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Accounting News 08/2015



Meridian Business Services, A Kansas Based Accounting/Consulting Firm, Names ...
Meridian Business Services, A Kansas Based Accounting/Consulting Firm, Names ...

Forensic accounting: CSI for the number-crunching crowd
A: Conventional accounting is more a function of balancing the books and with a goal of producing accurate financial statements. Forensic accounting provides a more in-depth analysis of the underlying data with a goal of detecting or investigating ...

Report finds accounting problems in East St. Louis
EAST ST. LOUIS, Ill. (AP) - An accounting firm that studied East St. Louis found a host of problems in the first year since the state stopped overseeing the way the community spends and collects money. The Belleville News-Democrat (http://bit.ly ...

China's Sihuan Pharm reports long delayed earnings and accounting overhaul
The earnings were released four months later than required, as the company, backed by a Morgan Stanley private equity fund, had to rectify some of its accounting practices. An investigation led by an audit committee consisting of some non-executive ...

AcctTwo Named a "VAR to Watch" for 2015 by Accounting Today
HOUSTON, Texas and NEW YORK, Aug. 3, 2015 (GLOBE NEWSWIRE) -- via PRWEB - AcctTwo, a leading consulting firm and provider of cloud-based financial management solutions, announced that it has been named to Accounting Today's list of "VARS to ...

McLaren to consolidate patient accounting center
PETOSKEY — McLaren Health Care officials plan to centralize their patient accounting departments in the coming months, affecting 34 workers at the company's hospital in Petoskey. Information shared by McLaren suggests that its patient accounting has ...

Pharma stiffs suppliers on invoice payment times: accounting or crime?
For example, if the 75th or the 90th day on which payment becomes due falls on a Tuesday, the accounts payable department presents the lame explanation that they send out payments only once a week and that day happens to fall on Mondays. Seventy-five ...

The 5 Stages of Becoming a Connected Advisor
Cristina Garza is a real-life accounting super hero. Going against the stereotype of accountants, she cares more about the people than the money. After experiencing “big business” working for a mortgage finance firm before the subprime bust in 2008 ...

Accounting Method Switches Allowed for Partnership Changes
The final rules (T.D. 9728), issued July 31, say that the partnership may select a new method each time a variation occurs, moving back and forth between the interim closing method and the proration method when accounting for changes, such as when a ...

Accounting errors by nonprofits occur relatively frequently, new study reveals
However, a new study by Jeffrey Burks, associate professor of accountancy at the University of Notre Dame's Mendoza College of Business, found that nonprofits make accounting errors at a relatively high rate, most likely because they don't devote many ...

FASB Streamlines Accounting for Employee Benefit Plans
The Financial Accounting Standards Board has issued a three-part accounting standards update for employee benefit plans accounting as part of its efforts to simplify the accounting rules. Earlier standards for defined contribution benefit plans and ...

Demand Media Names Wendy Voong Chief Accounting Officer
SANTA MONICA, Calif., Aug 03, 2015 (BUSINESS WIRE) -- Demand Media today announced that it has named Wendy Voong as its Chief Accounting Officer. Formerly of Activision Blizzard and Ernst & Young, Voong brings extensive expertise in operational ...

5 Reasons Why Accounting Apps are Crushing Excel in 2015
Accounting practices have come a long way since the spreadsheet, yet some companies are still using the archaic Excel, or even worse, pen and paper, to manage their finances. According to recent GetData research, 36 percent of small businesses are yet ...

The Pentagon Is Still Terrible at Accounting for Your Tax …
The same undocumented transactions and unreliable methods of financial record-keeping plague the Defense Department's entire accounting apparatus, and threaten its ability to meet a congressionally imposed deadline for becoming fully auditable in two ...

On a track to nowhere: Indian Railways must transition to commercial ...
On a track to nowhere: Indian Railways must transition to commercial ...

FASB Finalizes Fixes to Employee Benefit Accounting
The Financial Accounting Standards Board has finalized its accounting standards update meant to simplify accounting for employee benefit plans. In ASU 2015-12, FASB provides a three-part fix to the accounting for employee benefit plans focused on ...

Why So Many Software As A Service Companies Fall Into An Accounting Trap
When Erlich Bachmann paid a street artist $10,000 to make a logo for PiedPiper in HBO's Silicon Valley, I had one of those 'too real' moments. A few years ago, my company People Pattern hosted a SxSW party at our office in Austin. The neighbors were ...

Atlanta accounting firm expands to New York City
Habif, Arogeti & Wynne LLP opened an office in New York City that will focus initially on merger and acquisition due diligence, structuring and information risk management and assurance services. This marks the Atlanta-based accounting firm's first ...

Thomson Reuters Offers Forensic Accounting Certificate
Thomson Reuters has introduced the Checkpoint Learning Forensic Accounting Certificate Programfor CPAs and other accounting and audit professionals to help them build competencies in forensic investigation, related process, and litigation support while ...

ScripsAmerica Retains New Medical Director and Public Accounting Firm
Company Welcomes James F. Buchanan, Pharm.D as Medical Compliance Consultant and Engages Public Accounting Firm KMJ Corbin & Company LLP as New Auditor. TYSONS CORNER, Va., Aug. 4, 2015 (GLOBE NEWSWIRE) -- ScripsAmerica, ...

​Demand Media names Wendy Voong chief accounting officer
Santa Monica-based Demand Media(NYSE: DMD) said Voong brings extensive expertise in operational accounting, as well as compliance and external reporting. She will oversee the company's accounting team and be responsible for the financial and ...

B2R Finance adds Brad Weber as chief accounting officer
B2R Finance, a lender focused on single-family rental property investors, announced the addition of Brad Weber as chief accounting officer. In this role, Weber will lead the accounting, reporting and control functions, as well as human resources and ...

Lawmakers to demand full accounting on human trafficking report
WASHINGTON Senior U.S. lawmakers expressed concern on Tuesday about whether the State Department's annual global report on human trafficking may have been watered down due to political considerations and vowed to demand a full accounting at a ...

Questioning conventional wisdom in accounting
To the layperson, accounting might seem like a carefully structured fixed system used to reflect the financial condition of a company. To University of New Mexico Anderson School of Management Professor of Accounting Joni Young, it is a bird's nest of ...

REFILE-Toshiba CEO apologises to Japan PM office for accounting scandal
(Refiles to correct spelling of accounting in 6th para). TOKYO Aug 5 (Reuters) - Toshiba Corp's chief executive apologised to Prime Minister Shinzo Abe's office on Wednesday after revelations of wide-spread accounting irregularities at the industrial ...

Toshiba CEO apologizes to Japan PM office for accounting scandal
TOKYO Toshiba Corp's chief executive apologized to Prime Minister Shinzo Abe's office on Wednesday after revelations of wide-spread accounting irregularities at the industrial conglomerate embarrassed government efforts to improve the country's ...

Sprint's Momentum May Be Accounting-Driven
While reported earnings before interest, taxes, depreciation and amortization (Ebitda) showed 14.0% year-over-year growth, on an apples-to-apples basis (adjusting for the changes in accounting), we calculate that first-quarter Ebitda actually decreased ...

MHM Elects Burczyk President
Mayer Hoffman McCann has elected Andrew Burczyk as president. Burczyk, who has over 30 years of public accounting experience, has been a leader on the firm's executive committee, as the midwest region attest practice leader and as a member of the ...

Accounting Issues Mask a Seller's True Value
Many studies have shown that acquisitions tend to underperform. Aggressive accounting practices on the part of target companies can mask the true economic value of acquisitions, exposing boards, management, and CFOs to reputation, career, and legal ...

Marine Corps' Sloppy Accounting Could Make Congress Less Willing to Boost ...
Marine Corps' Sloppy Accounting Could Make Congress Less Willing to Boost ...

Banc of California Names New Principal Accounting Officer
McKinney, 35, replaces Nathan Duda, who quit as chief accounting officer in July to become chief administrative officer at the $3.3 billion-asset Mechanics Bank in Walnut Creek, Calif., according to his LinkedIn profile. McKinney will assume the new ...

Toshiba delayed a $100 million loss during an accounting scandal with these ...
Toshiba delayed a $100 million loss during an accounting scandal with these ...

Where's the missing $800M in Pentagon funds? Accounting errors, cover-up seen
Earlier this year, top officials of the United States' Department of Defense gave awards to the agency's top auditor for supposedly fully accounting for all the money spent by the Marine Corps in 2012. The Pentagon thought it was on track to meet the ...

Nonprofits Outpace For-Profits in Accounting Errors
Nonprofit organizations make accounting errors at a relatively high rate, in part because they try to avoid devoting a high percentage of their funding to administrative costs, according to a new study. The study, by Jeffrey Burks, associate professor ...

SFO to investigate accounting practices at Quindell
The move follows significant restatements of the AIM-listed group's accounts which led to a reduction in profits after tax for 2013 from £83m to a loss of £68m. It also follows the Financial Reporting Council's announcement that it would be ...

State Accounting Error Gives Some An Unexpected Pay Day
The state of Arizona is short money after accidently doling out thousands of dollars directly into bank accounts last month. Every month, Patricia Larimore receives two direct deposits into her personal bank account — one is her Social Security check ...

Accounting News Roundup: Pay Ratio Rules; Uber's Internal Financials; Audit ...
Accounting News Roundup: Pay Ratio Rules; Uber's Internal Financials; Audit ...

Freight Depot Accounting Launches To Support Startups And Small Businesses
“We help companies who haven't grown enough to support in-house accounting systems and personnel, or just don't want to deal with it," said Pam Morris, partner in Freight Depot Accounting. "We pride ourselves on personal attention and attention to ...

Miller Energy Execs Charged with Accounting Fraud
The Securities and Exchange Commission announced charges Thursday alleging that Miller Energy Resources Inc., its former chief financial officer, and its current chief operating officer inflated values of oil and gas properties, resulting in fraudulent ...

Miller Energy executives charged with accounting fraud
It also is seeking to bar Boyd and Hall from serving as public company officers or directors and to bar Boyd from public company accounting. Miller Energy did not immediately respond to a request for comment Thursday. The company acknowledged last week ...

Thomson Reuters Offers Corporate Execs CPE Training
Each monthly issue will focus on different subjects relevant to the educational needs of tax, accounting and finance professionals who work in a corporate setting. Topics include accounting and financial reporting, tax planning and implementation of ...

Brown Smith Wallace on the 2015 INSIDE Public Accounting Top 100 Firms List
In addition to this recognition by INSIDE Public Accounting, Brown Smith Wallace has been the top ranked St. Louis firm in the 2015 and 2016 Vault Accounting Firm rankings. For the sixth time, we were also recognized as a Best Accounting Firm to Work ...

State auditor reports former Allen County clerk's accounting errors
An audit of former Allen County Clerk Beverly Calvert's office revealed accounting errors last year that resulted in underpayment of deed transfer taxes and delinquent taxes to county offices. The results of the audit, performed by Kentucky State ...

People News: Aug. 7, 2015
Alex Fortner has joined CBIZ as a senior assurance associate. Roman Milewski joined the firm as an assurance associate at the firm's Tampa Bay office. Fortner holds his Bachelor of Science in Accounting from Ohio University. He previously worked as an ...

Firm News: Aug. 7, 2015
The accounting firm, located in Tustin, encourages this type of team-building event to help with the firm's goals of creating a work environment that fosters trust, initiative, loyalty, work/life balance and mutual employer/employee success. This ...

Intent, Not Accounting, May Be Key to Dewey Trial
For more than two months, prosecutors in the Dewey & LeBoeuf criminal trial have walked jurors through a series of byzantine accounting adjustments employed by the firm after it was created through a merger in 2007. The Manhattan district attorney's ...

The Inefficiency of Accounting Firm Talent Management
I found this implementation of a college student with talent and potential contrary to the way accounting firms hire and train their staff. And I have to ask the question, why? Accounting firms are desperate for new talent and desperate to retain this ...

FASB Proposes Changes in Accounting for Derivatives
The issue, according to FASB, is whether a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815, in and of itself, results in a requirement to dedesignate that hedge accounting ...

A Sincere Accounting Of The Costs & Benefits Of Electric Vehicles, Part 1 ...
A Sincere Accounting Of The Costs & Benefits Of Electric Vehicles, Part 1 ...

WB accounting firm named in grand jury subpoenas in Allentown, Reading raids
A Wilkes-Barre accounting firm is one of the vendors named in grand jury subpoenas served on Allentown and Reading city halls. Northeast Revenue Service was one of more than two dozen entities named in a subpoena served July 2 in Allentown and ...