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Accounting News 07/2016



Brexit is done, now what about accounting
The International Accounting Standards Board (IASB) has its genesis in the 1960s when the three major users of accounting standards in the Anglo-American tradition — Britain, the United States and Canada — met and agreed to work towards a core of ...

FASB's Golden Previews Accounting Changes
During those meetings CCR members held a public session with Russell Golden, Chairman of the Financial Accounting Standards Board (FASB), along with Board Members Daryl Buck, James Kroeker, Marc Seigel and Larry Smith, and Staff Members Susan ...

Practice Excellence How Lack of Online Accounting Grew a New Firm
Davis and Zweig were focused on providing an accounting firm that centered on operations and back-office technology processes as much as taxes. They found a niche after not seeing other accounting firms offer services that covered all levels of ...

People News – July 1, 2016
Agatha Gaca, Midwest marketing manager at Baker Tilly Virchow Krause LLP, has become president of the Chicago Association for Accounting Marketing chapter. … BDO USA LLP, Chicago, announced a new reporting structure for its core assurance and tax ...

RGL Forensics Merges in Stahl Forensic and Valuation Experts
RGL Forensics specializes in financial investigations for the insurance, legal and corporate markets. “We're not your typical accounting firm because we purely specialize and focus on forensic accounting,” said CEO Angela MacPhee. “We believe we're one ...

NMSU College of Business names accounting chairholder
Melendrez, an associate professor in the Department of Accounting and Information Systems, has served as head of that department since 2012, according to a university news release. Professor Larry Tunnell will now step into that role, allowing ...

Renovations transform social security office into accounting, financial and dental offices
Bradshaw and Parks knew they did not want to use the whole building, so they started looking for other businesses who might be interested in some space. Parks had previously done some accounting work with Donna Jolly, whose husband Dr. James Jolly is ...

Meridian accounting firm offers pro bono service to nonprofits
For over 10 years, Harris & Co. has awarded hundreds of hours pro bono to local nonprofit organizations for a variety of accounting services. Harris & Co. is a public accounting firm providing a variety of services to for-profit and nonprofit ...

The White Walkers' Secret Weapon: Tim From Accounting
With a workforce as massive as the White Walkers army from Game of Thrones, there'd have to have a good support structure behind it. Benefits, transportation, weapons inventory, and expense reports have got to be extremely confusing when your staff ...

Asha Dixit Quietly Leading 20-Employee Thriving Accounting Firm in Massachusetts
BURLINGTON, MA—Asha Dixit is one of the first Indian-American women CEOs in the country who is running an accounting firm with about 20 employees. “Women are certainly rising quickly through the ranks of businesses, and women-owned businesses ...

Most Bizarre: Kingfisher Airlines' Accounting Books Have Gone Missing
In a strange turn of events, executives of the now grounded Kingfisher Airlines have informed the authorities that its accounting books have gone missing after a vendor took away computers and servers that had stored the financial accounts related to ...

Accounting specialist joins Hawksford as associate director
Hawksford, the international corporate, private client and funds business, has appointed an accounting specialist with 12 years' industry experience as an associate director. Bobby Stirling will have oversight of Hawksford's client accounting team and ...

S.Korean Daewoo Shipbuilding rocked by accounting fraud, restructuring
SEOUL, July 4 (Xinhua) -- Daewoo Shipbuilding & Marine Engineering, one of South Korea's top three shipbuilders, is being rocked by estimated trillions of won (billions of U.S. dollars) of accounting fraud amid the ongoing restructuring process for ...

Art of Accounting: Family Tree of Clients
For instance, if your client works for a manufacturer, let her know that you have expertise in manufacturers and can assist with cost accounting systems, inventory control and management, special tax treatment and acquisitions. If your client has ...

Blockchain Technology - What It Is, And How It Can Help Accountants
While doing some research on Blockchain technology and its applications in the accounting field, I came to a blog/webpage by Chris DeRose. Chris had commented on the question, “Will Blockchain replace Accountants?” While I agree with his assessment ...

The Big Four firms are now more technology than accounting
The latest batch of new partners at the big four firms is a stark illustration of how far the companies have drifted from their accounting roots and into consulting, technology and digital services. Only one in five partners appointed to ...

From industry accounting to consulting / banking?
After getting dinged by every single public accounting firm on the surface of the planet, I managed to find an offer from private industry starting at 50k with steady promotion. However, I heard the ceiling in industry will be low without big 4 ...

Accounting News Roundup: Standardizing Non-GAAP and Fraud Takes No Vacations | 07.05.16
I spent the better part of two weeks away, but I see that people worrying about non-GAAP accounting never take a break. This morning, we have an article that focuses on the troublesome issue of defining what a non-GAAP metric is: [T]here is no accepted ...

Listed firms get more time to comply with Indian Accounting Standards
Listed firms get more time to comply with Indian Accounting Standards. Coming out with a circular in this regard, Sebi said the relaxations are being provided to facilitate smooth transition during the first year of Indian Accounting Standards ...

Getting Inside the Accounting at Gilead, Sirius and Netflix
Investors are far better-served assessing the strategic, value-creating assets of the enterprise instead, says Baruch Lev, author of The End of Accounting. 'Focus on those assets, and measure the performance of those assets and how they are protected ...

Local accounting firm among elite for female leadership
Lincoln-based accounting and consulting firm HBE Becker Meyer Love LLP has been named one of the top firms in the country when it comes to having women in leadership and ownership roles. The company, which also has an office in Norfolk, was named ...

5 Ways the Cloud Will Strengthen Your Audit Engagements
The same holds true for accounting firms, even when it comes to audit activities. According to the Journal of Accountancy's MAP Survey, the use of cloud-based systems increased 66 percent in just two years and is used by 59 percent and 77 percent of ...

The Shotgun Divorce called Brexit: Accounting Sidelined as Actors Swim in Deep Pools of Uncertainty
That marked one message in a June 28 interview I had with Sir David Tweedie, the former chief of the International Accounting Standards Board, on implications of the advisory referendum that U.K. politicians suggest must be obeyed. Rather, a boiling ...

Audit of former Leslie County sheriff shows poor accounting, deficits
The former sheriff of Leslie County should pay more than $260,000 to make up for deficits resulting from poor record keeping, disallowed disbursements and overspending, according to reports released Tuesday by state Auditor Mike Harmon. Paul Howard ...

North Manato audit shows growing fund balance, accounting questions
NORTH MANKATO — The city of North Mankato is fiscally healthier this year — though there's room for improvement in the city's accounting practices. The North Mankato City Council heard the results of the city's annual financial audit during a public ...

Kingfisher's accounting books go missing. What does it mean for Vijay Mallya?
In a strange turn of events, executives of the now grounded Kingfisher Airlines have informed the authorities that its accounting books have gone missing after a vendor took away computers and servers that had stored the financial accounts related to ...

Audit finds accounting problems at Lackawanna County row office
The Lackawanna County clerk of judicial records office neglected basic accounting safeguards for years despite repeated warnings, the state auditor general's office said. Examples include not maintaining a running balance on a checkbook register, ...

Celadon Group: Strong Sell Due To Major Accounting Concerns, Misleading Behavior And Likely Insolvency
By inflating its PP&E, I estimate that Celadon Group may have overstated its Q3 2016 net income by around $18 million. Accounting irregularities suggest Q2 2016 profits may also be overstated. If Celadon is misrepresenting its financial performance ...

Accounting News Roundup: Salacious Accusations Thrown at PwC and KPMG's Head of Brexit | 07.06.16
Last year, the City of Los Angeles' Department of Water and Power ("LADWP") sued PwC for "fraudulently misrepresented how it could help launch the DWP's new billing system." Now, just last week, DWP amended its complaint to accuse some of the firms' ...

India Accounting Software Market to Grow at 14% During Till 2021: TechSci Research Report
Increasing IT spending and rising awareness about the benefits of accounting software as compared to paper based accounting system is expected to boost revenue growth in India accounting software market over the next five years. In 2015, IT spending in ...

SMEs Still Stick To Google For Accounting Advice
Analysis by the Association of Accounting Technicians (AAT) revealed that 19 percent of SMEs surveyed said they would simply Google their questions when they need financial advice; that's nearly the same portion of business owners (22 percent) that ...

Accounting/Bookkeeping Specialist-Starion Financial
The position requires the equivalent of an associate's degree and two years of accounting/bookkeeping experience. Must have strong mathematical, problem-solving, multi-tasking and decision-making skills, computer skills including Outlook, Word and ...

A Week at Accounting Camp
Coming from all over Texas, and as far as California, students entering their junior and senior years spent a week at McCombs' Discover Yourself in Accounting Majors and Careers (DYNAMC) camp in June. “It's challenging,” says Enriquez, DYNAMC ...

IFAC Pushes to Build Accounting Profession in Developing World
The International Federation of Accountants has been trying to build the reach and influence of the accounting profession in emerging markets in Africa, Asia and other parts of the world. “Capacity building has been an increased focus for us over the ...

Our view: Still waiting on full accounting from Mocksville, state
With three former Mocksville police officers having filed in court for re-instatement of their jobs, one thing is clear: We still need a full accounting from the state and local officials who failed to help these officers in the first place. The ...

ULM Accounting program ranked nationally on CPA exam passage rate
The University of Louisiana Monroe Accounting program has earned the ranking of no. 28 for first-time passage rate on the CPA exam out of 266 medium-sized university programs across the U.S.. The ranking, published by the National Association of State ...

Accounting News Roundup: Padded Résumés and a Shopping Addiction | 07.07.16
Early last month, we briefly discussed Florida Senate candidate and former Deloitte auditor Patrick Murphy's padded résumé. Here's what I wrote at the time: Yes, state hopping to sit for the CPA is lame. Murphy's claim of "several years" experience as ...

AccountantsWorld Updates Accounting Power System
AccountantsWorld, a provider of cloud-based accounting solutions, has enhanced its signature product, Accounting Power. The updates include bill payment capabilities, mobile uploads of invoices and bill images, a unified dashboard to monitor workflow ...

Cranford Resident Receives Accounting Scholarship from Clark CPA Firm
CLARK, NJ – Jakub Iwaniuk was selected to receive the 2016 Annual Accounting Scholarship from the Clark-based accounting firm of Kleespies, Horwitz and Associates this year. The scholarship recognizes one high-school student that has exhibited ...

Facebook Under Investigation by IRS
Social media giant Facebook is being investigated by the Internal Revenue Service over the value of intangible property it transferred to a unit in Ireland, according to published reports. CNN Money and Law.com reported that on Wednesday the Justice ...

Report: India's Accounting Software Market Set to Boom
The report stated that a growing need to analyze huge volumes of accounting data is fueling demand for accounting software in India. Over the past few years, the accounting software market has undergone radical changes in terms of consumer acceptance ...

IRS sues Facebook to expose its creative accounting methods
The IRS filed suit in a San Francisco court Wednesday against Facebook to get information about the tech titan's tax arrangement in Ireland. Specifically, the agency wants documents detailing whether the social giant sold rights to its Irish ...

MS: Investors Need To Be Aware Of Dangerous Pension Accounting
The bank points out that US GAAP pension accounting permits recognition of generous investment return assumptions that may result in pension income on an underfunded pension plan. Clearly, this can become a problem as when applying multiples on ...

Firm News – July 8, 2016
A roundup of recent expansions, additions, new services and other news from firms across the country. ARIZONA. Henry & Horne, Phoenix, was ranked No. 4 among the top 10 large accounting firms in the Arizona Republic's Who's Who in Business 2016, ...

Most Accountants Have Made Their Pick for Prez
Two-thirds of accountants surveyed already know who they will vote for in November's presidential election. According to a recent survey of 330 CPAs and accountants by Accounting Today, 65.5 percent of them have decided who they will vote for for ...

Clark CPA Firm Bestows Scholarship To Future Accounting Major
CLARK, NJ – Jakub Iwaniuk was selected to receive the 2016 Annual Accounting Scholarship from the Clark-based accounting firm of Kleespies, Horwitz and Associates this year. The scholarship recognizes one high school student that has exhibited ...

Railways, Defence Ministry likely to adopt double-entry accounting
The Institute of Chartered Accountants of India (ICAI) is confident that the Indian Railways will start implementing Double Entry Accounting System (DEAS) from 2017 thereby facilitatating better management of its finances and assets. The institute will ...

Technology Convergence Is Driving Startups Move To These Top Accounting Packages
There are few topics more gross to an entrepreneur than accounting. While everyone loves to talk about raising capital and growing revenue, the accounting of it just isn't that sexy. Not so. When you're considering investors or an exit strategy ...

Valeant Pharmaceuticals names accounting chief
Valeant Pharmaceuticals International disclosed in a Form 8-K that it has appointed Sam Eldessouky as chief accounting officer, effective as of June 15. He assumed this role from Robert Rosiello, who will continue to serve as senior vice president and ...

Corporate tax minimisation costs governments $US1 trillion says accounting insider
The big four accounting firms have been branded as aggressive, unethical, and accused of "perpetrating the greatest tax crimes in history" by a leading corporate tax authority. At least $US1 trillion in tax revenue is lost worldwide, and $50 billion in ...