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Accounting News 05/2017



Boomer's Blueprint: Better meetings, improved performance
Most accountants, particularly partners, complain about wasting time in meetings. I suspect this is because most meetings in accounting firms are poorly managed. By improving your meetings, you can also improve the performance of your firm because you ...

Your financial planning practice: Buy, sell or hold?
Some want nothing to do with it, some are still thinking about launching an initiative, some are happy to keep it as a small division merely adding to cash flow, and others are thriving and growing that practice as fast as or faster than the core ...

UB accounting student is a standard-bearer
After graduating in May with a master's in accounting from the University at Buffalo School of Management, Popovski will start as a postgraduate technical assistant at the FASB, which establishes financial accounting and reporting standards for public ...

Accounting News Roundup: Diversity in Accounting Could Be Worse; 'This doesn't pass the smell test' | 05.01.17
Accounting firms pay a lot of lip service to diversity. The Big 4, especially, like to point out the number of women and minorities they hire, and the statistics do bear it out. However, at the partnership level, the profile is still largely white and ...

Marcum LLP buys New Haven accounting firm
Anthony Scillia is the partner-in-charge of Marcum LLP's New England region. Photo Credit: Marcum LLP. advertisement | advertise on newsday. Accounting firm Marcum LLP has expanded its New England presence by purchasing New Haven, ...

Higgins wants accounting of waterfront agency's spending
Rep. Brian Higgins on Monday stepped up his criticism of the Erie Canal Harbor Development Corp., calling on the state waterfront agency to account for how it is spending its money. Higgins also said he wants an inventory of all payments to the agency ...

SEC charges former L3 executives with accounting missteps ...
SEC charges former L3 executives with accounting missteps ...

Cherry Bekaert launches technology consultant group
... integration projects, according to the firm. As well as serving as director for the new Technology Solutions Group, he will also act as a consultant for THInc, and is based in Atlanta. Cherry Bekaert was listed on Accounting Today's Top 100 Firms ...

Ex-L3 Exec Accused of Accounting Failures
L3 agreed in January to pay $1.6 million to settle charges that it failed to maintain accurate books and records and had inadequate internal accounting controls. According to the SEC, the extra revenue enabled ASD employees to barely satisfy an ...

Art of Accounting: I am not Mr. Perfect
I write a lot about a lot of things. On technical topics I never get negative feedback—unless I wrote something wrong, which fortunately has been very rare, and then it is a gentle nudge that perhaps I overlooked or misread something. However, when I ...

AICPA proposes revenue guidance for telecom companies
The American Institute of CPAs' Financial Reporting Committee has released a new working draft on how telecommunications companies can deal with an issue related to the new revenue recognition standard. The Financial Accounting Standards Board and ...

Alleged Accounting Manipulations Result in Revenue Recognition ...
Alleged Accounting Manipulations Result in Revenue Recognition ...

Job: Accounting Clerk – Stages Cycling
This position is responsible for providing accounting support to the Accounting Controller and other managers. Issues and receives daily invoices and documents on the general ledger system, ensures files are complete and maintained as needed, handles ...

SEC settles accounting charges with chipmaker, ex-CFO
The Securities and Exchange Commission said it's settled accounting fraud charges with a South Korean chipmaker and its former chief financial officer. According to the SEC, MagnaChip Semiconductor MX, +2.35% overstated revenues for nearly two years, ...

10th anniversary of forever stamp prompts significant USPS accounting adjustments
Last month marked the 10th anniversary of the United States forever stamp, which is good for mailing a first-class letter regardless of future rate increases. This feature eventually forced the U.S. Postal Service to make significant accounting ...

Accounting firm The Bonadio Group gets set for N.Y.C. expansion
According to our sister publication Buffalo Business First, the public accounting firm believes the market will yield a huge increase in revenues. Left to right: Thomas Bonadio, CEO; Bruce Zicari, Rochester office managing partner Enlarge. Left to ...

A Professional Accounting Pathway for LCCI Students
YANGON, Myanmar, May 2, 2017 /PRNewswire/ -- Through a collaboration between LCCI in Myanmar and the Chartered Institute of Management Accountants (CIMA), LCCI students can now access a professional accounting pathway to become Chartered ...

FEI Hosts Conference on Accounting Change for Financial Leaders
FEI Hosts Conference on Accounting Change for Financial Leaders Financial Executives International (FEI), the association of choice for CFOs and other senior-level financial executives, will host its 2017 Accounting Change for Financial Leaders ...

Permanent complexity: Sales and use taxes today and tomorrow
While many financial accounting software applications include the ability to charge and track sales and/or use taxes, these capabilities are almost always limited to a single rate. And in setting up these rate tables for your clients, you have to know ...

Accounting News Roundup: Fancy Office Spaces and Accounting Scam Nicknames | 05.02.17
MagnaChip, a South Korean-based semiconductor manufacturer and its former CFO, Margaret Sakai, settled charges with the SEC yesterday over a “panoply of accounting tricks to artificially meet its financial targets.” I sincerely hope “panoply of ...

Trump's tax reform could spell big changes for tax pros
Should all of these provisions become law, tax professionals in public accounting will face some significant changes to their business models; namely, the long-held hourly billing paradigm. The vast majority of public tax professionals still rely on ...

Lundquist College of Business to create School of Accounting
The University of Oregon's Lundquist College of Business is working to better emphasize that accounting is not just an academic discipline but also a profession, by elevating the Department of Accounting to a School of Accounting. In a memo to the ...

New CEIV Accounting Credential Recognizes Fair Value Measurement
The exam for the Certified in Entity and Intangible Valuations (CEIV) credential for fair value measurement is now available. It offers the opportunity for finance professionals to receive this credential from the American Institute of CPAs (AICPA ...

Wolters Kluwer Tax & Accounting releases CCH AnswerConnect
Wolters Kluwer Tax & Accounting has launched a new product, CCH AnswerConnect, a tax information service for practitioners and corporate tax professionals who need access to tax content to advise their clients. CCH AnswerConnect covers all areas of ...

Accounting Manager The Bruery and Bruery Terreux
The Accounting Manager position is responsible for daily, weekly and monthly accounting tasks and activities, designed to maintain an accurate system of accounting records in compliance with Generally Accepted Accounting Principles. The position will ...

Peninsula accounting firms look for ways to retain workers
Local accounting firms are switching up their tactics to retain workers, diversify leadership and appeal to millennials — ages roughly 20-36 — who now comprise the largest share of the U.S. labor force. "Our next generation of partners, they're not ...

Peninsula accounting firms look for ways to retain workers - Daily ...
Peninsula accounting firms look for ways to retain workers - Daily ...

Case studies: Document management systems
Document management software has to cater to the needs of the accounting professional, but in many cases it also needs to take the client into account, as well. Because so many documents originate with the client, the software has to be easy to use, or ...

A Professional Accounting Pathway for LCCI Students
YANGON, Myanmar, May 2, 2017 /PRNewswire/ -- Through a collaboration between LCCI in Myanmar and the Chartered Institute of Management Accountants (CIMA), LCCI students can now access a professional accounting pathway to become Chartered ...

Mitie takes £50m profit hit after accounting issue
Mitie said a review involving it and adviser KPMG had established that certain accounting techniques used on customer contracts were “less conservative” than rivals, and it expected to respond with a balance sheet writedown of between £40m and £50m ...

ADP finds private sector added 177000 jobs in April
The service-providing sector added 165,000 jobs, including 72,000 in professional and businesses services such as accounting and tax preparation. The goods-producing sector gained 12,000 jobs. Mark Zandi, chief economist of Moody's Analytics, which ...

Tesla's Solar City Unit's Accounting Eyed by SEC - Report
Investigators at The Securities and Exchange Commission are investigating whether Tesla's SolarCity alternative energy unit disclosed appropriately how many customers canceled contracts for company systems, The Wall Street Jornal reported on ...

University of Oregon plans new School of Accounting
The University of Oregon's Lundquist College of Business announced this week that the university plans to upgrade its Department of Accounting to its own School of Accounting, effective July 1. Provost and senior vice president of the university Scott ...

'Middle-aged mom' trying to grow her accounting business
Nikki Witte hopes her new business leads to “financial zen,” both for her clients and herself. “I'm a middle-aged mom,” said Witte, the owner of Birdseye Accounting. “Now that my son is 23, I have a little more time on my hands. “I've worked in the ...

MSSU Accounting Department receives a boost
JOPLIN, Mo. - The Joplin accounting firm BKD approached the university to create a $500,000 endowed professorship in accounting. It will provide a salary stipend to recruit accounting professors at MSSU. The stipends will be permanently funded with the ...

Mitie writes down £50m after accounting review
Mitie asked KPMG in January to review its balance sheet items, which covered the material balances of accrued income, mobilisation costs, percentage of completion accounting and the recoverability of trade receivables, as well as the carrying value of ...

Patriot Software Named Top Performer in Accounting Software
The FrontRunners quadrant highlights top accounting software solutions for North American small businesses. Software Advice evaluated over 190 products and scored them for capability and value. The scores are largely based on reviews from software ...

Eze Software Bolsters Portfolio Accounting Capabilities
Eze Software Group, a global leading provider of investment technology, has bolstered its Eze Portfolio Accounting module with a Reconciliation Summary dashboard. The tool provides an at-a-glance view of all reconciled and unreconciled positions, ...

Accounting scandals put the Big Four on the spot
From the shambles of the Oscars ceremony to the more serious matters of US lawsuits and UK regulatory investigations, it has been a difficult year for PwC. Its rival KPMG is hardly faring better. The Big Four accountancy firm was castigated by Senator ...

New Workflow System Automates Accounting Firm Management
Scalus, an all-in-one SaaS solution offering process automation, workflow efficiency and project management, has officially launched out of beta with new product features for the modern-day accounting firm. The company says that Scalus empowers the ...

Accounting estimate audit risks get uneven scrutiny, study says
Auditors are getting more vigilant about beating up on the risk of management bias in arriving at accounting estimates, but not so much when it comes to the risk of measurement imprecision. New academic research emerging from the University of Arizona ...

Accounting for Radio Deal Swings CBS to Q1 Loss
CBS's earnings swung to a loss as a number of special situations affected the company's profits and revenues in the first quarter. CBS reported a net loss of $252 million, compared with earnings of $473 million a year ago .The loss includes a non-cash ...

FINRA Fines Ex-AIG Units Over Net Capital Accounting
Law360, New York (May 4, 2017, 8:13 PM EDT) -- The Financial Industry Regulatory Authority on Wednesday approved a settlement with four former units of AIG, now indirectly owned by Lightyear Capital LLC, ending allegations their inaccurate accounting ...

Foundation Migrates to Cloud-Based Accounting
Given the size and complexity of its operations, the foundation's accounting system is essential. "We require an accounting system that can handle a high level of detail," explains chief financial officer Clifford Timmermans. "Managers require accurate ...

Eze Software Upgrades Portfolio Accounting Platform with New Dashboard
Eze Software Group, a provider of global investment technology, has strengthened its Eze Portfolio Accounting platform, retooling the module with the addition of a new Reconciliation Summary dashboard that helps provide an improved vantage point of ...

The State of Accounting Recruitment and Talent Shortages in 2017
The bloody battle over top accounting talent is nothing new. Firms have been dedicating countless hours in meetings over store-bought crudités on the subject of attracting and retaining top talent for years. But a recent Wall Street Journal article ...

Employers add 211000 jobs in April, including 5200 in accounting
The U.S. Bureau of Labor Statistics reported Friday that total nonfarm payroll employment increased by 211,000 last month, including 5,200 in accounting and bookkeeping on a seasonally adjusted basis. The unemployment rate declined one-tenth of a ...

6 things you might not know about management accountants
On May 6, we at the Institute of Management Accountants celebrate International Management Accounting Day to show appreciation for the accountants and financial professionals who do their part to enable ethically sound, value-driven organizations ...

Budget deal sets IRS priorities
The omnibus appropriations bill passed Thursday by Congress includes a number of priorities and directives for the Internal Revenue Service. The spending bill, which funds the government through the end of September, includes $11.2 billion for the IRS, ...

An Honest Accounting Of the Pittsburgh Pirates As It Relates To the Draft
The Pittsburgh Pirates are in good position to capitalize early in a shallow first-year player draft in 2017 after a disappointing outcome to the 2016 season. Ghosts of Past, Present, and Future: In 2016, the MLB first-year player draft teams across ...