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Accounting News 10/2017



UK accounting watchdog doubles total fines
The UK accounting watchdog has nearly doubled the level of fines it has issued in the latest financial year, as politicians and investors push for a tougher approach to misconduct. Fines issued by the Financial Reporting Council rose from £6.8m in the ...

Fintech startup Curve partners with accounting software Xero to make filing expenses 'frictionless'
Curve, the London fintech startup that lets you consolidate all your bank cards into a single card and track your spending, has partnered with accounting software Xero to remove much of the friction involved in filing expenses. The move is part of the ...

Using Accounting Advisory Boards
Many accountants believe there is a gap between the classroom and real-world practice. One approach accounting departments have tried to close the gap is the implementation of advisory boards, which consist of members in both public and private ...

Winning the coming divergence in accounting
There have always been differences between the biggest firms in accounting and the rest — the 97 or 98 percent of firms that have, say, fewer than 20 people. Both groups serve very different client bases, for instance, using different tools; they ...

Voices Pricing your financial planning services
The pricing for traditional accounting work is a little different from firm to firm. But generally, most firms either work on a flat-fee basis or a time and materials basis. Each firm's clients adjust to their billing method and life goes on. But when ...

FERC begins accounting for projects' downstream impacts
Responding to an appeals court decision, federal regulators have issued a draft supplemental environmental impact statement that considers the downstream emissions impacts of the Southeast Market Pipelines Project. The Federal Energy Regulatory ...

AbacusNext Shares Its Vision for the Future of the Accounting Profession with Top Thought LeadersAbacusNext invited ...
AbacusNext Shares Its Vision for the Future of the Accounting Profession with Top Thought LeadersAbacusNext invited ...

Ambea Selects CCH Tagetik for IFRS 16 Lease Accounting Compliance
CCH Tagetik , part of Wolters Kluwer Tax & Accounting and a leader in global performance management software solutions, today announced that Ambea, a leading care provider in Sweden and Norway, has selected CCH Tagetik's IFRS 16 Lease ...

Three reasons the Rutgers MBA in Professional Accounting remains relevant at 60
2: It's a feeder program into regional accounting firms, including the Big Four. The program benefits from one of Rutgers Business School's strengths: accounting. Rutgers has long-standing connections to the accounting industry and has supplied it with ...

Three reasons the Rutgers MBA in Professional Accounting remains ...
Three reasons the Rutgers MBA in Professional Accounting remains ...

Accounting Manager- Allied Healthcare Products Inc
Seeking an experienced Accountant that will report to the Controller. The successful candidate will have an accounting degree, have the ability to understand production operations using an ERP system, and have 10+ years of progressive accounting ...

Excel is about to get smarter
Microsoft Office 2019, set for release by the end of the year, will feature a more powerful Excel that will use artificial intelligence to perform more complex data analysis. White Paper Find a true cloud solution with NetSuite. Shining a light on the ...

It's a good time to buy liability insurance
The current marketplace for accountants' professional liability insurance continues to be extremely competitive, according to Rickard Jorgensen, president and chief underwriting officer at Jorgensen & Co., a professional liability and risk management ...

Spring2 Technologies merges with Eide Bailly
... of business advisory services to help them grow and succeed, with the same level of service they have always expected," stated Neff Broadbent, co-owner of Spring2 with Ken Berry. Eide Bailly was ranked at number 19 in Accounting Today's Top 100 ...

Case Study: Growing Your Accounting Practice (Part 1)
Below is one of a few case studies we plan to run as part of our partnership with Avalara, as we have a shared belief in seeing the accounting profession move forward and address today's business challenges in order to face tomorrow. These interviews ...

Will New Accounting Standards Change Companies Behavior? Expert Says, 'Probably Not.'
Paul Becht, partner of Margolin, Winer & Evens LLP, explained how the new lease accounting standards will impact real estate companies' financial statements in his article published in the New York Real Estate Journal. Paul has over 20 years of ...

IMA CEO Jeff Thomson favors accountants over robots
Institute of Management Accountants president and CEO Jeff Thomson unveiled a new campaign to emphasize the value of management accountants as more jobs fall prey to robots and automation. During a speech Monday at a meeting of the Accountants ...

Voices The Spirit of Accounting: Why are we so critical of the financial accounting status quo?
Over nearly 22 years, we have consistently criticized financial accounting's status quo and its practitioners, including regulators, auditors and educators. To our disappointment, GAAP and its adherents remain fundamentally unchanged. We see several ...

'It has broken me': Tesco accounting scandal 'compromised' staff and sparked resignations
LONDON — The toxic environment at the top of Tesco during 2014's accounting scandal led to "compromised" staff, nervous breakdowns, and resignations, a court heard on Tuesday. Opening the prosecution's case for a third day, Sasha Wass QC told a jury ...

ACAT accreditation exams to launch Nov. 1
The ABA tests the technical proficiency of accounting and tax professionals in financial accounting, financial reporting, financial statement preparation, taxation, business consulting services, business law and ethics. Emphasis is on a practical ...

Cohen & Company combines with Arthur Bell
Cohen & Company has merged in Arthur Bell to create one of the largest accounting firms specializing in auditing mutual funds, exchange-traded funds, hedge funds and investment advisers. Financial terms were not disclosed, but the combined firm will ...

Bad grade in a non-accounting class
Hoping someone can either curb my anxiety, or give me some advice as to what action I need to take. My school requires all business majors to take four, separate one-credit hour classes designed to help students figure out what they want to do with ...

IMA Re-launches Integrated Ad Campaign on the Future of Accounting
MONTVALE, N.J., Oct. 3, 2017 /PRNewswire/ -- IMA (Institute of Management Accountants), the association of accountants and financial professionals in business, today launched a new integrated advertising and communications campaign for the CMA ...

Voices 3 key challenges that firms can solve with technology
Most accounting and business advisory professionals know that industry-leading firms rely heavily on technology to grow their businesses. But where does a firm start in evaluating technology? Experts suggest that firms cannot select new technology ...

FASB proposes targeted fixes to accounting guidance
The Financial Accounting Standards Board published a proposed accounting standards update Tuesday to clarify and get rid of some specific inconsistencies in key parts of GAAP. The proposals cover several areas of the FASB Accounting Standards ...

Ask Doug & Polly: How to avoid accounting surprises
Particularly in a business such as yours, where payment may come months after you pay for expenses, using cash-based accounting will likely lead to large swings in monthly profitability. This makes it almost impossible to tell how the business is doing ...

The 2017 Accounting Today MP Elite
Leadership is often seen as a mysterious art, and people frequently chalk success in high positions up to charisma or some other similarly nebulous and unmeasurable criteria. That's something of a copout, though. In the six years that Accounting Today ...

Tesco restores dividend for first time since accounting scandal
Tesco boss Dave Lewis has reasserted his “confidence” in the retailer's turnaround plan by unveiling the first shareholder payout since the supermarket cut its dividend three years ago in the wake of its accounting scandal. Britain's biggest retailer ...

What's new and what's coming in tax research
And accountants, as a profession, tend be fairly early adopters of technology. Many software functions and features, such as autofill, appeared in accounting software before becoming common and popular in other applications. Technology has also ...

Special Report Payroll and the New Back Office
Helping clients with payroll has led some pioneering firms to realize that they need help with a host of other back-office functions, from HR and on-boarding to benefits administration. This report looks at how firms are exploring these new services ...

Hunt Valley accounting firm Arthur Bell merges with Cohen & Co.
The Hunt Valley-based accounting firm Arthur Bell has merged with Cleveland-based Cohen & Co. to create one of the nation's top auditors of mutual funds, exchange traded funds and hedge funds, the companies announced. Arthur Bell will be folded into ...

Wolters Kluwer Tax and Accounting Successfully Completes (SOC) 1 Examination for Indirect Tax Content Services
Wolters Kluwer Tax and Accounting has successfully undergone a Service Organization Control (SOC) 1 examination of its Indirect Tax Content Services and related general controls. The resulting SOC 1 report states that management of Wolters Kluwer Tax ...

Auditors prepare for PCAOB audit reporting changes
Companies and their auditors are getting ready for the Public Company Accounting Oversight Board's new audit reporting model, despite uncertainty over whether the Securities and Exchange Commission will approve the new standard. The PCAOB voted for ...

Southaven repeats national accounting award
“The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting,” stated the GFOA in a release announcing the honor for Southaven. “Its attainment represents a significant accomplishment ...

The accounting fraud behind the debt ceiling
President Donald Trump's debt ceiling compromise with congressional Democrats earlier this month kept the government open through December and represented the first major bipartisan compromise of the administration. However, after an ...

State says Houtman Accounting and Tax Services delinquent on taxes, moves to stop business
State tax officials said in a lawsuit filed Tuesday in the First Judicial District Court in Santa Fe that they want a judge to compel Houtman Accounting and Tax Services Inc. to pay $134,411 in overdue gross receipts taxes, which businesses must pay ...

Glenview accounting firm announces promotions
Weiss & Company LLP, a full-service accounting firm in Glenview, announced the promotion of eight members of its staff. • Bryna Kurtz has been promoted to senior manager. Kurtz, a certified public accountant, provides accounting services in English and ...

UK accounting watchdog closes probe into PwC over Barclays audits
LONDON (Reuters) - The Financial Reporting Council has closed its investigation into audit firm PricewaterhouseCoopers (PwC) LLP over its audits of Barclays (BARC.L) in the years during and after the global financial crisis, the accounting watchdog ...

Tesco whistleblower warned top bosses about accounting practices, fraud trial hears
Accounting teams had been instructed to “pull forward” future income from suppliers by booking it in advance, a practice which one of his reports noted would not pass muster with auditors. The effect was to mask the growing accounting gap in the short ...

Accounting Club about more than numbers and spreadsheets
The Accounting Club at Minnesota State University, Mankato is one of the most active Recognized Student Organizations on campus. It is one of the only clubs to host accounting recruiters, along with guest speakers at every one of their meeting ...

IFRS Foundation shares case studies to improve communication in reporting
The IFRS Foundation, the group that oversees the International Accounting Standards Board and its work on International Financial Reporting Standards, published a case study report on how companies have improved communication in their IFRS financial ...

Featured Job of the Week: Mergers & Acquisitions Accounting Manager with Pipaya in Vienna, Va.
Bachelor's or Master's degree in Accounting; CPA license; 4 ‐ 8 years of experience working in client service or industry, preferably at a Big 4 firm; prior M&A / Transaction Services / Financial Due Diligence experience required; expertise and ...

Accounting: Is Our Client Experience Future-Ready?
First, what struck me was that this major influencer, among our profession's key stakeholders (CFOs and Controllers), was telling them it was time to reevaluate their professional services firms. Yes, accounting firms, too. Second, it was more evidence ...

Floqast Uses Robotics to Connect Accounting Systems to Cloud
These connectors provide an automated way to make trial balances available in the cloud—and thus available for accountants wherever they may be. The financial close management software market is a growing one that also includes companies such as ...

Index Accountants Confidence Index — October 2017
After a summer of of wild swings, the Accountants Confidence Index seems to be in a more moderate mode, with modest increases in both the short- and the mid-term. The ACI, published in partnership with ADP, is a monthly economic indicator that ...

Study finds financial rewards can deter whistleblowers
“When you mention financial incentives to potential whistleblowers, you change the decision frame from 'doing the right thing' to that of a cost-benefit analysis,” stated James Wainberg, assistant professor of accounting at Florida Atlantic University ...

Auditor says lax accounting opened door to embezzlement at landfill
Since the incident, the report states, the county has implemented several procedures to ensure receipts are “appropriately collected, recorded and deposited,” including enabling a function on the landfill accounting software that will review the ...

Tesco accountants 'falsified documents' to hide £250 million black hole, court hears
A Tesco shareholder leaves after attending the company's annual general meeting in London, Britain June 26, 2015. REUTERS/Neil Hall. LONDON — A whistleblower report claimed that Tesco accountants were "falsifying documents" to avoid the attention of ...

Is the Accounting Profession Committed to Closing the Skills Gap?
Accounting's open secret has several names—the skills gap, the education bubble, the talent shortage. Regardless, the challenge has remained the same for half a century. Employers have a hard time finding the right accounting and finance talent ...

Health district to change accounting practices after audit
MOSES LAKE — Changes in the accounting department in early 2017 meant the Grant County Health District underreported its pension liabilities and made errors in its calculations of federal grant spending. Those were among the errors identified in a ...