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Accounting News 01/2016



Ten Best Accounting Franchises Announced by franchiserankings.com for December ...
Ten Best Accounting Franchises Announced by franchiserankings.com for December ...

Longtime U.S. representative Mike Oxley dies
He led an effort to investigate failed energy giant Enron and co-authored the 2002 Sarbanes-Oxley Act, which established new accounting rules. Mr. Oxley's death drew condolences from Republican politicians, including Ohio Gov. John Kasich, who served ...

Untangling an Accounting Tool and an Ancient Incan Mystery
LIMA, Peru — In a dry canyon strewn with the ruins of a long-dead city, archaeologists have made a discovery they hope will help unravel one of the most tenacious mysteries of ancient Peru: how to read the knotted string records, known as khipus, kept ...

Beyond the Extenders: The Tax Legacy of 2015
With so much attention being paid to the end-of-the-year passage of the tax extenders legislation, it is important to remember that an array of federal tax legislation was passed earlier in 2015 that will affect tax return preparation and advising of ...

People News -- Jan. 4, 2016
The Connecticut Society of CPAs announced its 2015 New and Young Professionals to Watch, three up-and-comers, aged 35 and younger, who have set themselves apart as emerging leaders in the accounting profession: Ross A. Riskin, assistant professor ...

Firm News -- Jan. 4, 2016
Horwich Coleman Levin LLC celebrated its tenth anniversary by giving back to the community, with the partners and staff collaborating with the Greater Chicago Food Depository to pack up 12,826 pounds of fruit for distribution to students and families ...

How to Calculate Accounting on an Accrual Basis
There are two basic methods of accounting that businesses use to track and report revenues: the cash basis and the accrual basis. Under the accrual basis, revenues are recorded on a company's income statement when they are earned, regardless of when ...

Wayne Jones Accounting Services
Wayne Jones, C.P.A., owner of Wayne Jones Accounting Services,is the focus of today's Small Business Snapshot. What is the primary purpose of your business? The purpose of my business is to provide accounting services for small businesses and tax ...

Biz briefly: Newport Beach accounting buys LA, SD firms
Accounting firm Squar Milner will buy Los Angeles-based Solomon, Winnett & Rosenfield and San Diego-based McLean, Rotherham & Co. Both accounting firms will fall under Squar Milner's name and have headquarters in Newport Beach. About 50 ...

Channel Opportunities Abound in Law, Accounting Markets
For IT solution providers interested in doing business with accounting, law and marketing firms, the report notes the stronger the alignment between business objectives and technology solutions the better the chances of an initiative exceeding ...

GBQ acquires Cincinnati accounting firm
Another one of Greater Cincinnati's largest accounting firms has merged, this one combining with a Columbus firm. Ernst & Rabe, based in the eastern Cincinnati neighborhood of Linwood, was acquired by Columbus-based GBQ Partners on Jan. 1. The move ...

The 31 fantastic flavors of cloud-accounting applications
So you have made the decision to migrate to a new cloud-accounting solution, congrats! You now need to determine which solution is the right product for your organization. Before you begin looking at the products, you need to understand the three ...

MSU-Meridian accounting grad heads to Washington
“MSU-Meridian has awesome facilities downtown and the Deen Building (where accounting classes are held) is beautiful, but it's really about the people,” he said, adding that members of the accounting faculty “truly were instrumental in my success.” He ...

New year, new offices: Orlando accounting firm acquired
More than 100 at a local accounting firm will ring in the new year by moving to new offices. Officials with Averett Warmus Durkee, which has offices in Orlando and Altamonte Springs, announced Monday that the five-year-old firm had been acquired by ...

Denver CPA takes the helm of national accounting firm
A Denver CPA who specializes in Securities and Exchange Commission reporting has been named as managing partner of Hein & Associates LLP, a national accounting firm with offices in Denver, Dallas, Houston and Orange County. James Brendel, CPA ...

Insurance programs are subject of proposed federal accounting standards
New standards proposed by the Federal Accounting Standards Advisory Board (FASAB) are the result of an effort to provide concise, meaningful, and transparent information in federal government financial statements about insurance program costs and ...

Heath Corp. acquired by Illinois accounting firm
“Heath sought to merge with an accounting and consulting firm to expand the services we offer and better serve our clients,” said Tom Hood, chief executive officer of Heath. “Merging with CDH is a good fit for both our clients and our employees ...

Milwaukee accounting firm snaps up Chicago-area shop
A Milwaukee accounting firm that wants to expand in the Chicago area snatched up a 45-professional north suburban firm. Steinberg Advisors in Northbrook, with $9.1 million in revenue, was acquired by Wipfli, which reported $181 million in revenue in ...

Hein & Associates Taps James Brendel as New MP
Brendel has more than 30 years of public accounting and audit experience with clients in industries such as energy, manufacturing and distribution, technology and real estate. In addition to his leadership role at the firm, Brendel specializes in ...

Minneapolis company acquires 2nd BN accounting firm
BLOOMINGTON — CliftonLarsonAllen, a national certified public accounting and consulting company headquartered in Minneapolis, has acquired a second accounting firm in the Twin Cities. Guthoff Mehall Allen & Co. in east Bloomington joined CLA, ...

Wipfli acquires Illinois accounting firm
Wipfli, which offers assurance, accounting, tax and consulting services, now has about 1,500 employees, including 181 partners, at 32 U.S. offices and two offices in India. Three of its offices are now in the Chicago market, where the firm has been ...

Accounting News Roundup: Many Mergers; Golf Courses Are Conservation Areas ...
Accounting News Roundup: Many Mergers; Golf Courses Are Conservation Areas ...

FASB Issues Standard for Financial Instruments Recognition and Measurement
The Financial Accounting Standards Board issued Tuesday a long-awaited accounting standards update for the recognition and measurement of financial instruments that it has been developing for over a decade with the International Accounting Standards ...

Accounting Giant EY Offers Monthly Mentoring Program for College-Bound Students
But she said the biggest change, for which her mentors from the giant accounting firm EY (formerly known as Ernst & Young) had prepared her, was the difference between what it took to succeed in college compared to high school. "I never had any kind of ...

New year, another merger for O'Connor Davies accounting firm
Continuing its strategic growth into niche practice areas in the last two years, O'Connor Davies LLP, a New York City-based accounting and consulting firm with suburban offices in Harrison and Stamford, recently merged with Flackman, Goodman and Potter ...

Banks Get Relief on Accounting Headache
The banking industry's least-favorite accounting rule is being scrapped. Accounting rule-makers on Tuesday changed a provision that in recent years has resulted in huge—and often head-scratching—swings in bank earnings. James Dimon, J.P. Morgan ...

Accounting Rule that Whipsawed Banks'' Earnings to Be Scrapped
The Financial Accounting Standards Board said Tuesday that it would change a rule that in recent years was responsible for massive and often counterintuitive swings in bank earnings. The rule requires banks to take losses when some of their own debt is ...

The 2016 Nonprofit Accounting Trends to Watch
In our recent Nonprofit Finance & Accounting Study, we found that more than 70 percent of nonprofit accounting professionals say they expect their organizations to grow in the next three years. This shift will have major impacts on strategic planning, ...

Accounting firms merge
The San Antonio accounting practice of Findling, Milam & Pyle merged with the Houston- and San Antonio-based ABIP PC, effective Jan. 1, ABIP announced Tuesday. Established in 1964, Findling, Milam & Pyle has 14 professionals and works with a client ...

Advisory Board Proposes Federal Financial Accounting Standards for Insurance
The Federal Accounting Standards Advisory Board has released an exposure draft of a proposed Statement of Federal Financial Accounting Standards on insurance programs for the federal government. Tom Allen. FASAB is proposing to establish three ...

FBI asks for public's help accounting for 18 minutes of San Bernardino ...
FBI asks for public's help accounting for 18 minutes of San Bernardino ...

New mergers within Central Jersey accounting industry
1, the Edison-based public accounting firm, The Mironov Group, will combine its practice with WithumSmith+Brown, a regional certified public accounting and consulting firm with 12 offices, including one in New Brunswick. Pictured is Withum CEO Bill ...

Banks get relief on DVA headache
Accounting rulemakers on January 5 changed a provision that in recent years has resulted in huge – and often head-scratching – swings in bank earnings. James Dimon, JP Morgan's chief executive, has called the rule “one of the more ridiculous concepts ...

Supplier Finance and Accounting Issues – True Sale or Not?
But what accounting standards impact how the supplier must classify their receivable as a funding provider steps into the existing rights of the supplier? If the Buyer doesn't pay the lender, then the lender will have the same right as the supplier ...

Singapore – Automation will lead to a skill shift in the accounting industry
According to Randstad Singapore, the automation and integration of accounting systems will drive a shift towards more strategic and analytical roles for accounting professionals. Randstad states that, with the automation and integration of processes ...

Reshaping accounting systems for women's empowerment
The accounting graduate grew up in Bangladesh and moved to Wellington in 2006 to study at Victoria. During her Honours year, the keen mathematician was introduced to the idea that accounting was more than a "number-crunching discipline"—rather, ...

Abila Predicts Key Nonprofit Accounting Trends for 2016
AUSTIN, Texas, Jan. 6, 2016 /PRNewswire/ -- Abila, the leading provider of software and services to nonprofits, associations, and government entities, today shared the trends it predicts will have the biggest impact on nonprofit accounting in 2016 ...

Wolters Kluwer Tax & Accounting Restructures in North America
Wolters Kluwer Tax & Accounting has formed a new North American software unit led by Jason Marx, formerly the head of the company's Small Firm Services unit. He will be reporting to Karen Abramson, CEO of Wolters Kluwer Tax & Accounting. The new Tax ...

Indexes, Accounting and ATM Fees
The Vanguard Group attracted $236 billion of net inflows last year, "the largest annual flow of money to a mutual-fund company" ever, as indexing keeps getting more popular. (Disclosure: I am a Vanguard customer, and thus a Vanguard owner.) Indexing is ...

Gavin Polone: How Studios' Phony Accounting Screws Everyone (Including Themselves)
I'm sure some of both is true, but I believe the seemingly counterintuitive behavior by profit participants has more to do with the fact that studio accounting is at best deceptive and at worst a sham. Why should key artists work to save the studio's ...

Accounting Rule That Made Weak Banks Look Healthier Ended
Although the revised standard goes into effect in 2017, the largest banks in the past have implemented some accounting changes ahead of schedule to satisfy analysts and investors keen to see the new standard in practice. The change is unlikely to ...

Accounting For Legitimacy
By Roberta Holland. Certain critical accounting rules are being subtly shaped to reflect the interests of small groups of informed corporate experts, according to a new book by Harvard Business School accounting and corporate accountability expert ...

Auditor: State accounting improved in '15
The office of New Mexico State Auditor Tim Keller has announced significant improvements in the financial audits of the state's Department of Finance and Administration and the state general fund. After finding $100 million unaccounted for from the ...

20 Years of Litigation Reform for Accounting Firms
Dec. 22, 2015, marked the 20th anniversary of the enactment of the Private Securities Litigation Reform Act. Enacted at the behest of accounting firms, the PSLRA was crafted to immunize accountants from securities fraud liability. The result over the ...

Accounting Roundup: Year in Review—2015
In 2015, the FASB made significant progress on its simplification initiative—the Board's efforts to reduce the cost and complexity of U.S. GAAP. Details on the simplification initiative, as well as other key accounting developments, are covered in the ...

Choosing Small Business Accounting Software
If you find your business is spending more time than you'd like managing the books and dealing with unwieldy spreadsheets, then accounting software may be the right choice. By reducing - or eliminating - the need to constantly re-enter the same data on ...

Ford, workers to earn more with accounting change
Ford will have made more money this year than previously expected -- enough to increase profit sharing checks for workers -- because the automaker has changed how it reports accumulated costs related to its pension and other post-retirement employee ...

Accounting firm M&A takes off this week in Greater Baltimore
Wednesday proved to be a busy day for mergers in Greater Baltimore accounting, as two firms based in the region announced they will be folding into outside groups. Stegman & Co., a 40-employee firm based in Towson, revealed plans to join Dixon Hughes ...

Why Ford's Profits Will Exceed $10 Billion After Accounting Change
As a result, Ford is now comfortable switching to the mark-to-market accounting method. And here's the benefit. Since 2010, Ford said, amortization expenses have hit Ford's operating profit to the tune of about $4.3 billion. Rivals General Motors (NYSE ...

Delmarva accounting firms merge
Accounting firms TGM Group and Anthony Walter Duncan have merged to create one of the largest accounting firms in the Delmarva region. The newly consolidated firm will operate as TGM Group and offer audit, tax and accounting capabilities. Easton ...