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Accounting News 11/2015



Differences Between Positive and Normative Accounting
Accounting is the language of finance, giving managers and investors a standardized system to present the finances of a company in a way that is transparent, consistent, and informative. All of the different accounting rules are not arbitrary or ...

Differences Between Positive and Normative Accounting
Accounting is the language of finance, giving managers and investors a standardized system to present the finances of a company in a way that is transparent, consistent, and informative. All of the different accounting rules are not arbitrary or ...

Top Android accounting software for your business
If you're a busy person the last thing you want to do is chain yourself to your desk to do your accounts. The good news is that thanks to cloud-based accounting software, you now have the freedom to manage your accounts on the move. The great thing is ...

Deloitte Acquires Boutique Accounting Firm
TORONTO, ON--(Marketwired - November 02, 2015) - Deloitte announced today that it has acquired Bonaccorso & Associates, a locally owned boutique accounting firm located in Vaughan that serves small and medium private enterprises with a focus on ...

Valeant: Why Enron-era accounting never really died with Enron
That act should have ushered in a new era of corporate honesty and accountability to shareholders in terms of corporate accounting and the auditing profession. It created the Public Company Accounting Oversight Board (PCAOB) to oversee auditors and ...

The Differences Between the Acquisition Method and the Purchase Method in ...
The Differences Between the Acquisition Method and the Purchase Method in ...

AICPA Proposes New Association with CIMA
“The 'and' is the additional focus on management accounting and the evolution of the CGMA designation and the increased relevance of that designation, which can bring additional value to members.” Under the proposal, both the AICPA and CIMA would ...

Accounting News Roundup: Things Stay the Same; Grant Thornton Settles Parmalat ...
Accounting News Roundup: Things Stay the Same; Grant Thornton Settles Parmalat ...

Marcum Reaches into Midwest with Frost Merger
Top 100 Firm Marcum LLP announced that it has merged with Illinois-based accounting firm Frost, Ruttenberg & Rothblatt PC, as of November 1. Marcum has 17 offices on the East and West Coasts – many added through mergers – but this represents its first ...

Renewable energy doesn't mean clean energy: The European accounting error that ...
Renewable energy doesn't mean clean energy: The European accounting error that ...

Deloitte Acquires Bonaccorso in Canada
Deloitte has acquired Bonaccorso & Associates, a boutique accounting firm in Vaughan, Canada that serves small and midsize private companies with a focus on family businesses. Founded in 2003, Bonaccorso & Associates will join Deloitte Private, ...

AICPA Points to Industry Implementation Issues for Revenue Recognition Standard
“The revenue recognition implementation issues are designed to be helpful for companies applying ASC 606 and making their own accounting policy decisions,” said AICPA senior technical manager Kim Kushmerick. “The implementation issues are ...

Intuit Announces ProAdvisor Partnership with Fathom
“Not only is Fathom one of the top-rated apps that integrates with QuickBooks Online; its role in helping accounting professionals provide business insights delivers on our promise to ProAdvisors that we are dedicated to helping them save time, grow ...

Accounting Assistant
SUMMARY Perform various accounting duties including General Ledger reconciliations, various journal entries, statement reconciliations, accounts payable processing, consignment inventory, and payroll duties. Perform posting and exception processing for ...

AICPA, CIMA Want to Give the CGMA Its Own Accounting Association
The American Institute of CPAs is proposing the creation of a new accounting association in partnership with the Chartered Institute of Management Accountants. In a letter sent to institute members, the AICPA's chair, Tim Christen, outlined the ...

Intuit's New Banking Integration Technology Can Make Accounting More Accurate ...
Intuit's New Banking Integration Technology Can Make Accounting More Accurate ...

Job Duties The Top Draw To Accounting Profession
MENLO PARK, Calif., Nov. 3, 2015 /PRNewswire/ -- If you were given the opportunity to go back in time and change your career, would you? According to a recent Accountemps survey, nearly seven in 10 accounting and finance workers would choose to stay ...

Practice Excellence 4 Accounting and Tax Issues Small Businesses Face
Unless the business is an accounting firm, small business owners need to hire an accountant if they wish to see continued growth. During my time with my own tax consulting firm, I've noticed a number of issues seem to surface quite frequently when ...

IndustryNewsletters Launches Accounting and Legal Newsletters
GREEN COVE SPRINGS, Fla., Nov. 3, 2015 /PRNewswire/ -- IndustryNewsletters, a division of HomeActions LLC, an e-prospecting and client relationship service, is pleased to announce the launch of marketing newsletters that serve the Accounting and ...

Why Do Accountants Love Their Jobs?
If you were given the opportunity to go back in time and change your career, would you? According to a recent Accountemps survey, nearly seven in 10 accounting and finance workers would choose to stay put. Accountants feel this way despite the many ...

Accounting Faculty 'Adopt a Firm' to Strengthen Curriculum, Prepare Students
What do accounting majors need in order to be work ready when they graduate? Faculty members are gaining insights as part of an "adopt a firm" program recently instituted in the Mihaylo College of Business and Economics. "Faculty members are working ...

4 Accounting and Tax Issues Small Businesses Face
Unless the business is an accounting firm, small business owners need to hire an accountant if they wish to see continued growth. During my time with my own tax consulting firm, I've noticed a number of issues seem to surface quite frequently when ...

Marcum Leads Non-Big Four Accounting Firms in IPO Audits
3, 2015 /PRNewswire/ -- Marcum LLP performed more audits in connection with Initial Public Offerings ("IPO") than all other non-Big Four accounting firms year-to-date. The Firm completed 10 IPO audits from January through September according to Audit ...

The Goal of Accounting Firm Marketing Today is Growth
While “art” is still part of the equation, modern marketing is also being driven by “science” as firms demand a higher level of ROI. How are science and marketing tied together? Through the power of data. Still in its infancy in the accounting industry ...

Japan auto parts firm Akebono Brake says finds inappropriate accounting
The news may rekindle fears of more Japanese accounting scandals after Toshiba Corp earlier this year revealed that it overstated past profits by 155 billion yen ($1.3 billion). Akebono Brake supplies to General Motors, Nissan Motor and Toyota Motor ...

Three Tips To Improve Development And Accounting Collaboration
Communication breakdowns between a not-for-profit organization's development and accounting departments can lead to confusion, embarrassment and, worse yet, financial problems. Organizations, therefore, must take proactive steps to facilitate ...

Loeb Boosts Short Bets Citing Sloppy Accounting, Volatility
“There's been some real sloppiness in accounting, and this move toward using adjusted Ebitda and adjusted earnings has produced some companies that I think are trading on valuations that are not supported by the real numbers,” Loeb said Wednesday in a ...

Freddie Mac Blames Accounting for Q3 Loss
Citing accounting associated with derivatives it used to hedge its operations, Freddie Mac announced a loss of hundreds of millions of dollars in the third quarter of 2015 Tuesday. According to the announcement, the government-sponsored enterprise that ...

How to Calculate Direct Labor Rates in Accounting
In both cases, it's important to calculate the total aggregate expense for all the workers directly involved, accounting for the variances in their pay, benefits, and taxes to ensure an accurate total cost. Once you have the total cost, the direct ...

Brown Edwards merges with Wytheville-based accounting firm
About 15 employees with Hodges, Jones & Mabry will join the new firm, according to Brown Edwards spokeswoman Judy Duff. Hodges, Jones & Mabry will keep its Wytheville office but will merge its Blacksburg and Radford offices with Brown Edwards' ...

Wall Street is starting to believe what Jim Chanos has been saying about ...
Wall Street is starting to believe what Jim Chanos has been saying about ...

Corker blames accounting firm for disclosure 'filing errors'
CHATTANOOGA — U.S. Sen. Bob Corker of Tennessee is blaming his accounting firm for making "filing errors" in disclosures about the Republican's trades in shares in a hometown real estate firm. The Wall Street Journal reported Wednesday that Corker ...

Accounting Firm Purchases Building Housing Planned Parenthood Clinic and Kicks ...
Accounting Firm Purchases Building Housing Planned Parenthood Clinic and Kicks ...

Accounting's brave new digital world
Accountancy's digital revolution means that your firm's toughest competition might no longer be across the road, it could be a switched-on firm on the other side of the continent. Predicting the future is a risky exercise – even the future of your own ...

The diversity challenge in today's accounting practices
With the dwindling supply of graduate accountants still a problem, firms offering flexible and positive workplaces are best placed to attract the diverse mix of new talent they need. If you asked an accounting practice manager about the key challenges ...

Newsbyte: SAP's Telco Customers Prepare for Accounting Standards Changes with ...
Newsbyte: SAP's Telco Customers Prepare for Accounting Standards Changes with ...

Accounting News Roundup: Sustainability Reporting and Everyone's Worried About ...
Accounting News Roundup: Sustainability Reporting and Everyone's Worried About ...

The Accounting Technique Valeant Used to Help It Buy Company After Company
"In Valeant, a financialized age has produced a financialized pharma company," Jim Grant, legendary contrarian investor, wrote in March of last year. More than a year later and the wider markets are only just beginning to unpick the complicated ...

Accounting Software New Cloud Tax and Accounting Platform Hits Market ...
Accounting Software New Cloud Tax and Accounting Platform Hits Market ...

More Accounting Firms Should Let Employees Build Their Own Niche Practices
In the ANR this morning I mentioned one of the accounting profession's big worries: hiring and retaining talented people. A related worry that these same accounting firms have are with succession planning; firms that can't hire and retain good people ...

Ben Sasse Demands 'Full Accounting' on Failure of Obamacare Co-Ops
Federal health officials need to “provide a complete accounting” of what led to the failures of a dozen Obamacare co-operatives, Sen. Ben Sasse, R-Neb., said today in testimony before a House subcommittee. The co-ops, nonprofit insurance companies ...

Changing Hiring Patterns of Accounting Firms
Top firms like MBAF Certified Public Accountants and Advisors, KLR CPA's, Citrin Cooperman (Previously known as MGI Repetti LLP), Analytix Solutions, Berdon LLP, The Chugh firm, Xpitax LLC, Crowe Horwath, Perfect Tax etc. have established their ...

Top 3 Reasons People Pursue an Accounting Career
According to a recent survey from Accountemps, a division of Robert Half that specializes in temporary staffing for accounting, finance, and bookkeeping professionals, the results are surprising. Of the 2,600 accounting and finance professionals who ...

Fannie Mae: An Accounting Mess – Bove
Richard X. Bove, Vice President Equity Research at Rafferty Capital Markets, highlights Fannie Mae's third quarter losses and its accounting and management inefficiency. Fannie Mae reported a third quarter loss of $0.04 per share. This was $0.03 per ...

GAAP Accounting Rules on Unrealized Capital Gains
If the investment does not result in considerable influence, the accounting process depends on whether the investment is readily available for sale or not. For tradeable securities (investments to be held for less than 12 months), unrealized gains are ...

2 Central Florida accounting firms merge
“This merger enhances our capabilities,” said Grennan, who has served Central Florida for more than 40 years. The Grennan Fender firm, founded in 1975, provides a wide array of services for clients, including tax, audit, consulting, outsourced ...

Iconix Brand Group Inc. Craters on Slashed Guidance, Accounting Woes
So what: Following an accounting review by a special committee of the company's board of directors, Iconix announced that it would need to restate some of its financial results from fiscal 2013, 2014, and 2015 in order to correct accounting errors ...

Economy Adds 271000 Jobs in October, Including 3400 in Accounting
The economy added a surprisingly robust 271,000 jobs in October, including 3,400 jobs in accounting and bookkeeping services, sending the unemployment rate down one-tenth of a percent to 5.0 percent. The U.S. Bureau of Labor Statistics reported Friday ...

The Top Accounting Firms of the World's Biggest Corporations
There are hundreds of thousands of accounting firms in the U.S., but only a select few have the resources, expertise, and reputations to handle the accounting needs of the largest U.S. and international corporations. These top accounting firms ...

Toshiba Sues Five Former Executives Over Accounting Scandal
Toshiba Corp. sued five former executives as the company tries to recover from accounting irregularities that have led to profit writedowns of more than $1.2 billion over almost seven years. Toshiba is suing three former presidents and two former chief ...