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Accounting News 11/2017



Accounting: not as black-and-white as you might think
Investors seldom consider the accounting policies and disclosures behind a set of financial statements very intently. For most people, Generally Accepted Accounting Practice (GAAP) and its application is not an enthralling topic. However, this is the ...

Audit committees are disclosing more about auditors
Audit committees are providing investors with more information about their outside auditing firms, according to a new report. The annual report, from the Center for Audit Quality and Audit Analytics, sees the amount of information disclosed about audit ...

AC Lordi Named among the Best and Fastest Growing Accounting Firms
MALVERN, Pa.--(BUSINESS WIRE)--AC Lordi, a boutique accounting and management consulting firm, has been named by INSIDE Public Accounting (IPA), one of the industry's most prestigious trades, to its 2017 Best of the Best Accounting Firms, Top 200, ...

Accounting For Success
Dirksen met some resistance, of course; not surprising, since many accountants and tax preparers get squeamish at the advice game. They have much to lose—longtime relationships and their stoic reputations as dispassionate number crunchers. Investing ...

Cherry Bekaert enters Nashville market by acquiring Frasier, Dean & Howard
Financial terms of the deal were not disclosed. FDH had annual revenue of approximately $7.5 million, while Cherry Bekaert has annual revenue of around $200 million, according to the firm. Cherry Bekaert ranked 25th on Accounting Today's 2017 list of ...

VIDEO: Private Companies Continue to Get Simpler Accounting Rules
Private companies, a majority of which are small-to-mid-sized firms, continue to have simpler, less costly accounting rules despite the mandate of the Private Company Council having shifted from its initial role five years ago, FASB member Harold Monk ...

AICPA Renews Mutual Recognition Agreement with Mexico and ...
AICPA Renews Mutual Recognition Agreement with Mexico and ...

Voices Taking a new look at tech
The idea of this technology being sold as part of the solution allows for capacity, process, and a uniform way of doing accounting for multiple customers. Without this uniformity, it is extremely difficult to scale. This is why old-school firms are ...

Does your tax research software stack up?
Its Client Handouts product offers more than 100 handouts, including a quarterly newsletter for marketing a tax practice. Thomson Reuters Tax & Accounting: The company's Checkpoint PPC tax compliance Deskbooks have been enhanced with hundreds of ...

AICPA renews NAFTA-like pact with Canada and Mexico
This MRA is a testament to the close relationship between the three nations' accounting institutes, the AICPA's longstanding collaboration with NASBA, and our common desire to help accounting credential holders gain practice privileges in other ...

The Hero Of US Steel's Q3 Beat? An Accounting Change
According to Johnson, an accounting change that altered the way U.S. Steel values its assets was responsible for much of the earnings upside on the quarter. “In effect, they gave them themselves another $100mn buffer in July associated with an ...

Special Report The 2017 best accounting firms to work for
Special Report The 2017 best accounting firms to work for. More in. Accounting firm services · Accounting firm networks · Accounting · Email Share. Our annual ranking of the top workplaces in the profession, including profiles of the No. 1 small, mid ...

Mechanicsburg-area accounting firm merges with Lancaster County firm
With the merger, Simon Lever will employ more than 60 advisors, accountants and support professionals. The certified public accounting and business advisory firm has been in business since 1951. Hartman & Scheuchenzuber has been in business since ...

Richmond accounting firm expands into Nashville
Cherry Bekaert LLP, a Richmond-based accounting firm, announced Wednesday that is has acquired Frasier, Dean & Howard PLLC, one of Nashville's largest certified public accounting firms. The deal enabled Cherry Bekaert to enter the Nashville market as ...

PCAOB leans toward issuing blockchain and data analytics guidance
The Public Company Accounting Oversight Board is likely to issue guidance on the use of blockchain and data analytics technology as more auditing firms weigh the benefits and drawbacks of them. Speaking at the National Association of State Boards of ...

Meet the 2017 Best Small Firms to Work For
Each year, Accounting Today and Best Companies Group selected the Best Accounting Firms to Work For in three categories: Small, Midsized and Large. This slideshow includes the best in the Small Firm Category (firms from 15-49 employees), with their ...

A Paradigm Shift for Finance and Accounting Professionals
The evolution of the workforce is becoming more complex and nowhere is it more evident than the current paradigm shift occurring in finance and accounting. How finance and accounting employees perceive their career path, i.e., what their knowledgebase ...

Matt Schroeder Named Senior Vice President, Chief Accounting Officer and Treasurer
CAMP HILL, Pa.--(BUSINESS WIRE)--Rite Aid Corporation (NYSE: RAD) today announced that Matt Schroeder has been promoted to senior vice president, chief accounting officer and treasurer, effective immediately. He will continue to report to Darren Karst, ...

Multinational Oil and Gas Company Selects Quorum's Accounting Software Solutions for Enterprise Deployment
2, 2017 /PRNewswire/ -- Quorum, the leader in digital transformation for the oil and gas industry, announced today that a leading multinational oil and gas company recently expanded its partnership to leverage Quorum's Revenue Accounting software and ...

Tesco CEO was kept in dark over accounting issues, court hears
Tesco CEO Dave Lewis was giving evidence at the trial of three former senior executives of Britain's biggest retailer who are accused of fraud and false accounting in 2014. Christopher Bush, 51, who was managing director of Tesco UK, Carl Rogberg, 50, ...

Funko Extends Playtime to Its Accounting
Funko, the purveyor of 2017's version of bobble-head dolls, appears to have a big head when it comes to its financial results. Shares of the company priced on Wednesday night at $12 and are scheduled to begin trading on Thursday morning. The pricing ...

Tanner, Bookly Form Strategic Partnership to Offer Small Business Accounting Services
Salt Lake City—Tanner LLC, a Utah-based audit, tax and consulting firm, has formed a strategic partnership with Bookly, a leading online bookkeeping solution, to provide a full range of automated accounting services for small businesses. This new ...

Featured Job of the Week: Technical Accounting Research Analyst with BlueCross BlueShield of Tennessee
Minimum 5 years relevant, progressive work experience in accounting/finance; weighted equivalent years of relevant work experience – 1 year experience in public; accounting = 2 years of applicable work experience; public accounting experience at a Big ...

PCAOB inks agreement with Irish audit regulator
The Public Company Accounting Oversight Board has signed a cooperative agreement with the Irish Auditing and Accounting Supervisory Authority, allowing them to cooperate on joint inspections and oversight of auditing firms subject to both organizations ...

In the war for talent, money is ammunition
Beyond that, though, the firms on Accounting Today's Best Firms to Work For list have explored a variety of other ways to reward staff. For instance, West Chester, Pa.'s Fischer Cunnane & Associates “pays a profit-sharing bonus to the 401(k) plan for ...

Allegheny Technologies, Peugeot, Snyder's-Lance And Ulta Beauty Among Companies To Embrace Continuous ...
Allegheny Technologies, Peugeot, Snyder's-Lance And Ulta Beauty Among Companies To Embrace Continuous ...

Accounting programs continue to be a hot ticket at Buffalo colleges
Enrollment and employment data show that accounting remains a growing industry in Western New York, with no sign of slowing down. At the University at Buffalo, for instance, this should be the third year in a row where undergraduate accounting ...

SEC charges Osiris Therapeutics and four former executives with accounting fraud
The U.S. Securities and Exchange Commission charged the Columbia biotechnology company Osiris Therapeutics and four of its former executives with accounting fraud, the federal agency announced late Thursday. In a suit filed Thursday in Baltimore's ...

Accounting practice succession: planning sows the seeds for a successful transition
Succession planning in family firms can be challenging but one small accounting practice in Canberra has managed to get the process right. By Nina Hendy. Succession planning may not be something everyone in business likes to think about but there are ...

Ohio auditor eliminates accounting fee for year
Yost said in a news release that nearly 2,000 clients of the Uniform Accounting Network will not be required to pay the $50 monthly fee for hardware maintenance for the next year(2018) because the auditor's office was able to obtain prices below what ...

Reform bill leaves tax pros plenty of work to do
For example, the bill calls for an expanded use of cash accounting for small businesses, including not having to track inventory when calculating the cost of goods sold. How do they transition what is already on the books down to zero?” “This bill is ...

United Accounting Group, LLC, holds ribbon cutting
Contributed PhotoShawn Moran of United Accounting Group, LLC, was joined by his staff and family as well as Greensburg Mayor Dan Manus, Greensburg/Decatur County Chamber of Commerce Board President Susan Burkhart, MainStreet Greensburg ...

Donnelley Financial Solutions wins award for transaction tracking tech
Donnelley Financial Solutions, which provides cloud-based financial disclosure management software, has won an award for its Venue Data Room solution. It was named the top M&A technology service provider for the second year in a row at the Global M&A ...

Millennials Are Killing Chad from Accounting
And now, millennials are killing Chad from accounting. The attack was first reported on Snapchat, when user Chill_Breux69 live-streamed a group of millennials, identifiable by their “athleisure” style of dress and vocal disregard for the standard 40 ...

Meet the 2017 Best Midsized and Large Firms to Work For
Each year, Accounting Today and Best Companies Group selected the Best Accounting Firms to Work For in three categories: Small, Midsized and Large. This slideshow includes the best in the Midsized Firm Category (firms from 50-249 employees) and the ...

Accounting firms wouldn't get low tax rate under reform bill
The tax reform bill introduced by House Republicans doesn't give the low 25 percent income tax rate for pass-through businesses to accounting firms and other professional service firms, and the rules for getting around it are complicated. “The anti ...

Outsourced accounting becoming hottest trend for 2018 in the multifamily industry
With just over a quarter of 2017 left in the books, many multifamily property owners and managers are budgeting for 2018 and looking for new ways to propel their businesses forward. Many are finding that outsourcing their accounting can provide ...

MSP Acquisition: Right Networks Buys Accounting Expert Xcentric
Right Networks, a provider of cloud hosting solutions for CPA firms, has acquired Atlanta-based Xcentric — a Top 100 Vertical Market MSP for 2017 that focuses on managed IT solutions for accounting firms. Financial terms were not disclosed. “We are ...

Legislature Eliminates Accounting Certification Requirement in China
The Certificate of Accounting Profession has been a professional requirement since 1999. But the Standing Committee of the National People's Congress, the country's top legislature, voted to remove this requirement on Saturday. The amended accounting ...

Letter of the Week: Free enterprise needs real accounting
FILE - In this July 6, 2017, file photo, the Longview Power Plant in Maidsville, W.Va. The House voted July 18, 2017, to pass a Republican-backed bill delaying implementation of Obama-era reductions in smog-causing air pollutants. Congress voted 229 to ...

Tax Fraud Blotter: 'No legitimate purpose'
Shadow preparer; an unusual exit strategy; a Jag, a Benz and a sentence; and other highlights of recent tax cases. Kansas City, Kan.: Preparer Alfred Reece, 58, formerly of Overland Park, Kan., has pleaded guilty to aiding and assisting in the ...

Sax LLP Accounting seeks to grow its offerings, footprint in the northeast
Clifton-based Sax LLP Accounting recently acquired the accounting firm Hunter Group CPA in Fairlawn. The acquisition, which closed on Nov. 1, increases Sax's size to 30 partners and a total of 168 employees and gives it offices in Clifton, Fairlawn and ...

Why Many High-Net-Worth Accountants Are Feeling Pressured
Without question the #1 objective of high quality accountants is to do the best job possible for their clients. Based on a survey of 394 high-net-worth accountants, numerous industry trends are working against the financial success of high-net-worth ...

UD partners with Big Four accounting firm
Big Four accounting firm EY is partnering with the University of Dayton to prepare students for the corporate world and provide them internship opportunities. Working with EY representatives, UD faculty are delivering mini-courses in what EY executives ...

Accounting News Roundup: Audit Committees, Gimmicks, and Bad Hawaiian Accountants | 11.06.17
Before adoption of the regulation, there was no mandate on audit-committee size; independence was required of only a committee majority; and no definition of independence was provided, giving companies considerable leeway in how they met the ...

AICPA names 2017 John L. Carey Scholarship winners
“The backgrounds of this year's John L. Carey Scholarship recipients highlight that there is no 'one-size-fits-all' pathway to enter the accounting profession and earn your CPA license,” stated AICPA Foundation president and former AICPA chairman Randy ...

State auditor gives county 'poor' rating on accounting practices
Texas County government was given a “poor rating” for its accounting procedures in an audit released last week by State Auditor Nicole Galloway. It's the second consecutive review by auditors that resulted in the worst rating designation. Galloway in ...

Deloitte's Engelbert on the three trends changing the profession
Three significant factors are shaping the profession of the future, Cathy Engelbert, CEO of Deloitte, told a gathering of accountants recently: the impact of new technologies, new demographics, and new client demands. “We're living in a time of ...

Wolters Kluwer Tax & Accounting provides briefing on proposed GOP tax plan
Wolters Kluwer Tax & Accounting has provided a tax briefing with an analysis of the potential implications of the first legislative details of the 2017 tax reform proposals. White Paper Next ready financials. Growth often results in a hairball of ...

IMA teams with Robert Half on accounting career development
“A crucial element to furthering the accounting and finance profession is supporting those who are looking to explore future career options and maximize their potential,” said IMA president and CEO Jeff Thomson in a statement. “By working together with ...