are set for a management overhaul, following a new training program launched on Tuesday between the Villanova School of Business and the Pontifical Lateran University in Rome. The deal signed ...

Intuit Renews Big Game Contest, Adds Accountants
With Small Business Week in full swing, intuit Inc. announced a number of initiatives aimed at supporting small businesses – and their accountants. “These all line up with fueling small-business success,” said Dan Wernikoff, senior vice president and ...

Springfield poised to hire top accounting firm to aid in police evidence room ...
Springfield poised to hire top accounting firm to aid in police evidence room ...

Accounting Ethics Board Proposes Global Standard for Whistleblowing
The International Ethics Standards Board for Accountants has re-exposed a proposed standard to guide auditors, other professional accountants in public practice, and professional accountants in business to help them decide how best to act in the public ...

Xero Executive Talks Cloud Accounting for Entrepreneurs
As a small business owner, you're an expert in your chosen field. But if you're like many other entrepreneurs, you may not have a lot of time and money to master complicated, expensive accounting software. A better alternative for many small business ...

Accounting for taste: the heart of the Autonomy blame game?
Nevertheless, a difference of accounting treatment could help to explain the eye-popping divergence in the valuations of Autonomy's revenues between Dr Lynch's management team and HP's. Autonomy was swallowed up, but it was no tiddler. It was a ...

Accounting charge hits Devon with $3.6 billion loss
Devon Energy Corp. on Tuesday posted a first-quarter loss of $3.6 billion, led by a noncash accounting charge from lower oil prices even as the company generated record oil production. The Oklahoma City-based oil and natural gas producer recorded a ...

Japan scholars in West issue statement calling for 'unbiased accounting' of past
NEW YORK--Nearly 200 historians and other Japan scholars working mainly in the West have issued a statement calling for "as full and unbiased an accounting of past wrongs as possible" in this 70th anniversary year of the end of World War II. Titled ...

Mike Lynch hits back at HP after documents accuse him of accounting fraud
"HP's patchwork tale of alleged misconduct rests on a faulty foundation of false facts, unsupported inferences, and a misunderstanding and misapplication of the relevant legal and accounting standards. Nearly two and a half years after HP announced its ...

Creative Utility Accounting: Estimating the True Cost of a Subsidy
rp_coal-88064_640-300x199.jpg $5 billion is a lot of money, yet that's the difference in cost estimates between an Ohio-based, consumer advocacy group and FirstEnergy for the utility's proposed bailout plan. FirstEnergy, the giant Akron-based company ...

5 Invoicing & Accounting Tools for New Entrepreneurs
Unfortunately, not every small business owner has the knowledge or time to properly handle the business's accounting requirements, despite knowing their importance. But attention to accounting is important, especially for new entrepreneurs. And, on the ...

Modern Accounting: Liberation From Automation
Too many accountants are still bogged down in the trenches using spreadsheets to accomplish complex accounting and finance tasks. The various processes involved in closing the books, reconciling intercompany transactions and tracking key finance ...

US Companies May Gain Ability to Reconcile to IFRS Accounting
Accounting-industry leaders have pressed for the switch amid a belief that a single set of global accounting rules would benefit investors and companies worldwide. In addition, companies that pressed the SEC to adopt IFRS argued it would help cut costs ...

PCAOB Broadens Outreach to Audit Committees
The Public Company Accounting Oversight Board has issued a communication to audit committees known as an Audit Committee Dialogue, promising it will be the first in a series to provide insights from inspections of public company auditors that may be ...

SEC Chief Accountant Backs Away from IFRS Proposal
However, he noted there is continued support for the objective of a single set of high–quality, globally accepted accounting standards. He plans to make a recommendation in the near future to SEC chair Mary Jo White on how to proceed on the question of ...