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Accounting News 06/2016



Accountingfly and Accounting Today Host ADVANCE '16
Accountingfly, in partnership with Accounting Today, has opened registration for Advance '16: an online meet up event connecting experienced, high-performing CPAs with employers in select markets. Advance '16 provides a platform for accounting firms to ...

How Accounting Firms Significantly Benefit From Working With Single-Family Offices
In many ways, the accounting industry is under pressure from factors such as fee compression and seriously increasing competition. At the same time, there are certain types of clients and sets of services that are proving to be very profitable for ...

Accounting: Play it again, Sam
History, however, has a strange way of repeating itself, and their words could be a summary of the views of the audit and accounting professionals who have damned the trustees' latest effectiveness review with faint praise. Moreover, their blistering ...

Accounting News Roundup: New PwC Leadership and a Non-GAAP Task Force | 06.01.16
Over the last few weeks, I spent time talking with our partners and staff to understand what they were looking for in this team. Beyond the natural asks of expertise in various areas, one thing came up over and over again: people wanted this team to ...

CP Rail's 'questionable' accounting responsible for record operating ratio – analyst
Canadian Pacific Railway Ltd. was praised for ongoing improvements in its operating ratios and the resulting margin gains, but one analyst believes these are largely due to “questionable” accounting practices. Mark Rosen at Accountability Research Corp ...

US State and Local Pensions Couldn't Survive Under Tougher International Accounting Standards
State and local government pensions admit to being underfunded by over one trillion dollars. But using the tougher accounting standards applied in other countries, state and local pension deficits would rise five-fold. The sad reality is that many ...

Accounting Firm Baker Tilly Gets New CEO
The U.S.-based, global accounting, advisory and professional services firm Baker Tilly Virchow Krause, LLP (Baker Tilly) has a new CEO: Alan Whitman has become chairman and chief executive officer after serving for a period as CEO-Elect. Whitman ...

Office Coach: Sloppy invoices driving accounting manager nuts
Q: One of our sales representatives is driving me crazy. “Dave” often gives customers special discounts and then forgets to enter them into our sales reporting system. As the accounting manager, I'm the one who has to clean up the mess created by his ...

An ex-Oracle worker says she was fired for complaining about improper cloud business accounting practices
Oracle was sued on Wednesday by a former senior finance manager who claimed she was terminated in retaliation for complaining about improper accounting practices in its cloud services business. The plaintiff, Svetlana Blackburn, said upper management ...

Oracle Hit With Whistleblower Lawsuit Over Cloud Accounting
Oracle was sued on Wednesday by a former senior finance manager who claimed she was terminated in retaliation for complaining about improper accounting practices in its cloud services business. Shares of Oracle ORCL 0.15% fell about 2.6% to $39.23 in ...

Accounting firm partner accused of diverting millions from prominent Bay Street family's estate
A founding partner of the Toronto branch of one of Canada's largest mid-tier accounting firms is being accused of inappropriately diverting millions of dollars from the estate of a prominent Bay Street family into accounts he and his wife control. The ...

Oracle hit with whistleblower lawsuit over cloud accounting
Oracle Corp (ORCL.N) was sued on Wednesday by a former senior finance manager who claimed she was terminated in retaliation for complaining about improper accounting practices in Oracle's cloud services business. Shares of Oracle fell about 2.6 ...

City moves to correct an accounting error
"This is correcting an accounting practice to make it more proper," Schrader said. "We did not budget for this. ... We have to pull from contingency because that's all we have available to us." This past March, Chief Building Inspector Jason Dool gave ...

New Accounting Regs Turn Tables on Tenants
IRVINE, CA—A new national regulation passed recently by the Financial Accounting Standards Board, ASU 2016-02, Leases (Topic 842), requires companies with leases spanning more than 12 months to report the entire length of the agreement on their ...

Accounting News Roundup: Dealing With IRS Phone Scams and Former Grant Thornton CEO's New Gig | 06.02.16
Despite a close call, we've yet to receive word about an accountant falling for the phony IRS agent phone scam. I think we all know that the likelihood of a scammer convincing an accountant to pay his or her taxes with, say, an iTunes gift card is slim ...

ADVISORY NOTICE: LEASE ACCOUNTING CHANGES HAVE BEEN FINALIZED! What should you be doing to ensure ...
ADVISORY NOTICE: LEASE ACCOUNTING CHANGES HAVE BEEN FINALIZED! What should you be doing to ensure ...

ADP Finds Private Sector Added 173000 Jobs in May
The professional and business services sector, which includes accounting, tax preparation and other services, contributed 43,000 jobs in May, up from April's upwardly revised total of 38,000 jobs. The combined trade, transportation and utilities sector ...

US state and local pensions couldn't survive under tougher international accounting standards
State and local government pensions admit to being underfunded by over $1 trillion. But using the tougher accounting standards applied in other countries, state and local pension deficits would rise five-fold. The sad reality is that many state and ...

Sage View Wins CPA Practice Advisor's 2016 Tax & Accounting Technology Innovation Award; Sage Impact Named ...
Sage View Wins CPA Practice Advisor's 2016 Tax & Accounting Technology Innovation Award; Sage Impact Named ...

Ex-Oracle Employee Accuses Company of Accounting Chicanery
Oracle Corp. stood behind its accounting practices in a company statement Thursday that derided Blackburn's lawsuit as "malicious prosecution." The Redwood Shores, California, company said it fired Blackburn for poor performance. Blackburn painted a ...

Broder Accounts for PA at Financial Accounting Body
Matthew Broder, VP of corporate communications for Daymon Worldwide, has moved to the Financial Accounting Foundation as VP of public affairs. The Norwalk, Conn.-based FAF oversees the Financial Accounting Standards Board and Government ...

Fresno accounting firm teams up with national player
The team at Morse Wittwer Sampson has joined forces with national firm Moss Adams.Fresno-based accounting firm Morse Wittwer Sampson LLP has joined forces with Moss Adams LLP, a Seattle, Washington-based firm that had $477 million in revenue as ...

Signet Jewelers Tarnished by Questions on Accounting Practices
Signet Jewelers (SIG) was dealt another blow Thursday after James Grant's investment newsletter issued a bearish report on the company that raised questions about the company's business and accounting practices. Shares of the Ohio-based jeweler have ...

Alibaba assisting into its accounting by US probe: Jack Ma
Alibaba is actively assisting an investigation launched by the US Securities and Exchange Commission (SEC) and has provided all the requested information relating to its accounting practices, he said. "It will help Alibaba as a company and give it more ...

How to prepare for new accounting rules on revenue
The new standard from the Financial Accounting Standards Board (FASB) is a consolidation of all industry guidance on revenue recognition. The standard deals with revenue from contracts with customers — in short, how, when and how much revenue should ...

Alibaba cooperating with US in accounting practices probe: CEO Jack Ma
Alibaba is actively assisting an investigation launched by the US Securities and Exchange Commission (SEC) and has provided all the requested information relating to its accounting practices, he said. "It will help Alibaba as a company and give it more ...

FASAB Proposes Changes in Accounting for Tax Expenditures
The Federal Accounting Standards Advisory Board is proposing changes in how the federal government accounts for tax expenditures. D. Scott Showalter. FASAB chairman D. Scott Showalter said Friday the board is seeking input on the proposed Statement ...

Oracle Plans Countersuit Against Cloud Accounting Whistleblower
Oracle's former senior finance manager is suing the company, alleging she was fired for threatening to blow the whistle on unlawful cloud accounting practices. Svetlana Blackburn filed the whistleblower suit this week in U.S. District Court for ...

Rio committee accused of dodgy accounting
The organizing committee did not respond specifically to the report of irregular accounting maneuvers, and did not answer AFP's requests for comment on the issue. Rio 2016 and the Brazilian Olympic Committee are headed by the same person, Carlos ...

How Tax and Accounting Firms Can Stand Out from the Competition
Many tax and accounting firms refer to themselves as being the best in the area. They also claim to work with hundreds (if not thousands) of clients. They like to brag about themselves in the best light possible, but if asked many would not be able to ...

Firm News – June 3, 2016
The State of Florida has recognized June 9 as Accountant / Attorney Appreciation Day, and the Accountant / Attorney Networking Group of Florida will celebrate the day with an “Accountant/Attorney Appreciation Affair” at DCOTA Cay Atrium Bistro in Dania ...

Accounting Firm Marks Business Centennial With 100 Days of Giving
It was a time when accounting and banking were still ink-based affairs, when business might have been conducted in leather-bound ledgers. At the time, Downtown was also a hotbed of industry, particular among the merchants of Cotton Row and the banks ...

It doesn't add up: Accounting officials under fire for poor fund management
Accounting officials of the state government have again come under the scanner for poor bookkeeping practices and fund management. For a state facing a serious cash crunch, the state Accountant General (AG) in a latest report has raised 'serious ...

SpaceX Could Send People to Mars in 2024, Elon Musk Says
Oracle Corp. stood behind its accounting practices in a company statement Thursday that derided Blackburn's lawsuit as "malicious prosecution." The Redwood Shores, California, company said it fired Blackburn for poor performance. Blackburn painted a ...

Sloppy invoices driving accounting manager nuts
Sloppy invoices driving accounting manager nuts. One of our sales representatives is driving me crazy. "Dave" often gives customers special discounts and then forgets to enter them into our sales reporting system. LinkedIn · Google+ · Pinterest ...

Chennai: Accounting firm executive detained
Chennai: A 26-year-old executive of an accounting firm was detained after his car fatally ran over a 58-year old security guard in the city on Friday night. The accident occurred when he was taking the car out from an apartment complex on Annanagar ...

DCCCD students discover that accounting adds up for good jobs
Wilson left the Army, moved to Texas and enrolled at North Lake to study finance, but after talking to friends and family, he decided to major in accounting instead. “I liked the idea of a better work-life balance that a job in accounting offered ...

Accounting error may cost Baystate Medical Center in Springfield $28M
SPRINGFIELD, Mass. (WWLP) – An accounting error may cost Baystate Medical Center in Springfield $28-million. It's too early to say specifically how that would impact Baystate, but hospital spokesman Ben Craft told 22News it would be significant. The ...

New role for accounting industry stalwart
Mr Smith is a well-respected industry figure in accounting, software development and financial services circles. He created a successful software business, including a leading SMSF administration platform that was sold to Solution 6 (now part of MYOB ...

Why Insurance Agencies Can't Ignore Bad Accounting
Take an industry, say independent insurance agencies, that is supposed to be sales-focused and where principals think accounting is boring. Accounting may be boring but a business owner only ignores it at his or her own peril. Next, add some fuel to ...

Oracle whistleblower suit raises questions over cloud accounting
N) over its accounting practices underscores the pressures established computer companies face to show that they are growing in the fast-moving business known as the cloud. The lawsuit, filed on Wednesday in U.S. District Court in San Francisco by ...

YOUR OFFICE COACH: Sloppy invoices driving accounting manager nuts
Q: One of our sales representatives is driving me crazy. “Dave” often gives customers special discounts and then forgets to enter them into our sales reporting system. As the accounting manager, I'm the one who has to clean up the mess created by his ...

Accounting error could cost Baystate Medical Center millions
Baystate Medical Center spokesman Ben Craft told 22News this accounting error was made by Partners Healthcare, and it could impact Medicare reimbursement rates for Massachusetts hospitals. The state uses wage data from Nantucket Cottage Hospital to ...

Oracle Whistleblower Suit Raises Questions Over Cloud Accounting
The lawsuit, filed on Wednesday in U.S. District Court in San Francisco by former Oracle senior finance manager Svetlana Blackburn, also revives longstanding questions about proper accounting when software and computer services are bought on a ...

Truth in Accounting report says state is hiding huge debt from taxpayers
CHICAGO – With an Illinois budget stalemate about to enter a second year, a new report from Chicago-based Truth in Accounting (TIA) condemns state accounting practices for disguising from taxpayers the "huge" deficit they face. The group's report, "The ...

Few Are Prepared to Comply With New Lease Accounting Standards
NEW YORK, June 6, 2016 /PRNewswire/ -- Just 9.8 percent of more than 5,400 financial and accounting professionals say their companies are prepared to comply with the new Financial Accounting Standards Board (FASB) and International Accounting ...

Accounting News Roundup: Cloud Revenue, Leases and Bank Fraud | 06.06.16
One of things that's been established is that creative accountants get ahead. That is, when someone asks, "What was net income?" the accountant who responds, "Net income was X," gets a "Thanks." The accountant who responds, "What do you want net ...

Less than 10% of Companies Ready for New Lease Accounting Standards
The survey found the top challenges to lease accounting implementation to be collecting necessary data on all organizational leases in a centralized, electronic repository, cited by 33.3 percent of the respondents, and instituting reporting processes ...

Accountants, You're So Much More Than Tax
Accountants are best known for doing taxes, but that perception undersells the potential value of the client-accountant relationship. By focusing on tax preparation capabilities, clients have a very limited, transactional view of what their accountants ...

Art of Accounting: Why CPAs Leave Public Accounting
I was writing about my observations, particularly of many people in their mid-50s I have known who cannot get jobs in private industry after spending a major part of their careers there (see Art of Accounting: CPAs Who Go to Work for a Client and Art ...