Home > Accounting News

Accounting News 06/2007



Cardinal Health Settles Shareholders? Suit (New York Times)
The medical products and services company agreed to pay $600 million to settle a lawsuit filed by shareholders accusing it of accounting irregularities and inflated earnings.

Dell reports staffing cuts, continued accounting woes (The Arizona Republic)
Struggling computer giant Dell said Thursday that it would cut 10 percent of its staff and postpone its annual shareholders meeting because of accounting problems.

CSC Delays Annual Report On Past Accounting Errors (ComputerWire via Yahoo!7 News)
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.

Dell to lay off 10 percent of employees (Washington Post)
Dell Inc. will lay off 10 percent of its 88,100 workers, in a continuing effort to improve profits as the company also completes an investigation of accounting fraud, it said Thursday.

Dell to cut staff 10% amid continued accounting troubles (USATODAY.com via Yahoo! News)
Dell said Thursday that earnings rose 8% in preliminary first-quarter results, but the computer maker planned to lay off about 8,000 employees over the next year as part of an ongoing restructuring.

Finance, Accounting and Consultancy (Mondaq)
United Kingdom: Is Treasury Adding Value As It Should?: Strategy And Benchmark Practices

Almost Family hires chief accounting officer (bizjournals.com via Yahoo! Finance)
Almost Family Inc. has named John B. Walker as vice president and chief accounting officer, according to a filing with the U.S. Securities and Exchange Commission.

Circle Bank adds accounting veteran to board (BizJournals)
Circle Bank said Friday that Steve Ghirardo, partner in Novato-based Ghirardo CPA and Ghirardo Real Estate Group, has joined the bank's board.

Connecticut Takes Up Fight Over Accounting Rules (New York Times)
Connecticut has picked a fight with the independent board that tells state and local governments how to report their financial affairs.

Accounting System for SMEs (Small & Medium Enterprises) to meet HK and Macau Financial Reporting Standards (PR Web)
A software developer in Hong Kong, Universal Supplies Co., has announced a new accounting system called UFASS (USC Foresight Accounting Standards Systems) to be available for custom order from Jul. 1, 2007. (PRWeb Jun 2, 2007)

Mental accounting: mind over money (San Jose Mercury News)
Let's say you are headed to a movie. As you are about to enter the theater, you reach into your pocket and find to your dismay that you have lost your ticket.

CBSF accounting degree (AME Info)
Oman's College of Banking and Financial Studies will offer a degree in accounting and finance from September 2007 in a tie-up with the UK's University of Bradford, the Times of Oman reported. The college also offers a degree in banking and financial sciences.

The SEC reportedly supports Enron shareholders in high court case (International Herald Tribune)
The $40 billion lawsuit contends that Merrill Lynch, Barclays and Credit Suisse Group should be held equally liable as Enron as participants in the energy company's massive accounting fraud.

Accounting Made Easy for eBay Business Owners (AuctionBytes)
One of the least fun things about running an eBay business is keeping track of sales revenue and expenses, but there's no way around this necessary chore.

Accounting firm shifts top exec (BizJournals)
Accounting firm Boulay, Heutmaker, Zibell & Co. has promoted 18-year-veteran Mark DeNucci to be managing partner. He will fill the shoes of longtime Managing Partner Rick Burrock, who was named chairman.

Ask SCORE: Choose accounting services carefully (Las Cruces Sun-News)
Question: Should I take care of my own books, or hire an accountant? Answer: As you launch or expand a business, keeping track of the money coming in and going out, preparing tax returns and performing the other financial tasks can quickly become a burden.

Malaysian accounting woes could hurt market surge (Reuters via Yahoo! Asia News)
KUALA LUMPUR, June 4 (Reuters) - Malaysia leads the pack in a rally of Southeast Asian stock markets, but concern over a rash of accounting irregularities at some listed firms could hurt sentiment and thwart further gains, investors say.

The Hartford Names Beth A. Bombara Senior Vice President, Controller and Chief Accounting Officer (Business Wire via Yahoo! Finance)
HARTFORD, Conn.----The Hartford Financial Services Group, Inc. today announced that Beth A. Bombara, CPA, has been promoted to senior vice president and controller of the company. Bombara, 39, succeeds Robert Price, 56, who is continuing with The Hartford on a reduced schedule.

Zecco Trading Chooses Wolters Kluwer Financial Services' GainsKeeper to Meet Customers' Tax-Lot Accounting Needs (PR Newswire via Yahoo! Finance)
Wolters Kluwer Financial Services today announced that its GainsKeeper® product, which provides automated tax-based financial tools and services to the investment community, will be integrated with Zecco.com, an online financial portal that provides investors with access to free stock trading via Zecco Trading.

FSA punishes 3 accountants over Livedoor scandal (Kyodo via Yahoo! Asia News)
_ The Financial Services Agency on Monday slapped penalties on three certified public accountants, including the revocation of a license, in connection with Livedoor Co.'s fraudulent accounting practices.

Can a New Online Game from RevenueRecognition.Com Really Make Accounting Fun? (Business Wire via Yahoo! Finance)
CANTON, Mass.----RevenueRecognition.com, a website dedicated to educating finance professionals on revenue management and related issues, today announced a new on-line game that presents an amusing educational experience for corporate financial and accounting professionals about the complexities of revenue recognition.

IGT Board Approves Management Changes (SYS-CON Media)
In a meeting last week, the International Game Technology Board of Directors approved IGT's appointments of Stephen W. Morro as Chief Operating Officer and Daniel R. Siciliano as Chief Accounting Officer and Treasurer, subject to necessary regulatory approvals.

Furniture orders continue slide (BizJournals)
Orders for new furniture from residential manufacturers fell 4 percent in March from March of 2006, according to a monthly survey from High Point consulting and accounting firm Smith Leonard.

EVALUATING ASSESSED GROUP WORK IN A SECOND YEAR MANAGEMENT ACCOUNTING SUBJECT (Accounting Education)
This paper discusses the perceptions on the part of a large cohort of Sydney-based second year university accounting students of the benefits of group-work in developing transferable skills in teamwork, self-management, and planning and organising.

Shareholders OK new directors, accounting firm at Krispy Kreme (bizjournals.com via Yahoo! Finance)
Krispy Kreme Doughnuts Inc. held another shareholders meeting, its second of the year, Monday morning. Among other business, new directors were added to the company's board of directors.

DAN S. DEINES EARNS 2007 AICPA DISTINGUISHED ACHIEVEMENT IN ACCOUNTING EDUCATION AWARD (Accounting Education)
Dan S. Deines, Ph.D., CPA, the Ralph Crouch KPMG Chair in Accounting at Kansas State University, is the 2007 recipient of the Distinguished Achievement in Accounting Education Award from the American Institute of Certified Public Accountants (AICPA). Jimmy Williamson, AICPA Chair, presented the award at the spring meeting of the Institute’s governing Council, which began today in Washington, DC.

Open Polytechnic students win accounting prizes (Scoop.co.nz)
Four Open Polytechnic of New Zealand students studying towards accounting qualifications received awards from The New Zealand Institute of Chartered Accountants to coincide with the Polytechnic’s graduation ceremonies recently.

Finance, Accounting and Consultancy (Mondaq)
The rapidly shifting sands of the financial reporting landscape has led to a huge growth in demand for client facing, expert IFRS advice and project services. This is particularly true in the complex area of financial instrument accounting.

Finance, Accounting and Consultancy (Mondaq)
The announcement by Tesco to give milk suppliers a base price of 22ppl could be a turning point for all involved if everyone in the supply chain is open and transparent.

The CPA Technology Advisor Honors Innovative Technologies for Tax & Accounting Pros (Business Wire via Yahoo! Finance)
SHAWNEE, Okla.----New technologies focused on streamlining tax preparation were among this year's winners of The CPA Technology Advisor's Tax & Accounting Technology Innovation Awards, the most prized recognition for developers of software, hardware, services and other technologies geared toward professional accountants and tax preparers.

Equinomics 101: Management and Accounting System Targets Equine Industry (PR Newswire via Yahoo! Finance)
Rockwood Enterprises, Inc., a three-year- old Houston-based marketing and publishing company, announced today the launch of Equinomics 101 - a management and accounting system designed to teach horse owners and horse-related businesses how to efficiently manage their finances.

US option accounting (Financial Times)
Do US regulators have the stomach for another round on stock option accounting?

Sycamore Concludes Investigation into Stock Option Accounting (Business Wire via Yahoo! Finance)
CHELMSFORD, Mass.----Sycamore Networks, Inc. , today announced that the Audit Committee of its Board of Directors has completed its independent investigation into the Company's stock option granting practices and related accounting.

ACCA: adopt int'l accounting standards (Ireland Business World)
The Association of Chartered Certified Accountants (ACCA) has called for firms to adopt International Financial Reporting Standards (IFRS) and cease to use the standards issued by the UK based Accounting Standards Board.

Connecticut Wants to Set Its Own Accounting Rules: Joe Mysak (Bloomberg.com)
June 6 (Bloomberg) -- Have they all gone mad? Connecticut now wants to opt out of the Governmental Accounting Standards Board's rules, joining Texas in what amounts to secession from the board.

Comparability of EU telecom cos hit by differing accounting norms - Moody's (Sharewatch)
MUMBAI (Thomson Financial) - Moody's Investors Service said an examination of the annual reports of seven EU-based investment-grade telecoms operators revealed several accounting differences, despite the companies reporting their results under International Financial Reporting Standards (IFRS).

RSM McGladrey and McGladrey & Pullen acquire Orlando-based accounting firm (Jacksonville Daily Record)
RSM McGladrey Inc. and McGladrey & Pullen LLP announced Tuesday the completion of the acquisition of Orlando-based Tedder, James, Worden & Associates, P.A., the fifth largest accounting firm in Central Florida.

Survey finds area CFOs plan to add accounting staff (BizJournals)
Eight percent of chief financial officers in the Albany, N.Y., area expect to hire accounting and finance professionals during the third quarter, according to the most recent Robert Half Financial Hiring Index.

Accounting, finance pros will have opportunities in metro Detroit, survey shows (Detroit Free Press)
A survey of chief financial officers projects that the hiring of full-time accounting and finance professionals in metropolitan Detroit is expected to increase during the third quarter.

Virginia Tech professor calls Norris Hall a "memorial" (CNN.com)
BLACKSBURG, Virginia (AP) -- Virginia Tech accounting professor Bryan Cloyd could be excused for never wanting the school's Norris Hall reopened. His daughter Austin, a freshman, was among 30 students and faculty killed there during the shooting rampage at the school in April.

Orlando accounting firm acquired (BizJournals)
RSM McGladrey Inc. and McGladrey & Pullen LLP have completed the acquisition of Orlando-based Tedder, James, Worden & Associates P.A., the fifth largest accounting firm in Central Florida.

Connecticut Might Join Texas In Rejecting Retiree Health Care Cost Accounting Rules (Medical News Today)
The Connecticut House recently approved a bill that would give the state comptroller the legal authority to set accounting rules for the state's financial reports -- a task that currently is performed by the Governmental Accounting Standards Board, which has faced criticism on a rule it established [click link for full article]

US Lawmakers Want Changes To Stock Option Accounting Rules, (Tax-News.com)
A Senate subcommittee hearing on the vexed issue of executive stock options has concluded that new tax and accounting rules are needed to bring more transparency for investors regarding CEO pay, and to rein in huge and undeserved salaries enjoyed by some bosses at non-performing companies.

Accounting Careers Earn Hot Salaries, Business-Programs.com Offers Degree Info (PR Web)
CNN Money now lists accounting careers as commanding some of the fastest growing salaries in the country. According to the Bureau of Labor Statistics, accounting career opportunities are expected to grow faster than average over the next seven years. Business-Programs.com helps students and professionals find the information they need to pursue an accounting education and look forward to a ...

Local accounting firm moves into state-of-the-art facility (Eagle-Tribune Online)
Moody, Famiglietti & Andronico, LLP, a certified public accounting and consulting firm, moved its offices from Route 114 in North Andover to a state-of-the-art facility in Tewksbury on Friday, June 1.

ACCOUNTING POLICY CHOICE FOR TRANSACTION COSTS (Accounting Education)
The Canadian Emerging Issues Committee (EIC) of the CICA has posted a new Abstract on the accounting policy choice for transaction costs.

NO NEED FOR NEW ACCOUNTING OVERSIGHT COMMITTEES (Accounting Education)
Canadian investors are well protected by high quality accounting and auditing standards and the public oversight bodies responsible for developing and assessing their use, Canada’s Chartered Accountants said this week in response to the NDP’s fairness in the financial markets campaign....

LATEST NEWS FROM THE SOUTH AFRICAN ACCOUNTING STANDARDS BOARD (Accounting Education)
The South African Accounting Standards Board (ASB) has published the results of its latest deliberations. A number of local Exposure Drafts (ED) were issued for comment.

SEC to fine Nortel over accounting fraud: report (Reuters via Yahoo! News)
U.S. securities regulators are planning to fine Nortel Networks Corp. up to $100 million for accounting fraud, Bloomberg reported on its Web site on Friday.

Firm proposes accounting software to Winfield panel (The Times of Northwest Indiana)
Times Staff Report WINFIELD | The owner of a software company wanting to develop an accounting program for the town's sewer plant gave her sales pitch to Winfield Town Council members this week.