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Accounting News 05/2007



SEC launches formal probe into Sunrise accounting (The Globe and Mail)
CHICAGO — The U.S. Securities and Exchange Commission has launched a formal probe of Sunrise Senior Living Inc.'s accounting practices, the timing of stock sales and options grants, the nursing home company said Tuesday.

US Government Deficit 5 Times Wider Under Corporate Accounting Report (Nasdaq)
NEW YORK -(Dow Jones)- The federal government recorded a $1.3 trillion loss last year - far more than the official $248 billion deficit - when corporate- style accounting standards are used, USA Today reported Tuesday, citing its own analysis.

SCORE Plans Seminar on Accounting (Southern Pines Pilot)
The local Sandhills Chapter of SCORE (Counselors to America's Small Business) will conduct a four-hour free seminar entitled "Accounting for You and Me" on Saturday, June 2.

SEC probes Sunrise's stock, accounting (CNN Money)
Shares of McLean, Va.-based assisted living firm fall 4 percent after the news.

Cardinal replaces principal accounting officer (bizjournals.com via Yahoo! Finance)
Cardinal Health Inc. said Tuesday it has promoted two executives to replace its principal accounting officer.

Local accounting firm joins global elite club (The Herald)
CHARTERED accountancy firm, Gwatidzo and Company, is now a member of Baker Tilly International, a global network of independent accounting firms as more Zimbabwean firms receive international recognition.

Illinois CPA Society's 2007 Survey on Accounting Women (PR Newswire via Yahoo! Finance)
Recently at its Women's Leadership Breakfast, the Illinois CPA Society released the results of its fifth annual "Accounting Women: 2007 Survey on the Role of Women in CPA Firms." The survey found only slight shifts in hiring and retention patterns from the prior years' figures and that women are still underrepresented in key leadership positions.

ASSOCIATION OF ACCOUNTING TECHNICIANS POISED FOR MAJOR GROWTH (Accounting Education)
The Association of Accounting Technicians (AAT) has announced that a $1 million development funding proposal by the Institute of Chartered Accountants in Australia, CPA Australia and the National Institute of Accountants (NIA) will be put to the vote at an extraordinary general meeting held on 6 June 2007....

Southern Community names treasurer, accounting officer (Winston-Salem Journal)
Southern Community Financial Corp. said in a regulatory filing yesterday that it has named James Monroe as treasurer and interim chief accounting officer.

WORKSHOP ON ACCOUNTING AND REGULATION (Accounting Education)
Papers are encouraged on all aspects of the study of accounting regulation and standardization, including developments in theory, empirical studies and policy-oriented analyses.

Zimbabwe: Local Accounting Firm Joins Global Elite Club (AllAfrica.com)
CHARTERED accountancy firm, Gwatidzo and Company, is now a member of Baker Tilly International, a global network of independent accounting firms as more Zimbabwean firms receive international recognition.

Ernst & Young Won't Face Criminal Charges (New York Times)
Federal prosecutors have decided not to prosecute the accounting firm over its work with questionable tax shelters, but will instead charge four employees.

Equity Administration Solutions, Inc. Enhances Accounting Software for Managing Equity Compensation Plans (SYS-CON Media)
Equity Administration Solutions, Inc. (EASi), the experts in equity compensation accounting and taxation, today announced several enhancements to their collaborative web-based software product in response to customer needs.

Molson Coors Accounting Executive Joins Quiznos (Business Wire via Yahoo! Finance)
DENVER----Quiznos, one of the nation's fastest-growing quick service restaurant chains, today announced the appointment of Rusty Spinney as Senior Vice President and Principal Accounting Officer.

CSC Delays Annual Report On Past Accounting Errors (ComputerWire)
Services firm Computer Sciences Corp late yesterday said “significant errors” related to accounting for tax liabilities over the past several years will cost between $300m and $400m to correct. The company said it would delay its fiscal 2007 annual report, which was scheduled to be filed on June 13, as a result.

Cardinal Reaches $600M Settlement (AP via Yahoo! Finance)
Cardinal Health Inc. agreed to pay $600 million to settle a lawsuit filed by shareholders accusing the medical products and services company of accounting irregularities and inflated earnings, according to the company.

CSC to restate results, take charge of up to $400M (bizjournals.com via Yahoo! Finance)
Computer Sciences Corp. will restate results and incur charges between $300 and $400 million after finding "significant errors" in its accounting for tax liabilities from fiscal 2000 through 2006.

AccuFund Instantly Web-enables Accounting Software Suite with GO-Global from GraphOn Corp. (Thin Planet)
SANTA CRUZ, CA – GraphOn Corporation (OTCBB:GOJO), a leading worldwide developer of server-centric application publishing and Web-enabling software solutions, announced today that it has signed a distribution agreement with Needham, MA-based AccuFund, Inc.

CSC delays annual report over accounting errors (InfoWorld via Yahoo! News)
Computer Sciences Corp. has delayed filing its annual report with the U.S. Securities and Exchange Commission because it has found "significant" accounting errors over multiple years, the IT services provider announced Wednesday.

CSC delays annual report over accounting errors (InfoWorld)
( InfoWorld ) - Computer Sciences Corp. has delayed filing its annual report with the U.S. Securities and Exchange Commission because it has found "significant" accounting errors over multiple years, the IT services provider announced Wednesday. CSC, based in El Segundo, California, has uncovered mistakes in its accounting for tax liabilities in fiscal years 2000 through 2006, which is ...

Accounting Problems Tax Computer Sciences (Forbes)
Tax errors will force the tech services company to take a big charge on previous earnings.

CENTER FOR AUDIT QUALITY SUPPORTS MOVES BY THE PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (Accounting Education)
Please find below a statement by Cindy Fornelli, executive director of the Center for Audit Quality, on the recent decision by the Public Company Accounting Oversight Board to enact a new standard regarding the auditing of internal control over financial reporting....