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Accounting News 04/2017



Considering cash: Advantages and availability of the cash method of accounting
The question of a taxpayer's ability to use the cash receipts and disbursements method of accounting (the cash method) is often met with confusion or misunderstanding. One common misconception is that the cash method is only appropriate for individuals ...

What You Need to Know About Accounting and Financial Reporting in 2017
By Peter de Boer via Iris.xyz Every year CFRA's accounting experts produce an annual research report on the accounting hot topics all investors should understand. Below is an excerpt of our 2017 report for your educational benefit. Summary The ...

Six local accountants, firms disciplined
#Six San Diego County accountants and accounting firms have been disciplined by the California Board of Accountancy. The firm of Oliva, Goddard and Wright has been give 20 months of probation. In 2015, the Public Company Accounting Oversight Board ...

Payroll: A Major Piece of the Puzzle
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Accounting Of Drill Cuttings Is A Game Changer
The purpose of sustainability accounting is to evaluate the ESG performance of companies through an account of their management of various forms of nonfinancial capital associated with sustainability—environmental, human and social—and corporate ...

Forensic Accounting and Cryptocurrencies
You see, cryptocurrency can be discreet, but it also creates a trail that forensic accountants and digital investigators can follow and use to identify you. There are many users and advocates both past and present who chose bitcoin for the level of ...

Index Accountants Confidence Index — April 2017
After a slight decline in February, the Accountants Confidence Index took another big jump in March. The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the strength and prospects ...

Intacct Named a Leader in Latest G2 Crowd Accounting Software Report
SAN JOSE, Calif., April 3, 2017 /PRNewswire/ -- Intacct has once again been reaffirmed as the innovation and customer satisfaction leader in cloud ERP software. In the latest G2 Crowd Accounting Software Report, Intacct was named a Leader and achieved ...

BT Group: Hit On Italian 'Accounting Irregularities'
In mid-January, BT released a statement saying 'accounting errors' from BT Italia were much greater than expected. This has substantially changed BT's full-year guidance. Despite a drop in price, I prefer to wait for the smoke to clear with these ...

Art of Accounting: I never file an extension if can get the return done
When I started my practice I tried to extend as many clients as I could. I figured this would ease tax season and spread the work out throughout the year. I found out this is not workable—for me. Now, we do whatever we can to get a return completed so ...

NJCPA awards over $400K in 2017 student scholarships
"We are excited to see so many promising students who could potentially enter the accounting profession," said Ralph Albert Thomas, CEO and executive director of the NJCPA, per a statement. "The NJCPA is proud to be part of a program that makes the ...

Banco Popular chief Pedro Larena quits amid accounting errors
Banco Popular said its chief executive would step down just hours after it revealed that an audit of the troubled Spanish lender had uncovered more than €600m of insufficient provisions for bad loans and other credit issues. Sample the FT's top stories ...

IMA Publishes New Accounting Textbook to Prepare Aspiring ...
IMA Publishes New Accounting Textbook to Prepare Aspiring ...

Former accounting firm owner gets two years in federal prison for tax fraud scheme
Through his accounting firm, Drakeford and other people, who were not named in a plea agreement, established a company called National Tax Inc., which falsely claimed to own the rights to landfill methane credits. The company marketed the credits to a ...

San Antonio accounting firm faces suit over scheme at defunct
Shareholders of the former D'Hanis State Bank's holding company are suing a San Antonio accounting firm for allegedly failing to uncover a scheme that overstated D'Hanis' assets by more than $800,000 and led to the imprisonment of its president. Fisher ...

White Paper Key factors in practice value
Professionals often ask what their accounting or tax practice is worth but asking that question is like asking what houses are worth? Here are seven factors that have the greatest effect on value. Register to view White Paper ...

Majority of small business owners don't see accountants, lawyers as trusted advisers
Professionals such as accountants and lawyers in top-tier firms may all be vying for the position of trusted adviser but it seems that many business owners would rather turn to a trading partner or friend when they need help. When asked to identify ...

Banks point finger at accountants on money laundering fight
Accountants are fighting to cut the estimated $900 million it will cost to comply with tough new rules against money laundering but they are getting little sympathy from the big banks. The accountants want the government to cut them some slack as ...

FEGS Accounting Firm Sued For Negligence Over Charity's Collapse
In a complaint filed in bankruptcy court in late March, FEGS's creditors claimed that the charity's auditors, the accounting firm Loeb & Troper LLC, allowed management to carry millions of dollars in receivables on their books for years that should ...

Simple Risks Accounting System in Software Development by GBKSOFT
GBKSOFT, mobile and web development company, announced a new technique for risks accounting in software development. The table offers customers a new approach to the evaluation of their projects in terms of risk and resources required to meet budget ...

Patriot Software, LLC Introduces Accrual Basis Accounting, Among 10 Other New Features
CANTON, Ohio, April 04, 2017 (GLOBE NEWSWIRE) -- Patriot Software, LLC now offers customers the option to choose between accrual and cash-basis accounting. Along with this new addition, Patriot released 10 other features to their online accounting ...

Saudi Companies Cut $1.3bn From Retained Earnings After Adopting International Accounting Standards
The cost of adopting international accounting standards is having a significant effect on the financial position of some Saudi companies, with listed businesses announcing cuts of at least $1.3bn to their retained earnings so far this year. Until ...

Rose Financial Services merges in Eubanks & Company
Virginia accounting firm Eubanks & Company has joined Rose Financial Services, a Rockville, Md.-based firm that focuses on finance and accounting outsourcing services. As part of the deal, which took effect April 1, Eubanks president Jennifer Eubanks ...

Intacct a Leader in G2 Crowd Accounting Software Report
In the latest G2 Crowd Accounting Software Report, Intacct was named a Leader and achieved the highest customer satisfaction score of any midmarket ERP vendor. The Spring 2017 Accounting Software Report ranks 25 products to help purchasers in their ...

Paychex sees small business hiring slow a bit in March
As uncertainty continues in Washington over tax reform and health care reform, Mucci sees a continuing role for accountants in advising their small business clients on how to plan ahead. “I think accountants are being kept busy as important advisors on ...

KPMG announces 2017 'Master of Accounting with Data and ...
KPMG announces 2017 'Master of Accounting with Data and ...

IRS revives private debt collection program
The Internal Revenue Service is relaunching the much criticized private debt collection program this month after Congress required it to do so as part of legislation passed at the end of 2015. The IRS said Tuesday the program will be getting underway ...

Toshiba creditors prepare for a third missed accounting deadline
Analysts said the biggest uncertainty hanging over Toshiba was the refusal of PwC Aarata, Toshiba's auditor, to sign off on its October to December 2016 accounts. Some had speculated that the company's March 29 decision to place Westinghouse under ...

Try mental accounting to make your retirement dreams come true
Or at least so writes Diane Garnick, the chief income strategist at TIAA and the author of a just-published white paper, Income Insights: Mental Accounting in Retirement. According to her paper, this system – more formally referred to as mental ...

Keep it simple with calls in the cloud
Tax season is the busiest time of year for many accountants, and during this time communication with clients and team members is at its peak. While conference calling is a part of daily life for the busy firm, the technology often poses inconveniences ...

ADP finds private sector added 263000 jobs in March
The service sector accounted for 181,000 jobs, including 57,000 in professional and business services, which includes accounting, tax and other types of services, while 25,000 jobs were added in financial activities. The goods-producing sector added 82 ...

Warren Averett adds Kinsight
Warren Averett Asset Management is part of the accounting firm Warren Averett CPAs and Advisors, which ranked 34th on Accounting Today's 2017 list of the Top 100 Firms, with $124.4 million in annual revenue. Its asset management business ranked 19th ...

Global Research Reveals Accountants Welcome Technology and Automation for Administrative Relief
Sage, a market leader in cloud accounting software, today announced the results of a new global survey of 700 accountants which shows that attitudes towards automation within the accounting profession are changing as the benefits become clear ...

Director of Finance and Accounting Lord Hobo Brewing Co
Lord Hobo Brewing Company (LHBCo), built by long-time craft beer industry veterans, is on a mission to make premium quality craft beer widely available. We are a young, passionate, and rapidly growing brewery with beers available throughout New ...

PCAOB Sanctions Foreign Affiliates of Global Accounting Firms
The Public Company Accounting Oversight Board has recently shown a renewed interest in the activities of foreign affiliates of major global accounting networks. Last week, in settled enforcement actions, the Board suspended the former chairman of ...

Auditors see increased demand for data analytics
Technology-oriented internal audit and accounting standards ranked as the top area for improvement cited by the survey respondents. Data quality is also an issue for many internal auditors using data analytics, with only 22 percent of the survey ...

Local accounting firm adds employees, updates website
According to an announcement, Bennett earned her bachelor's in Business Administration with a focus in accounting from the University of South Dakota, and recently moved to Walla Walla. Nakonieczny, after earning her bachelor's in business ...

Accounting class-action lawsuits rose in 2016
Class-action securities lawsuit filings alleging accounting wrongdoing rose 33 percent to 93 last year, the highest level since 2008 and the fourth consecutive annual increase, according to a new report, while settlement values for accounting-related ...

96 Percent of Accountants Feel Positively About Automation, Study Finds
With the annual tax season in full swing, accountants couldn't be happier with the thought of automation. Accounting and tax preparation is by its very nature, repetitive work. Once the differing figures are taken into account, the procedures are ...

3 Ways to Avoid the Accounting Pitfalls of Managing a Venture Fund
If your palms become a little sweaty when it comes to the complex intricacies of venture fund accounting and administration, you're not alone. In fact, the furor surrounding Rothenberg Ventures will have you reaching for a hand towel just thinking ...

Accounting Rule Upends Contract Management
A new global accounting rule that changes the way revenue is recognized on income statements is going to affect the way professionals in fund management firms, financial technology shops and data provider have to work together. Affected departments are ...

4 Signs That It's Time To Embrace Better Accounting Software
If you're a regular reader of this blog, then you know that ineffective and outdated accounting solutions are a problem that many businesses face, and one which has serious consequences. When businesses rely on suboptimal accounting software - or ...

IRS chief reports to Congress about tax season amid new push for his ouster
IRS Commissioner John Koskinen testified at a Senate hearing Thursday about tax season, a day after a group of House Republicans wrote to President Trump asking him to fire Koskinen. Koskinen told the Senate Finance Committee that tax season has ...

IRS plans Saturday customer service for end of tax season
The Internal Revenue Service said Thursday it would offer toll-free telephone service for taxpayers on the last two Saturdays of tax season. The IRS's toll-free telephone lines at (800) 829-1040 will be open April 8 and 15, from 9 a.m. to 5 p.m ...

Companies Slow to Transition to New Lease Accounting Rules, Survey Finds
With less than two years to go before the Financial Accounting Standards Board's new lease accounting standard takes effect, a recent survey from Robert Half Management Resources revealed that 80 percent of companies in nine business categories have ...

Accounting News Roundup: Big Companies vs. Small Companies and CPAs in High Places | 04.07.17
We've discussed before the hugeness of the Big 4 relative to other accounting firms and the problems that can cause. The concentration of accountants at these firms is also worrying, some say, because good CPAs get burned out by the Big 4, they leave ...

People on the move: EY anoints two California MPs
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4 ways research is critical to your strategic plan
In this day and age, a comprehensive research strategy can make or break governments, politicians and yes, even established accounting firms. There are a number of ways in which building out your marketing resources with research could direct your firm ...

Ronit Koren
Like what you see? Make sure you're getting it all. Accounting Today is a leading provider of online business news for the accounting community, offering breaking news, in-depth features, and a host of resources and services. Register. Accounting Today ...

IRS receiving fewer tax returns as of mid-season
The Internal Revenue Service saw a sharp drop-off in tax returns in the first half of filing season, according to a new report. The report, from the Treasury Inspector General for Tax Administration, provided interim results for the 2017 tax-filing ...