Accounting News
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Rising Deficits Imperil Pensions
State and local agencies' accounting tactics conceal crisis facing public workers and taxpayers. (Sun, 11 May 2008 02:42:54 GMT)
Accounting changes 'will be dagger to the heart' of final salary pensions
CONTROVERSIAL changes to global accounting rules could be the last nail in the coffin for final salary pension schemes. (Sat, 10 May 2008 23:33:58 GMT)
Longtime Practice of City Council Financing Lands on Speaker?s Shoulders
Veterans of New York City politics say that many of the controversial accounting practices now being revealed are far from novel or rare. (Sat, 10 May 2008 22:41:25 GMT)
Satyam adopts global accounting norms ahead of deadline
Hyderabad, May 10 IT services provider Satyam Computer has become the first Indian company to adopt the International Financial Reporting System (IFRS), exactly three years ahead of the proposed move to implement this globally accepted accounting standard. (Sat, 10 May 2008 18:36:15 GMT)
WFU accounting professor receives Fulbright honor
Jon Duchac, an accounting professor at Wake Forest University, has been selected as a Fulbright Distinguished Chair in economics and business from the Fulbright Scholar Program. (Sat, 10 May 2008 04:09:58 GMT)
ICAI proposes accounting standards for local bodies
Institute of Chartered Accountants of India is framing new accounting standards for local bodies, including municipal corporations and panchayats. (Fri, 09 May 2008 22:27:55 GMT)
FASB Issues Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles
The Financial Accounting Standards Board (FASB) today issued FASB Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles. The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. generally ... (Fri, 09 May 2008 19:56:16 GMT)
FASB Issues Statement No. 162, The Hierarchy of Generally Accepted . Accounting Principles
Accounting Principles 09/05/2008 19:31:00 Business Wire The Financial Accounting Standards Board (FASB) today issued FASB Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles. (Fri, 09 May 2008 19:41:32 GMT)
FASB Issues Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles
NORWALK, Conn.----The Financial Accounting Standards Board today issued FASB Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles. The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. ... (Fri, 09 May 2008 19:31:00 GMT)
Accounting Software provides 300 FAS123R compliance.
With scheduled batch reporting functionality, stock plan accounting and administration software allows users to schedule/run quarterly and annual reports needed to comply with accounting and SEC standards. Administrative reports run day-to-day, and can also be generated in real-time at any time. Software provides role-based access to Stock Option Administrator, Implementation Administrator, ... (Fri, 09 May 2008 12:36:30 GMT)
Coda launches on-demand accounting on Force.com
It said Coda2go, the first enterprise finance package built on Force.com, will enable Coda customers to use the accounting system without having to pay for a full-scale application. Instead, they can access the software through Force.com's platform-as-a-service delivery mechanism. (Fri, 09 May 2008 10:27:11 GMT)
State Street to offer fund accounting services for Swiss domiciled funds
State Street, a provider of financial services to institutional investors, has acquired Deutsche Banks fund accounting operations in Switzerland, a Fondsleitung under Swiss law. (Fri, 09 May 2008 10:07:30 GMT)
Freenet Profit Falls 75% on Accounting Change (Update2)
May 9 (Bloomberg) -- Freenet AG , the German mobile-phone and Internet operator that agreed to buy rival Debitel AG, said first-quarter profit dropped 75 percent on an accounting change and lower sales. (Fri, 09 May 2008 07:58:38 GMT)
Freenet Profit Falls 75% on Accounting Change (Update1)
May 9 (Bloomberg) -- Freenet AG , the German mobile-phone and Internet operator that agreed to buy rival Debitel AG, said first-quarter profit dropped 75 percent on an accounting change and lower sales. The stock dropped in pre-market trading. (Fri, 09 May 2008 07:13:28 GMT)
Accounting degrees hit tops
NEW YORK -- More than 64,000 students graduated with bachelor's and master's degrees in accounting in the 2006-07 school year, according to a new report by the American Institute of Certified Public Accountants. (Fri, 09 May 2008 00:19:26 GMT)
An unforgiving eye: Bankers cry foul over fair value accounting rules
Accounting rules rarely top senior executives’ agendas. But when Axa , the mighty French insurance firm, recently unveiled its results, its bosses were unusually outspoken in voicing their criticism of bean-counters. (Fri, 09 May 2008 00:14:39 GMT)
AAA 1ST ANNUAL CONFERENCE ON TEACHING AND LEARNING IN ACCOUNTING (CTLA)
Plan to attend the 1st Annual Conference on Teaching and Learning in Accounting (CTLA) before and during the AAA Annual Meeting in Anaheim, California, August 2-3, 2008. (Thu, 08 May 2008 16:29:44 GMT)
Accounting Firm To Move Into Cleveland Redevelopment Project
CLEVELAND - A Cleveland developer says the accounting firm Ernst & Young has agreed to occupy the top six floors of an office tower in the redevelopment of a part of Cleveland at the mouth of the (Thu, 08 May 2008 15:20:51 GMT)
Accounting firm to move into Cleveland redevelopment project
CLEVELAND (AP) - A Cleveland developer says the accounting firm Ernst & Young has agreed to occupy the top six floors of an office tower in the redevelopment of a part of Cleveland at the mouth of the Cuyahoga (keye-uh-HOH'-guh) River. (Thu, 08 May 2008 14:44:33 GMT)
Coastal Capital Acquisition Corporation Update on Accounting Activity
Coastal Capital Acquisition Corp. is providing this brief update on the progress of its accounting activity and that of its acquisition target, NBD, Inc. (Thu, 08 May 2008 14:18:00 GMT)
CANADIAN ACCOUNTING STANDARDS BOARD, APRIL DECISION SUMMARY
The AcSB received reports on recent meetings of the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) (see www.iasb.org.uk and www.fasb.org, respectively). (Thu, 08 May 2008 14:13:24 GMT)
Beers + Cutler Partner Jere Shawver Appointed to William & Mary's Mason School of Business Accounting Programs Board
Beers + Cutler, the leading accounting and consulting firm focused on the Washington, DC region, is pleased to announce that partner Jere Shawver has been appointed to The College of William & Mary's Mason Accounting Programs Board. (Thu, 08 May 2008 13:20:00 GMT)
Karen L. Wiltsie, Partner, Accounting Standards and Communications, Deloitte to Speak at the Knowledge Congress' Event ...
The Knowledge Congress, the leading producer of regulatory focused teleconferences has announced today that Karen L. Wiltsie, Partner, Accounting Standards and Communications at Deloitte will speak at the Knowledge Congress’ upcoming teleconference entitled: “Statement 158 Pension & Postretirement Accounting”. This 2-hour event is scheduled for December 7, 2007, Friday, at 1:00 PM - 3:00 PM EDT. ... (Thu, 08 May 2008 09:33:48 GMT)
William M. Smith, Esq, Director, National Tax Office, CBIZ Accounting, Tax & Advisory Services, LLC to Speak at KC’s ...
The Knowledge Congress, the leading producer of regulatory focused teleconferences has announced today that William M. Smith, Director of the National Tax Office of CBIZ Accounting, Tax & Advisory Services, LLC will speak at the Knowledge Congress’ upcoming teleconference entitled: “FIN 48 Update - Mid Year Review”. This 2-hour event is scheduled for December 6, 2007, Thursday, at 1:00 PM - 3:00 ... (Thu, 08 May 2008 09:33:07 GMT)
Stephen Alpert, Principal, Mercer LLC & Vice-Chair of the American Academy of Actuaries' Pension Accounting Committee ...
The Knowledge Congress, the leading producer of regulatory focused teleconferences has announced today that Stephen A. Alpert, Principal and Consulting Actuary of Mercer LLC and Vice-Chair of the American Academy of Actuaries' Pension Accounting Committee will speak at the Knowledge Congress’ upcoming teleconference entitled: “Statement 158 Pension & Postretirement Accounting”. This 2-hour event ... (Thu, 08 May 2008 09:32:17 GMT)
(AFX UK Focus) 2008-05-08 10:00 Engel East sees need to restate 2006, 2007 results after JV accounting review
LONDON (Thomson Financial) - Engel East Europe N.V. said following the review of its accounting policy pertaining to joint-ventures and the delay in the joint-venture, Heitman II, the company expects to restate its results for 2006 and 2007. (Thu, 08 May 2008 09:01:59 GMT)
Buffett sanguine over accounting losses
Warren Buffett, the world’s greatest investor, has vowed that his derivatives bets will come good, despite declaring a $1.6bn loss under new accounting rules. (Thu, 08 May 2008 07:28:38 GMT)
Buffett sanguine over accounting losses
Barbara Buchanan, Accountancy Age , Thursday 8 May 2008 at 01:33:00 Warren Buffett vows that his derivatives bets will come good despite $1.6bn loss Warren Buffett, the world's greatest investor, has vowed that his derivatives bets will come good, despite declaring a $1.6bn loss under new accounting rules.... > Read the full article (Thu, 08 May 2008 05:11:56 GMT)
State Street Establishes Fund Accounting Services for Swiss Domiciled Funds
State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, announced today that it has expanded its investment servicing capabilities for the Swiss market and will now offer fund accounting solutions for Swiss domiciled funds. State Street has acquired Deutsche Bank's fund accounting operations in Switzerland, a Fondsleitung under Swiss ... (Wed, 07 May 2008 18:27:03 GMT)
Angeion Selects New Independent Registered Public Accounting Firm
The Angeion Corporation (NASDAQ: ANGN) today announced that the Audit Committee of the Board of Directors has selected Virchow Krause & Company, LLP to succeed KPMG LLP as the company's independent registered public accounting firm, effective immediately. Virchow Krause is the nation's 15th largest certified public accounting and consulting firm according to Public Accounting Report's "Top 100 ... (Wed, 07 May 2008 13:27:50 GMT)
Angeion Selects New Independent Registered Public Accounting Firm
ST. PAUL, Minn.----The Angeion Corporation today announced that the Audit Committee of the Board of Directors has selected Virchow Krause & Company, LLP to succeed KPMG LLP as the company's independent registered public accounting firm, effective immediately. (Wed, 07 May 2008 13:00:00 GMT)
CODA Launches First Enterprise Accounting System Built and Run Entirely on Salesforce.com's Force.com Platform
demand accounting application from one of Europe's (Wed, 07 May 2008 12:20:00 GMT)
South Africa: Move to Simplify New Accounting Rules Welcomed
MOVES by the International Accounting Standards Board to simplify the accounting standard for financial instruments have been welcomed by SA's own accounting board and the accountancy profession. (Wed, 07 May 2008 10:32:08 GMT)
Accounting workshop set for tonight
The third in a series of workshops about accounting for small businesses is scheduled for tonight in downtown Salem. Accounting Series 3, designed for existing businesses, runs from 6 p.m. to 9 p.m. at Chemeketa Center for Business & Industry, 365 Ferry Street SE. Cost is $45. For information, call (503) 399-5088. (Wed, 07 May 2008 10:15:42 GMT)
Accounting Degrees Up 19 Percent: AICPA Report
May 6, 2008 (SmartPros) The American Institute of CPAs announced that more than 64,000 students graduated with bachelor's and master's degrees in accounting in the 2006-07 school year, a 19 percent increase since the 2003-04 school year, when the AICPA last surveyed this data. (Wed, 07 May 2008 06:31:13 GMT)
American Capital posts loss, cites accounting rule
American Capital posts loss, cites accounting rule (Wed, 07 May 2008 06:11:32 GMT)
Salesforce offers hosted accounting software
Accounting company Coda and on-demand specialist Salesforce.com claim to have come up with a way for companies to handle their accounting software without having to pay for a full-scale application. (Wed, 07 May 2008 03:54:18 GMT)
American Capital posts loss, cites accounting rule
SAN FRANCISCO (MarketWatch) -- Private equity firm American Capital Strategies Ltd. said Tuesday it swung to a loss in its first-quarter compared to the period a year earlier thanks in part to the adoption of a new accounting rule. (Wed, 07 May 2008 01:38:35 GMT)
Costco principal accounting officer exercises options
The principal accounting officer of Costco Wholesale Corp. exercised options for 7,500 shares of common stock, according to a Securities and Exchange Commission filing Monday. (Tue, 06 May 2008 19:37:36 GMT)
Former Broadway theater producers plead not guilty to accounting fraud in Canada
Associated Press - May 6, 2008 4:35 AM ET TORONTO (AP) - Two former Broadway producers on trial in Canada have pleaded not guilty to participating in large-scale accounting fraud. (Tue, 06 May 2008 14:28:41 GMT)
Chris Senyek Joins ISI to Head Its New Accounting & Tax Policy Research Team
ISI, an investment research firm, broker-dealer and fund manager, announced today that Chris Senyek has joined the firm as a managing director and head of Accounting & Tax Policy research. (Tue, 06 May 2008 14:00:00 GMT)
Wiley-Blackwell to Publish Australian Accounting Review
Wiley-Blackwell, the scientific, technical, medical and scholarly publishing business of John Wiley & Sons, Inc (NYSE: JWa), (NYSE: JWb), today announced its partnership with CPA Australia for the publication of the Australian Accounting Review. (Tue, 06 May 2008 13:08:20 GMT)
Business: Weickgenant Accounting turns 50
Numbers are his stock in trade, but Jim Weickgenant said it's the people behind the numbers who matter. Last month his family's accounting firm celebrated its 50th anniversary, a legacy built on client relationships. "It all comes back to people working with people," Weickgenant said. "It's not all about the numbers." The firm has grown steadily since his father Peter launched it from his ... (Tue, 06 May 2008 11:03:19 GMT)
Mississippi accounting firms to combine with BKD
Three Jackson, Miss.-based accounting firms are combining with Springfield-based BKD LLP, BKD said Monday. (Tue, 06 May 2008 08:06:04 GMT)
‘Ragtime’ producers deny accounting fraud
AccountancyAge.com, Accountancy Age , Tuesday 6 May 2008 at 08:00:00 Former Broadway producers deny they have participated in large-scale accounting fraud Former Broadway producers Garth Drabinsky and Myron Gottlieb have been charged with two counts of fraud and one count of forgery.... > Read the full article (Tue, 06 May 2008 07:25:32 GMT)
Former securities chief lands a job with accounting firm
The embattled former director of the Utah Division of Securities is taking a job with a Miami-based forensic accounting firm. (Tue, 06 May 2008 06:28:43 GMT)
3 area accounting firms acquired, will unite
Three Jackson-area firms are uniting under the umbrella of one of the nation's 10 largest accounting firms, Springfield, Mo.-based BKD. (Tue, 06 May 2008 06:12:59 GMT)
Former Broadway theater producers plead not guilty to accounting fraud in Canada
TORONTO - Two former Broadway producers pleaded not guilty Monday to participating in large-scale accounting fraud. (Tue, 06 May 2008 01:54:49 GMT)
Jenkintown accounting firm in merger
Goldenberg Rosenthal LLP, a Jenkintown accounting firm with 21 partners and 125 staff members, merged with Edison, N.J.-based Amper, Politziner & Mattia, creating a firm with 84 partners, 600 employees and annual revenue of $113 million. (Mon, 05 May 2008 16:02:53 GMT)
Sikich Technology Division Ranks #15 in Accounting Technology's 2008 Top 100
Sikich has been ranked 15th in Accounting Technology's Top 100 Value Added Reseller list with revenue totaling over $16.12 million in 2007, an increase of just under 11%. (Mon, 05 May 2008 14:10:00 GMT)
Out of the Gate: American Capital slides after downgrade
Shares of American Capital Strategies Ltd. dropped Monday morning after an analyst downgraded the investment company, saying the impending implementation of a new accounting rule may harm 2008 earnings. (Mon, 05 May 2008 13:46:07 GMT)
Accounting/ERP System integrates document management.
DEACOM Integrated Accounting and Enterprise Resource Planning (ERP) Software System is available with DEACOM document linker, which allows manufacturers to link unlimited number of transactional documents to their corresponding transactions using barcodes. Document linker lets users instantly view all linked documents for given transaction within one ERP system, designed to integrate business ... (Mon, 05 May 2008 13:04:26 GMT)
Public cos in Israel stick with big accounting firms
The top five CPA firms audit 90% of Israel's public companies. (Mon, 05 May 2008 12:30:34 GMT)
Fraud trial set to begin for Drabinsky, Gottlieb
Garth Drabinsky and Myron Gottlieb will go on trial Monday over allegations of accounting irregularities in connection with their former theatre company, Livent. (Mon, 05 May 2008 12:09:06 GMT)
Taiwanese Annual Inflation Eases In April
(RTTNews) - Taiwanese annual inflation eased to 3.86% in April from 3.95% in March, while expectation was 3.75%, the Directorate General of Budget, Accounting and Statistics reported Monday. (Mon, 05 May 2008 08:52:04 GMT)
Canadian accounting-standards changes are sign of the times
Canada recently announced that it will be changing its accounting standards in 2011. (Mon, 05 May 2008 04:55:36 GMT)
Accounting for succession
Auditor Tom Akin has hit his stride. At 53, he is one of four senior partners in Akin, Doherty, Klein & Feuge, a 30-person, San Antonio public accounting firm that handles a big chunk of local public company work. (Mon, 05 May 2008 04:23:45 GMT)
MCTC, small business development center offer accounting workshops
QUICKBOOKS WORKSHOP: The West Virginia Small Business Development Center at Marshall Community and Technical College will offer an Accounting with QuickBooks workshop from 6 p.m. to 9 p.m. Monday and Tuesday, May 19 and 20, at 348 15th St., Huntington. (Mon, 05 May 2008 03:42:52 GMT)
Moscow Efes Brewery sees net losses soar 260% in Q1
MOSCOW. May 4 (Interfax) - The Moscow Efes Brewery, owned by Efes Breweries International, saw its net losses under Russian accounting standards (RAS) expand 260% to 376 million rubles in the first quarter of 2008 from 104.1 million rubles in the same period of 2007, the company said in a statement. (Sun, 04 May 2008 13:53:40 GMT)
Business people / Hires, Promotions & Honors
Gaines Kriner Elliott, an Amherst-headquartered certified public accounting firm, named Michael T. Vanderwerf, Michael D. Jozwiak, Jeffrey H. Couchman and Denise M. Neamon partners. Jozwiak and Vanderwerf joined the firm as a result of the merger with J. D. Elliott and Co. in 2004. Jozwiak, a graduate of the University at Buffalo, has more than 30 years of accounting experience. Vanderwerf is a ... (Sun, 04 May 2008 10:49:01 GMT)
Oak Point City Manager resigns, police investigating accounting irregularities
Oak Point City Manager Richard Martin resigned Monday. Martin was not present at an emergency City Council meeting held Friday or at the regular city council meeting Monday night. Martin said he had submitted his resignation, and as far as he knew, the council had accepted it. (Sun, 04 May 2008 06:02:35 GMT)
Agency Pays $12 Million to Settle Accounting Case
The Interpublic Group agreed to pay the fine to settle a Securities and Exchange Commission investigation into its accounting practices. (Sat, 03 May 2008 01:37:29 GMT)
Capital Bank chief accounting officer to step down
Capital Bank announced that Lyn Hittle, its senior vice president and chief accounting officer, has notified her intention to resign from her positions in order to pursue a new opportunity. (Sat, 03 May 2008 01:28:15 GMT)
Accounting rulemakers to speed up convergence
NEW YORK/WASHINGTON (Reuters)—Get ready for a flurry of new accounting rules. (Fri, 02 May 2008 18:11:10 GMT)
INDEPENDENT ACCOUNTING COMPANY TO AUDIT PKFZ FINANCIAL STATUS
PUTRAJAYA, May 2 (Bernama) -- An independent accounting firm will be appointed next week to audit the financial status of the Port Klang Free Zone to give it a new footing, Transport Minister Datuk Ong Tee Keat said. (Fri, 02 May 2008 14:19:57 GMT)
Accounting principle to cost county millions
It's an issue of pay now or pay later. Either way, a new accounting principle will cost Allegany County government millions as it works to play catch up. (Fri, 02 May 2008 14:14:11 GMT)
Lifting the Lid: Accounting Rulemakers to Speed Up Convergence
Get ready for a flurry of new accounting rules. U.S. and foreign accounting rulemakers will soon debut a new plan to speed up the convergence of international and U.S. accounting rules, with the ai (Fri, 02 May 2008 13:59:13 GMT)
Agency Pays $12 Million to Settle Accounting Case
The Interpublic Group agreed to pay the fine to settle a Securities and Exchange Commission investigation into its accounting practices. (Fri, 02 May 2008 12:36:59 GMT)
Independent accounting firm to audit PKFZ
PUTRAJAYA: New Port Klang Authority chairman Datuk Lee Hwa Beng will appoint an independent accounting firm to conduct an overall audit on the Port Klang Free Zone (PKFZ) project. (Fri, 02 May 2008 11:19:19 GMT)
02 Process Manufacturing Software: Mixed Mode Manufacturing Accounting Software System
Finally, a new dimension in Accounting & ERP software has been discovered with the release of the 02 Process Manufacturing system designed exclusively for Sage MAS 500 ERP Accounting software. The capabilities of this comprehensive formula management, production and accounting solution presents an ideal option for business owners in the food, beverage, rubber, chemical, fragrances and petroleum ... (Fri, 02 May 2008 10:07:45 GMT)
Ericsson says talk of accounting error groundless
Telecom equipment maker Ericsson said on Friday market talk that it had made an accounting error was "groundless". "There are rumours, probably somebody trying to move the share," said Ericsson spokeswoman Ase Lindskog. (Fri, 02 May 2008 09:44:32 GMT)
Capital Bank's chief accounting officer resigns
Capital Bank is seeking a new chief accounting officer to replace Lyn Hittle, who submitted her resignation after eight months on the job. (Thu, 01 May 2008 20:42:38 GMT)
Advertising Firm Settles Accounting Claims
McCann-Erickson Worldwide agreed to pay a $12 million fine to resolve federal regulators? claims of civil accounting fraud in transactions with its parent, Interpublic. (Thu, 01 May 2008 16:43:17 GMT)
Cigna Net Falls 80% on Retirement Business Accounting (Update5)
May 1 (Bloomberg) -- Cigna Corp. , the U.S. insurer that specializes in employer-sponsored health benefits, said first- quarter profit plunged 80 percent because of a new accounting rule for a discontinued retirement-income business. (Thu, 01 May 2008 15:23:18 GMT)
SEC Charges McCann-Erickson Worldwide With Accounting Fraud
Washington, D.C., May 1, 2008 — The Securities and Exchange Commission today filed enforcement actions against global advertising network McCann-Erickson Worldwide, its parent company, and two former executives for their roles in an accounting fraud involving intercompany transactions. (Thu, 01 May 2008 14:07:49 GMT)
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