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Accounting News 10/2015



Toshiba Says 30 More Executives Identified in Accounting Scandal
Toshiba Corp. said it has identified 30 more executives involved in an accounting scandal that has already led to resignations of three former presidents and reduced reported profit by about $1.3 billion. The managers will be punished, but will stay on ...

Top 3 Accounting Marketing Tactics for 2016
Marketing strategy is one of the critical factors separating high-growth accounting firms from low-growth firms. But according to BKR International, a global public accounting association, it's not necessarily the amount of money firms spend that ...

Accounting Program at the Tobin College of Business Earns Endorsement by ...
Accounting Program at the Tobin College of Business Earns Endorsement by ...

The Spirit of Accounting
Although the Financial Accounting Standards Board's definition reflects the OED concept by focusing on getting reports into users' hands before they make decisions, it goes beyond by acknowledging that information has a “shelf life” because its ...

The Allure of Unclaimed Property
The second area is the year-end review process in which all assets, liabilities, and equity accounts are reviewed to identify potential unclaimed property at or near the applicable dormancy period for each state. Picture a compliance checklist that ...

PCAOB Refocuses Audit Firm Inspections
The Public Company Accounting Oversight Board released a document Thursday describing its main objectives, focus and scope when inspecting audit firms this year. According to the PCAOB staff inspection brief, the inspections staff is taking a close ...

Is Technology Making Accountants Dumb and Lazy?
I sighed and thought, “Accounting work? Seriously, why hasn't this been automated yet?” I dived into the problem for about 30 minutes and it took a lot of mental effort. Once I had the problem fixed, I was pleased for a moment. Soon after, I was ...

Accounting for software at federal agencies addressed in proposal
Software development techniques have changed dramatically since the issuance in 1998 of Statement of Federal Financial Accounting Standards (SFFAS) 10, Accounting for Internal Use Software, by the Federal Accounting Standards Advisory Board ...

Accounting firm reintroduces itself as Lurie
Accounting firm Lurie Besikof Lapidus & Co. LLP shortened its name to Lurie LLP. The change, made this week, comes as the Minneapolis firm celebrates 75 years in business. The switch is part of a branding overhaul. “We're moving into our next 75 years ...

Exclusive: Accounting firm plans to expand 33 percent in Pittsburgh
Grant Thornton, the nation's sixth-largest accounting firm exited Pittsburgh in the 1990s but returned two years ago through the acquisition of Kansas City, Mo.-based MarketSphere LLC's Oracle Solutions business unit, which specialized in technology ...

Deloitte Wins 'Audit Innovation of the Year' at 2015 International Accounting ...
Deloitte Wins 'Audit Innovation of the Year' at 2015 International Accounting ...

Accounting News Roundup: The PCAOB Shares Its Playbook and an Honest Auditor ...
Accounting News Roundup: The PCAOB Shares Its Playbook and an Honest Auditor ...

A Global Standards Advocate Answers Miller & Bahnson
In an article titled "Global standards advocates need to understand the problems,” Professors Miller and Bahnson argue that, “International accounting standards are both undesirable and infeasible for many reasons.” As a former member of the ...

Cross River State To Have Accounting College In Calabar
cross river The Cross River State Governor, Ben Ayade, has received with a cheerful heart, the request by the Association of National Accountants of Nigeria (ANAN) to establish the south-south region of the College of Accounting in Calabar, the Cross ...

People News – Oct. 2, 2015
Funded by the AICPA Foundation, this fellowship provides $12,000 each to full-time minority accounting scholars who have demonstrated the potential to become accounting educators. (See the story for the full list.) … Frank Longobardi has taken office ...

Working in Accounting for a Tech Startup
Between HBO's Silicon Valley, news of tech startups going public at premium valuations, and the allure of all-inclusive corporate campuses, the tech industry has never been hotter. For accountants, opportunities in the sector promise a mix of enjoyable ...

OCC Announces Update to Accounting Interpretations On TDRs, OREO and Pushdown ...
OCC Announces Update to Accounting Interpretations On TDRs, OREO and Pushdown ...

Work/Life Balance Varies for Accountants Worldwide
While an average of 35 percent of the management accountants worldwide polled by the IMA said they prefer a rigid work schedule, that wasn't true in the United States, where only 18 percent said they like a rigid work schedule. In contrast, 43 percent ...

Tax Fraud Blotter: A Litany of Excuses
Court documents state that Watson prepared approximately 557 forms 1040 for tax years 2010 through 2013 and some 71 percent had refunds split or put completely into accounts she controlled. From approximately January 2011 through September 2014, ...

Sainsbury's questioned by accounting watchdog over income disclosures
In December, the FRC issued a warning to all retailers, saying that they should provide investors with sufficient information on their accounting policies in the wake of the discovery of a £263m hole in Tesco's accounts, caused by caused by booking ...

When it's time to outsource the accounting (and other stuff)
Oak Brook-based DeMarco Sciaccotta Wilkens & Dunleavy does the accounting, while 3 Points in Oak Brook makes sure the computers are working. A full-time office manager hires support staff, and the last move to new space was negotiated by a real estate ...

Obama seeks 'full accounting' of Afghan hospital bombing
In announcing an investigation into an apparent U.S. air strike on a hospital in Afghanistan, President Obama says he expects "a full accounting of the facts and circumstances" from the Pentagon. "On behalf of the American people, I extend my deepest ...

Kerr: Fixing the schools' accounting system
Its old news now — the surprise $8.3 million dollars that Stafford County Public Schools “found” during the summer. This misplaced money has caused a lot of controversy and it hasn't been one of the school system's best moments. The problem is though ...

Blackbaud Releases New Cloud Accounting System for Nonprofits
Blackbaud, which offers software and services for nonprofit organizations around the world, recently debuted its new cloud accounting solution, Financial Edge NXT, which adds to Blackbaud's NXT solution line. More than 100 nonprofit organizations have ...

Art of Accounting: Clients That Outgrow You
This includes becoming a presence in the accounting profession—being active in societies, writing articles, presenting speeches, perhaps teaching a course at a local college—and making your clients aware of your activities and proud of you, and ...

Political Scene: A full accounting of Williams' role in pension settlement
Political Scene: A full accounting of Williams' role in pension settlement. Former Supreme Court Justice Frank Williams has released invoices detailing the $135,040 he was paid for his role in settling the legal fight over the 2011 pension overhaul ...

Roger Melanson's accounting examples may need asterisk
Finance Minister Roger Melanson's defence of the pension accounting rules adopted by the Gallant government may require an asterisk. Melanson has responded to criticism by the auditor general by pointing out other governments that have adopted the ...

Accounting News Roundup: Overrated Values; A Tradition of Busy Work; VW Saving ...
Accounting News Roundup: Overrated Values; A Tradition of Busy Work; VW Saving ...

Last week in finance and accounting
One of the lesser covered, but quite important stories, re: Workday Rising was OneSource Virtual's announcement that it's launching a Workday Financials offering as part of its FAO (financial accounting outsourcing) solutions. What makes this ...

Birmingham accountant named in 'Top 10 Public Accounting Professionals'
Brian Hunter, CPA, of Fenner, Melstrom & Dooling, PLC was named to the “Top 10 Public Accounting Professionals” in Michigan for 2015 by the National Academy of Public Accounting Professionals. Hunter is a partner at Fenner, Melstrom & Dooling of ...

Obama wants 'full accounting' of Afghan hospital bombing
President Obama is pushing the Pentagon for a full accounting of how the U.S. came to bomb a Doctors Without Borders clinic in Afghanistan over the weekend, which killed 22 medical personnel and civilians. "The president expects a full accounting ...

Lincoln Financial Group Senior Vice President and Chief Accounting Officer ...
Lincoln Financial Group Senior Vice President and Chief Accounting Officer ...

What's on Main?: McNeely Accounting & Tax Service is located at 135 S. Main St.
For this series, we decided to focus on the heart of downtown, from Crooked Door Coffee House on North Main Street all the way down to the Marion Post Office on South Main Street. At 135 S. Main St., McNeely Accounting & Tax Service stands ready to ...

Shepherd accounting club to host Meet the Firms on Oct. 21
The Shepherd University Accounting Club is looking for companies to participate in the annual Meet the Firms event scheduled for Wednesday, Oct. 21, from 6 to 8 p.m. in the student center at the Storer Ballroom. Companies that participate will be ...

Penobscot Nation chief: Poor accounting at center of audit report
INDIAN ISLAND, Maine — Penobscot Indian Nation Chief Kirk Francis said Monday that many financial issues cited by a recent Department of Justice audit — which raised questions on how the tribe spent nearly $1.19 million in grants — stems from ...

Boulder County must pay back $822K following discovery of state accounting errors
The overpayments stemmed from state accounting errors that miscalculated what Boulder County was entitled to claim as the county's share of those administrative expenses during the 2009-10 through 2013-14 fiscal years, according to Frank Alexander, ...

Accounting method change to increase county liability
A trust would provide an accounting benefit by reducing the county's liability, an economic benefit by earning money over time to offset the cost to the county and an employee benefit because the money in the trust only could be used for OPEB and ...

Finally, accounting software that runs on your Apple Watch
Anxious entrepreneurs and their CFOs no longer have to worry about ever being too far from their company accounts, thanks to new software from Sage. The accounting specialist launched a new product, dubbed Sage Live, a few months ago in the US and ...

Titan names chief accounting officer
QUINCY, Ill. (Oct. 6, 2015) — Titan International Inc. has named Christopher H. Bohnert its chief accounting officer. With the appointment, which was effective Sept. 29, Mr. Bohnert, 49, will oversee the company's accounting matters and serve as Titan ...

Tesco in talks with SFO over deal on accounting probe
UK fraud prosecutors are weighing whether to resolve a year-long criminal investigation into alleged accounting irregularities at Tesco with a US-style plea deal. The Serious Fraud Office has not ruled out a so-called deferred prosecution agreement ...

How an Accounting Firm Convinced Its Employees They Could Change the World
It's a fabled story about a janitor's exchange with President Kennedy during the early days of NASA: “What do you do?” the president supposedly asked the man with a broom during a visit to Cape Canaveral. “Well, Mr. President, I'm helping to put a man ...

SEC Charges Former Tech Execs with Accounting Fraud
The Securities and Exchange Commission has charged two former top executives at OCZ Technology Group Inc. for accounting failures at the now-bankrupt seller of computer memory storage and power supply devices. In a complaint filed in the Northern ...

Local accounting firm named in the top 250 in United States
Dalby, Wendland and Co., has ranked 222nd of the top accounting firms in the United States in the latest list compiled for the newsletter Inside Public Accounting. The company brings in nearly $13.4 million in net revenue, and Partner in Charge Chris ...

Exclusive: Major New Mexico accounting firm changing its name, branding
Accounting and Consulting Group LLP will change its name and branding next month after almost 20 years in the New Mexico market. As of November 9, the firm will become known as RPC CPAs and Consultants and branding in all eight of its locations will ...

Accounting News Roundup: KPMG Changing the World; Apple's Tax Avoidance; Tesco ...
Accounting News Roundup: KPMG Changing the World; Apple's Tax Avoidance; Tesco ...

Tesco: CEO Dave Lewis faces more hurdles in tough market and accounting ...
Tesco: CEO Dave Lewis faces more hurdles in tough market and accounting ...

Suresh Prabhu Pitches for IT-Enabled Accounting Reforms for Railways
The project, initiated by the railways for introducing accounting reforms, assumes greater relevance today considering the fact that Indian Railways is embarking on huge investments in infrastructure both from government and institutional finance, an ...

Suresh Prabhu pitches for IT-enabled accounting reforms for railways
The project, initiated by the railways for introducing accounting reforms, assumes greater relevance today considering the fact that Indian Railways is embarking on huge investments in infrastructure both from government and institutional finance, an ...

Wilmington accounting firm hires new president
Wilmington-based accounting firm, The Siegfried Group, has named Joan Davidson as its new president. In her new role, Davidson will work to grow the company. She will report directly to Siegfried Group founder and CEO Rob Siegfried. Davidson served as ...

Accounting merger brings Youngstown firm to Central Ohio
Norman Jones Enlow & Co. is employee-owned no more: The Columbus accounting firm has merged with Youngstown's HBK CPAs and Consultants, saying its small-business clients will benefit from more services and expertise than it could deliver as a solo ...