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Accounting News 07/2015



How the New Public Sector Pension Accounting Rules Will Affect Your City
New public sector pension accounting rules that take effect for fiscal years ending June 30, 2015 and later are likely to have a significant impact on your city's financial statements. Because pensions can often be a controversial issue for employees ...

Rehmann names Rupp as CEO
Rupp graduated from Michigan State University with a Bachelor of Arts degree in accounting. He is a member of the American Institute of Certified Public Accountants and the Michigan Association of Certified Public Accountants. He was formerly chapter ...

CalCPA Elects New Presidents
"With these environmental changes, the strategic plan horizon will be extended to include investment in innovative R&D, evolution of economic models and accounting education, and the reporting and assessment of our offerings—all while maintaining a ...

New Tax Penalty Starts Today on Small Business Health Insurance
The February delay expires July 1 and fines could begin to be imposed on businesses not meeting the requirement for group coverage plans that provide health care assistance for their employees through the use of traditional HRA accounts. “It's hard to ...

GASB Proposes Guidance on Investment Pools
The Governmental Accounting Standards Board has issued two exposure drafts proposing accounting and financial reporting guidance for state and local governments related to external investment pools and how certain component units should be ...

SASB Issues Provisional Sustainability Accounting Standards for Consumption ...
SASB Issues Provisional Sustainability Accounting Standards for Consumption ...

Dewey Defense Argues Accounting Adjustments Were Proper
A former Dewey & LeBoeuf budget director conceded during cross-examination Wednesday that some accounting adjustments to the firm's books and records are legitimate. Ilya Alter, who is cooperating with the New York County District Attorney's Office in ...

Wallingford accounting firm's principal cited in past
Sean McNamee was ordered to pay nearly $4,000 in penalties and ordered to take 56 hours of accounting training, including 16 hours of ethics courses, in 2012 by the Connecticut State Board of Accountancy, according to minutes from the Oct. 12 meeting ...

Cyber-Risks Get Real
It was only a few years ago that cyber-liability was considered an exotic, rare issue in accountants' professional liability. Not today. “Cyber-liability is the hottest insurance trend, and certainly, for any type of accounting practice, probably the ...

FBI Raids Accounting Firm
The Federal Bureau of Investigation raided the offices of a Connecticut accounting firm Tuesday and seized documents. Approximately 15 to 20 FBI agents entered the premises of the firm, known as McNamee & Co., in Wallingford, Conn. The owner of the ...

American Accounting Association Retracts Articles By Professor Accused of ...
American Accounting Association Retracts Articles By Professor Accused of ...

More US executives could see their bonuses clawed back for accounting errors
For years, when companies overstated earnings, many executives got to keep their bonuses based on the bogus numbers. But new rules from the US Securities and Exchange Commission proposed yesterday would broaden the circumstances under which ...

Lawyers in Dewey Trial Spar Over What Constitutes Proper Accounting
Defense counsel in the trial of three ex-Dewey & LeBoeuf executives pressed their argument Thursday that many of the accounting adjustments made by former firm employees were appropriate. The prosecution has sought to portray those adjustments as ...

UCF accounting programs among top 50 in nation
The UCF College of Business Administration accounting programs have been recognized among the top 50 in the nation. Accounting.com released its annual rankings of the "50 Best Bachelor's in Accounting Programs" and the "50 Best Master's in ...

Employers Added 223000 Jobs in June, Including in Accounting
“We are seeing some numbers in terms of hiring that were pre-2006 and 2007 in terms of finance and accounting positions, both in the temporary space as well as the direct hire space,” she said. “We anticipate it's going to remain very strong. Going ...

Firm News: July 2, 2015
Holsinger, which is ranked 14th largest accounting firm in Pittsburgh, provides comprehensive accounting, audit, tax and management consulting services to small and medium-sized businesses and individuals. With over 30 years of experience and service, ...

Rihanna Puts Accountants on Notice: #BBHMM
After riding around with the wife locked up “in the backseat of [Rihanna's] brand new foreign car" (per the lyrics of the song), for what seems to be a couple of days, the vengeful singer returns to the accountants home and that's when things gets ...

Government: Accounting Exec Earned Leniency in Madoff Case
Prosecutors say a 79-year-old former New York accounting firm executive who did work for some of Bernard Madoff's most important longtime clients has earned leniency by cooperating. Prosecutors said in a written submission late Thursday that Paul ...

Government: Accounting exec earned leniency in Madoff case
NEW YORK (AP) — A 79-year-old former New York accounting firm executive who did work for some of Bernard Madoff's most important clients has earned leniency at sentencing because his cooperation provided new insights into history's largest financial ...

Accounting team wins first state championship for Union Grove
UNION GROVE — The Union Grove High School accounting team recently accomplished a first for the 2A school — a UIL state championship. "The school was state runner-up (in accounting) for three consecutive years, and this group was the first to break ...

UPDATE 2-Toshiba accounting errors may be over $800 mln -source
TOKYO, July 4 (Reuters) - Japan's Toshiba Corp may need to mark down past earnings by over 100 billion yen ($814 million), more than double earlier estimates, after an investigation into past accounting practices found more irregularities, a source ...

Vancouver Chartered Accountants Now Strengthen Clients' Accounting Systems
Vancouver Chartered Accountants at Mew and Company have recently announced that they now help clients strengthen their accounting systems to make them more agile to organizational needs. They assist clients in making their accounting systems ...

Getting Paid: Solving the #1 Accounting Problem
The money that's owed by customers to another entity in exchange for goods or services that have been delivered or used, but not yet paid for is known as accounts receivables. Poorly managed accounts receivables is the number one accounting problem ...

Santa Barbara Tax and Accounting Services Establishes Itself as Local Business ...
Santa Barbara Tax and Accounting Services Establishes Itself as Local Business ...

UHV 15th most affordable for accounting degrees
Small class sizes, affordable tuition and a first-rate accreditation helped land the University of Houston-Victoria on a list of top schools where students can earn accounting degrees. Online-accounting-degrees.net recently published an article ranking ...

The battle over Congressional budget accounting
Yes, this is a column about budget accounting, but bear with it. Tweaking the way the Congressional Budget Office calculates the impact of proposed legislation could unlock hundreds of billions of dollars of federal support for retirement saving and ...

EU accounting rules could mask onset of another financial crisis
European regulators have come under attack from investors over proposed accounting rules they fear would mask the onset of another financial crisis. The rules, which are under discussion in Brussels, would require financial institutions to second guess ...

Accounting errors could cost Hillsborough County $143000
TAMPA — Hillsborough County government is on the hook for $143,000 because of accounting errors that led to a shortfall in a firefighters' union leave account. The account has been underfunded by tens of thousands of dollars every year since 2009 ...

Tarlton Hires Miller as Accounting Assistant
Union resident Betsy Miller has been hired as the project accounting assistant on the finance team with St. Louis-based Tarlton Corp., a general contracting and construction management firm. Miller's responsibilities include assisting the project ...

Cynthia Tucker: A more perfect union comes from accounting for the past
Cynthia Tucker: A more perfect union comes from accounting for the past. Posted: 07/06/15, 1:00 AM EDT |. # Comments. The Confederate markers continue to tumble – flags, statues, monuments. After Dylann Roof associated his alleged atrocity with the ...

MTG Notes Announcement by CTC Media & Changes Accounting for Holding
MTG (STO:MTGB)(STO:MTGA) notes the announcement by CTC Media, Inc., the leading Russian independent media company of which MTG owns 37.9%, that it has received a non-binding offer for the purchase of a 75% interest in its business operations, ...

RSA appeal sets stage for legal battle
RSA has set the stage for a protracted legal battle over an accounting scandal at its Irish arm as the insurer launched an appeal against a €1.25m award to the former head of the division for unfair dismissal. The FTSE 100 company said on Monday it was ...

Art of Accounting: Advising Cheapskates
Accountants get unusual views of human frailty and baseness of character. Most of our interactions are stimulating and propel us to growth, but some expose others' weaknesses and extremely poor personal judgment. Three situations stand out. In one, the ...

Vague Warnings in Audit Reports Could Lead to Trouble
Financial statements are most likely to be restated when the corresponding audit report contains explanatory language that refers to mergers, related-party transactions, the use of estimates, financial statement inconsistency such as changes in ...

Accounting employee for Ojai schools accused of embezzlement
An accounting technician for the Ojai Unified School District has been arrested on suspicion of embezzlement, police said Monday. Ladonna Fulcher, 47, is suspected of embezzling $60,000 over the past two years, police said. District officials ...

Noble Group Launches Accounting Review
The review will focus on Noble's so-called mark-to-market of fair value accounting, the company said. Mark-to-market calculations, which are used to value assets, can include an element of subjectivity when estimating future commodity prices and ...

Mitchell & Titus nurtures talented accounting professionals
Mitchell & Titus is the nation's largest minority controlled accounting firm. The firm specializes in providing accounting, tax and advisory services to a diverse array of clients ranging from government entities to nonprofit organizations, Fortune ...

U.K. Accounting Watchdog Probes RSA's Irish Scandal
The U.K. Financial Reporting Council is investigating former employees of RSA Insurance Group Plc's Irish unit regarding accounting irregularities in 2012. “The FRC has decided to investigate the conduct of certain individual members,” the accounting ...

Michael Jackson Estate Accounting for 2013 Is An Eye Opener: Lawyers ...
Michael Jackson Estate Accounting for 2013 Is An Eye Opener: Lawyers ...

Hacker Pleads Guilty to Stealing Tax Filings from 4 CPA Firms
In late 2012, Minkov and other conspirators allegedly hacked into the networks of at least four accounting firms and stole the 2011 tax filings for over 1,000 of the firms' clients. The names of the accounting firms were not publicly identified by ...

Intuit Launches Contest to Find the Accounting Firms of the Future
Accounting and bookkeeping firms across the United States have embraced the future and Intuit wants to celebrate those whose forward-thinking and future-ready practices make them a future-ready firm today. Intuit's Search for the "Firms of the Future" ...

South Bend council member questions accounting practice
“While I understand that this method of accounting is a creative way to increase funding without relying on the general fund, (it) ultimately increases the cost of the enterprise funds … placing an increased burden on our residents and ratepayers ...

IFRS Foundation Reconsiders Structure and Effectiveness
The IASB and the Financial Accounting Standards Board are considering a one-year deferral of the effective date of the converged revenue recognition standard that the two boards released last year after more than a decade of work. The two boards have ...

Protect Your Clients from Trust Scams
Accountants should determine whether the trust is worthwhile and in the best interest of the client. A client should avoid purchasing a trust that is boilerplate and does not carry out the client's intentions. There are many good reasons for ...

UK Accounting Watchdog Probes Former Employees of RSA's Irish Unit
“The FRC has decided to investigate the conduct of certain individual members,” the accounting and auditing authority said in a statement Tuesday. The probe is “a result of the identification of issues within the claims and accounting functions ...

Tax fraudster who hacked accounting firms pleads guilty in US court
A Bulgarian hacker admitted on Monday his involvement in a $6 million tax fraud scheme using personally identifiable information stolen from the networks of several accounting firms. Vanyo Minkov, 32, pleaded guilty in the US District Court of New ...

UPDATE 3-Toshiba sounds out banks about credit line amid accounting probe ...
UPDATE 3-Toshiba sounds out banks about credit line amid accounting probe ...

Forensic Accounting ETF To List On NASDAQ
OKLAHOMA CITY, July 8, 2015 /PRNewswire/ -- The Forensic Accounting ETF (nyse arca:FLAG) announced today that it has filed an application to list its common stock on the NASDAQ. Upon approval of its application, the Forensic Accounting ETF expects ...

Inaugural Semester of Whitman's Online Master's Program, Accounting ...
Inaugural Semester of Whitman's Online Master's Program, Accounting ...

AICPA Offers Guidance on Audit Response Letters to Lawyers
The ABA noted that requests for updates to lawyers' audit response letters have become more frequent in recent years, reflecting changes in accounting standards and auditing practices, along with more emphasis on loss contingencies by the Securities ...