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Accounting News 03/2016



SEC Clears Accounting Watchdog's Budget but Flags Spending
WASHINGTON—The U.S. watchdog of public-company auditors is itself increasingly under the microscope. The Public Company Accounting Oversight Board, a little-known body that polices the biggest U.S. accounting firms, won begrudging approval ...

Toshiba finds more accounting errors, promises improvement
The laptops-to-nuclear conglomerate said it had overstated past profits by 5.8 billion yen ($51.30 million) on a pretax basis due to seven new accounting errors, on top of the 224.8 billion in overstated profits it has already announced. Toshiba said ...

Railways launches pilot study on accrual accounting system
The system of accrual accounting is designed to improve the quality of reporting of the financials of the production unit significantly by ensuring compliance with the tenets of Generally Accepted Accounting Principles and Accounting pronouncements ...

Audit of Elliott County clerk shows poor accounting, deficit of nearly $9000 in 2014
The Elliott County clerk's office had a deficit of $8,990 and missing deposits totaling $15,680 in 2014, state Auditor Mike Harmon's office said in a report. Harmon said the matter of the missing deposits would be referred to the office of Attorney ...

Accounting leadership opportunity
<p>Adams Green isn&#39;t your average accounting firm. We&#39;re on a mission to help entrepreneurs (and their communities) thrive by changing the way their financial management needs are met.</p><p>We embed ourselves in their organization, take ...

Westlands and its 'Enron accounting' | Fresno Bee
The mighty Westlands Water District has been caught by the Securities and Exchange Commission for cooking its books on bond measures. The district was ...

Fresno accounting firm offering to double donations to Fresno State's Student Cupboard
Fresno accounting firm offering to double donations to Fresno State's Student Cupboard. You need Flash to watch this video.Sorry, your browser doesn't support Flash, needs a Flash update, or has Flash disabled. Fresno accounting firm offering to double ...

Swaps Accounting: FVA as a Flawed Convention
Let's begin with the beginning: the key accounting device at issue is called a “funding value adjustment” or FVA. What it is on its face, as the phrase suggests, is an adjustment to the market value of derivatives that acknowledges the costs of the ...

John Molson Accounting Society to Host First Tax Clinic at Concordia
This year, that can change because the John Molson Accounting Society—a student association—will host a free tax clinic on Mar. 19 and 20. It will take place from 11 a.m. to 4 p.m. in the John Molson School of Business building. “As a way to give ...

LA County's debt has doubled, mostly because of new accounting rules
Another technical change in pension accounting added $1.3 billion on top of that, county spokesman David Sommers said. The $20-billion projected deficit also includes unfunded liabilities for retiree health benefits and workers' compensation. The ...

At Water District, 'A Little Enron Accounting' Grabs Attention Of Feds
“The district's general manager, Thomas Birmingham, jokingly called the moves 'a little Enron accounting,' according to the SEC. Birmingham agreed to pay a $50,000 penalty, and the district paid $125,000 to settle the case. The former treasurer, L ...

SEC agrees with the budget of independent accounting board
James Doty, chairman of the Public Company Accounting Oversight Board, poses in his office in Washington, D.C., U.S., on Thursday, Feb. 10, 2011. The Public Company Accounting Oversight Board is the auditor watchdog overseen by the SEC. (Photo ...

SunEdison's stock tumbles after 'material weaknesses' in accounting found
SunEdison Inc.'s stock SUNE, -2.35% tumbled 6.3% in premarket trade Wednesday, after the renewable energy company said it missed the extended deadline to file its annual report because it identified "material weaknesses" in its internal accounting ...

SunEdison's stock plunges as accounting problems expand
“Because of these material weaknesses, additional procedures are necessary for management to complete the company's annual financial statements and related disclosures, and for the company's independent registered accounting firm, KPMG LLP, ...

SunEdison identifies 'weaknesses' in accounting
Renewable power firm SunEdison warned Wednesday that it had discovered problems in its accounting processes that required it to delay its annual stockholders report. The news dealt a sharp blow to the company's stock (SUNE), which fell 15.5% in ...

Mergers Lead to Intercompany Accounting Risks | Accounting Today ...
Mergers Lead to Intercompany Accounting Risks | Accounting Today ...

SunEdison's Ability to Borrow Seen Limited After Accounting Snag ...
SunEdison's Ability to Borrow Seen Limited After Accounting Snag ...

These St. Louis firms are tops in accounting
Two St. Louis accounting firms made the 2016 Accounting Today list of top 100 firms: RubinBrown, with $78.5 million in revenue, ranks 47th and Brown Smith Wallace, with $39.8 million in revenue, ranks 91st. Revenue at RubinBrown, with 27 partners, was ...

FASB simplifies transition to equity method of accounting
FASB's efforts to simplify accounting continued Tuesday, when the board issued a standard eliminating the requirement to retroactively adopt the equity method of accounting when an investment qualifies for use of the equity method as a result of an ...

Osborne Accused of Accounting Tricks to Meet Budget Surplus Goal
U.K. Chancellor of the Exchequer George Osborne, juggling slower-than-expected growth with a legally binding target to deliver a budget surplus by the end of the decade, resorted to what some economists dismissed as accounting tricks to make his sums ...

Brookfield schools moving to new accounting system
Brookfield First Selectman Steve Dunn said the school district is starting its transition to the MUNIS accounting software — a long planned change that officials say will help better reconcile finances between the town and schools. Currently, the ...

New VR project from Justin Roiland and Crows Crows Crows tackles accounting
Great news, number crunchers and spreadsheet slayers, the accounting app for you is finally on its way to VR. William Pugh (who worked on The Stanley Parable) and Dominik Johann of Crows Crows Crows have partnered up with Justin Roiland, co-creator ...

Toshiba Shares Plunge as U.S. Unit Faces Accounting Probe
Until now, the investigation into Toshiba's accounting practices had been limited to its home country, where regulators fined the company $62.1 million -- the largest penalty ever imposed -- and fined its former auditor, Ernst & Young ShinNihon LLC ...

Toshiba Shares Plunge 8.5% Over U.S. Accounting Probe
Federal Reserve officials held off from raising borrowing costs and scaled back forecasts for how high interest rates will rise this year, citing the potential impact from weaker global growth and financial-market turmoil on the U.S. economy. The ...

Investors' new worry: Questionable accounting
There's nothing like a slowing economy to expose accounting problems. Energy company SunEdison (SUNE) this week warned it found problems in its accounting resulting in the delay if its annual report. SunEdison's warning comes just one day after ...

Donegal Group delays annual SEC filing due to accounting question
Donegal Group's financial filing for 2015 will be late because the firm is reviewing its accounting treatment of its recent purchase of treasury stock. The review could lead to a reduction in the fourth quarter profits it already reported, Donegal ...

Donegal Group delays SEC filing due to accounting question about ...
Donegal Group delays SEC filing due to accounting question about ...

Toshiba said to face US probe over Westinghouse accounting
Until now, the investigation into Toshiba's accounting practices had been limited to its home country, where regulators fined the company $62.1 million -- the largest penalty ever imposed -- and fined its former auditor, Ernst & Young ShinNihon, $17.4 ...

First NBC in La. Likely to Cut 2015 Profit on Accounting Errors
First NBC in La. Likely to Cut 2015 Profit on Accounting Errors. by Andy Peters. MAR 17, 2016 10:43am ET. First NBC Bank Holding in New Orleans will likely cut its 2015 profit after it discovered errors in its accounting for tax credits. To continue ...

Buffett and Munger's Advice for Understanding Accounting
Charlie Munger (Trades, Portfolio) and Warren Buffett (Trades, Portfolio) have mentioned repeatedly the importance of understanding accounting, as it is the language of business. The two of them have criticized measures such as EBITDA and some pension ...

Toshiba confirms SEC investigation as accounting woes spread to US
Toshiba confirms SEC investigation as accounting woes spread to US. Securities commission and justice department examining 'accounting problem' at American units, says Japanese corporation, amid profit-padding crisis. Toshiba has said its American ...

Toshiba in US accounting probe
TOKYO - Japanese electronics maker Toshiba Corp. said Friday it was cooperating with a U.S. probe into its accounting practices. “Certain Toshiba U.S. subsidiaries received information requests from the DOJ (Department of Justice) and the SEC ...

'Weak' accounting job
ACCOUNTING PRACTICES in “many” Government departments and ministries are not up to scratch. Acting Accountant General Dane Coppin raised concern about “weak” internal controls in these agencies. He has also red-flagged the absence of internal ...

Donegal Group alters accounting for Shepard share buyback, revises profits downward
After a review, Donegal Group has decided to change how it accounted for a recent buyback of its shares from dissident shareholder Gregory Shepard, a move that entails a downward revision of its fourth-quarter and full-year earnings statements for last ...

Pennsylvania HBPA Treasurer Missing In Wake Of 'Accounting Irregularities'
The Pennsylvania HBPA, through a public relations firm, issued the following statement: “Upon first learning of accounting irregularities, PA HBPA immediately contacted the Pennsylvania State Police. We will continue to fully cooperate with the state ...

Silicon Valley nightmare: SEC wants to crack down on screwball accounting gimmicks
The issue was "non-GAAP" financial measures -- that is, those that don't conform to generally accepted accounting principles. Non-GAAP measures are rife throughout the financial reports of tech companies, especially trying to make red ink look not so ...

Fixed or Flex? Tax Preparers Discuss Fees
“I do not charge a flat rate for forms,” said Paul Thompson, an EA at Premier Accounting & Tax in Virginia. “Our fees are based on an hourly rate involved in preparing the return and the complexity.” “I have rates for entire returns based on the ...

Toshiba says it's cooperating with U.S. accounting probe; Westinghouse denies being focus
“Certain Toshiba U.S. subsidiaries received information requests from the (Department of Justice) and the (Securities and Exchange Commission) in respect of Toshiba's accounting practices, and they are cooperating with the investigation,” the company ...

CEO refutes any irregularities
“According to the independent report cited in the article, no accounting irregularities have been found in Westinghouse's accounting. To our knowledge, Westinghouse financial reporting is not under investigation,” it cited company president and CEO ...

Tax Fraud Blotter: Honey, Where's the PTIN?
Moro operates under First Choice Accounting, which he owned with his wife Patricia. Investigation showed that Joseph Moro knowingly filed false New York State tax returns, preparing and filing several fraudulent personal income tax returns that claimed ...

Belvidere native joins Alpine Bank as accounting officer
ROCKFORD — Cynthia Hodges recently joined the finance and accounting division of Alpine Bank as an accounting officer. Hodges has more than 10 years of experience in the financial industry. She has a Bachelor of Science in finance from Northwest ...

Half of Firms Not Ready for Indian Accounting Standards: Survey
Mumbai: With less than a fortnight left for formal adoption of Indian Accounting Standards, over half of the companies aren't ready for the transition, a survey by PwC found. The audit and tax consulting firm believes that the level of preparedness for ...

Accounting flaws in transfer of liabilities to power companies: CAG
"We observed that liabilities of erstwhile Board (PSEB) amounting to Rs 25,097.64 crore (loss written off of Rs 10,751.64 crore and terminal benefits of Rs 14,346 crore) were transferred to the two successor entities, either by incorrect accounting or ...

Letter: Preparing income taxes is an accounting mess
I just completed our income taxes for 2015. A totally confusing, complex, unnecessary number of worksheets and forms, creating an accounting mess. I defy any of our representatives, senators and bureaucratic executives (including IRS) to complete my ...

Accounting network sceptical of gender discrimination report
“If you compare a female manager accountant with a male director, there is obviously a salary difference. However, all directors or senior people earn an equivalent wage. That goes for all 14 firms in our group – Australia and New Zealand, capital city ...

Accounting flaws in transfer of liabilities to power cos: CAG
Accounting flaws in transfer of liabilities to power cos: CAG. "While unbundling the erstwhile Board (PSEB), Government of Punjab placed a financial burden of Rs 25,097.64 crore on the two successor entities -PSPCL and PSTCL - by passing unfunded ...

Accounting News Roundup: Deadlines and Skeptical Whistleblowers | 03.21.16
Maybe this has changed and deadlines are "downright fun" in the accounting profession these days, but I've seen or heard little evidence of that. I do like the contrarian idea of embracing deadlines, however, because life is easier that way. Similar to ...

FASB Standard Simplifies Equity Method Accounting
The Financial Accounting Standards Board (FASB) determined that it is not cost beneficial and is potentially misleading for investors to retroactively apply the equity method of accounting to periods before an investment qualifies for use of the equity ...

Valeant CEO out, investor Ackman in over drugmaker's accounting issues
(Reuters) — Embattled Valeant Pharmaceuticals International Inc. said on Monday its chief executive officer will step down, activist investor William Ackman was appointed to its board and that it had uncovered accounting problems. The Canadian ...

Accounting Software FloQast Raises $6.5 Million
FloQast, an enterprise software company that provides month-end closing software for accountants, announced it has raised $6.5 million in a Series A round of funding. The round, co-led by Polaris Partners and Toba Capital with continued participation ...