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Accounting News 03/2017



AICPA announces 2017 Accounting Scholars Leadership Workshop
The AICPA announced on Tuesday that their 23rd annual Accounting Scholars Leadership Workshop (ASLW) is accepting applications until March 15. This year's event will be held at the Hyatt Regency Houston Galleria in Houston, Texas from Wednesday, ...

Voices Self-driving cars for the accounting department
That's all exciting stuff, no doubt, but for many businesses, reality sets in when they see how their accounting department goes about processing invoices and purchase orders. It's for the most part still a low-tech world far removed from reaping the ...

IRS has $1B in unclaimed tax refunds waiting
The Internal Revenue Service said Wednesday it has a total of $1 billion worth of unclaimed tax refunds waiting for people who have not filed a 2013 income tax return. The IRS estimates half the refunds are over $763, while the other half are less than ...

Voices The Tech Take: The gig economy still needs a gig accountant
In tandem with this growth, accounting software providers and sagacious app developers have tried to address these workers' inevitable accounting needs with simple, easy-to-use money tracking tools. However, the solutions may not be up to the task of ...

The changing face of professional education
As the accounting profession goes forward, and technology and the need to acquire other competencies introduce changes, there's an ever-increasing universe of knowledge required to stay competitive and current. To help you get a handle on where we are ...

FASB Updates Accounting Rules for Employee Benefit Plans
2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting, clarifies presentation requirements for a ...

Oscars: Accounting Firm's Top Exec Offers to Meet With Academy Governors (Exclusive)
Tim Ryan, the New York-based U.S. chairman and senior partner of the Academy's longtime accounting firm PricewaterhouseCooper, has remained in Los Angeles after attending the 89th Academy Awards and has offered to meet this week with individual ...

Voices The Spirit of Accounting: Debunking myths about market values – Part 4
“Existing generally accepted accounting principles are cost-based.” This myth has survived despite the plain truth that few balance sheet items are actually carried at cost. The rest are reported at other amounts, including market and cobbled-together ...

PwC Accountants Behind Oscars Flub Booted From Show and Are Under Protection
LOS ANGELES — The PricewaterhouseCoopers accountants responsible for the show-ending mixup at the Academy Awards are under their employer's protection and will never work the Oscars again, the accounting firm and the motion picture academy told ...

PwC accountants blamed for Oscar gaffe barred from future shows
"Once the error occurred, protocols for correcting it were not followed through quickly enough by Mr. Cullinan or his partner," the accounting firm said in a statement. Cullinan was found to have posted a now-deleted backstage photo of Emma Stone on ...

Oscar snub: Accountants will never work awards show again
LOS ANGELES — The president of the film academy says the two accountants responsible for the best-picture flub at Sunday's Academy Awards will never work the Oscars again. Cheryl Boone Isaacs said Brian Cullinan, the PwC representative responsible ...

Drake Middle students learn basic accounting skills from Auburn University students
Each year, students in Sarah Stanwick's cost accounting class and members of the accounting honor society, Beta Alpha Psi, partner with sixth graders at Drake for the annual fair. Eighteen stations filled the school's gym manned by more than 120 Auburn ...

Wharton is a place for finance, accounting, marketing ... and now neuroscience
The Wharton Neuroscience Initiative is breaking ground by connecting the fields of neuroscience and business at Wharton and Penn's other schools. Under the leadership of Director Michael Platt, the initiative is the first of its kind to be developed in ...

Redefining Hollywood Accounting
It's Thursday, and I hear PricewaterhouseCoopers is available to do my taxes. I just want to know if they'll let me write off my Oscar night dry-cleaning. Hello from Los Angeles, where we're redefining Hollywood accounting, vomiting rainbows about ...

Must-Know Changes to Lease Accounting Standards
Fleet managers across the country may be aware the new accounting standards, as determined by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), are going into effect shortly. LeasePlan USA's ...

Firms vie over rights to Arthur Andersen name
“At present, we have operations in 58 locations (we have added Toronto and Cologne so far this year—Cologne office will likely open in June) and we expect to add 5 more locations (Spain, Portugal and Israel) within the next 60 days,” he told ...

What are my chances with Big 4 with low accounting GPA?
So my question is: have I destroyed my chances of getting into good accounting firms? The Big 4? I am super stressed. I want to hear it straight though. Do I have a chance? I am taking some easier classes and I can get my GPA to a 3.5. The highest I ...

French Firm ORIGA Group Joins PrimeGlobal Accounting Network
The French accounting and audit firm ORIGA Group has joined the PrimeGlobal network of independent accounting firms. ORIGA will join the association's Europe, Middle East & Africa Region. ORIGA's President, Manuel Ibanez, founded the Marseille firm in ...

​5 accounting mistakes growth companies should avoid
Whether you've just launched a startup or are a hands-on leader in an established business, here are some of the most common critical accounting and financial mistakes that can sting your company. And, if you head up the accounting department in a ...

How Accounting Firm Family Office Practices Attract New Super-Rich Clients
The accounting industry is under a lot of competitive pressure pushing down revenues and profits. However, some practice areas are proving to be extremely profitable. Accounting firm family office practices – when managed well – are exceptionally ...

Accounting News Roundup: Will the Real Arthur Andersen Please Stand Up? | 03.03.17
On Wednesday of this week, a post by Stéphane Laffont-Réveilhac appeared on LinkedIn entitled: “Arthur Andersen restarts with 26 offices in 16 countries on 5 continents.” Laffont-Réveilhac is identified as the “Global Managing Partner” in the byline ...

Mexico-based homebuilder Homex settles US accounting probe
WASHINGTON Mexico-based homebuilder Desarrolladora Homex SAB de CV (HOMEX.MX) has agreed to settle charges it reported fake sales to boost revenues in what U.S. authorities said on Friday was a $3.3 billion accounting fraud. The U.S. Securities ...

Voices The ROI of revenue automation in a post-ASC 606 world
The new revenue recognition standards issued jointly by the Financial Accounting Standards Board and the International Accounting Standards Board have been a long time in the making, and merging U.S. and international standards into a consolidated, ...

American Greed: Avoiding accounting scams
NEW YORK (CNBC) - At some point we all have to trust someone else with our finances. For the family that owned the Collin Street Bakery in Texas, known for its fruitcakes, that someone was accountant Sandy Jenkins. They treated him like part of the ...

John P. Napolitano
Prior to founding U.S. Wealth Management, he led Napolitano & Co., an accounting firm serving small and midsized businesses as well as high-net-worth individuals. In 1992, he separated Napolitano & Co.'s wealth management operations from its ...

Stark County Board selects new treasurer with accounting background
Board Chairwoman Coleen Magnussen passed over deputy Michelle Storey Claeys in picking Paula Leezer of Toulon, who has had 21 years of accounting-related experience at Amerex Corp. in North Pekin. She had been co-general manager/controller ...

Accounting Inconsistencies Forced Former Stockton Kids Club CEO to Resign
STOCKTON -- A co-worker of former Stockton Mayor Anthony Silva says she left the Stockton Kids Club, which is now under a financial investigation, because she was advised of inconsistencies with the accounting. "The books was, you know, there was a lot ...

CBI's Life Sciences Accounting & Reporting Congress | March 20-22 | Philadelphia
ivotal changes, from a political, regulatory, economic and strategic perspective, are recasting the life sciences landscape. As the spotlight shines on non-GAAP financial measures, there is increased focus on professional judgment. CFOs, Corporate ...

Their View: Internal accounting controls protect small business owners
With tax season upon us, it is a good time to review the importance of internal accounting controls for for-profit and nonprofit entities, alike. Internal controls, oftentimes, are the lifeblood of businesses for many reasons. Sure, they safeguard ...

Accredited accounting program planned at UNK | Money | omaha.com
The College of Business and Technology at the University of Nebraska-Kearney combines a collection of classes and programs taught by 55 faculty members to ...

Important accounting terms for small-business owners
Question: As a small-business owner, are there key accounting terms that I should understand and review? Answer: Most small-business owners do not have an accounting background. They are specialists in what they do. They do not want to take time away ...

Mexico homebuilder charged in $3.3 billion accounting fraud
The satellite imagery to help uncover the accounting scheme and illustrate its allegation that Homex had not even broken ground on many of the homes for which it reported revenues. The company's stock traded on the Mexican Bolsa, and on the New York ...

Regulator under fire for 'failing to act on Mitie accounting issues'
A former top City fund manager with a reputation for unearthing accounting problems at listed companies has criticised the regulator for failing to intervene in the bookkeeping practices at Mitie. In an outspoken opinion piece for The Times today, Tim ...

Accounting firm wins small business award
The Rocky Mount Area Chamber of Commerce Small Business of the Month winner for February was Haney, Vann, Bruton & Crawford LLP Certified Public Accountants. The firm was founded in 1972 with two owners, Randy Vann and Bill Haney, in Rocky ...

Bordering on a tax
For many, the question isn't whether we'll have corporate tax reform this year, but when — and whether that reform will include a border tax. The answer to the latter is “Yes,” according to Tom Wheelwright, founder of accounting firm ProVision. “There ...

Voices What tech thinks of you
The 40-plus tech execs all share their plans for the future, the developments they see coming in the field, and their thoughts on the accounting market. They're surprisingly — even disarmingly — open, and they're all extremely excited to work with ...

As Regulations Change, Companies Grapple with Accountant Shortage
Companies adjusting to accounting-rule changes in the U.S. are running into a problem: There aren't enough accountants to go around. Health-products company Johnson & Johnson took six months last year to fill an open position for a junior-level ...

The Deloitte Foundation Announces Recipients of the 2017 Doctoral Fellowships in Accounting
STAMFORD, Conn., March 6, 2017 /PRNewswire/ -- The Deloitte Foundation has awarded $25,000 grants to 10 top accounting Ph.D. candidates through the Deloitte Foundation's annual Doctoral Fellowship program. Given to students who plan to pursue ...

Breakfast Club: Clay Tablet Accounting
ANCHORAGE (KTUU) It's not everyday the Channel 2 Morning Edition's breakfast club visit goes hand in hand with actually bringing breakfast. This week's winners at Clay Tablet Accounting in Anchorage welcomed David and Ariane with open arms and had ...

Voices Art of Accounting: Top 12 tax season time savers
Here are some ways to save you and your tax practice some headaches this season. 1. I know you are busy getting corporate returns completed, but you should give priority to 1120S and 1065 returns where K-1s will be going to people that you do not ...

Sage acquires HR software company Fairsail
The buy is part of Sage's growth strategy for Sage People, the company's HCM platform launched last year that serves accountants, among others, who provide payroll services. Currently a minority shareholder, Sage will take full ownership of Fairsail ...

Accounting students offer free tax returns
It is that time of the year again: tax season. This may be the first time some students file taxes, which makes it a stressful time of year. But some of that stress might be alleviated with the help of some of enterprising EKU accounting students. EKU ...

Is Your Company Safe? The Link Between Stock Options and Accounting Fraud
With regard to the last, is it possible to theorize on the link between performance-based corporate executive compensation and accounting fraud? How do we determine what separates Chief Executive Officers (CEO) such as Jeffery Skilling and Kenneth Lay ...

Dispute over Arthur Andersen name heats up
The Paris-based firm that recently announced the relaunch of a new Arthur Andersen network of accounting firms is fighting back against Andersen Tax, as both entities claim to hold the rights to the Andersen name, with the head of the new Andersen ...

Accounting for extreme rainfall
Accounting for extreme rainfall. March 7, 2017. rain. Image: Wikipedia. A University of Connecticut climate scientist confirms that more intense and more frequent severe rainstorms will likely continue as temperatures rise due to global warming ...

18% of Small Businesses Don't Use Accounting Software
About one fifth of small businesses in the U.S. aren't using any form of bookkeeping software or online apps to manage their business, according to a new survey. The “Success Through Accounting Study” from B2B network provider Viewpost, showed that 18 ...

Sharp turns: Unexpected twists in the 2017 tax filing season
... tax law changes as are proposed,” he said. “Most things are in the books, but there still may be a few options that would shift income, such as whether to take accelerated depreciation or not, or whether to make certain automatic accounting method ...

10 Accounting Ph.D. Students Receive $25000 Deloitte Fellowship Grants
The Deloitte Foundation has awarded ten $25,000 grants to top accounting Ph.D. candidates through the Deloitte Foundation's annual Doctoral Fellowship program. Given to students who plan to pursue academic careers upon graduation, the award will ...

Deregulation, Tax Reform, Cybersecurity and New Accounting among Top Issues at 2017 Shareholder Meetings ...
Deregulation, Tax Reform, Cybersecurity and New Accounting among Top Issues at 2017 Shareholder Meetings ...

How Blackline Plans to Conquer the Accounting Industry
The month-end close process is among the most time-consuming and intensive hurdles accountants face each and every month. Ensuring that transactions are recorded in the proper period, reconciliations are completed, and recurring entries are posted ...