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Accounting News 11/2016



US feds building accounting fraud case against Valeant, with former CEO, CFO at the center: Report
U.S. prosecutors are reportedly building a fraud case against Valeant, and charges against the company--as well as its former execs--could be landing very, very soon. Authorities are investigating potential accounting fraud charges associated with the ...

New SaaS Company Allows Franchisors and Franchisees to ...
New SaaS Company Allows Franchisors and Franchisees to ...

Wolters Kluwer Tax & Accounting CEO Karen Abramson Named as One of the Most Powerful Women in Accounting
NEW YORK--(BUSINESS WIRE)--Wolters Kluwer Tax & Accounting CEO Karen Abramson has been recognized nationally as among the most powerful women in the accounting profession by CPA Practice Advisor. This is the second time that Abramson has ...

BDO Teams with CoStar on Lease Accounting
The Financial Accounting Standards Board released a long-awaited lease accounting standard in February (see FASB Releases Lease Accounting Standard). It had been working to converge the standards with the International Accounting Standards Board ...

Accountants Confidence Index -- November 2016
The Accountants Confidence Index took a dip in the run-up to the election, but the decline masked some significant upward spikes in certain components. The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the ...

Abila Adds Features to Nonprofit Accounting Products
Abila has added new features and product enhancements to its accounting solutions for associations and nonprofits. Abila MIP Fund Accounting and cloud-based Abila MIP Advance have both received enhancements for this upgrade. Broadly, they include ...

Year-end accounting is Lunch & Learn topic
The Business Council of the Bowling Green Chamber of Commerce will hold a Lunch and Learn event Nov. 17 at 11:30 a.m. at the Four Corners Center, 130 S. Main St. The topic will be “Year-End Accounting Tips Every Small Business Owner Should Know,” ...

Dallas Morning News: Full accounting of Baylor actions needed
DALLAS (Tribune News Service) — After five months of silence, Baylor University regents finally have revealed a few details — but far from a comprehensive report — behind Pepper Hamilton's investigation into how the school handled sexual assault ...

Fun With Accounting Identities
An article with the flamboyant title "The final implosion of MMT" by Egmont Kakarot-Handtke caught my eye. As I observed at Mike Norman Economics, this was probably just an attempt to troll people. That said, I think it provides another useful example ...

ADP Finds Private Sector Added 147000 Jobs in October
The service sector added 165,000 jobs, including 69,000 in the professional and business services sector, which includes accounting, tax and other types of services. ADP has revamped its report this month to break out the numbers more and better align ...

SEC Names New Deputy Chief Accountant, Marc Panucci
Panucci has over 22 years of experience in public accounting, standard-setting and regulation. He is a member of the American Institute Of CPAs' Auditing Standards Board. Panucci previously worked at the SEC from 2007 to 2010. He is set to begin his ...

Black Mountain Launches Its Portfolio Accounting & Agent Solution Initially Targeting Direct Lenders
"We are excited to introduce a revolutionary technology for investment accounting that has been built from the ground up," said Kevin MacDonald, Co-CEO of Black Mountain. "Our Portfolio Accounting & Agent solution has been designed to handle all asset ...

The Voices of Tomorrow
This gathering of young leaders not only gives them the chance to learn about leading the profession into the future, but also offered a glimpse into their hopes and desires as they move closer to being the de facto leaders of tomorrow, which ...

AICPA Drafts Revenue Recognition Guidance for Broker-Dealers and Banks
The American Institute of CPAs' Financial Reporting Executive Committee is asking for feedback on three new working drafts of guidance for broker-dealers and depository and lending institutions on the Financial Accounting Standards Board's revenue ...

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Going thextra milto illustratyour papers details will only need to work creating you perfect essay, using email delivery for thfinished accounting essay service vancouver Timely feedback Timely accounting essay service vancouver of your reports is ...

Chilcot on WMDs 'accounting problem'
Giving evidence to MPs on his inquiry into the war, Sir John said any discrepancies on the number of WMDs documented were "an accounting problem, quite simply", rather than a "hidden arsenal". He was responding to a question from Conservative MP ...

Accounting mishap led to $1.2M shortfall for Boulder County fire agency, report finds
Internal accounting errors led to a $1.15 million budget shortfall for the Boulder Rural Fire Protection District in 2015, a gap district officials knew about but didn't understand — or disclose — when they asked voters to approve a $1 million tax ...

Accounting Is A Terrifying VR Game Where Everything Is Your Fault
Accounting is the game you play when you've played too much VR. Stripped back to its core, Accounting is full of the kind of design choices and gameplay that you'll find in most short VR experiences on the market. It's exactly that familiarity that ...

Kenya: KQ Reveals Additional Sh3 Billion Accounting Loss From Leasing Deals
Kenya Airways is set to incur an additional Sh3 billion accounting loss from new aircraft sub-leasing contracts, representing the deficit between what it is earning on the deals and its payments to the primary lessors. The national carrier disclosed ...

Colorado accounting firm is bought by Cleveland company
One of Colorado's largest accounting firms has been acquired by a Cleveland company for an undisclosed price. The Seff Group P.C., which was ranked the 24th-largest accounting firm in the state last month by the Denver Business Journal, has been ...

Jon Baron Keynote: What Accounting Firms Need to Know for the 2020s
With massive changes and the continuing evolution of digital enviroments, as well as societal adoption of technologies, accounting firms need to accept and embrace that change, if they hope to be successful in the coming years. Even more so, firms will ...

What Services Are Driving Accounting Industry Growth?
Ninety percent of the accounting industry is tied to compliance services in areas such as accounting, audit and tax, but don't look there for encouraging signs of industry performance. “If you look at those Level 1 services over the next decade, it's a ...

Audit Finds $1.2M Shortfall in CO Department's Budget
Nov. 03--Internal accounting errors led to a $1.15 million budget shortfall for the Boulder Rural Fire Protection District in 2015, a gap district officials knew about but didn't understand -- or disclose -- when they asked voters to approve a $1 ...

Accounting issue delays Nelnet's earnings report
LINCOLN, Neb. (AP) — Student loan company Nelnet is delaying the release of its earnings report while it reviews a new accounting standard for its loans. Nelnet said Thursday that it now plans to release its earnings report next Wednesday. The Lincoln ...

Accounting mishap led to $1.2M shortfall for Boulder County fire ...
Accounting mishap led to $1.2M shortfall for Boulder County fire ...

“3 of our best and brightest:” Accountants from Milwaukee killed in wrong-way, head-on crash near Madison
DANE COUNTY -- Three Milwaukee accountants were killed in a crash allegedly involving an intoxicated, wrong-way driver that happened on I-94 eastbound near Deerfield Wednesday night, November 2nd. Officials with the Wisconsin State Patrol ...

An Under-40 Perspective on the Future of the Accounting Profession
Last month was the first annual CPA Practice Advisor “40 Under 40” ThinkTank Symposium. As an attendee and first-time 40 Under 40, I was excited to meet my fellow honorees for a guided discussion hosted by Rootworks in Indianapolis. It was a gathering ...

Tax Fraud Blotter: Ponzi Popped
Columbia, S.C.: A federal court has permanently barred Liberty Tax Service franchise owner Christopher Paul Haynes from preparing federal returns for others. The civil injunction order prohibits Christopher Paul Haynes from acting as a federal return ...

Nelnet (NNI) Announces Rescheduling of Q3 Report; Cites Accounting Issue
Due to recent accounting interpretations related to how borrower defaults should be considered in determining the constant prepayment rate used by the company to accrete its net student loan discount, Nelnet is reviewing the recent information and the ...

3 from downtown accounting firm killed in crash
Three people killed in a Dane County crash when their vehicle was struck by a wrong-way driver worked for a downtown Milwaukee accounting firm, the company announced Thursday. Kim Radtke, Katey Pasqualini and Clenton Hall - all in their 20s - were ...

4 Accounting Musts for SaaS Startups
Few things cause bigger headaches for tax accountants than when a company doesn't factor in compliance when it expands into new markets. In a survey of 29 states by the Governing Institute, 85 percent agreed that business-tax noncompliance is a problem ...

Charles River Laboratories chief accounting officer retires ...
Charles River Laboratories chief accounting officer retires ...

Building a Financial Web to Support Small Business Clients
Comprised of a network of financial organizations sharing data, the financial web is rewiring the small business economy so that new forms of capital can flow to small businesses. With more small businesses using cloud accounting platforms, financial ...

The Best Kept Secrets of Fraud, Part I
But as Mary Breslin, CIA, CFE, discovered, “The accounting team had this fantastic, controlled, double sign-off process for the miners' cash. It was placed in envelopes, which were actually sealed with wax, and then hand-delivered to each person, who ...

Accounting for Renewable Electricity Saved by Efficiency
The underlying issue, and DOE's updated thinking, rests on some rather arcane accounting treatment that distinguishes between “site” energy and “source” energy. Site energy is the amount of electricity used at a home or business (i.e., the kilowatt ...

Accounting, Auditing Highlights Oct. 18- Nov. 3, 2016
Oct. 19: New rules are to be proposed to provide a less costly, simpler way for companies to determine whether to classify debt as “current” or “noncurrent” in a classified balance sheet, the Financial Accounting Standards Board said. Companies have ...

Two Professors Offer a Fresh Approach to Accounting
In this provocative book that should cause investors to rethink their assumptions, Baruch Lev and Feng Gu indict the accounting rules that are supposed to give the financial data meaning. Since both authors are accounting professors at distinguished ...

Firm News – Nov. 4, 2016
1 Best Business Accounting Provider, the No. 2 Best Litigation Valuation Provider, the No. 2 Best Bankruptcy Valuation Provider, the No. 2 Best Individual Expert Witness – Business Valuation (for partner John Kramer), and the No. 2 Best Individual ...

It Was An Accounting Error: Pro-Clinton Super PAC Accepted Illegal Donations
Still, it doesn't negate the fact that a pro-Clinton super PAC accepted illegal campaign contributions from a charity connected to a Massachusetts's-based construction firm with federal contracts. The amount of the donations totaled $250,000. Correct ...

A Short History of QuickBook Accounting Software
Over the years QuickBook software has become pretty much synonymous with online accounting software. Initially released in the early 1980s, this software has become extremely popular among small business owners as well as accountants. QuickBooks ...

The Career Center: Far More Than Just The Accounting Center
The invaluable Career Center is far more than just the “Accounting Center” or “Finance Center”, as some proclaim it to be. Rather, the secret is that their opportunities and resources stretch well beyond those industries, including many industries ...

SMEs will struggle to cope with new business tax accounting system
For the first time in the UK's history the government will prescribe the way in which all businesses file their accounts, using government approved software. This will require many micro, small and medium-sized businesses to invest in new accounting ...

Advice for Accounting Firms: How to Motivate Your | AccountingWEB
How successful you are as an accounting firm depends largely on your ability to keep your staff sufficiently motivated. There are many different ways to motivate ...

BRIEF-Redcentric plc reports misstated accounting balances, sacks ...
BRIEF-Redcentric plc reports misstated accounting balances, sacks ...

Redcentric dives 70% on AIM on accounting scandal
LONDON--Shares of Redcentric PLC (RCN.LN) dived Monday after the managed information technology services provider said it had discovered misstated accounts for previous financial periods and placed its finance head Tim Coleman on garden leave, ...

Avoiding Trust Litigation—the Benefits of a Trust Accounting - Trusts ...
Avoiding Trust Litigation—the Benefits of a Trust Accounting - Trusts ...

Accounting rule change may lead Time Warner to bring billions more to AT&T deal
In its most recent 10Q filing with the Securities and Exchange Commission, AT&T T, +0.85% said that the new accounting standard for revenue recognition will likely have the most impact on how it records revenue from contracts with its customers ...

Bookly Partners With Dun & Bradstreet, Connects Small Business Accounting With Credit Profiles
More specifically, I wrote about how Bookly has created accounting software for small business owners that simplifies the most terrifying task of all: bookkeeping. With a combination of tech and in-house, professional accountants, Bookly is able to ...

Of Black Holes and Smoothing: Pension Accounting Baggage Goes Over the Limit?
The planned accounting standards update, expected in the first quarter of 2017, promises substantial improvements in employers' reporting on certain costs when providing defined pension and other postemployment benefits to their employees, six of seven ...

Accounting Manager
Responsible for preparing and validating monthly and quarterly financial results for a certain portfolio of assets. This position is responsible for addressing accounting issues in the framework of the Company's accounting policies and procedures to ...