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Accounting News 07/2017



Accounting Tips for Retirees - Scotch Plains/Fanwood NJ News ...
Accounting Tips for Retirees - Scotch Plains/Fanwood NJ News ...

PM Narendra Modi wants 4 Indian accounting firms in world's Big-8
PM Narendra Modi wants 4 Indian accounting firms in world's Big-8. By PTI | Jul 01, 2017, 10.16 PM IST. Post a Comment. Modi said the signature of a chartered accountant is more powerful than even that of a prime minister and the government also ...

New accounting/bookkeeping firm
Kyle H. Barker, MBA, of Barker Accounting has announced the opening of an accounting/bookkeeping firm in Ellsworth. Barker provides a range of general accounting and bookkeeping services. Barker has a comprehensive knowledge of tax preparation for ...

Two Indian-Americans in Chicago charged with alleged accounting fraud
Two Chicago-area businessmen of Indian origin have been accused by the Securities and Exchange Commission for alleged accounting fraud. The charges also include the information technology company Quadrant 4 System Corp (QFOR) where they ...

Editorial: Overspending and under-accounting on police overtime: No way to win a proposed tax increase.
Against the backdrop of abysmal accounting and fiscal mismanagement uncovered in a St. Louis comptroller's office audit, taxpayers have good reason to be skeptical of a proposed tax increase to fund higher police salaries and attract recruits. Mayor ...

SEC Charges Indian American Former IT Executives in $4 Million ...
SEC Charges Indian American Former IT Executives in $4 Million ...

Defining New Accounting — As If the Future Counts
There has been much excitement in recent years around the suggestion that “Accountants Will Save the World.” With this comes a sense, since the 2000s, that we are getting closer to effectively capturing sustainability trends in metrics that are really ...

IndiaFilings Launches GST Accounting Software
IndiaFilings, India's largest online business services platform, announced the launch of LEDGERS, a GST accounting software specially designed for small businesses. IndiaFilings.com receives over 1.5 million visitors each month and the company has a ...

The evolution of practice management software
Samantha Grovenstein-Deal, product line manager of firm management solutions for Wolters Kluwer Tax & Accounting, agreed: “There is no one-size-fits-all solution to firm management, and especially no one-size-fits-all solution at the right price point ...

Voices The Spirit of Accounting: Innovation in financial reporting
The October 2014 issue of Accounting Today included editor Daniel Hood's gleanings from comments by various leaders in the accounting profession on key issues in the 21st century. The following thoughts on “relevance” raise the crucial issue of whether ...

Voices Art of Accounting: Accounting firm metrics
I have always tried to run my practice as the business that it was. As such, I used certain numbers or metrics to evaluate how I was doing. I did this when I started out and every step along the way as my practice grew. I always had numbers—when I was ...

Firms overspent on sponsorships, but got little in return
Accounting firms are spending more of their marketing dollars on sponsorships than on advertising, despite getting negative returns from sponsorships, according to a new study. The study, from the Association for Accounting Marketing and Hinge Research ...

This Finnish-Swedish tech star wants to demolish the concept of accounting – with sheer power of AI and Netflix ...
This Finnish-Swedish tech star wants to demolish the concept of accounting – with sheer power of AI and Netflix ...

Voices The Tech Take: The cloud still beckons
The more tech-savvy corners of accounting world are constantly abuzz with talk of the next biggest solution that will change the profession. Over the past decade, the excitement has been the cloud; today, machine learning, artificial intelligence and ...

GST accounting software released in India in response to new tax regime
IndiaFilings, a company based in India that provides an online business services platform, has launched a new goods and services tax (GST) accounting software. Dubbed Ledgers, the solution addresses the new GST regime in India that was launched July 1 ...

Top 5 challenges faced by tax & accounting professionals due to GST
Various businesses are yet to map the accounting software and IT systems in line with the new tax provisions, to create GST invoices, and extract required reports. Tax and accounting professionals jointly need to ensure that their clients' current ...

NotPetya Patient Zero: Ukrainian Accounting Software Vendor
Want to launch a targeted attack designed to infect large numbers of PCs in a specific country? Then target a specific software application used by 80 percent of all businesses in the nation. See Also: Spear Phishing, Identity Deception, Ransomware ...

Accrual accounting
A method of accounting where revenues and expenses are recorded in the books of a business when they are incurred, rather than when cash is received or paid. For example, a business following the accrual method of accounting would, when it sells a ...

John Rand purchases tax, accounting side of Neddenriep & Associates
On June 1, John Rand of Rand Accounting, LLC, purchased the tax and accounting side of Neddenriep & Associates, LLC. The financial planning portion of the company, Neddenriep Financial, will continue under the ownership of Mark Neddenriep, who will ...

Ukraine's Cyber Police seize servers of accounting software firm after global malware attack
KIEV – Ukrainian police on Tuesday seized the servers of an accounting software firm suspected of spreading a malware virus that crippled computer systems at major companies around the world last week, a senior police official said. The head of Ukraine ...

In finance, what does Accrual accounting mean?
A method of accounting where revenues and expenses are recorded in the books of a business when they are incurred, rather than when cash is received or paid. For example, a business following the accrual method of accounting would, when it sells a ...

Vietnam: Vietnam Ranked Most Complex Country In Asia Pacific For Accounting And Tax Compliance
Only Turkey, Brazil, Italy and Greece are more complex for businesses than Vietnam, while China and India also make the global top 10 in the inaugural Financial Complexity Index. Vietnam is the most complex country in Asia Pacific for Accounting and ...

How one young woman used her long legs to pass her accounting exam
One student's method for passing a tough exam was recently exposed online by a classmate who posted photos showing how she had turned her long legs into a cheat sheet. The owner of these long legs has not yet been identified, though judging from the ...

US accounting watchdog probes PwC's audits of BT Italy: source
In April the U.S. Public Company Accounting Oversight Board (PCAOB) asked Italian market watchdog Consob to send it documentation regarding the audits carried out by PwC on BT in the period 2014-2017, the source said. Consob provided the data after ...

US accounting watchdog probes PwC's audits of BT Italy: source
In April the U.S. Public Company Accounting Oversight Board (PCAOB) asked Italian market watchdog Consob to send it documentation regarding the audits carried out by PwC on BT in the period 2014-2017, the source said. Consob provided the data after ...

US Accounting Watchdog Probes PwC's Audits of BT Italy: Source
MILAN — The U.S. accounting watchdog is investigating accounting firm PricewaterhouseCoopers's [PWC.UL] audits of British telecoms group BT's Italian business, which has been hit by a book-keeping scandal, a source close to the matter said. The PwC ...

Voices Boomer's Blueprint: Blockchain — hype or reality?
During the past year we have seen numerous blockchain pilots in several industries, governmental applications, and, more important, the convergence of multiple technologies increasing the capability and importance of blockchain to the accounting ...

Ex-American Realty CFO Convicted Of Accounting Fraud
Block, 44, was convicted of helping orchestrate a fraud with the company's chief accounting officer, Lisa McAlister, who pleaded guilty in June 2016 and is cooperating with the government. McAlister testified for the prosecution during the trial ...

US ACCOUNTING WATCHDOG'S AUDITS OF ITALIAN BUSINESS BT
Accounting firm PricewaterhouseCoopers's audits of British telecoms group BT's (BT.L) Italian business has been investigated by the U.S. accounting watchdog. As per the source, the firm has been hit by a book-keeping scandal. The audit by PwC of an ...

Ukraine police raid accounting software company as part of NotPetya investigation
Police in the Ukraine have seized the servers of Intellect Service, a company supplying accounting software, as part of their investigation into the NotPetya ransomware attack. A malicious update to Intellect's MeDoc accounting package is believed to ...

The expense reporting nightmare eases
Expense management. It's a necessary evil that can dishevel even the most seasoned road warrior in seconds with the misplacement of a critical travel receipt. For accounting professionals, it can spell countless hours of unproductive data entry ...

Student gives herself a leg-up in accounting exam by copying notes onto her long pins
The post was soon widely shared on social media with web users leaving over 22,000 comments on the post. Web users noticed the notes written on her pins was related to accounting. One user said: 'This is just simple debits and credits bookkeeping.' ...

HiAccounting acquires WR Financial
HiAccounting has acquired the CPA firm WR Financial, effective June 30, 2017, expanding its presence in Hawaii. WR Financial, also known as WR Consulting, is based in Oahu and provides accounting, bookkeeping, financial consulting, and tax planning ...

Heal Accounting Announces Promotions, Welcomes New Team Members
SOUTH THOMASTON, ME – Heal Accounting Solutions is proud to announce new team members. Tamara Cody has joined the company as a Staff Accountant. Cody brings more than 20 years of experience in business management and accounting. She is ...

'Big 4' Accounting Firms Are Experimenting With Blockchain And Bitcoin
While the landscape for blockchain technology is still in its infancy, its potential is transformational and has led to entities across industries to experiment and embrace it. The 'Big 4' are no different. The four largest accounting firms in the ...

BerganKDV buys Beltz, Kes, Darling & Associates
BerganKDV has acquired Beltz, Kes, Darling & Associates, a firm based in Farmington, Minn., specializing in servicing charter schools. The acquisition will enable BerganKDV to enter the niche. “We're looking forward to learning from the BKDA team on ...

Levine, Jacobs & Company Accounting Firm Uses Tax Season For The Greater Good
LIVINGSTON, NJ – Like many public accounting firms, the busiest time of the year for Levine, Jacobs & Company, L.L.C is tax season. This year, the company decided to use its busy season to give back to the community by asking clients to bring in one ...

Season of risk: Preparers face malpractice suits
No one likes to be sued, but if you prepare taxes you're more likely to be sued than in any other area of accounting practice. “Measured by the amount of dollar losses, tax claims against accountants represent about one-third of damages paid out ...

Voices Matching firm growth to firm goals
This isn't just about educating yourself on the latest release of your accounting software. More and more, it's looking like the accounting profession is entering a period where it will need to make serious investments in new software and tools and ...

US accounting watchdog also starts probe into BT auditor PwC
The US Public Company Accounting Oversight Board has asked Italian market watchdog Consob to send it the audits carried by PricewaterhouseCoopers (PwC) on BT's Italian business in 2014-2017, accused of shady book-keeping, Reuters reported, with a ...

Practice profile: Pricing it right
He recommends it officially, and frequently, in his capacity as principal of transfer-pricing services at Southfield, Mich.-based CPA firm Clayton & McKervey. Martin has a unique client base for this burgeoning practice — other accounting firms, which ...

Accounting News Roundup: Andersen vs. Andersen; Celebrities vs. Accountants | 07.06.17
(that's the French firm, remember) sent Going Concern, Accounting Today, and probably anyone else who would listen, copies of the lawsuit. They claim that Andersen Tax didn't acquire the rights in the manner that they claim and that the signature of ...

Three Orange County businessmen disciplined over accounting misdeeds
Three Orange County men and one business have been disciplined by the California Board of Accountancy. The CBA provided the following explanations: William Rogers Arrington (Anaheim): His CPA license was revoked for violating business and ...

Rodman CPAs awards 2017 Scholarship to Suffolk University student
Waltham, Mass. accounting firm Rodman CPAs announced that they have awarded John Tran, a BSBA student of Suffolk University in Boston, with the firm's 2017 Scholarship. Article State Tax Departments Annual Survey · State Tax Departments Annual ...

WeatherStorm Forensic Accounting Long-Short Index (FLAGLSX) Rebalance Review June 2017
WeatherStorm Forensic Accounting Long-Short Index (FLAGLSX) seeks to enhance investors' U.S. large cap exposures by offering a long-short portfolio with full participation in the U.S. market beta while providing additional alpha potential through the ...

Companies grapple with leasing standard complications
Organizations are finally starting to prepare for the new lease accounting standard that will be taking effect in 2019, but as they do they're running into some unexpected complexities. Deloitte partners Jeanne McGovern and Derek Bradfield convened a ...

Audits used to improve NDCS accounting process
Nebraska's Auditor of Public Accounts partnered to improve processes within the Nebraska Department of Correctional Services' accounting division and conducted an audit of the process. The audit revealed several bookkeeping issues and offered ...

Audit Into Oregon's Checkbook Finds Accounting Problems
Oregon's Medicaid program makes up the bulk of that spending, accounting for 88 percent of federally audited expenditures. The state spent the smallest amount of federal dollars on schools and roads, vocational rehabilitation and child care development ...

Chinese Student Uses Her Long Legs to Cheat on Accounting Exam
Cheating in school is inexcusable, but one accounting student in China came up with a way to ace a test by writing her notes on her long legs. A classmate ended up posting photos on social media showing the unidentified student lifting up the dress of ...

Carroll County has accounting troubles, but money isn't missing ...
Carroll County has accounting troubles, but money isn't missing ...