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Accounting News 01/2017



Butte woman joins local accounting firm
Linda Verlanic-Keele, E.A., has joined the accounting firm of Mark Rule & Company, 270 E. Park St., suite 1, Uptown Butte. A graduate of the University of Montana, she has over 10 years work experience as an income tax preparer and accountant and has ...

Rate the Decision Support Information From Your Accountants
The Institute of Management Accountants (IMA) is launching a research effort to find out how peer professions assess accountants' effectiveness in providing cost information that supports internal decision-making by managers and supervisors throughout ...

The boss of one of the largest accounting firms in the world says we should stop freaking out about China
The boss of one of the world's largest accountancy firms thinks China is "a lot more bullish" than press reports make it out to be and he sees it as a major growth area for 2017. KPMG global chairman John Veihmeyer told Business Insider in an interview ...

Philly's 35-year-old accounting software is somehow still kicking
Philadelphia still relies on FAMIS: Financial Accounting and Management Information System, to manage the city $4 billion annual expenditures and revenues. There have been six mayors since FAMIS was installed and much talk of replacing it. But so far ...

Working With the Right Numbers
When speaking to accounting professionals about the additional valuable services they could be providing to clients by using these KPI reporting tools to identify additional consultation and advisory services clients need, the feedback I generally get ...

Fightins' accounting firm merges with HBK
Established in 1949, HBK has about 400 professionals in a wide range of tax, accounting, audit, business advisory, valuation, financial planning, wealth management and support services. They work with sports franchises, manufacturing, health care, real ...

Philadelphia still relies on 35-year-old accounting software
The Philadelphia Inquirer reports six mayors have served the city since the introduction of FAMIS -- Financial Accounting and Management Information System -- in 1981. Mayor Jim Kenney's administration says it will consider an overhaul of FAMIS among ...

Portland State U. launches 'Master of Taxation' program
In addition to increasing the amount of accounting new-hires with graduate-level education, the program was created with flexibility in mind for working professionals. “We saw that the demand for professionals with advanced tax knowledge is soaring in ...

Accountants Confidence Index -- January 2017
After a slight drop in the aftermath of the elections, the Accountants Confidence Index saw one of its biggest jumps ever. The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the ...

Voices Art of Accounting: Why I talk fast
I receive a lot of emails from colleagues, but one I just received said he has spoken to me a number of times on various topics and that I talk fast. He also suggested I make this a topic of an article. Here it is. I never thought I spoke too quickly ...

Voices What Oreos can teach accountants about growing their firms
Accountants who want to grow revenue by adding new services should look to the Oreo cookie for a few lessons, according to Katie Tolin, a member of the Association for Accounting Marketing's Hall of Fame and founder of CPA Growth Guides. Tolin, who ...

On the rise: Hiking fees for next season?
The annual question has come around again: How much should you charge clients for preparing and filing their returns? “I raise prices every year,” said Enrolled Agent Terri Ryman of Southwest Tax & Accounting in Elkhart, Kansas. “My clients manage to ...

It's time for a full accounting of Washington's finances
To make matters worse, the budget and national debt figures the federal government publishes do not tell the entire story. The Treasury Department uses accounting gimmicks to hide tens of trillions of dollars in Social Security and Medicare liabilities ...

Wipfli adds BIK | Accounting Today
Wipfli LLP has merged in BIK & Co. LLP, an accounting and advisory firm based in Chicago, effective Jan. 1, 2017. Wipfli has been growing its footprint in ...

FALCO combines with Eskam
The combined firm will operate under the name E&H Certified Public Accountants and Management Consultants. FALCO has been based in Scottsbluff, while Eskam & Eskam is based in Gering, Nebraska. The combined firm will move to a new office in ...

Relief for North Carolina victims of Hurricane Matthew | Accounting ...
Relief for North Carolina victims of Hurricane Matthew | Accounting ...

Accounting for drug dollars should be a priority
Last year, Cpl. Brad Hare began accounting for the funds and delivered a binder of information to Northumberland County District Attorney Tony Matulewicz's office a year ago, updating the new DA about the cash. The money, however, remained within the ...

Toshiba Drops on Reports of New Accounting Scandal Evidence
In July 2015, Toshiba admitted it had inflated ¥151.8 billion in profits over the seven years to March 2015 through unjust accounting practices in the PC and the visual products businesses and a part of the semiconductor business. This led to the ...

Tax Reform Pushes SMEs To Ditch Paper Accounting
“This leaves SMEs with just one year to make changes to the way of accounting,” reported SmallBusiness.co.uk. “Throughout 2017, they will need to look at how they can transition from paper-based record keeping to the mandated digital system by 2018 or ...

Advantage Systems Announces Mountain West Financial Successfully Uses Accounting for Mortgage Bankers as a ...
Advantage Systems Announces Mountain West Financial Successfully Uses Accounting for Mortgage Bankers as a ...

Auburn man named principal at CNY accounting firm
Corey has spent his entire 15-year career in public accounting with Syracuse-based Dermody, Burke & Brown, where he works prominently in the tax and auditing and accounting departments. He's also helped develop an agribusiness niche for the firm, and ...

AICPA releases revenue recognition guide
The American Institute of CPAs has issued a new audit and accounting guide on the revenue recognition standard. The online edition of the AICPA's Audit & Accounting Guide on Revenue Recognition aims to help entities and auditors understand, implement ...

Companies Look to Make Headway on Lease Accounting in 2017 ...
Companies Look to Make Headway on Lease Accounting in 2017 ...

GASB looks to improve financial reporting model
The Governmental Accounting Standards Board is asking for comments on how to improve the financial reporting model for government funds. GASB released an invitation to comment Wednesday, in a document entitled “Financial Reporting Model ...

CliftonLarsonAllen adds Main Amundson
Main Amundson dates back to 1983 and provides services such as tax preparation and planning, bookkeeping, auditing, accounting software selection, financial planning, estate and trust planning, litigation support, and business forecasting. CLA plans to ...

Smith Schafer merges in Blanski Peter Kronlage
Minnesota accounting firms Smith Schafer & Associates, Ltd. and Blanski Peter Kronlage & Zoch, P.A. are merging, effective Jan. 1, 2017. Minnesota welcome sign. Image: Adobe Stock. The combined firm will use Smith Schafer's name and continue to ...

Accounting method creates tension between district, teachers
What they all have in common: they're not happy with the Polk County School District's new way of accounting for how they spend money coming from the Florida Teachers Classroom Supply Assistance Program. Teachers receive about $250 a year from the ...

New accounting method creates tension between Polk school district, teachers
What they all have in common: they're not happy with the Polk County School District's new way of accounting for how they spend money coming from the Florida Teachers Classroom Supply Assistance Program. Teachers receive about $250 a year from the ...

Cash vs Accrual Accounting: Why it's Important for Your Business
One of the first decisions a new business must make is whether to adopt cash accounting or accrual accounting. The decision has many ramifications, and most small businesses choose the cash method due to its simplicity. As a company grows and becomes ...

Abila Predicts Key Nonprofit Finance and Accounting Trends for 2017
AUSTIN, Texas, Jan. 5, 2017 /PRNewswire/ -- Abila, the leading provider of software and services to nonprofits, associations, and government entities, today shared the trends it predicts will have the biggest impact on nonprofit finance and accounting ...

CosmoLex Announces the Release of Comprehensive Reference Book on Legal Accounting
NORTH BRUNSWICK, NJ--(Marketwired - Jan 5, 2017) - CosmoLex, a leading cloud-based, law practice management software provider, has announced the release of a first of its kind book on legal accounting. Law Firm Accounting Demystified will be made ...

Exclusive: How this local accounting firm is pursuing bigger SA market share (Hint: Forensics)
One of the fastest-growing accounting firms in San Antonio just got a little bigger after its leadership decided to woo partners from another firm to spearhead its foray into litigation and forensic accounting. San Antonio-based firm ATKG LLP grew by ...

Accounting News Roundup: Accounting Firms and Higher Ed; Undeserved Vacation and Bonuses | 01.05.17
You see, getting in good with higher ed is just something mega accounting firms do. Look, here's the Pittsburgh Tribune-Review reporting that PwC has pledged $11 million to Carnegie Mellon University this year "and potentially $31 million over the next ...

Succession planning in the modern accounting landscape
The modern accounting landscape is being transformed by a number of key factors: continuously advancing technology, the subsequent evolution of the role of an accountant and changing workforce demographics. In a rapidly changing industry, learning to ...

NSA Scholarship Foundation accepting 2017 applications
The Foundation will award scholarships to deserving U.S. or Canadian accounting undergrads majoring in accounting at an accredited two or four-year college/university in the United States. Since its inception in 1969, the NSA Scholarship Foundation has ...

New Comprehensive Reference Book on Accounting for Law Firms
CosmoLex, a leading cloud-based, law practice management software provider, has released a first of its kind book on legal accounting. Law Firm Accounting Demystified will be made available in multiple formats and is being released at the perfect time ...

Accountants Confidence Index -- June 2014
After several months of decline -- and two months of predicting contraction in the short-term -- our Accountants Confidence Index sharply rebounded. The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights ...

IRS beefs up security for tax season launch
“My members are getting used to their new software programs as we speak,” said National Society of Accountants executive vice president John Ams. “There will be some additional data elements in the background on their programs that they are going to ...

SEC Chief Says Don't Give Up on Global Accounting Push
If the U.S. is going to move toward greater use of global accounting rules—something that's been under consideration for years—it'll have to wait still longer. The Securities and Exchange Commission should continue to work toward advancing high ...

New chapter as accountants merge
The CPA firm of McLean & Associates PLLC has offered professional accounting services in the Memphis metropolitan area for over two decades. The Bartlett-based firm began a new chapter New Year's Day when it merged with Alexander Thompson Arnold ...

SingerLewak expands to South San Francisco
SingerLewak ranked 88th on Accounting Today's 2016 list of the Top 100 Firms, with $41.37 million in annual revenue. “As businesses, globalization and growth continue an upward trend, we constantly look for opportunities to augment our operations, ...

California auditor: State accounting program behind schedule
SACRAMENTO, Calif. (AP) — California's auditor says an effort to streamline accounting for state agencies is behind schedule and the cost has increased $237 million in two years. Elaine Howle says in a report Thursday that the program faces numerous ...

Richmond, NoVa accounting firms merge
His namesake accounting firm, Biegler & Associates, finalized its merger with Alexandria-based Kositzka, Wicks & Co. as the clock struck 12:01 a.m. and the calendar turned over to 2017. It brings Biegler's 16-person company – which he founded in 1982 ...

Colo. fire chiefs placed on leave after $1.2M accounting mishap
BOULDER, Colo. — Boulder Rural Fire Rescue's chief and deputy chief have been placed on administrative leave following a $1.2 million accounting mishap, although officials won't say whether the disciplinary action is related to the shortfall. Both ...

Accounting News Roundup: Deep Dive on IRS Phone Scams and 'Anti-GAAP' Metrics | 01.06.17
Although large raids in India have more or less put IRS Scams, Inc. out of business, the details of the operation are still coming out. This New York Times article reports the incredible stories of two former call center employees -- Jayesh Dubey and ...

FASB clarifies business definition
The Financial Accounting Standards Board has released guidance aimed at clarifying the official definition of a “business” for purposes of the accounting rules. The new accounting standards update issued Thursday by FASB affects any company or other ...

Live Ventures Exposed: Massive Paid Promotions, Heavy Accounting Manipulation, Deficient Auditor And More
Company created "earnings" via multiple one-time discretionary accounting gains. Auditor was cited in 2016 for egregious and extensive audit deficiencies. Company's recent acquisition of "Vintage Stock" is effectively a continuation of now bankrupt ...

Kositska Wicks merges in Biegler
The firm has been providing accounting, tax and advisory services to midsize businesses, high net worth individuals and nonprofit organizations in Virginia since 1982. “Clients will still receive the same close personal attention they have come to ...

Goodbye 'Weiser': Accounting firm now goes by Mazars USA
The accounting, tax and advisory firm known as WeiserMazars LLP has changed its name, it announced this week. As of Jan. 1, the firm is going by Mazars USA LLP, it said Thursday in a news release. The firm, which became an independent member firm of ...

Critics Call Bishop's Land-Transfer Measure an Accounting 'Gimmick'
Critics of a House measure that would encourage federal land transfers say Republicans took an unprecedented step to avoid congressional accounting requirements, while its author says the issue is a special circumstance. The House passed its rules ...