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Accounting News 06/2017



CB Insights: Counting on the Cloud for Accounting
In an interview with PYMNTS, Kenji Kuramoto, CEO and founder of Acuity, an accounting service for early and growth stage tech firms, stated that roughly 15 percent of smaller accounting firms have embraced the cloud, which speaks to some disconnect in ...

Your future in the accounting profession
(This is adapted from an address at the Masters of Accounting Graduation Ceremony at Penn State on May 7, 2017.) As the students know, the motto of my advanced accounting course is that things get worse before they get better. Well, today, things are a ...

Accounting period planning may provide preferred year
While there is heightened interest in tax reform and changes may be on the horizon, the concept of an annual accounting period is unlikely to change. An annual accounting period is the tax year that a taxpayer uses to compute its federal (and, usually ...

BPaaS Provides An Alternative Approach To Accounting
In this case, the larger business processing outsourcing providers would dedicate a group of workers to each customer, so if a large enterprise wanted to take advantage of finance and accounting outsourcing, then a portion of the outsourcing provider's ...

Proposal to Require Fuller Accounting of Official Time Advances
Under the House bill that information would be required, along with the purposes the time was used for, the percentage spent on those who don't pay dues, the impact of the time on the agency's operations, and an accounting of office space agencies ...

Anchin Launches Outsourced Accounting Services Group
NEW YORK, June 1, 2017 /PRNewswire/ -- Anchin, Block & Anchin LLP, a leading accounting, tax and advisory firm based in New York City, has announced the launch of its Outsourced Accounting Services (OAS) Group. The new dedicated service group will ...

Index Accountants Confidence Index — June 2017
After a jump in March and in April, the Accountants Confidence Index gave up some of those gains in May. The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the strength and ...

Sage promotes Jennifer Warawa to EVP of partners, accountants, alliances
Sage appointed company veteran Jennifer Warawa as executive vice president of partners, accountants and alliances, and announced three other executive promotions. Warawa, promoted from her previous role as EVP of product marketing, will report to ...

DoD's Defense Prisoner of War/Missing in Action Accounting Agency (DPAA) still has not named a director after a year
Continued concern by Vietnam veteran groups about missing Americans from that war continue as the government office responsible for that mission, DoD's Defense Prisoner of War/Missing in Action Accounting Agency (DPAA) has been without a director for ...

PCAOB proposes new requirements for use of specialists and accounting estimates
The Public Company Accounting Oversight Board has issued a pair of new proposals: to strengthen its requirements for an auditor's use of the work of specialists, and for auditing accounting estimates such as fair value measurements. The first proposal ...

CPA business executives scale back optimism
The AICPA's quarterly Economic Outlook Survey polls CEOs, CFOs, controllers and other CPAs in U.S. companies who hold executive and senior management accounting roles, and found a drop in optimism about the larger economy and the growth ...

Lenox Memorial High School students attend accounting conference
The conference included interactive accounting exercises and workshops, discussions about accounting careers and CPA services, information about college programs and student life, and a networking lunch with college students, faculty and CPA ...

Jitasa introduces accounting services and technology bundle for nonprofits
Jitasa, which makes accounting software for nonprofits, has introduced a bundled package of technology- and service-based accounting and bookkeeping solutions. The announcement follows a recent spate of acquisitions. Within the past two years, Jitasa ...

Exxon Emissions Costs Accounting 'May Be a Sham,' New York State Says
The filings show that an Exxon climate change manager wrote in a 2010 email that the higher figures were “more realistic,” but that Rex W. Tillerson, then chief executive, approved of the accounting discrepancy and wrote in an email in 2011 that he was ...

The State of AI, Machine Learning, and Accounting
It wasn't long ago that cloud technology was emerging as a potential disruptor to the accounting profession. In the beginning, many didn't foresee that cloud adoption would become so widespread, but now it's becoming the standard and we're looking at ...

Accounting and Auditng Highlights May 21-June1, 2017
May 25: The International Accounting Standards Boardis seeking bids on a contract, bringing together the existing academic literature on the effect of implementation of IFRS 13 Fair Value Measurement for a post- implementation review (PIR) of IFRS 13 ...

How could Uber make such a huge accounting gaffe? It may have to do with company and industry culture
To err is Uber. That's the belief of tech industry experts after last week's revelation that the ride-hailing giant underpaid New York City drivers tens of millions of dollars. They say the gaffe — which Uber describes as an accounting error ...

Exxon's Accounting Draws Fire -- WSJ
He made the claims in a filing in New York state court seeking to compel Exxon to release additional documents and produce witnesses for the probe, which began in 2015. The U.S. Securities and Exchange Commission is also examining Exxon's accounting ...

Seminar to help Oklahoma's non profits in accounting, finance
Not-for-profit accounting and finance professionals are invited to attend a June training seminar tailored to Oklahoma's nonprofit sector. The Edmond-based accounting firm Arledge & Associates, P.C., will conduct the “Not-for-Profit Accounting and ...

Accounting firm certified through peer review
"The reviewer concluded that the firm's system of quality control for the accounting and auditing practice in effect for the year ended October 31, 2016, has been suitably designed and complied with to provide reasonable assurance of performing and ...

Shah Center offers accounting course for non-accountants
Registration is ongoing for a course called “Accounting Basics for the Non-Accountant” being offered by McHenry County College's Workforce, Community and Business Programs. The four-week class will meet from 8:30 to 11 a.m. Wednesdays, June 7 to 28, ...

Accounting for three good years
By glossing over the positives in the three-year rule of the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi, our political adversaries, especially the Congress party, are trying to project a false narrative. When the ...

3 ways that using Quickbooks can simplify the accounting aspect of your business
This is inevitable in any aspect of life, but when it comes to accounting, a small mistake can spell huge losses that you want to avoid as much as possible. If you use an accounting software, the chances of making a grave error are reduced greatly ...

Accounting changes to put pressure on Ardent Leisure, Greencross, UBS says
Accounting standards changes to be implemented in the 2019 financial year will have operating leases hit the balance sheets of Australian companies, increasing gearing and potentially putting strain on credit metrics. UBS's small caps team ran the ...

Court Papers Claim Rex Tillerson Approved Misleading Carbon Accounting Scheme While ExxonMobil Boss
Former ExxonMobil CEO and now-Secretary of State Rex Tillerson personally approved a scheme for accounting for the financial impact of greenhouse gas emissions on the company's business that deliberately misled investors, one that continued right ...

PwC Probe Over Tesco Scandal Dropped by Accounting Regulator
A regulatory probe into PricewaterhouseCoopers LLP related to Tesco Plc's accounting scandal was dropped as the Financial Reporting Council said there was little chance of an adverse finding in the case. The FRC said in a statement Monday, however, ...

Tech Teams Rush to Catch Up as New Accounting Rule Looms
A major accounting rule change is stressing finance staff and creating headaches for technology departments at some of the world's largest businesses. Public companies like Verizon Communications Inc., VZ -0.34% Hortonworks Inc. HDP -1.47% and ...

PwC escapes censure over Tesco accounting scandal
PwC has escaped official censure over the Tesco accounting scandal, after the UK's accountancy watchdog closed its investigation into the auditor's approval of the grocer's flawed financial statements. The Financial Reporting Council began probing PwC ...

The Summer Movie About Accounting You Won't Want to Miss
As the summer movie season kicks into high gear, accounting standards are getting a moment in the sun. “The Importance of GAAP,” a new video produced by the Financial Accounting Foundation, extols the virtues of Generally Accepted Accounting ...

Two Birmingham accounting firms announce merger
Birmingham accounting firms Borland Benefeld and Lovoy, Summerville & Shelton have announced they'll merge, retaining the name Borland Benefield. The combined firm will employ 45 people. In addition to Birmingham offices, Borland has an office in ...

Art of Accounting: I need this in Beirut by Thursday
For much of my career, I have worked in small firms. For the past 12 years I have been a partner in WithumSmith+Brown, PC, the 26th largest firm in the U.S., but before then the largest firm I worked in was one that I founded with a partner in 1974 and ...

Marcum merges in Hennagin
Marcum LLP has merged in the construction accounting practice of Warren Hennagin, who is joining the firm as an assurance services partner in the firm's Irvine, Calif., office. Hennagin will become leader of Marcum's construction services practice in ...

UK Accounting Watchdog Drops Probe Of Tesco Auditor PwC
The FRC, the body responsible for enforcing accounting and auditing standards in the U.K., has dropped its 2 1/2-year probe into PwC. That probe was part of a wider investigation into the bodies that prepared, approved and audited Tesco's 2012, 2013 ...

Are you Ready for the New Lease Accounting Rules
The accounting profession periodically updates their accounting standards. One of updates that will go into effect in 2020 for most farmers will change how y0u account for operating leases. If you prepare financial statements (or have them done for the ...

How To Prevent Fraud Using Accounting Cycles
Accounting cycles are the processes involved in completing a transaction and receiving payment. Each step in the accounting cycle offers a potential for fraud to occur, and with eight steps in the classically defined accounting cycle, companies must be ...

Warren Hennagin Merges Construction Accounting Practice into Marcum LLP, Named California Construction Leader
Warren Hennagin, CPA, MST, CCIFP, CGMA, has merged his construction accounting practice into Marcum LLP, a top national accounting and advisory firm. He joins Marcum as an Assurance Services partner in the Firm's Irvine, California, office and will ...

The Morning Risk Report: Changes Proposed for Auditing Accounting Estimates
For a free report on the talent shortage in cybersecurity go to: (link) 2qx9Z5T The International Auditing and Assurance Standards Board is proposing changes to how auditors evaluate accounting estimates and related disclosures, saying the ...

Accountants Jump Into the Immigration Debate
Major accounting firms and the industry's trade group are trying to convince Congress to include accounting as part of the “STEM” career fields—science, technology, engineering and mathematics. Those areas get special consideration when the U.S. ...

Wyoming looks at accounting methods
When Tina Meyer left the city, the council had the option of finding a financial comptroller to replace her or going with another solution. The city has now decided that it will hire an accounting clerk who will be responsible for various day-to-day ...

Thomson Reuters offers small business startup certificate for accountants
The Checkpoint Learning Small Business Start-Up Certificate Program targets accounting professionals who want to know more about small business issues. The U.S. has 28.8 million small businesses, employing 56.8 million people, according to the Small ...

Netflix: Outdated Accounting Practices To Blame For Overvaluation
Because of the accounting techniques being used by management, Netflix is showing a positive EPS figure. Because of their massive debt offerings ($1.5 billion in 2015, $1 billion in 2016, and already over $1 billion for 2017), they are showing cash ...

Lease accounting standard leaves companies with questions
As companies get ready for the new lease accounting standard, they're coming across a variety of complications and questions before the standard takes effect in the next few years. Deloitte recently issued a publication with answers to some of the ...

UK global leader in accounting services, report finds
In 2016, some 598,600 professionals were employed in accounting, book-keeping and audit roles; in addition, the accounting industry filled 242,800 jobs in non-accountancy roles, such as administration, management, IT and other support roles. In other ...

Voices 5 ways accounting firms' marketing efforts often fall short
Most firms face a never-ending challenge finding and acquiring new clients. According to a recent study, over 70 percent of firms make business development a major priority. Here are five basic mistakes that undermine many firms' ability to attract new ...

Cooper Standard Names Banas as Chief Financial Officer; Brusate as Chief Accounting Officer
In the position of vice president, corporate controller and chief accounting officer, Brusate, age 41, will oversee all aspects of Cooper Standard's accounting function including: ensuring regulatory compliance; setting and enforcing accounting ...

Editorial: A story about bad accounting
Given how the ports of Seattle and Portland have thrived since these times, one can only imagine where the Milwaukee Road would've been today if their accounting hadn't been so far off. As it was, they turned over almost the entire Chicago-Pacific ...

BREAKINGVIEWS-Accounting change could punish Chinese ...
BREAKINGVIEWS-Accounting change could punish Chinese ...

The four trends driving accounting today
Four seismic shifts are going on in the accounting landscape right now, a panel of experts recently told a conference of CPA firm partners and leaders, from how firms generate their revenue and how they staff their engagements, to how they service ...

IndAS, the new accounting puzzle for MNCs
New Delhi: The gradual implementation of IndAS, the new accounting system based on fair valuation of corporate assets and liabilities, is making it harder for multinational companies to show before tax authorities that they do not suppress taxable ...

New York AG Accuses ExxonMobil of Climate Change Accounting 'Sham'
All eyes will be on James Comey's testimony in front of Congress this week, yet the Trump Administration has additional headaches that could push the White House staff to gulp down more aspirin and seek more legal counsel. One other pain point is that ...