Home > Accounting News

Accounting News 04/2016



Accounting News Roundup: Jay-Z's Former Accountant and Narcissistic Bosses | 04.01.16
I'd venture to say that my career of writing on the internet about accounting is more interesting than my career as an actual accountant. I'd also venture to say that most people who leave accounting behind to do something different would say that ...

MSU accounting faculty receive grant to study factors affecting CPA pass rates
Mary Burns, accounting professor in the MSU Jake Jabs College of Business and Entrepreneurship, recently received along with her colleague Nathan Jeppson a $6,500 grant for a research project related to pass rates for individuals taking the certified ...

Employers Added 215000 Jobs in March, Including 500 in Accounting
Employment rose by 215,000 in March, including 500 jobs in accounting and bookkeeping services, although the unemployment rate ticked up one-tenth of a percentage point to 5.0 percent, the U.S. Bureau of Labor Statistics reported Friday. The 215,000 ...

Robotic surgery updates: Hansen reveals $15.3M accounting error; Titan prices equity offering
Mountain View, CA's Hansen Medical announced a $15.3 million accounting error. The company had a loss of $48.9 million during Q2, not the previously stated $33.5 million. The news will complicate its search for an acquirer. The company announced it was ...

People News – April 1, 2016
Kristian Koktvedgaard has been re-appointed chair of the Consultative Advisory Group to the International Ethics Standards Board for Accountants. … Lawrence Baye has joined PKF O'Connor Davies, LLP, New York, as a principal, and John Madden has ...

Do-or-Die Question Every Accounting Firm Must Answer
Last September, Accounting Today published the thoughts shared by “Top 100 Most Influential People in Accounting” in an in-depth article, “T100 Extra: The Most Important Issues Facing the Profession.” From the more than 18,000 words expressed by the ...

How To Select the Best Accounting Software Leads?
You can choose to set up a bookkeeping system manually (using accounting books), electronically (spreadsheets) or use accounting software leads. Unless you want to get familiar with bookkeeping practices, accounting software leads is the most efficient ...

Accounting and Auditing Highlights March 28-April 1, 2016
March 29 : Matthew Esposito, an assistant director of FASB's technical staff, told companies in a webcast to begin preparations immediately for the 2019 effective date of the new accounting standard on leases (Accounting Standards Update No. 2016-02 ...

Advantage Systems and LendingQB Announce First Automated Accounting Integration with LOS
IRVINE, Calif.--(BUSINESS WIRE)--Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, and LendingQB, a provider of loan origination technology solutions, announced today the completion of an ...

4th April 2016 | “Brussels is asking for less complex accounting regulations”
The solution would be to divide the market up. Q: The international accounting standards – IFRS and IAS – which are applicable to all listed companies are causing a multitude of problems. For example, David Tweedie – who was the historic president of ...

Another Choice for Farm Tax and Accounting Training
The full two-day conference has a wide variety of subjects that cover economics, taxes, accounting, a livestock industry update, and numerous other topical subjects. This is my third year of being the committee chairperson and I heartily recommend ...

AICPA Plans Revamped CPA Exam
The next version of the exam is based on a practice analysis, a research project overseen by the AICPA's Board of Examiners, which received input from different stakeholders in the accounting profession. The new exam aims to be more "current, relevant, ...

Election 2016: Mahama begins 'Accounting to the people' tour
President John Dramani Mahama Monday began his 'Accounting to the People' tour of the country from the Western region. The tour comes ahead of the 2016 elections campaign which is expected to start in the next few months. President Mahama is of the ...

Clovis Oncology (CLVS) Names New Principal Financial Officer and Principal Accounting Officer
... Financial Officer of bio-industrial company OPX Biotechnologies, Inc. from 2010 to 2014. He earned a Bachelor of Science degree in accounting from the University of Massachusetts – Amherst and received his Certified Public Accountant certificate in ...

Challenges reconcile accounts receivable
The method helps mainly in finding any discrepancies and helps in rectifying them before overall reconciliation of the accounting records. The primary goal of reconciliation is finding the difference, in data shown and the differed documentation. It ...

Accounting News Roundup: Panama Papers and Strange Expenses | 04.04.16
Tax avoidance is all the rage among the wealthy and powerful. For a long time it was mostly kept secret but over the last several years it has become a less secretive thanks to whistleblowers and intrepid journalists. The latest is a data dump being ...

Tribune Publishing Faces Accounting Questions
Crain's noted a number of additional pieces of evidence pointing to financial distress and accounting woes, including Tribune's statement of “material weaknesses” in its internal financial reporting two years in a row, including chaos in basic ...

FASB offers guidance on hedge accounting complexities
The current rules on hedge accounting are among the most detailed and complex aspects of U.S. Generally Accepted Accounting Principles. The application of these rules has caused headaches for corporate risk managers and company accountants seeking ...

GSA retires legacy accounting IT
The General Services Administration decommissioned its National Electronic Accounting and Reporting (NEAR) system on April 4 and completed the transition from the aging financial system to a shared service provided and managed by the Agriculture ...

Rob Ford's Family Wants 'Strict Accounting' Of Funeral Costs
The family of former Toronto mayor Rob Ford said that when they initially offered to pay for his funeral, they were told the cost would be minimal. But when the Ford family got the final bill from the city on Monday, the total was reportedly close to ...

Moore's Law Meets GAAP Accounting at Intel
Intel Corp. co-founder Gordon Moore famously said that semiconductors would get more powerful, and cheaper, at an exponential pace. That pace has slowed, which are good for profits in the near term, but have negative repercussions over time. In its ...

New Senior Investment Group (SNR) Appints Bhairav Patel as Chief Accounting Officer
New Senior Investment Group (NYSE: SNR) appointed Mr. Bhairav Patel, 37, as Chief Accounting Officer effective as of March 30, 2016. Ms. Patel is a Managing Director in the Private Equity group of the Company's manager, FIG LLC (the “Manager”), which ...

Treasury Takes Further Action to Limit Tax Inversions
“We will continue to explore additional ways to limit inversions,” said Lew. “But only new anti-inversion legislation can stop these transactions. Until that time, creative accountants and lawyers will continue to seek new ways for companies to move ...

Push on to allow non-CPAs to take top accounting jobs
After failing to pass muster as part of the state budget deal, a new press is on to score state legislative approval of a bill that would allow non-certified public accountants to make partner — and reap the benefits of such a position — at ...

The Advantages Smaller Accounting Businesses Have Over 'Big Four' Firms
If you operate a smaller-sized accounting firm, it's easy to be awed by the major players in the industry. Accountancy and consulting firms like the “Big Four”–Deloitte, PwC, Ernst & Young and KPMG–are generally considered to be market leaders in the ...

Accounting students enjoy returns of helping seniors, others with tax-filing
Yvonne Okafor, John Richter and Jeffrey Jones are Albright College students helping Berks County senior citizens and those with low incomes figure out their taxes before the April 18 deadline. They say it is a volunteer and eye-opening ...

Valeant Finishes Accounting and Philidor Review With No More Problems
The main accounting issue dogging Valeant is how it accounted for revenue through Philidor, with which it had close ties. If the ties were as close as they proved to be, revenue shouldn't have been counted until drugs reached the patient, not when ...

Best paid finance, accounting jobs also get the pay rises
Finance managers, business analysts and internal audit managers are likely to receive salary bumps of between 5 and 8 per cent when they move jobs, according to recruiter Robert Half. However, the majority of accounting and finance job-seekers will be ...

Accounting News Roundup: Deloitte Sued Over Aequitas and Intel's Depreciation | 04.05.16
Jeppson and Burns received the accounting education research grant from the National Association of State Boards of Accountancy, or NASBA. The two professors will use the funds to study how student characteristics, accounting program quality and delays ...

Valeant: Board Found No Additional Accounting Issues
Valeant Pharmaceuticals International Inc. said a special ad hoc board committee has found no additional accounting issues at the company that would require more restatements, and that it plans to file its annual report on or before April 29. Bloomberg ...

Thomson Reuters Offers Research on Financial Management and Controllership
Thomson Reuters has introduced a new service covering all aspects of financial management and controllership, including accounting and financial reporting, budgeting and forecasting, cost and cash management, business combinations, and internal ...

Valeant Finds No Additional Accounting Issues in Probe
Caroline Chen, Bloomberg Bio-Tech Reporter joins Bloomberg TV Canada's Pamela Ritchie to discuss Valeant's recent announcement that there will be no more earnings restatements and what this means for the drug maker. (Source: Bloomberg) ...

Cloud Accounting vs. Traditional Accounting
It may not seem like the methods of accounting have not changed much over time. The goal of accounting is still essentially the same. All of the financial records of a business need to be maintained, updated and organized in a way that is useful to the ...

Nonprofits Balk at Accounting for Government Grants under New Rev. Rules
There’s a major issue brewing among not-for-profit entities related to the Financial Accounting Standards Board’s revenue rules: are moneys nonprofits receive from federal government grants considered revenue from contracts with customers, ...

Consultation on Basel III leverage ratio framework to align accounting standards
At the moment, these trades can be accounted for either on the trade date (trade date accounting) or on the settlement date (settlement date accounting). For trade date accounting, the offsetting of cash receivables and payables associated with sales ...

The New Road Ahead for Lease Accounting
Under the Financial Accounting Standards Board's new lease accounting rules, organizations are required to recognize most leases on-balance sheet – which may significantly impact financial reporting and processes. Effectively, lessees will appear more ...

Valeant Completes Accounting Review of Philidor, Shares Up
Valeant Pharmaceuticals International, Inc. (VRX - Analyst Report) announced that an accounting review related to Philidor, which was undertaken by the ad hoc committee appointed by the board of directors, has been completed. The committee did not ...

New Zealand – Salaries to rise for finance and accounting employees
According to Robert Half New Zealand, more than half (57%) of New Zealand CFOs and finance directors say they are looking to increase salaries of their finance and accounting employees over the next 12 months. The report also shows that on average, ...

LSU accounting team wins national competition
LSU was assigned a scenario involving a company in the gaming industry, transactions with its subsidiaries, and a subsidiary's bankruptcy proceedings. The students had to research the applicable accounting rules and use their judgment to determine the ...

Why Tesla's Lease Accounting Is Less Devious Than You Think
Cars that are sold with the resale value guarantee must use lease accounting under GAAP rules. Here's the important part: Those cars are legitimately being sold to end customers. As far as cash flow is concerned, Tesla does receive the full cash ...

Shreveport native part of team that finishes first at national accounting competition
In its first time competing, a team of LSU accounting students placed first at the 2016 Deloitte National Accounting Case Competition, besting Brigham Young University, University of Notre Dame, University of Missouri, Florida A&M University and Miami ...

Vice Provost named
Provost and Dean of Faculties David Quigley has named Accounting Department chair Billy Soo as vice provost for faculties, effective June 1. He will succeed Pat DeLeeuw, who will retire in June after 37 years of service to Boston College. Billy Soo ...

Group Urges Unvarying World Accounting Standards for Nonprofits
Tamba Momoh, of Sierra Leone's accounting, auditing and institutional governance board, described the lack of consistent accounting by nonprofits as “a very serious issue†in developing countries.†Standard-setters and national authorities should ...

Exterran Corporation Appoints Vice President and Chief Accounting Officer
Carney brings to Exterran a 27-year accounting career, and most recently spent eight years with Dresser-Rand Group Inc. serving as its Vice President, Controller and Chief Accounting Officer. Previously, Carney spent six years with Alcoa, where he most ...

New Executive Master's of Accounting program comes to USU this summer
The Jon M. Huntsman School of Business will be launching a new Executive Master of Accounting (EMAcc) program set to begin June 2016. Similar to an Executive Masters of Business Administration, the program is tailored to complement a business ...

PCAOB Re-examines Engagement Quality Review Standard
The post-implementation review process is a new one for the PCAOB, but it has been used successfully by other standard-setters, such as the Financial Accounting Foundation in evaluating the usefulness of standards from the Financial Accounting ...

Ferrari Wins Formula 1 In The Accounting Department
Ferrari N.V. (NYSE: RACE) will receive more money than any other team in Formula 1 for its 2015 performance despite finishing second in the championship, according to a report from Autosport. According to the report, Ferrari is set to receive $192 ...

CCSU offering master's in accounting
NEW BRITAIN — Central Connecticut State University will begin offering a new master's of science in accounting program this summer in efforts to prepare graduates for careers as certified public accountants, school officials said. The Board of Regents ...

Bill would allow coastal agency to do in-house accounting and budgeting
BATON ROUGE – A House committee today approved a bill by Rep. Jerome “Zee” Zeringue, R-Houma, to let the Coastal Protection and Restoration Authority handle its own accounting and budget operations instead of relying on another state agency for ...

Quatrro's Innovative Finance and Accounting Services for Nonprofits Helps With Compliance Reporting, Optimizes ...
Quatrro's Innovative Finance and Accounting Services for Nonprofits Helps With Compliance Reporting, Optimizes ...