Home > Accounting News

Accounting News 08/2007



ACCOUNTING: ChuoAoyama's incarnation disbands (Asahi.com)
Misuzu Audit Corp., formerly ChuoAoyama PricewaterhouseCoopers, ended its 39-year history Tuesday, following accounting scandals at client companies. Misuzu, one of Japan's four largest accounting houses, had announced in February that it would disband after losing many of its accountants.

Lisbon Accounting Firm CopiRisco Joins International Accounting Network (PRWeb via Yahoo! News)
Lisbon accounting firm CopiRisco Lda appointed by MSI Legal & Accounting Network Worldwide as the organisation's exclusive accounting firm member in Portugal. The move gives the firm access to accountants and lawyers in 100 countries.

City, accounting manager win awards (The New Britain Herald)
NEW BRITAIN - The city of New Britain and its manager of accounting, Rebecca Salerni, have been honored by the Government Finance Officers Association of the United States and Canada.

Lisbon Accounting Firm CopiRisco Joins International Accounting Network (PRWeb)
Lisbon accounting firm CopiRisco Lda appointed by MSI Legal & Accounting Network Worldwide as the organisation's exclusive accounting firm member in Portugal. The move gives the firm access to accountants and lawyers in 100 countries. (PRWeb Aug 1, 2007) Post Comment:Trackback URL: (link) RW1wdC1DcmFzLVRoaXItU3F1YS1UaGlyLVplcm8=

Wal-Mart sued over accounting practices (NWAnews.com)
A California trampoline vendor is suing Wal-Mart Stores Inc., claiming the retail giant secretly withdrew more than $400,000 from the supplier’s account as part of a fraudulent accounting practice, according to a complaint filed in federal court on Tuesday. (Arkansas Democrat-Gazette Northwest Edition)

Intervolve Delivers on Aggressive Route Accounting System Reporting Strategy for Beverage Wholesalers (Business Wire via Yahoo! Finance)
RALEIGH, N.C.----Intervolve, Inc., the pioneer in providing on demand supply chain software using web and mobile technologies, today announced major reporting enhancements to its Route Accounting System warehouse and delivery software for beverage wholesalers.

ACCOUNTING STANDARDS BOARD IFRS PROGRESS REVIEW PLAN (Accounting Education)
The Canadian Accounting Standards Board (AcSB) has published its plan for assessing the progress Canada is making towards its convergence with International Financial Reporting Standards, to confirm that anticipated timing of full convergence continues to be appropriate.

GOVERNMENT ACCOUNTING ON INTER-ENTITY COST (Accounting Education)
FASAB’s Accounting and Auditing Policy Committee issued an exposure draft of a new Federal Financial Accounting Technical Release, Clarification of Standards Relating to Inter-Entity Cost. The ED provides guidance to federal entities on three aspects of inter-entity costing....

ACCOUNTING FOR TRANSFERS OF FINANCIAL ASSETS AND REPURCHASE FINANCING TRANSACTIONS (Accounting Education)
On July 24, 2007, the Financial Accounting Standards Board issued proposed Staff Position (FSP) FAS 140-d, "Accounting for Transfers of Financial Assets and Repurchase Financing Transactions."

ACCOUNTING FOR INTANGIBLE ASSETS (Accounting Education)
The Canadian Accounting Standards Board (AcSB) has issued a Background Information and Basis for Conclusions document for the June 2007 Re-exposure Draft, Intangible Assets. Comments on the Re-exposure Draft are requested by September 30, 2007....

CANADIAN ACCOUNTING STANDARDS BOARD DECIDES NOT TO PROCEED WITH PROPOSALS FOR EMPLOYEE FUTURE BENEFITS (Accounting Education)
The Canadian Accounting Standards Board (AcSB) met on July 24 and 26, 2007 and considered the comments received on its Exposure Draft, “Employee Future Benefits (Amendments to Section 3461),” from a wide spectrum of stakeholders, and decided not to proceed with the proposed amendments....

THE ALLOCATIONAL EFFECTS OF THE PRECISION OF ACCOUNTING ESTIMATES (Accounting Education)
This paper studies the allocational effects associated with the precision of accounting estimates when the precision of estimates is a choice variable for firms. One part of the paper considers the effects of the observability of precision choices.

NOTIFICATION OF BREACHES IN ACCOUNTING STANDARDS – A DIRECTOR’S DUTY SAYS ICAS (Accounting Education)
Company directors, not auditors, should be required to notify the Financial Reporting Review Panel (FRRP) when their financial statements have breached accounting standards. That’s the view of ICAS in a response to a consultation by the FRRP on a proposal to enable it to obtain early notification of audit reports that have been qualified due to a breach in accounting standards....

Chief accounting officer leaves Capital Bank (bizjournals.com via Yahoo! Finance)
George Nicholson, chief accounting officer at Raleigh's Capital Bank, has resigned from the company to become chief financial officer at a Maryland company.

Maintaining diversity an issue in accounting firms (The Star-Ledger)
Accounting firms face high turnover rates among men and women of color, who complain they have yet to be accepted on equal terms, according to a new survey by the workplace diversity advocate Catalyst.

BluQube to fit fashion academy's accounting software (Accountancy Age)
London's Fashion Retail Academy, which was opened in 2005 with a £20m fund donated by the state, BHS and Arcadia owner Sir Philip Green, has signed up bluQube to provide it with accounting software.

UPDATE:SEC Advisory Group Mulls Improvements To US Accounting (Nasdaq)
(UPDATES throughout with more details from meeting.) WASHINGTON -(Dow Jones)- Can U.S. accounting be new and improved?

SEC Advisors Mull U.S. Accounting Rules (AP via Yahoo! Finance)
A 17-member advisery committee began work Thursday on improving U.S. corporate financial reporting, focusing on ways to make it less complex and more useful to both retail and institutional investors.

Accounting star takes her gifts to church (Colorado Springs Gazette)
After spending 36 years building the largest accounting firm in Colorado Springs, Brenda Smith is retiring to head the staff of one of the city’s largest churches.

Accounting firm's stolen laptop had E.On employee information (Lexington Herald-Leader)
The names, Social Security numbers and birth dates of many E.On U.S. employees and some retirees were on a laptop stolen in Chicago last month. The computer, belonging to the Louisville-based accounting firm of Mountjoy and Bressler, vanished after a car break-in in a parking garage July 20. The accounting firm and E.On U.S. sent letters to the employees about the theft of the computer, which ...

New Auditing Standard Will Save Public Companies Time and Money, According to Accounting Management Solutions (Marketwire via Yahoo! Finance)
Following approval last week by the Securities and Exchange Commission of a new auditing standard aimed at increasing the accuracy of financial reports while reducing unnecessary audit costs, public companies should start planning their 2007 audits with provisions of the new standard in mind, according to Accounting Management Solutions, Inc.

Accounting firm's stolen laptop had E.On employee information (WAVE 3 Louisville)
The names, Social Security numbers and birth dates of many E.On U.S. employees and some retirees were on a laptop stolen in Chicago last month.

Producer Ladd Beats Hollywoods Accounting System (ContactMusic)
In the latest blow to Hollywood's notorious accounting system, a Los Angeles jury on Thursday awarded veteran producers Alan Ladd Jr. and Jay Kanter

UNCG-Nussbaum accounting program called a success (The Business Journal of the Greater Triad Area)
A pilot program that provides accounting services to tenants of the Nussbaum Center for Entrepreneurship business incubator from students at UNC-Greensboro has been a success, according to incubator officials.

Japan to unify accounting standards by 2011 - paper (Reuters via Yahoo! Asia News)
TOKYO, Aug 4 (Reuters) - Japan is set to bring its accounting rules in line with standards widely applied internationally by the year 2011, the Nikkei business daily said on Saturday.

Plan For Better Events Accounting (Des Plaines Journal)
Journal & Topics Editor More detailed care will be given in the accounting of money spent and received at future special events in Des Plaines. City officials and members of the all volunteer Des Plaines Special Events Commission met this week to discuss plans to implement better procedures.

Bluffdale's Sanderson ready to go back to his accounting job (Deseret Morning News)
Neither of the Bluffdale city job titles Dave Sanderson has tried on in the past four months has felt quite right, he said, and he's not interested in a third.

S.J. accounting firm announces 4 promotions (Courier-Post)
Bowman & Co. LLP, one of New Jersey's largest locally based certified public accounting and consulting firms with offices here and in Woodbury, has announced a number of promotions.

Getting ahead (The Record)
Small businesses using Apple Macintosh computers have a new management and accounting tool available. Rockaway-based MYOB US said this week that it released Version 3 of its FirstEdge program, an entry-level software program for businesses with simple accounting needs.

Executive moves (Crain's New York Business)
Executives in accounting, advertising, finance, high tech and new media, law and real estate have all found new digs. Check out the new faces in key places.

Two recent mergers part of growing accounting industry trend (BizJournals)
Two local accounting firms are adding to their ranks through acquisitions.

Accounting takes off as hot profession (Courier-Post)
You probably won't be seeing "CSI: Accountants" on television anytime soon. Still, increased federal regulations and the rise of forensic accounting are helping to transform the once stereotypically dullsville accounting world into a hot, hot career.

Air Tanzania selects Mercator's outsourced revenue accounting solution (AME Info)
Air Tanzania has selected the Revenue Accounting Bureau Service offered by Mercator, the airline IT solutions provider of the Dubai-based Emirates Group.

Getting ahead (The Record)
Small businesses using Apple Macintosh computers have a new management and accounting tool available. Rockaway-based MYOB US said this week that it released Version 3 of its FirstEdge program, an entry-level software program for businesses with simple accounting needs.

MYOB Accounting Plus 16 Review (Macworld UK)
For several years, MYOB’s Accounting Plus has been the most comprehensive accounting program available for Mac-using small and mid-size businesses. It offers an extensive set of accounting tools, as well as payroll options, time-billing, and credit-card processing features.

Evercore Partners Appoints Paul Pensa as Principal Accounting Officer and Controller (PR Newswire via Yahoo! Finance)
Evercore Partners Inc. announced today that Paul Pensa will join the firm as Principal Accounting Officer and Controller, effective August 13, 2007.

CPI gauges general price changes: DGBAS (Central News Agency)
Taipei, Aug. 6 (CNA) The consumer price index (CPI) reflects the general condition of product prices in Taiwan, an official of the Directorate-General of Budget, Accounting and Statistics (DGBAS) explained Monday amid public doubts of the newly released CPI figures.

Evercore Replaces Accounting Executive (AP via Yahoo! Finance)
Evercore Partners Inc., a boutique investment banking firm, said Monday it would replace its principal accounting officer and controller on Aug. 13, following the replacement of its chief financial officer two months ago.

AES restates 2006 earnings due accounting changes (Reuters via Yahoo! Asia News)
NEW YORK, Aug 6 (Reuters) - Global power company AES cut its 2006 earnings results on Monday as it restated its financial statements to reflect accounting changes.

Evercore Partners has hired a new principal accounting officer from a larger bank, as the US advisory boutique seeks to ... (eFinancial News)
Evercore Partners has hired a new principal accounting officer from a larger bank, as the US advisory boutique seeks to bolster its administrative team ahead of expected profit losses in its second-quarter results later today.

Mobile Broadband Users to Pass 1 Billion by 2012 with HSPA Accounting for Over 70% (PRWeb via Yahoo! News)
Juniper Research forecasts that HSPA will dominate mobile broadband network deployments over the next five years, consistently accounting for about 70% of the total mobile broadband subscriber base until 2012.

Mobile Broadband Users to Pass 1 Billion by 2012 with HSPA Accounting for Over 70% (PRWeb)
Juniper Research forecasts that HSPA will dominate mobile broadband network deployments over the next five years, consistently accounting for about 70% of the total mobile broadband subscriber base until 2012. (PRWeb Aug 7, 2007) Post Comment:Trackback URL: (link) UHJvZi1UaGlyLUVtcHQtSGFsZi1UaGlyLVplcm8=

Accountants Failing Investors With 'Fair Value' Accounting (Seeking Alpha via Yahoo! Finance)
Mark McQueen submits: If anyone thinks the accounting profession has learned anything following the Enron and Worldcom experiences, they havent spent much time thinking about the topic of Fair Value Accounting.

Rancher Energy Corp. Names Richard E. Kurtenbach Chief Accounting Officer (Marketwire via Yahoo! Finance)
Rancher Energy Corp. today announced the appointment of Richard E. Kurtenbach as chief accounting officer. Kurtenbach brings more than 25 years of experience in domestic and international oil & gas operations as well as a Big Four audit background. His experience includes international operations, asset acquisition and divestiture, SEC reporting, budgeting, strategic planning, and financial ...

Honeymoon over for "Greek Wedding" creative team (Reuters via Yahoo! News)
Alleging big, fat accounting problems, the creative team behind "My Big Fat Greek Wedding" is suing the independent production company behind the 2002 low-budget comedy phenomenon.

Accounting Firm Enters Media Consulting (WebCPA)
San Ramon, Calif. (Aug. 8, 2007) - Accounting firm Armanino McKenna LLP has formed a division that will act as a media-consulting firm under the leadership of a former newspaper publisher.

ESI accounting case ends with plea of guilty (The Oregonian)
With a guilty plea from the former controller of Electro Scientific Industries Inc., federal prosecutors on Tuesday brought to a close their long-running accounting fraud case against former executives of the Portland-based company.

ACS Awarded Contract to Provide Finance and Accounting Solutions for Georgia-Pacific (PR Newswire via Yahoo! Finance)
Affiliated Computer Services, Inc. announced today that it has been awarded a seven-year contract to provide finance and accounting services for Georgia-Pacific LLC, one of the world's leading manufacturers and marketers of tissue, packaging, paper, pulp, and building products.

Drake Gold Resources, Inc. Accounting Progress Report (Marketwire via Yahoo! Finance)
Drake Gold Resources is pleased to announce that the company's new CFO, Thomas Conar, is spearheading the company's accounting process as we move toward full disclosure. While the process is challenging, it is designed to facilitate transparency between Drake Gold Resources, Inc. and the investment community. "The company's intention is to become a fully disclosing company, releasing our audited ...

Delphi posts loss, flat sales (AP via Yahoo! News)
Delphi Corp. on Wednesday posted narrower losses for the second quarter that included one-time charges for lawsuits over allegations of accounting improprieties that resulted in a multiyear restatement of earnings.