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Accounting News 09/2017



Practice Profile: The politics of perseverance
TFC Consulting, a provider of accounting services to government entities, was born out of serendipitous meetings, a few business pivots, and survival instincts. Now, the Rockville, Md.-based accounting firm has served more than 30 federal agencies, ...

Is Jack Daniel's maker Brown-Forman skirting SEC accounting rules?
Accounting experts criticized Brown-Forman for using adjusted, nonstandard numbers; for failing to reconcile them with its standard numbers; for making an adjustment for inventory that is not allowed under SEC rules; and for being inconsistent in its ...

Bill Nye the Science Guy sues Disney over accounting
TV host and science educator Bill Nye has filed suit against the Walt Disney Company over the accounting for profits on his old TV series “Bill Nye the Science Guy. The lawsuit, filed last Thursday in Los Angeles Superior Court, according to Variety ...

Private company accounting following a new path
The relief for private companies in the hedge accounting standard FASB issued this week was largely hidden from view, but it still was significant. Private Company Council (PCC) members explained to FASB that private companies face challenges in ...

ABBB selected in top 200 accounting firms - McPhersonSentinel
Adams, Brown, Beran & Ball, Chartered is pleased to announce that the firm made INSIDE Public Accounting's annual ranking of the Nation's Top 200 ...

How accounting employers can recruit and keep good people
Top U.S. accounting job candidates command starting yearly salaries well into six figures in an extremely competitive market for talent, according to a new salary guide for 2018 published by staffing services provider Robert Half. Unlike past salary ...

Ingham County Treasurer's report addresses accounting questions
(WILX) Ingham County's Treasurer has turned in a report addressing some accounting questions about the use of federal grant money. The issue is that the Community Development Block Grant is not part of the county's budget. Therefore, the board of ...

Beacom Professor Named Associate Editor Of Accounting Business Journal
VERMILLION — Jason C. Porter, associate professor of accounting at the University of South Dakota Beacom School of Business, has been named associate editor of IMA Educational Case Journal (IECJ) starting July 1, 2017. IECJ is published by IMA, the ...

Accounting firm announces staff additions
Strange began his career in accounting with the U.S. Government Accountability Office in Washington, D.C. He received a master's degree in accounting from the University of Kentucky and is affiliated with the American Institute of Certified Public ...

Former Tesco directors to face trial over accounting scandal
Three former Tesco directors will stand trial on Monday to face charges over the company's £263m accounting scandal. Christopher Bush, Tesco UK's former managing director, Carl Rogberg, the company's former UK finance director, and John Scouler, ...

BRIEF-Haisco Pharmaceutical Group announces change in accounting policy
Says it changes accounting policy based on accounting standards for business enterprises No. 16—government subsidies, which was disclosed by the Ministry of Finance on May 10. Source text in Chinese:goo.gl/mGvxyt. Further company coverage: (Beijing ...

The Top People in Public Accounting – 2017
Each year as part of our Top 100 Most Influential People in Accounting list, we ask candidates for the list to name who they think are the most influential people in the field, and here they are, ranked by the number of votes they received from the 119 ...

Shorter accounting professor volunteers data-management abilities in hurricane aftermath
As devastation struck with the rising storm surge caused by Hurricane Harvey, Shorter University Professor of Accounting Angela Sandberg wanted to do something to help. Rather than climbing into a rescue boat or donating funds to an organization ...

Trial adjourned for Tesco senior executives at centre of accounting scandal
Christopher Bush, who was managing director of Tesco UK, Carl Rogberg, who was UK finance director, and John Scouler, who was UK food commercial director, are all charged with one count of fraud by abuse of position and one count of false accounting ...

Voices Art of Accounting: Staff evaluations with and without time sheets
I have seen firms that use time sheets provide staff evaluations based on total chargeable hours, the ratio of chargeable hours to total hours, realization based on their time charges and sometimes collections per hour they charged. This is then ...

Erica Booth accounting specializes in strategic business planning, new business formation
Erica Booth Tax Services, LLC specializes in providing such services as small business accounting, strategic business planning and new business formation, in addition to individual tax preparations, tax planning and IRS representation for both ...

Erica Booth accounting specializes in strategic business planning ...
Erica Booth accounting specializes in strategic business planning ...

Auditor finds accounting, oversight problems in city finances
28, revealed several weaknesses and deficiencies in city finances. The 2016 report cited, among other things, continuous accounting problems, s failure to report airport grant transactions, and weak oversight of mall lease revenue. Campos, hired by the ...

ABBB named Top 200 accounting firm by national trade publication
GREAT BEND – Adams, Brown, Beran & Ball, Chartered announced last week that the firm made INSIDE Public Accounting's annual ranking of the Nation's Top 200 Accounting Firms for the third consecutive year. The firm ranks number 189 in this year's Top ...

Business is Booming: Why You Should Consider a Career in Accounting
A degree in accounting can provide a myriad of opportunities. You could work for the FBI as a forensic accountant, or you could work as an auditor. You might even find yourself becoming the CEO of a large corporation; the possibilities are virtually ...

Scott receives the AAA Prize
Navarro College is thrilled to announce that Accounting professor Dr. Cathy J. Scott received the 2017 American Accounting Association/J. Michael and Mary Anne Cook/Deloitte Foundation Prize for two-year colleges Wednesday, Aug. 23. Scott received her ...

Withum adds Bond Beebe
Withum ranked 26th on Accounting Today's 2017 list of the Top 100 Firms. Withum has been looking to build its presence in the Beltway. “We have been seeking the right strategic partner in the Greater D.C. area, and we found the perfect match with Bond ...

FASB proposes 2018 GAAP taxonomy
The Financial Accounting Standards Board proposed a 2018 GAAP Financial Reporting Taxonomy and, for IFRS filers, a Shared Reporting Taxonomy on Tuesday, asking for public comments on the files. The proposed 2018 GAAP Financial Reporting ...

Brown-Forman facing more questions over its accounting practices
The financial website MarketWatch is once again questioning the accounting practices of Brown-Forman Corp., citing experts who say the earnings reports of the Louisville-based spirits giant do not follow guidelines laid out last year by the Securities ...

Career Resources for Master of Accounting Students
The BBA Accounting Club hosts Meet the Firms, an accounting industry job fair, in the Ross building annually during the second week of classes. Given the Big Four hire Rossers for national placement, recruiters from New York, Chicago and Detroit are ...

Electronics For Imaging shares rally on accounting update
Electronics For Imaging Inc. EFII, -1.01% shares rallied in the extended session Tuesday after the digital imaging company said it does not expect an accounting review to require a restatement of its previous results. Electronics For Imaging shares ...

Voices The Tech Take: The genderless face of accounting bots
Last year, Sage debuted Pegg, a simple accounting bot that integrates with Facebook Messenger and Slack. The bot's icon looks like the Nerd emoji with a round yellow head and big, owlish glasses. No nose, no mouth — and no gender. This was deliberate ...

Continuous Accounting, Intercompany Account Reconciliation And Automation Key Topics At InTheBlack APAC 2017
LOS ANGELES and SYDNEY, Sept. 6, 2017 /PRNewswire/ -- BlackLine, Inc. (Nasdaq: BL), a leading provider of financial controls and automation solutions that enable Continuous Accounting, is hosting its eighth annual Asia-Pacific (APAC) User Conference ...

Wolters Kluwer Tax and Accounting buys Belgian software company
Wolters Kluwer Tax and Accounting, which makes tax and accounting software, has acquired Adsolut, a Belgium-based company that does the same. The purchase is aimed at expanding Wolters Kluwer's position in the Belgian market. Terms of the deal were ...

Hawaii Native to Lead POW/MIA Accounting Agency
Defense POW/MIA Accounting Agency replaced the former Joint POW/MIA Accounting Command. McKeague was the last commander of Joint POW/MIA Accounting Command before it was renamed Defense POW/MIA Accounting Agency in an organizational ...

AICPA Issues Recommendations on IRS Accounting Method Change
Revise Section 13.01(1) of the revenue procedure to allow taxpayers to request a revision to the year of change for a non-automatic Form 3115, Application for Change in Accounting Method, on or after the first day of the third month following the month ...

House passes bill to curb IRS asset seizures
The House unanimously approved a bill late Tuesday to discourage the Internal Revenue Service from using civil asset forfeitures to seize money and property from taxpayers. The bill, known as the Clyde-Hirsch-Sowers Restraining Excessive Seizure of ...

Rosenberg Survey finds net fees climbing 7.8% at firms
Net fees at accounting firms grew at an average rate of 7.8 percent, according to the latest edition of the annual Rosenberg Survey, but the ages of partners seemed to trend downward slightly. The 19th annual edition of the survey polled 347 CPA firms ...

NABA CEO Jina Etienne steps down
“Our board of directors and national staff remain committed to the continued growth of the association and strengthening NABA's position as a leading voice for diversity and inclusion for accounting and finance professionals.” NABA COO Lauren Yost and ...

Survey: Accounting Talent Pool Continues to Tighten
The recently released 2018 Robert Half Salary Guide for Accounting and Finance Professionals also revealed that top job candidates are able to demand higher salaries and more flexibility in their schedules to achieve better work-life balance. Employers ...

GSE Accounting Center Of Plan To Nationalize Housing
While the government pushes the public narrative that it saved Fannie and Freddie from their demise, the facts speak differently. The government used its accounting control early in conservatorship to manufacture a fake need for cash at Fannie and ...

UPDATE 2-Capita drops as accounting change cuts 2016 profit by a third
EDINBURGH, Sept 7 (Reuters) - British business services company Capita, looking for a new CEO after a series of profit warnings, slashed its 2016 earnings by almost a third on Thursday after adopting new accounting standards, sending its battered stock ...

Hawaii native to lead POW/MIA Accounting Agency
HONOLULU (AP) — The Pentagon announced retired Maj. Gen. Kelly McKeague, a 1977 Damien Memorial School graduate, is the new director of the Defense POW/MIA Accounting Agency. McKeague, who was born in Liliha and grew up in Papakolea, was ...

ICYMI | A Refresher on Accounting for Leases
FASB's long-debated exposure draft of a new standard on accounting for leases has raised the possibility that almost all leases will need to be capitalized in the near future. Although some of the methods in the proposed standard are similar to those ...

Voices Taking foreign income into account for taxes
Consequently, foreign account holders and their legal and accounting advisors would be wise to familiarize themselves with the contours of this new legal landscape, and should be both thoughtful and strategic with respect to compliance, reporting and ...

Creativity Can Benefit Your Accounting Practice
According to Mathew Heggem, CEO of consulting firm SUM Innovation, creativity can be most beneficial for your accounting firm by helping to diversify your practice. In his seminar “Unraveling Innovation: How to Foster Creativity to Improve Your Firm's ...

Congressmen concerned about misuse of .cpa domain
The American Institute of CPAs has been working to secure a .cpa domain string, in partnership with the Australian accounting body CPA Australia, since 2014. The two groups have pending bids for what is technically known as a “generic Top-Level Domain ...

VW eyes sale of assets accounting for 20 percent of revenues: WSJ
DE) is actively working on deals to sell non-core assets accounting for as much as 20 percent of the German carmaker's annual revenues, The Wall Street Journal quoted its chief executive as saying on Thursday. Matthias Mueller told the Journal that a ...

New Dridex Phishing Campaign Delivers Fake Accounting Invoices
A new variant of the banking trojan Dridex is part of a sophisticated phishing attack targeting users of the cloud-based accounting firm Xero. The global campaign is the latest in what security experts at Trustwave said is a wave of phishing attacks ...

Internal control weaknesses correlate with financial fraud
“Although material-weakness reports mostly reflect accounting errors and portend revelations of fraud only infrequently, the fact that they precede almost 30 percent of the instances where fraud does, in fact, come to light should lead investors ...

Accounting firm doubles space with move to newly renovated building
An accounting firm has doubled its space with the opening of its new office in Manheim Township. Simon Lever LLP moved into the former Benecon building at 147 West Airport Road earlier this week. The certified public accounting and business advisory ...

IRS Grants Safe Harbor For Utilities With Accounting Errors
Law360, New York (September 7, 2017, 8:08 PM EDT) -- The IRS on Thursday said it is offering so-called safe harbor to utilities that unknowingly failed to comply with accounting requirements related to tax incentives for investments, such as new power ...

Colorado accounting-software company Xero teams up with ...
Colorado accounting-software company Xero teams up with ...

William A. Swain Sr., 88, owner of Swain's Printing and Accounting firm
William A. Swain Sr., the owner of Swain's Printing and Accounting firm, died on Wednesday, Sept. 6, 2017, at Penn Wissahickon Hospice. He was 88. He was fondly known as “Bill,” “Bubba” and “PopPop.” He was born on June 22, 1929 to the late Cardie ...

Accounting for EQ: Why emotional intelligence matters for accountants
Improving your emotional intelligence – or EQ – could be the key to building more trust and better rapport with clients of accounting firms. It may come as no surprise that 1200 executives in 44 countries believe technology is having the greatest ...