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Accounting News 10/2016



Complex owner: No utility payment until accounting made | News ...
Complex owner: No utility payment until accounting made | News ...

The case for accounting, continued
In an earlier article, we discussed the essential role that financial accounting reports play in supporting capital markets and facilitating a healthy economy. In this article, we address the second major function of accounting systems. Managerial ...

ACCOUNTING CLERK
Accounting clerk Dean Snyder Construction is accepting applications for a Accounting Clerk in our Clear Lake, IA office. Duties will include assisting the accounts payable and accounts receivable departments and general office responsibilities ...

Tesco faces UK legal action over accounting scandal
Tesco is facing a legal action by a group of investors who claim to have lost £150m due to the supermarket's 2014 accounting irregularities scandal. "Shareholders were misled by information inaccurately provided to the market with knowledge by ...

Tesco faces legal action from investors that allegedly lost £150 million from the accounting scandal
It is these losses, that investors are now looking to recoup through legal action. Investors have also previously alleged that the company's shares were artificially boosted by the false accounting, as people were made to believe that the company was ...

Italian Court Reportedly Charges Deutsche Bank With Monte dei Paschi False-Accounting Crimes
The legal woes of Deutsche Bank (DB) escalated over the weekend with news that a Milan court on Saturday pressed charges over allegations it colluded with Monte dei Paschi di Siena with accounting measures which inflated the Italian institution's ...

Marvell Technology (MRVL) Names New Accounting Chief
Marvell (Nasdaq: MRVL) announced the appointment of Mr. Dave Caron as Corporate Controller and Chief Accounting Officer, effective today. In this role, Mr. Caron will be responsible for managing all the corporate accounting and financial reporting ...

Case Studies: Cloud Hosting
Previously, the firm may have been capped on what it could charge a client on a monthly basis because the accountants had to make it to the clients' offices to do a lot of the accounting work, limiting the volume somewhat. Being able to do most of ...

Deloitte Foundation Grants Cook Prize Award to Recognize Superior Teaching in Accounting
STAMFORD, Conn., Oct. 3, 2016 /PRNewswire/ -- The Deloitte Foundation announced a $1 million commitment to fund the American Accounting Association/J. Michael and Mary Anne Cook/Deloitte Foundation "Cook Prize." Established with an initial gift of ...

Art of Accounting: Getting Started with the First Person I Trained
He was starting out in public accounting and he came with me to the clients. I normally spent three days a month at the first client we went to and figured if I used him to help me I could cut a day off of it for me. It would add a day in total, since ...

Accounting firm Marcum makes a big splash with new Boston leader
With 195 Massachusetts employees as of earlier this year, Marcum is the state's 11th-largest accounting firm, but it is positioned to grow with its soon-to-be-revamped office at Exchange Place, at 53 State St. in Boston. The firm is moving its current ...

The Latest: Lawmaker Seeks Accounting of NJ Transit Offenses
A New Jersey lawmaker is calling on federal and state railroad officials to give a public accounting of safety violations at New Jersey Transit in the wake of a deadly train crash. Democratic Assemblyman John McKeon's comments Monday after the crash in ...

Confirmation.com's Simply Soups Inc. Teaching Case Receives American Accounting Association's Teaching ...
Confirmation.com's Simply Soups Inc. Teaching Case Receives American Accounting Association's Teaching ...

Boeing's Unique Accounting Method Helps Improve Profit Picture ...
Boeing's Unique Accounting Method Helps Improve Profit Picture ...

Feds look deeper into Chesapeake Energy's accounting practices ...
Feds look deeper into Chesapeake Energy's accounting practices ...

Local accounting firm changes name, adds new owners
Santa Clarita accounting firm Condie & Wood CPAs has changed its name to Condie, Thomas & Harbo CPAs. The change became effective Sept. 1. The renaming was made to include both Jeffrey L. Thomas, a shareholder of the firm since 2012, and Heather ...

PwC Reports $39.5 bn in Global Revenues
Big Four accounting network PwC reported total global gross revenues of U.S. $35.9 billion for the fiscal year that ended June 30, an increase of over 7 percent. The firm said that growth was strongest in developing markets, with revenues from Asia ...

As Commodities Fell, Accounting Change Kept Itochu's Bottom Line Steady
Although Itochu concluded that a coal investment in Colombia was worth ¥80 billion less than it had estimated the previous year, the revised valuation didn't touch net profit because of an accounting change Itochu had made the year before. Meanwhile ...

Ontario Liberals In Spat With Auditor General Bonnie Lysyk Over Accounting Methods
Auditor general Bonnie Lysyk's office and public-sector accountants disagree about how pension numbers should appear on the books. Under her interpretation, Ontario's deficit for 2015-16 was $5 billion, but under the government's accounting the deficit ...

Net operating losses
So Donald Trump had a lot of net operating losses and might've used them to offset years of income. This New York Times report says the average NOL in 1995, the tax year of Trump's $916 million loss, was $97,600. And as big as Trump's NOL is, $97,600 ...

Practice Excellence Where is the Accounting Profession Headed?
Those viewing and even assisting in the all-encompassing “change” occurring in the practice of accounting know that doing little to nothing is not the tone of the day, with the largest chunk of accounting professionals simply wanting to know how to ...

Public accounting, institutional investment experts to speak at UB ...
Public accounting, institutional investment experts to speak at UB ...

Rosenberg Survey: Accounting Firms Grew 8.1% in 2015
Growth at accounting firms with over $2 million in revenue averaged 8.1 percent in 2015, according to the just-released 2016 Rosenberg Survey. That's up from 6.7 percent in 2014 and 2013, but less than the 11.8 percent growth seen in 2015 at firms with ...

Accounting firm moves to new location
Grand Mesa CPAs has opened in a new location at 744 Horizon Court, Suite 320 in Grand Junction. The accounting firm has scheduled an open house for 3 to 6 p.m. Nov. 3. This new location provides additional room for growth while maintaining a personal ...

Leverage Cloud Accounting Launches New Cloud-Based Accounting Firm
Leverage, a cloud accounting company based in Los Angeles, launched this week as the accounting industry continues its evolution from being a traditionally in-person service to becoming predominantly virtual and cloud-based– a fact that is benefiting ...

Boeing Doubles Down on Program Accounting
Boeing's stock price fell as much as 12% during intraday trading on February 11, 2016 after Bloomberg News reported that the U.S. Securities and Exchange Commission (SEC) is investigating a whistleblower complaint regarding the company's accounting ...

Eris And R.J. O'Brien Institutional Brokerage Group Release Hedge Accounting Treatment Paper
CHICAGO, Oct. 5, 2016 /PRNewswire/ -- Eris Exchange (ERIS) and an institutional fixed income brokerage group at R.J. O'Brien & Associates (RJO), the nation's oldest and largest independent futures brokerage and clearing firm, released an accounting ...

Micron Rising Despite Creepy Accounting Changes; Bull and Bear Debate Significance
The biggest thing sticking out last night were accounting changes: the company said it would start to report its non-GAAP earnings with stock comp expense excluded, a change that seems to please no one today. It also said it would change the reported ...

Metric of the Month: Number of General Accounting Employees
While there's no “right number” of FTEs for every organizations, research done by APQC, the firm I work for, gives us a glimpse into how many people other organizations use to get specific types of work done. Consider general accounting in the graph ...

Trump's not-so-brilliant accounting
It seems to me that if Donald Trump's $916 million 1995 tax loss was legitimate, then he did not “brilliantly” use anything by claiming it. He was just doing basic accounting. If he put a billion dollars, say, of his own money into investments that ...

Playing by New Budgeting Rules
However, many of the formulas and accounting rules used in the spreadsheet version must be programmed into this budgeting software and periodically reviewed and updated as the model changes. Many additional links and other application-specific ...

Florida ranks 12th in unfunded debt, according to accounting watchdog
The accounting watchdog asserts that these costs should be properly accounted for and funded as they're incurred. Not doing so obscures Florida's true financial condition and exposes the public to unnecessary risks, the group says. “Although taxpayer ...

Morocco-Based Aliphia Platform Offers Accounting Software In Arabic For MENA SMEs
Being an SME themselves, Morocco-based IT solutions company Sahih Business was quick to realize that using large accounting systems required a “long curve of learning,” and needed users with prior experience with such software. In case you are ...

Tech Takes: Women in Technology — and Everywhere Else
Within the accounting technology space, Xero has positioned itself as one of those companies; but at its recent conference in San Francisco, its focus on the issue went far deeper than I expected. The topical center around which Xero orbited the usual ...

Is Online Accounting Software Lagging Behind?
We often see people compare what they now have in desktop accounting software with what is available in online accounting software, and in many cases they find that the online software is lacking. The problem is that we are looking at the situation in ...

Diez, Dupuy, & Ruiz Form New Accounting Firm
ddr_group_shot Sally Diez is a Certified Public Accountant and Certified Global Management Accountant who has been in public accounting for over 17 years. In her accounting practice, she works with businesses and individuals in the areas of bookkeeping ...

Big Data, AI And The Uncertain Future For Accountants
Not that long ago, accountants were often – and in a slightly derogatory way – referred to as “paper pushers” because of the vast quantities of paper records and receipts they dealt with. But these days, everything is going digital. In fact, a child ...

BRIEF-Center Laboratories says change of accounting firm
Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news ...

Benefits of outsourcing bookkeeping services
CPA firms are required to work really hard to build & maintain a well-managed internal accounting team which is equipped with expertise and experienced enough to implement accounting and bookkeeping best practices, for the firm as well as for those ...

Samsung's Preliminary Quarterly Profit Guidance shows false Profit by not accounting for Note7 Recall Costs
A new report this morning states that "Tech giant Samsung Electronics said it expects third-quarter operating profit grew 5.6 percent, beating estimates, as a pickup in chip and display earnings likely offset the impact of the Galaxy Note 7 smartphone ...

Accounting News Roundup: 'We're accountants. We promised to never fight other accountants.' | 10.07.16
I could never understand why these IRS phone scams kept going. At some point, I figured there'd be enough coverage and awareness among that the operation would simply fizzle out. Boy, was I wrong! The big bust in Thane, India of the "scam center" ...

FASB pushes change to accounting for long-duration insurance
The Financial Accounting Standards Board has proposed a big change in accounting for insurance companies that deal in long-duration contracts like life insurance, annuities, disability, and long-term care. If issued as proposed, the accounting ...

TransferMate Launches Int'l Payments Platform for Accountants
TransferMate Global Payments has launched a cross-border platform for accounting practices to provide outsourced payment solutions to clients. Accountants using TransferMate's payments platform can login, set up payments and have them authorised ...

Firm News – Oct. 7, 2016
Stephanie Hill and Amy Coleman have joined forces to create Hill Coleman CPA Firm + Business Advisors, a boutique accounting, tax and business consulting firm in South Walton. Hill brings 27 years of private industry and public accounting experience to ...

No Accounting for the Losses from a Disaster
There is no accounting for the toll of lives lost in a disaster - no matter how you figure it; with any loss, the costs are enormous. This year, there have already been 79 Major Disasters Declarations listed by FEMA, compared to 79 for all of 2015 ...

Accounting firm names shareholders
A local accounting firm has appointed two of its employees to the position of shareholder. Hungerford Nichols CPAs & Advisors said last month Brett Karhoff and Aaron Sal have been added to the shareholder group. “The addition of Brett and Aaron to our ...

State auditor dings the city of Spokane for million-dollar accounting errors
While Spokane's accounting department was understaffed, they made several significant spreadsheet errors. Fortunately, the state auditor's office caught it in time, but chided the city for not having proper internal procedures to prevent mistakes. Now ...

Other Voices: 8 steps to help transition to the new lease accounting ...
Other Voices: 8 steps to help transition to the new lease accounting ...

Texas accounting firm in acquisition mode eyes Denver expansion ...
Texas accounting firm in acquisition mode eyes Denver expansion ...

Summit County Sheriff's Office audit raises concerns over evidence-handling, accounting practices
The audit, instigated by Minor and conducted over four months by accounting firm Eide Bailly, concludes that there was no documentation identifying why the cash, which had originally been evidence, or guns were in his possession. It also identified ...