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Accounting News 12/2017



Accounting Giant PwC Accepts Its First Bitcoin Payment
The audit professional working for the top companies of the world officially announced its new competence – advising on cryptocurrencies operations: funds, investments, exchanges, etc. The example of PwC shows us that bitcoin changes its status from ...

RSM expands to Canada
RSM International has launched RSM Canada, with 37 partners and nearly 300 professionals in Toronto, with plans to extend its reach across the country. Harry Blum, whose firm until now has been called Collins Barrow Toronto, will serve as managing ...

Accounting News Roundup: Tax Bill Hits a Speed Bump, Anti-Excel Backlash, and RSM in Canada | 12.01.17
Remember when Republicans said that these tax cuts would pay for themselves? Hahaha, no, just kidding. The Joint Committee on Taxation estimates, even when taking into account economic growth, the tax bill would still add over $1 trillion to the ...

Deloitte to be honored at Volunteers of America gala
Volunteers of America-Greater New York announced on Wednesday that it will honor Big Four firm Deloitte at its 22nd annual fundraising gala on Tuesday, December 5 at the Plaza Hotel in New York City. Dubbed “A New York Winter's Eve,” the fundraiser ...

Celadon Group Appoints Chief Accounting Officer
Celadon Group Inc. has appointed Vincent Donargo vice president and chief accounting officer. He has more than 30 years of accounting and financial leadership experience. Donargo previously served as executive vice president and chief financial officer ...

The year ahead: Accounting experts look to 2018
What trends should accountants keep an eye out for in 2018? Jim Boomer (CEO, Boomer Consulting): The first is changing business models. Every conference, article and webinar talks about becoming more advisory and consultative. This isn't something that ...

Heska promotes Catherine Grassman to Vice President and Chief Accounting Officer and announces executive departure
LOVELAND, Colo., Dec. 1, 2017 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA - News; "Heska" or the "Company"), a provider of advanced veterinary diagnostic and specialty products, announced today that Catherine Grassman is promoted to Vice President ...

Corp Fin chief accountant Kronforst to leave SEC
Mark Kronforst, chief accountant of the Securities and Exchange Commission's Division of Corporation Finance, plans to leave the SEC early next month. He has been chief accountant since October 2013, but has worked at the Corp Fin division for more ...

Index Accountants Confidence Index — December 2017
Despite uncertainty around the fate of tax reform, the Accountants Confidence Index ticked up somewhat over the past month. The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the ...

Houma and Metairie accounting firms complete merger
The Metairie-based firm announced the merger in October and said last week that the two have consolidated in a new location at 304 Corporate Drive in Houma. Lanaux & Felger principals Thomas Lanaux and Mark Felger are assuming key leadership roles as ...

State audit faults St. Armand accounting
Each fund has its own accounting code, which helps auditors and officials track where the money goes. Since there is also a portion of the village of Saranac Lake within the town, the town has to keep track of funds that come from village residents and ...

Marty Walsh was warned in '14 of city accounting woes | Boston ...
Marty Walsh was warned in '14 of city accounting woes | Boston ...

Accounting company acquires Kimball firm
Tory Hilyard and Darrell Eskam, shareholders in the accounting firm of E&H Certified Public Accountants and Management Consultants PC, announced it has acquired the accounting firm of Robert Abramson, CPA, effective Nov. 1, according to a press release ...

Mayor Walsh was warned in 2014 of city accounting woes
Three years before an IRS audit found sloppy accounting that led to $1 million in penalties, a letter sent to Mayor Martin J. Walsh by the city's top fiscal watchdog warned of “insufficient attention” to city finances and called for more frequent ...

Abilene's Davis Kinard merging with regional accounting firm
After decades of business in Abilene, accounting firm Davis Kinard & Co. is embracing a big change that should open new opportunities while retiring one of the most familiar names in town. Davis Kinard & Co. PC will become part of Eide Bailly LLP, a ...

Two of the Big Four Accounting Firms Now Accept Bitcoin
The Big Four accounting firms (Deloitte, EY, PwC, and KPMG) affirm the cryptocurrency's worthiness by embracing it and continuously adapting their services for new business models, such as crypto exchanges, crypto funds, and initial coin offerings ...

German insurer Munich Re joins backlash on new accounting rules
Pressure is growing for a delay to controversial new accounting rules designed to revolutionise the way insurers report their results, with German insurer Munich Re the latest to call for a postponement. The rules, known as IFRS 17, were unveiled ...

St. John officials butt heads over accounting firms, meeting minutes
Friction is forming between some St. John leaders regarding oversight of the town's accounting and release of public meeting minutes. Over objections from the Town Council president, St. John's clerk-treasurer is going to contract with an outside firm ...

Tax Fraud Blotter: A grand per dependant
Former CPA Robert M. Purinton, 69, formerly of Overland Park, Kan., and now of Rancho Mirage, Calif., has pleaded guilty to one count of making a false statement on his 2009 return by under-reporting his income some $202,000. He agreed to make ...

Most small business have to oversee own accounting
As I went through college and decided to major in accounting, I always thought I would end up working in a CPA firm. I soon found myself working in private accounting instead of public accounting. What I also realized was that the accounting world was ...

Acuity and Verady Announce Strategic Partnership at Xerocon to Solve Cryptocurrency Accounting
AUSTIN, Texas, Dec. 4, 2017 /PRNewswire/ -- Verady, a blockchain accounting and audit technology company, has announced the launch of VeraNet and its partnership with Acuity, a modern accounting organization based in Atlanta, GA. This newly established ...

2018 in numbers
In order to see what CPAs and accountants believe 2018 has in store for them -- and what they have in store for it -- we conducted our annual survey of over 500 firms of all sizes in early November, on everything from their growth expectations to their ...

Accounting News Roundup: Tax Bill Pass Senate and More Judgment Calls | 12.04.17
The Senate tax bill passed early Saturday morning, 51-49, with Tennessee Senator Bob Corker the only Republican voting against it. There were all kinds of last-minute goodies thrown in for special interests, including wealthy real estate developers ...

New Lease Accounting Standards—What You Need to Know
Lease accounting standards for nonpublic companies were changed drastically in February 2016, with an effective date for reporting periods beginning after Dec. 15, 2019. This discussion will center on the lessee, or the company renting the property ...

An Accounting Degree Offers a Wide, Stable Path Forward
Do you value integrity and enjoy solving problems? Do you want to enter a stable field with ever-growing opportunities? Are you a numbers person? If you answered “yes” to any of these questions, then an accounting degree could be the path for you. Don ...

KPMG holds 'Career Development Workshop' in Dallas
... a panel discussion on academia, and how to properly prepare for long careers in the accounting and finance industries. A networking session with KPMG staff members was also held. KPMG and NAF have a working relationship across the country, with the ...

Crain's Chicago Business Ranks ORBA Among Chicago's Largest ...
Crain's Chicago Business Ranks ORBA Among Chicago's Largest ...

Tax, accounting and crops
I am a native of Ilocos. I am fortunate as half of my life was spent enjoying life in the beautiful province of La Union before I moved to Metro Manila for my undergraduate and postgraduate studies. Now that I am an urban resident, I always look ...

Crain's Chicago Business Ranks ORBA Among Chicago's Largest Accounting Firms
The Largest Accounting Firms survey is calculated based on an annual analysis of the size of local professional staff as of June 30. The list of 25 firms range in size from 76 to 4,663 professional staff members in the Chicago metropolitan area ...

Bill.com and CPA.com expand Accountant Partner Program
Bill.com and CPA.com have expanded their Accountant Partner Program. The program offers services, resources and technology to help accounting firms solve bill payment challenges for their clients. The program has been updated to offer services tailored ...

Voices Art of Accounting: Lawyer did an incompetent job
About nine years ago one of my clients went to an attorney for an estate plan. I asked to be involved and was told I wasn't needed so I sat it out. The attorney was one of the top drawer firms with a noted estate planning expert who was going to be the ...

DFAS union leader says new accounting board unlikely
A Rome Defense Finance and Accounting Service union official is ready to abandon four-month-old hopes of representing the DFAS union on a proposed new federal Defense Accounting Solutions Board. Union local President Edward Abounader said Friday he has ...

PCAOB offers help with auditor report changes
The Public Company Accounting Oversight Board has released staff guidance on the new audit reporting standard and is hosting webinars to help auditors with preparing the new reports. The guidance describes changes to the auditor's report required this ...

SEC eyes implementation of rev rec and lease standards
“The time until required application of the new revenue standard is limited for most public companies (except for those who have already early adopted),” said SEC Chief Accountant Wesley Bricker, during the AICPA's Conference on Current SEC and PCAOB ...

SEC charges Anton & Chia with fraud
The Securities and Exchange Commission has charged the auditing firm Anton & Chia and several of its officials with fraud, accusing the Newport Beach, Calif.-based firm of conducting flawed audits and reviews of financial statements while violating ...

CBIZ buys small accounting firm McKay & Carnahan of Newport Beach, Calif.
The two are separate entities from one another, but work closely together and are associated together as members of Kreston International Ltd., a global network of independent accounting firms. McKay, founded in 1981, provides primarily tax compliance ...

IMA Tackles the Accounting Skills Gap, Sends Students to US Student Leadership Conference
"Every year, we send four to six students from the region where they meet over 600 students from China, Europe, India and the Americas to let them explore their career options in management accounting and help address the skills gap in accounting ...

New guidance from Corp Fin related to adoption of new accounting standards
An EGC may elect to defer compliance with new or revised financial accounting standards until a company that is not an “issuer” as defined under SOX would be required to comply with those standards, if those standards apply to non-issuers. (Under SOX ...

Vrakas CPAs + Advisors acquires accounting firm
According to the Monday announcement, the combined firm will operate as Vrakas CPAs + Advisors and will have nearly 65 professionals practicing in a variety of areas including, assurance, tax, business advisory, valuations, technology, small business ...

H&R Block teams up with coffeehouse
The tax prep chain and The Roasterie, a coffee roaster with several locations across Kansas City, recently cut the ribbon on a shared facility in midtown Kansas City at 4231 Main St., just a few blocks from Block's original location. Block owns and ...

Buy-Side Technology Awards 2017: Best Portfolio Accounting Platform—SimCorp
According to Paul Ravenscroft, product portfolio manager at SimCorp, one of the most popular features is the platform's group currency accounting function, whereby transaction-by-transaction accounting in the parent company's currency for subsidiary ...

Accounting News Roundup: Auditor Fraud, the AMT Lives, and Grant Thornton's Golf Deal | 12.05.17
File to Accountants Behaving Badly: They just made the numbers up. “The SEC's Enforcement Division alleges that Anton & Chia LLP and its accountants ignored numerous indications of fraudulent financial reporting by three of the firm's audit clients ...

SEC Accountants Voice Resource Constraints
Bricker went on to cite his office's work “with the more than 1,000 professionals who collectively serve” at the Financial Accounting Standards Board, the International Accounting Standards Board, and the Public Company Accounting Oversight Board ...

Tax reform makes year-end planning more important than ever
This year, with potentially huge reductions in tax rates between this year and 2018, and the possible loss of many deductions and credits under tax reform, it makes even more sense, according to Mark Luscombe, principal federal tax analyst for Wolters ...

Editor's Corner: The Intuit-TSheets Buy
One would like to believe that TSheets can and will maintain relations with other core accounting partners that it has, but it could prove difficult over time. That of key Intuit competitor Xero comes to mind, as does its integration partnerships with ...

FASB aims to ease pain of implementing lease accounting, other standards
Changes and proposed changes to FASB's new lease accounting standard that were announced last week addressed financial statement preparers' most pressing implementation concerns, FASB Chairman Russell Golden said Tuesday. With those concerns addressed ...

BRIEF-Steinhoff Announces Investigation Into Accounting Irregularities; Resignation Of CEO
... * ‍PIETER ERASMUS, PREVIOUS CEO OF PEPKOR GROUP, HAS AGREED TO JOIN DR. WIESE IN AN EXECUTIVE ADVISORY CAPACITY​. * ‍SHAREHOLDERS AND OTHER INVESTORS IN STEINHOFF ARE ADVISED TO EXERCISE CAUTION WHEN DEALING IN SECURITIES OF GROUP​. * ‍SUPERVISORY ...

Port recognition; Receives accounting award for sixth year
The Certificate of Achievement is the nation's top award for governmental accounting and financial reporting. The award was presented to Stephen Fitzgibbons, the port's director of finance. GFOA created the Certificate of Achievement in 1945 as an ...

Steinhoff says probes accounting irregularities, CEO resigns
South Africa-headquartered, Dutch-registered Steinhoff has also been under investigation for suspected accounting irregularities by the state prosecutor in Oldenburg, Germany since 2015. Steinhoff has said that was a tax case relating to whether ...

UC faces lawsuit for ending forensic accounting graduate program
The University of Charleston is planning to end a master of forensic accounting program in May 2018, according to spokesman Dave Traube. A company in Huntington alleges that the school is ending the program early, thus violating a contract the company ...