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Accounting News 09/2016



INSIDE Public Accounting Ranks Elliott Davis Decosimo Among Top 30 And Fastest Growing Accounting Firms For 2016
Elliott Davis Decosimo has been recognized as one of the top 30 largest accounting firms in the U.S. by INSIDE Public Accounting (IPA). The firm moves up in rankings from No. 33 to No. 29 on the IPA 100 list and placed second among the fastest growing ...

Accounting firm will review Springfield golf courses during IRS investigation
In a news release, Springfield Mayor Domenic Sarno announced that the city has hired Wakefield-based accounting firm, Powers and Sullivan, LLC to conduct an independent review of operations at Veterans Memorial Golf Course and Franconia Golf Course ...

The US Army Made Trillions of Dollars in Accounting 'Errors'
The Defense Department's Inspector General, in a June report, said the Army made $2.8 trillion in wrongful adjustments to accounting entries in one quarter alone in 2015, and $6.5 trillion for the year. Yet the Army lacked receipts and invoices to ...

Pathways to Growth: CAS Goes Global
His groundbreaking research led Moore to conclude several years ago that, “In the past, major barriers to productivity made [Client] Accounting Services a low-margin activity that was unattractive to pursue.” Today, the cloud and other digital tools ...

Prospecting the Next Machine Age
None of us can predict with perfect certainty the impact technology will have on the role of accountants in the future. But, spending as much time as I do with firms and being actively engaged with them in addressing small-business concerns, I do think ...

There's a New Role for Accountants to Play
Accountants don't wear capes, or body-hugging spandex and while they may have thick-rimmed glasses, you certainly won't see one flying alongside your plane or saving the world from an asteroid impact. But when a company is in trouble, it will be ...

Walmart to cut 7000 back-office accounting, invoicing jobs
Walmart plans to shed about 7,000 store accounting and invoicing positions as the company moves to automate those processes, though workers will be offered positions elsewhere in their stores, the company confirmed Thursday. The big-box retailer's ...

Executives obscure accounting mistakes when they hold more stock ...
Executives obscure accounting mistakes when they hold more stock ...

Why Tesla's Cash Crunch May Be Worse Than You Think
Elon Musk has long been an enthusiastic advocate of controversial pro-forma accounting. Recently, Tesla's founder and CEO introduced a creative new cash flow metric that's supposed to present a truer picture of the electric automaker's finances than do ...

The End of Accounting?
My colleague, Dan Morris, CPA, recently asked Barry Melancon, president and CEO of the American Institute of CPAs, what kept him up at night. He replied, “My biggest worry is the relevancy of our core products.” In that case, The End of Accounting, ...

Comparison Guide: Nonprofit Accounting
Not only is nonprofit accounting considered a vertical application, but in actuality, it consists of multiple vertical applications, depending on the type of nonprofit entity your client happens to be. Different nonprofits can have very different ...

Wolters Kluwer Leaders Recognized as Top Accounting Industry Influencers
NEW YORK--(BUSINESS WIRE)--Wolters Kluwer is proud to announce that two of its Tax and Accounting leaders have been named to Accounting Today's “Top 100 Most Influential People in Accounting” list for 2016. This prestigious list recognizes the top ...

Employers Added 151000 Jobs in August, Including 700 in Accounting
“What we are seeing, which mirrors what the analysts are seeing, is more demand for positions like financial analysts, financial planners, and especially accountants, auditors and tax professionals,” said Kim Gottschalk, senior regional vice president ...

Accounting and Auditing Highlights: Aug. 29-Sept.2
Aug 31: The Financial Accounting Standards Board decided to make a small delay in releasing the latest clarifications to the 2014 revenue recognition rule while they resolved some issues concerning enhanced disclosures about the existence of partially ...

Ignoring the Pentagon's Multi-Trillion-Dollar Accounting Error
The Office of the Assistant Secretary of the Army (Financial Management & Comptroller) (OASA[FM&C]) and the Defense Finance and Accounting Service Indianapolis (DFAS Indianapolis) did not adequately support $6.5 trillion in year-end JV adjustments ...

Ignoring the Pentagon's Multi-Trillion-Dollar “Accounting Error ...
Ignoring the Pentagon's Multi-Trillion-Dollar “Accounting Error ...

Dangers of Multi-Accounting and Why You Should Avoid It - Poker Update
This isn't the first time that Mizzi has been caught multi-accounting online. He was even banned for life from Full Tilt Poker pre-Black Friday. Mizzi's is a story of a player that refuses to learn his lesson and he continues to get punished for his ...

Another worry for retailers: lease accounting changes
Summary: Recent high profile retail administrations have not been good news for the sector. But it faces another challenge: lease accounting changes. The effects, for retailers and others with large lease portfolios, should not be underestimated. There ...

New accounting standards seek to streamline nonprofits' financial statements
In fact, it was that confusion that prompted a request from the Financial Accounting Standards Board asking nonprofits to simplify their financial reporting procedures, Bishop said. “One of the main provisions of this new standard is changing the ...

Art of Accounting: Giving Clients the Best You've Got
This meeting would consist of the partner in charge of the client, the manager if there is one or the person handling the routine services, and the firm's top tax, accounting and consulting people. The purpose of the meeting is to review each business ...

Uber for the Accounting Profession?
Still, let us first understand what Uberization of accounting is all about. Developing an Uber for accounting involves matching a client with an accountant in quick time, based on the expertise of the accountant and the immediate requirements of the ...

People News - Sept. 2, 2016
... has been named vice chairperson of Florida Atlantic University School of Accounting Advisory Council. ... CS&L CPAs announced a number of promotions: Jennifer Messal has been promoted to senior tax manager, Alexandria Davis and Guillermina Vega ...

Accounting Services Asia Report 2016-2028 - Analysis, Technologies & Forecasts - Research and Markets
The Accounting Services Asia Report gives Market Consumption / Products / Services for 24 countries by 6 to 10-Digit NAICS Product Codes by 3 Time series: From 1997- 2016 and Forecasts 2017- 2024 & 2024-2028. Countries covered include: Bangladesh, ...

What an Online MBA Accounting Degree Could Do For You
Leading a business demands a balance of big picture thinking and attention to detail, and that's where the MBA Accounting program at Southern New Hampshire University (SNHU) comes in. Whether you're the CEO of a local company or an ambitious ...

Accounting News Roundup: No, Virginia, There Is No Uber for Accounting | 09.06.16
Although Blake Oliver wrote the definitive answer to this question back in April, the question of "will there be an Uber for accounting" is one that people are still asking. The answer is, of course, no. The "on-demand service" business model does not ...

Mountjoy Chilton Medley Merges in Preferred Accounting Services
The deal enables MCM to expand its accounting services department and grow its restaurant franchise niche. The combined firm will offer accounts payable and accounts receivable processing, outsourced CFO services, payroll services, general ledger ...

Food distributor names chief accounting officer
Grand Rapids-based SpartanNash said last month that it has appointed Tammy Hurley as its chief accounting officer. Hurley has been with the company since 2001, when Spartan Stores hired her as controller. She was promoted to director of finance in 2002 ...

Accounting Salaries Expected to Rise 3.7% in 2017
Salaries of accounting and finance professionals are projected to rise an average of 3.7 percent next year, according to the annual salary guide from staffing company Robert Half. That figure is down from the 4.7 percent average for 2016, but is still ...

Accounting Starting Salaries Expected to Rise 3.7% in 2017 ...
Accounting Starting Salaries Expected to Rise 3.7% in 2017 ...

Swizznet Partners with IndependenceIT to Deliver Accounting Solutions
Swizznet's accounting application hosting expertise provides a complete solution for businesses that includes instant deployments and access from the company's on-demand marketplace. The provider uses the latest cloud technology and tools to tailor ...

SAP Updates Accounting App to Help Firms Deal With IFRS Changes
IFRS are mandatory in more than 100 countries, and the standards are dictated by the International Accounting Standards Board (IASB), which is the standards-setting body of the IFRS Foundation, an organization created in the public interest and that ...

Finding and reading a balance sheet: Accounting basics for journalists
“Follow the money,” the editor bellowed at the cub reporter. That's something you hear a lot in newsrooms. And top reporters follow that advice. Even if you are ...

Judge rules against Idaho irrigators on flood control accounting
Under the accounting practice allowed by Wildman's ruling, Batt said, “If (300,000) acre-feet of water is released for flood control, that means we have (300,000) acre-feet less water to start the irrigation season with. ... That's a lot of water ...

Troubling Trends Seen in SOX 404 Disclosures
Large companies, known as accelerated filers, must also have those procedures audited by public accounting firms. However, smaller companies, known as non-accelerated filers, only need to file a management assessment of a company's internal controls ...

Cornell University to launch new accounting master's degree in Fall 2017
The new degree will represent a one-year program allowing students to begin in either spring or fall semesters. The program will offer upper-level accounting courses at the college's three schools: Johnson, the School of Hotel Administration and the ...

Ace Your Next Corporate Audit
Whether it was the IRS, your accounting firm, your bank or just your internal team doing the auditing, you knew that on top of your regular job, you'd have to log additional hours digging through boxes of paper or calling up files from your data ...

Green will hire accounting firm to study reinvestment areas
GREEN City Council approved a resolution authorizing the city to enter into a contract with Fraunfelter Accounting Services for "specialized accounting services." Councilman-At-large and Finance Committee Chairman Chris Humphrey said the committee ...

'Big Four' Accounting Firm Deloitte is Now Running a Bitcoin ATM
'Big Four' accounting firm Deloitte is now the owner and operator of its first bitcoin ATM. After a quiet unveiling yesterday in the downtown Toronto offices of Deloitte's Rubix blockchain division, the bitcoin transaction machine, or BTM, is now ready ...

Bryant: $56 million cut from 2017 budget after accounting error
JACKSON, MS (WLOX) -. Gov. Phil Bryant announced Wednesday an accounting error has forced him to cut $56,801,694 from Mississippi's budget for 2017. “I am adjusting the budget for fiscal year 2017 to correct an accounting error that was discovered ...

T100 Extra: The Most Important Issues Facing the Profession
As part of our Top 100 Most Influential People in Accounting report, we asked all the candidates: "What is the most important issue currently facing the accounting profession?" All of their answers -- thought-provoking, insightful, sometimes ...

ScanWriter Dentrix Edition Bridges the Gap between Dental Practice Management and Accounting Software
ScanWriter Dentrix Edition, a software program that automates intelligent data collection from Dentrix to various accounting software, including QuickBooks, improves efficiency and streamlines the accounting process for specialized dental accountants ...

Accounting and Services Giant Deloitte Installs a Bitcoin ATM - CCN ...
Accounting and Services Giant Deloitte Installs a Bitcoin ATM - CCN ...

Box ticked
IF YOU peer into the world of accounting in any given month, it is easy to get the impression that an epidemic of skulduggery and incompetence has broken out. Consider the month of August. A whistleblower at Monsanto, an American seeds firm, received a ...

Accounting Changes Pound Conn's Q2 Profits
A series of accounting changes related to Conn's troubled in-house credit operation contributed to a net loss of nearly $12 million in the company's second fiscal quarter, compared with year-ago net earnings of $16.5 million. Also dragging the retailer ...

Metric of the Month: The Cost of General Accounting
When it comes to cost, general accounting is a centerpiece in discussions about whether too much time and money go to finance operations. Among large entities, the cost of general accounting never seems to stabilize — multiple acquisitions and ...

Food Fight: Georgia Accounting Professionals Raise Over $100000 to Fight Hunger
During a friendly, two-week competition, accounting professionals in Georgia participated in the Georgia Society of CPAs' annual Food Fight, which raised food and funds for Georgia's eight regional food banks. Since its inception in 2014, the Georgia ...

FASB Proposes Changes in Hedge Accounting Standards
The Financial Accounting Standards Board proposed improvements Thursday in the accounting guidance for hedging activities. The proposed accounting standards update is part of the financial instruments project that FASB has been working on with the ...

Practicing Lean is Theme of Lean Accounting Summit
On August 25-26, 2016, the 12th annual Lean Accounting Summit was held in San Antonio, Texas. I was honored to be invited to speak for the third time as a representative of the Reshoring Initiative on "How to return manufacturing to America" during one ...

SEC Charges 2 Accounting Executives With Inflating REIT Performance
Internal accounting staff warned Block that an incorrect method had been used to calculate that measure in the company's 2014 first-quarter results, and then Block falsified a presentation using that measure before filing second-quarter results ...

Accounting Firms Should Embrace the Digital Fountain of Youth
Don't get me wrong -- accounting is one industry where experience (read: being older and wiser) matters. I'm the first to admit it. I learn something new every day. The problem is that, agism does exist in accounting, just not in the same way as it ...