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Accounting News 01/2018



Texarkana hailed for its accounting
TEXARKANA — The city of Texarkana has been recognized for the high quality of its comprehensive annual financial report. The Government Finance Officers Association awarded the city its Certificate of Achievement for Excellence in Financial Reporting ...

Voices Art of Accounting: Practice continuation agreement tool kit free download
All of the accountants I know and interact with are nice caring people and I like them. However there is one area where I believe they are being shortsighted and neglectful—when they have not made arrangements for the continuation and sale of their ...

5 hiring trends in the accounting and finance profession
“We're seeing far greater demand for analytical and commercial accountants than ever before,” says Brushfield. “Companies are looking to get more from their finance and accounting support. Typically, that 'more' is more commercial insight … bringing ...

No accounting for taste: Pete's Top 20 Albums for 2017
Juliana Hatfield, Hurray for the Riff Raff, U2, Allison Krauss, Arcade Fire, Sharon Jones & the Dap Kings, P!nk and St. Vincent all made it into Pete's top 20 for 2017. Courtesy Photos. By Pete Chianca. Monday. Posted at 5:11 PM Updated at 7:40 PM ...

Samsung BioLogics denies accounting fraud allegations
The company is currently under investigation by the Financial Supervisory Service (FSS) for accounting fraud worth 1.9 trillion won ($1.7 billion) in 2015, to boost the company's value ahead of its initial public offering last year. Samsung BioLogics ...

GAAP Gets A Bad Rap
Generally Accepted Accounting Principles (GAAP), the accounting framework US companies must follow for financial reporting, is coming under increasing criticism for being inadequate. It has reached a point where some companies are finding other ways to ...

BRIEF-ChineseAll Digital Publishing Group says change of accounting policy regarding government subsidy
BRIEF-ChineseAll Digital Publishing Group says change of accounting policy regarding government subsidy. Reuters Staff. 1 Min Read. Jan 2(Reuters) - ChineseAll Digital Publishing Group Co Ltd. * Says it plans to change accounting policy based on ...

BRIEF- Renrenle Commercial Group announces change in accounting policy
BRIEF- Renrenle Commercial Group announces change in accounting policy. Reuters Staff. 1 Min Read. Jan 2(Reuters) - Renrenle Commercial Group Co Ltd. * Says it changes accounting policy based on accounting standards for business enterprises No. 16 ...

Steinhoff says accounting issues stretch back to at least 2015
The accounting scandal marks a fall from grace for the retailer which has grown rapidly via an international M&A spree that began in 2011 with the acquisition of Conforama, Europe's second biggest furniture retailer. It has also tainted the reputation ...

Accountants With Rich And Super-Rich Clients Should Have A Sensational 2018
In many ways the new tax law is a gift to the wealthy. Aside from the well-publicized benefits, the speed in passing the law, and the complexity it adds to the tax system, a number of unintended consequences will likely prove advantageous to the rich ...

National Accounting Firm Establishes New Region in SW Ontario
CALGARY, Jan. 2, 2018 /CNW/ - MNP, Canada's fifth largest national accounting and business consulting firm, is pleased to announce that it will merge with a London-based accounting firm, effective January 2, 2018. The London-based firm, with offices in ...

Elgin accounting firm announces merger
Mulcahy, Pauritsch, Salvador & Co., a certified public accounting firm with offices in Orland Park and Burr Ridge has merged with Mueller & Co. and will operate under the Mueller name and continue to serve clients in their respective offices. "MPS is a ...

New Jersey Accounting Firms Merge
The New Jersey accounting firm Ennis Hargadon has merged with MSPC Certified Public Accountants and Advisors, P.C. effective January 1, 2018. The addition of two principals brings MSPC's partner count to 11 and the firm's total staff to 67. The firm is ...

Accounting News Roundup: PwC Capped Off 2017 With More Bad News | 01.02.18
Late on Sunday, news broke that a judge in Alabama found PwC negligent in a lawsuit brought by the Federal Deposit Insurance Corp. for violating auditing rules and failing to “take steps that could have detected a $2 billion fraud” that contributed to ...

Dan and Sharon Wathen Scholarship to Benefit Accounting Student-Athlete
The Youngstown State University Department of Intercollegiate Athletics is pleased to announce the Dan and Sharon Wathen Scholarship to enhance the YSU Athletics Scholarship Endowment Fund. This scholarship was recently established by Dan and Sharon ...

Wipfli adds Kessler Orlean Silver
Wipfli LLP, a Top 100 Firm, has merged in Kessler Orlean Silver & Co., effective Jan. 1, 2018, expanding the Milwaukee-based firm's presence in Chicago. The deal with KOS represents Wipfli's sixth combination in the Chicago area in the past three years ...

Voices The debate about Excel
The Wall Street Journal ignited a firestorm of discussion with its November 29 article that questioned whether Excel has adapted to the demands of modern-day finance and accounting. As CFO of a NYSE-listed company, I am personally liable for the ...

PCAOB swears in new chairman William Duhnke
The Public Company Accounting Oversight Board swore in its new chairman William D. Duhnke III on Tuesday, along with a new board member, Kathleen M. Hamm, at the headquarters of the Securities and Exchange Commission. The SEC named Duhnke last month to ...

ABA Urges Agencies to Consider Effects of Tax Reform on Accounting, Capital
With the tax reform law now in effect, the American Bankers Association today wrote to the heads of the federal banking agencies and the Securities and Exchange Commission urging them to carefully consider the short- and long-term effects tax reform ...

Steinhoff's accounting Gordian Knot trying the patience of global creditors
Spent yesterday catching up on the latest developments at Steinhoff in researching my story for Premium subscribers. It soon became apparent why speculators on the JSE have become obsessed with the counter. Steinhoff shares have been bouncing around ...

Accounting: Ringing up the changes
Despite accountancy's staid reputation, 2017 has been anything but dull. And 2018 is set to be no different. Starting with accounting for defined-benefit plans under International Accounting Standard 19, the overall picture is a slight but noticeable ...

NJ Professor Authors New Federal Tax Accounting Book
"Over the years, tax accounting has become increasingly complex and important. Part of what helps tax practitioners of all backgrounds succeed is having a thorough understanding of tax accounting and its constantly changing rules. The goal with Federal ...

Accounting News Roundup: Caterpillar's Fight, Google's Euros, Failed Flip-Flops | 01.03.18
File to Accountants Behaving Badly: Terrible Business Instincts edition. A trustee for the bankrupt accounting firm testified that Don Iley, an accountant who stole millions from his clients, invested in two businesses started by a friend to make the ...

Menlo Technologies acquires SSi Consulting
SSi provides ERP software selection, implementation, training, design and support for accounting software products from Microsoft, Sage Intacct and Unanet. SSi Consulting offers customers certified Sage Intacct, Unanet and Microsoft Dynamics ...

Youngstown State University announces student-athlete scholarship
Ohio's Youngstown State University and its Department of Intercollegiate Athletics announced this week that the school has created the Dan and Sharon Wathen Scholarship as part of its YSU Athletics Scholarship Endowment Fund. The scholarship honors Dan ...

Wipfli Acquires Chicago-Based Accounting Firm Kessler Orlean Silver
The top 20 U.S. accounting and consulting firm Wipfli has acquired Chicago-based Kessler Orlean Silver & Co., P.C. The the partners and associates of (KOS) officially joined the firm effective January 1. This combination marks the sixth Chicagoland ...

Stoudt Associates acquires Chapman accounting firm
Stoudt Associates LLC of Allentown has acquired the accounting firm of John J. Defassio, which will continue to operate out of itsoffice in Chapman, the company announced Wednesday. Defassio will join the Stoudt Associates team as the senior manager of ...

Vertex expands integration with Salesforce
Vertex, which provides sales tax automation software, has added new integration capabilities with Salesforce's sales software platform. Now, Vertex customers can access Salesforce CRM (customer relationship management), Commerce Cloud, CPQ (configure ...

Web Seminar Tax reform: Everything you need to know for tax season
Most of the provisions of the Tax Cuts and Jobs Act won't affect 2017 tax returns – but tax season is a great chance to talk to your clients about preparing for all the changes coming in 2018. This webinar will focus on what you need to know for their ...

Citron Slams Aurora Cannabis, Calls Out 'Enron-Type Accounting'
After a 545-percent run the last three months, AURORA CANNABIS IN (OTC: ACBFF) is running on fumes, according to Citron Research. Short-seller Andrew Left warned investors in a Wednesday short thesis that the $10.80 stock is likely to concede 50 ...

Voices The FDIC vs. PwC: Scapegoating the auditors is the wrong move
The job of a public accounting firm is to provide reasonable — not absolute — assurance that a company's financial statements are not materially misstated. Auditors do not and cannot guarantee a company's solvency or its success. For one thing ...

EisnerAmper merges in Cohen & Schaeffer
Shareholders Arthur Cohen and Steve Schaeffer have joined New York-based EisnerAmper, along with the 15 other professionals on their staff. Their firm specializes in international taxation and will become part of the EisnerAmper Tax Group. “Arthur and ...

Rehmann adds firms in Florida and Michigan
The firm, based in Troy, Mich., said Tuesday it is combining with Wiebel, Hennells and Carufe, PLLC, a firm based in Bonita Springs, Fla. and with Jana Knudson of Lutz & Knudson, PA., in Naples, Fla., effective Jan. 1, 2018. In its home state, Rehmann ...

States look for workarounds with new tax reform law
State governments are worried about the potential loss of tax revenue after passage of the Tax Cuts and Jobs Act, and may be forced to restructure their tax laws. New York Governor Mario Cuomo announced plans Wednesday to sue the federal government ...

Voices The evolution and changing role of bookkeepers
So says Ingrid Edstrom, who has built an award-winning bookkeeping and advisory firm, Polymath LLC. Edstrom says the role of bookkeeper has evolved, especially over the last decade, even if many people still think of a bookkeeper using the generic ...

Accounting firm found negligent in mortgage fraud that led to Colonial Bank collapse
A federal judge in Alabama has ruled that accounting firm PricewaterhouseCoopers' inability to detect a $2.3 billion mortgage fraud contributed to the collapse of Colonial BancGroup Inc. in August 2009. Judge Barbara Rothstein ruled Dec. 28 that the ...

Nonprofits Make A Gradual Move Into High-Tech Accounting
Tracking how companies and their employees spend money is undoubtedly a critical component, not only for cash flow management, but also to ensure regulatory compliance and accurate financial reports. But accurate reports are difficult to achieve ...

Accounting Firm Promotes Batesville Resident Wilder To Partner
(Batesville, Ind.) – Officials at accounting firm Agresta, Storms & O'Leary PC (ASO) recently announced that Rita Wilder had been elected Partner at the firm. Wilder, a Certified Public Accountant (CPA), has been an employee since the firm opened its ...

10 accounting tech trends for 2018
Accounting Today. Continue in 3 seconds. Login Register. Accounting Today · Resources · Audit & Accounting · Financial Planning · Tax · Technology · Practice Management · Voices. Search. Search. Audit & Accounting · Financial Planning · Tax ...

Loyola's accounting program earns industry endorsement
January 4, 2018 | By Ashleigh Aldridge The Institute of Management Accountants endorsement seal The accounting program at Loyola University Maryland's Sellinger School of Business and Management earned endorsement from the Institute of Management ...

Voices The shifting sands of finance and technology
The value of combining intelligent technologies can be seen in lease accounting, with new global regulations such as IFRS 16 and ASC842. EY has developed a tool that uses a mix of RPA and AI technologies such as deep learning, text pattern ...

Hospital employees want accounting of deal with Blue Cross
HELENA, Mont. - Employees of five Montana hospitals are concerned they are overpaying for their health benefits after learning the hospitals had six-year coverage agreements giving Blue Cross Blue Shield of Montana in exchange for more than $20 million ...

Hospital employees want accounting of deal with Blue Cross ...
Hospital employees want accounting of deal with Blue Cross ...

Steinhoff CFO steps down amid probe into accounting irregularities
The chief financial officer of South African furniture retailer Steinhoff International, Ben la Grange, stepped down from his role on Thursday in the latest blow to the stricken group since it became embroiled in an accounting scandal in December. The ...

FASB to Meet on Tax Reform Accounting Issue Raised by ABA
In response to the American Bankers Association's letter to the Financial Accounting Standards Board on the unexpected consequences that tax reform will have on regulatory capital, FASB has agreed to address the issue during its upcoming meeting on Jan ...

ACCOUNTING & QUICKBOOKS CERTIFICATION PROGRAM
This course is designed to establish students with fundamental knowledge of accounting procedures and is a compliment to QuickBooks for Small Businesses. It will also explain how QuickBooks can simplify the accounting process for a small business. Sign ...

Loyola MD accounting program earns industry endorsement ...
Loyola MD accounting program earns industry endorsement ...

Voices What to expect with the new expected credit loss model
In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326). The ASU is the new impairment standard, and caps the second phase of FASB's three-part ...

York County company will provide accounting, advisory services for businesses
Stambaugh Ness Group LLC, a York County company which is made up of several entities has announced the formation of a new entity, Stambaugh Ness Workforce Solutions LLC. Stambaugh Ness Workforce Solutions provides outsourced accounting services ...

Accounting, legal services set to be taxed
Accounting and legal services are set to be taxed in next month's Budget, according to a report by independent advisers of the Bermuda Government. The Fiscal Responsibility Panel's annual assessment, published last month, also estimates that Government ...