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Accounting News 02/2016



Habib Bank UK Transforms Its Fixed Asset Accounting and Tracking Processes With Help from Real Asset ...
Habib Bank UK Transforms Its Fixed Asset Accounting and Tracking Processes With Help from Real Asset ...

SS&C Announces New Residential Loan Accounting Enhancements to Precision LM™
WINDSOR, Conn., Feb. 1, 2016 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced major residential loan accounting enhancements to ...

Two Charleston accounting firms merging
Jarrard, Nowell & Russell LLC said the merger with Biddlecomb Game & Wise will be finalized today. Financial terms of the sale were not disclosed. Biddlecomb Game & Wise has been in business for more than 50 years. Its West Ashley and Moncks Corner ...

Study Questions Separation of Tax Services from Audits
The study found that tax returns prepared by companies' external auditors claim roughly 30 percent less in questionable tax benefits than do those prepared by other outside accountants or by the firms' own tax officers. The study, writeen by Petro ...

FASB Proposes Changes for Statement of Cash Flows
The Financial Accounting Standards Board's Emerging Issues Task Force has proposed an accounting standards update for how certain cash receipts and cash payments would be classified on the statement of cash flows. Various stakeholders have told ...

New Lease Accounting Standards
Following the issuance of a new lease accounting standard by IASB, U.S-based multinational companies may be required to keep two sets of books on their leasing arrangements. The new standard will classify most leases as finance leases (aka, capital ...

Should More Accounting Firms Implement 'Work Anywhere' Policies?
On the one hand, I suppose it's necessary to help young staff get used to the idea that a job in accounting is a thing that requires a consistent effort. However, face time is flawed since time (i.e. how accounting firms bill for their services) is a ...

25 Minority Accounting Students Participate in Illinois CPA Society Internship Program
The culmination of this experience is an opportunity for students to interview with accounting firms. In the four years since the program's inception, 100 students, representing 37 schools, have participated. To date, 69 students have received one or ...

Practice Profile: Doing Better at Doing Good
Giving back is a hallmark of the accounting profession, both on the individual and the firm level, but few accountants have thought their charitable and community activities through to the degree that Williston, Vt.-based CPA firm Davis & Hodgdon has ...

National company merges with local accounting firm
With a free registration, you can view 9 free premium articles every 30 days. Unlimited access to our digital services is reserved for members. You currently have 8 free premium articles remaining before you must register and 9 total before we'll ask ...

Lewis Grizzard: There's no accounting about taxes
“Pardon my ignorance, but I thought accountants were going to lose business because of the new tax bill, which was supposed to simplify how we do our taxes.” “Are you kidding me?” said Willard. “Have you ever known anything to come out of Washington ...

Open house for prospective business and accounting graduate students
An open house will be held at the Jackson Student Center from 5:30 p.m. to 7:30 p.m. on Tuesday, February, 2, 2016. The open house is for students who are interested in pursuing a Master of Business Administration (MBA), Master of Accounting or Master ...

Gary A. Sherman, CPA Named 2016 Five Star Accounting Professional Award Winner
SOMERSET, N.J., Feb. 2, 2016 /PRNewswire/ -- RRBB Accountants and Advisors announced today that Gary A. Sherman, CPA a partner in the Firm's Somerset NJ office has been named a 2016 Five Star Accounting Professional award winner. This award ...

Cloudswave Releases Its Seasonal Rankings of the Best Accounting Software for Q1 of 2016
As one of the leading business application marketplaces, Cloudswave is pleased to share its seasonal rankings of the Top 10 Best Accounting Software solutions. Xero led the pack with an impressive score of 88, while Intacct and Quicken followed up with ...

HFMA provides accounting guidance for risk-based organizations
The white paper delves into various esoteric accounting issues, such as when to book revenue (only after services have been delivered), and to determine the amount of consideration in a pay-for-performance or shared loss contract. Although data is ...

This Small Accounting Tweak May Boost Demand for Renewables
A small change to the way companies report their carbon footprint could spark fresh demand for renewable energy. CDP, the consultant formally known as the Carbon Disclosure Project, will start giving greater recognition to businesses that buy renewable ...

Receipt Bank Raises $10 Million
Launched in 2011, Receipt Bank provides automation to thousands of accounting and bookkeeping firms and their tens of thousands of small business clients, according to the company. With five offices globally, Receipt Bank processes millions of ...

Are Our Accounting Systems Innovation Inhibitors?
When companies base their internal performance measurement systems solely on short-term profits or traditional GAAP-approved accounting returns—the results can be dangerously skewed, causing premature or inappropriate decisions about the fate of ...

Paychex Sees Small Business Job Growth Rebound in January
I think accountants will be tasked with helping small businesses find ways to create a 401(k) plan or a similar plan because there are going to be more tax credits, I think. There seems to be a lot of political attention now on retirement plans and ...

Pluses Versus Minuses
I'm sure that many accountants have anticipated the changes they made, so the extenders shouldn't make a huge impact this season, especially given the fact that they were enacted two weeks prior to the end of the year.” Roger Harris, president of ...

The Pursuit of Diversity
As accounting firms continue to address the incoming Millennial workforce and, therefore, the future of their business, diversity is becoming an issue ranking just as high as compensation issues or technology trends. Big Four firm EY's “Discover EY ...

Governor's Budget includes funds for Accounting Chair of Excellence at MTSU and the Rutherford County Veteran's ...
Governor's Budget includes funds for Accounting Chair of Excellence at MTSU and the Rutherford County Veteran's ...

MSU accounting students offering free tax help
Senior and graduate accounting students helped prepare federal and state income tax returns and answered tax questions for everyone who came. This is a volunteer program, and students who participate had to pass an Internal Revenue Service tax ...

New Video Alleges Planned Parenthood Used 'Accounting Gimmicks' to Hide Profit From Sale of Fetuses
The Center for Medical Progress released on Tuesday a new undercover video alleging Planned Parenthood used “accounting gimmicks” to conceal evidence of profit from the sale of aborted fetal body parts. The video's release comes shortly before David ...

Mondelez Int'l (MDLZ) Misses Q4 EPS by 2c; Announces Venezuela Accounting Change
The company also announced that, effective as of the end of the fourth quarter 2015, it began to account for its investments in its Venezuelan subsidiaries using the cost method of accounting. The change in accounting treatment reflects the loss of ...

Top 3 reasons CFOs migrate to a cloud-based accounting system
Over the past few years, there has been a massive increase in the adoption of software-as-a-service and cloud-based accounting systems. Organizations large and small are exploring the cloud and its many advantages, but what started this trend? If a ...

CliftonLarsonAllen Merges in Bruner Cox
CliftonLarsonAllen is merging in Bruner Cox, an accounting firm in Northeast Ohio, effective June 1, the latest in a string of mergers for CLA. CLA, based in Minneapolis, merged in four other firms last month, and four others in December (see ...

Centenary College launches new four-year accounting dual major
Centenary College announced Wednesday that it is now offering a baccalaureate program in accounting and business administration with a focus on finance. The new program will prepare students for professional examinations that lead to designations such ...

Meet the new Top 12 accounting firm in Tampa Bay
Accounting agencies in Clearwater and St. Petersburg have joined forces to create one of the largest firms in Tampa Bay. Spoor Bunch Franz was founded on Jan. 1, with the merger of Spence Marston Bunch & Morris in Clearwater and Spoor & Associates in ...

Accounting 'gimmicks' uncovered in newest Planned Parenthood video
Bob Unruh joined WND in 2006 after nearly three decades with the Associated Press, as well as several Upper Midwest newspapers, where he covered everything from legislative battles and sports to tornadoes and homicidal survivalists. He is also a ...

SASB and IMA Team on Nonfinancial Disclosures
The Sustainability Accounting Standards Board has signed a memorandum of understanding with the Institute of Management Accountants to advance the management and disclosure of nonfinancial information in corporate reports. The agreement, signed by ...

Bipartisan Congressional Letter Supports ICBA Case Against FASB Accounting Reforms
Ahead of this Thursday's Independent Community Bankers of America® (ICBA) meeting with the Financial Accounting Standards Board (FASB), a bipartisan group of 62 members of Congress, led by Reps. Scott Tipton (R-Colo.) and Patrick Murphy (D-Fla.) ...

The 2016 Top New Products
Software — whether on desktops or, more and more, in the cloud — has already revolutionized the practice of accounting several times over, and we fully expect that it will continue to do so. But it's not the only thing with the power to change the ...

Pike County Extension Office Partners With Troy University Accounting Students to Offer Free Tax Services
It's an ongoing partnership with the Pike County Extension Office and Troy University accounting students. John Dillard has taken advantage of the service for several years. “I enjoy coming here because of the students that's getting their education ...

Toshiba says full-year loss forecast may rise after accounting scandal
Toshiba said on Thursday it was examining whether to deepen its full-year loss forecast when it reports quarterly earnings later in the day, amid mounting restructuring costs after an accounting scandal. Kyodo News and The Nikkei reported that the ...

How cloud-based accounting can help smaller businesses prosper
This tax season, accountants should be making the case to their small business clients that it is crucial to their survival to outsource more of their finances. A recent survey by AccountantsWorld found that more than 50 percent of small business ...

Africa: Accounting Tricks With Coca-Cola
"The Cayman-based Conco is one of more than 25 entities located in tax havens -- just over 30 percent of the [Coca-Cola's] total 'financial' subsidiary disclosures.. Of those based in tax havens, almost half use Delaware, including the parent Coca-Cola ...

3 Biggest Trends in Accounting Technology for 2016
The world of accounting software is just like the world of retail in this regard. What accounting software companies and accountants want is to sell more things and to keep us coming back for more. In 2016, those two ideas are going to drive most of ...

Congress pokes fresh holes in accounting proposal
With dozens of members of Congress weighing in against the Financial Accounting Standards Board's proposal to transform community bank accounting standards, the controversial plan is beginning to take on water. While community bankers have warned ...

Fulfill 150 credit CPA requirement and accounting career, help...
Fulfill 150 credit CPA requirement and accounting career, help...

Senator presses US derivatives regulator over accounting error
WASHINGTON Senate Agriculture Committee Chairman Pat Roberts is turning up the heat on the U.S. derivatives and commodities regulator over an accounting error that could mean it has deficient funds. Roberts, a Kansas Republican, sent a letter dated ...

Get Your Accounting in Order and Save 30 Percent While You're at It (Deal of the Day)
Xero isn't just a neutral observer of the business scene: It sells a complete online accounting program that aims to help you keep your business budget on track. And it won't ask you to tap into your non-existent accounting expertise to do so, either ...

The List: Accounting firms are hiring in Charlotte
As part of the survey, we asked accounting firm representatives about their hiring plans. The following firms shared their plans to add to their teams in 2016. Specific job titles are included wherever possible. A number of Charlotte-area accounting ...

Exclusive: US watchdog finds CFTC violated accounting principles
The finding by the Government Accountability Office, which the source said will be released later on Thursday, follows a Reuters report last month that KPMG found a "material" accounting error that led the auditor to withdraw nearly a decade of ...

Do Current Accounting Systems Inhibit Innovation?
When companies base their internal performance measurement systems solely on short-term profits or traditional GAAP-approved accounting returns--the results can be dangerously skewed, causing premature or inappropriate decisions about the fate of new ...

US watchdog finds CFTC violated accounting law
The finding by the Government Accountability Office, released on Thursday, follows a Reuters report last month that KPMG found a "material" accounting error that led the auditor to withdraw financial opinions on the derivatives regulator. When the CFTC ...

MYOB to bring accounting tools together onto a single platform
Online accounting software provider MYOB has announced plans to merge its three core business components -- transaction processing, compliance, and advisory -- together onto a single platform, a vision it has dubbed the "Connected Practice". Speaking ...

Community Bankers Sound Off on Loan-Losses Accounting Plan
Community banks are giving an earful to those who make accounting rules. Bankers sounded off Thursday on a proposal from the Financial Accounting Standards Board that would require firms to record loan losses much more quickly than they do now, ...

Behind the Top 25 List: While 'registered' CPA firms rate prestige points and visibility, others may offer more ...
Behind the Top 25 List: While 'registered' CPA firms rate prestige points and visibility, others may offer more ...

Top of the List: Accounting Firms
... also includes local FTE employees, local professional staff, brief business description, top local executives and business categories. (Subscribers, view the full Accounting List ranked by CPAs as well as the Accounting List ranked by local ...