Accounting News 08/2007 (Page 2)

FAST Misses Q2 Revenues, Changes Accounting Practices (Search Engine Land)

FAST Search & Transfer said that Q2 earnings were off based largely on a change in accounting practices. The company had formerly booked MOUs (memoranda of understanding) as revenue and that practice has been eliminated. We were informed but have been unable to substantiate that the company's accounting practices are now under investigation. Second quarter revenues and related presentations ... (Aug 8, 2007)

OMB releases standard accounting approach (FCW.com)

The Office of Management and Budget has released the Common Governmentwide Accounting Classification (CGAC) structure that standardizes business processes, interfaces and data. In the fall, OMB and the Financial Systems Integration Office (FSIO) will publish a sequencing blueprint. Agencies then will develop plans to implement it, said Linda Combs, OMB controller. The common accounting ... (Aug 8, 2007)

ACCOUNTING STANDARDS, IMPLEMENTATION GUIDANCE, AND EXAMPLE-BASED REASONING (Accounting Education)

This paper examines interpretation of accounting standards that provide implementation guidance via affirmative or counter examples. (Aug 8, 2007)

Banks Eye Finance, Accounting Outsourcing Revenue (BankTech)

Banks eye finance and accounting outsourcing Lagging cash management revenue has prompted many banks to start offering new elements of finance and accounting outsourcing to their corporate customers. revenue. (Aug 8, 2007)

Another accounting error swings Symmetricom to Q3 loss (Silicon Valley/San Jose Business Journal)

Its second accounting error in as many quarters will result in a $3.4 million restatement at Symmetricom Inc. that will push its third quarter into the red. (Aug 8, 2007)

Banks Eye Finance, Accounting Outsourcing Revenue (BankTech)

Lagging cash management revenue has prompted many banks to start offering new elements of finance and accounting outsourcing to their corporate customers. (Aug 8, 2007)

JMCP Acquisitions Corp. (Pink Sheet JMCP) is set to Retain the Services of an Accounting Firm to Report Financials (PR Newswire via Yahoo! Finance)

JMCP Acquisitions Corp. CEO, Frank Love announces, "JMCP Acquisitions Corp. will retain the services of an approved accounting firm. (Aug 9, 2007)

City accounting firm hired to review county bank accounts (Columbus Telegram)

COLUMBUS The Platte County Board of Supervisors agreed Tuesday to hire the Scow, Rief, Kruse & Schumacher accounting firm to perform a review of the county s internal accounting procedures. (Aug 9, 2007)

Thomson Tax & Accounting Awarded Patent for its ePropertyTax Software System (PR Newswire via Yahoo! Finance)

Thomson Tax & Accounting, a business segment of The Thomson Corporation , today announced that ePropertyTax, a product line within its Corporate Software & Services business, has been issued a U.S. patent for 43 claims covering its software system for managing multi-jurisdictional property tax information. (Aug 9, 2007)

SEC CHARGES CONAGRA FOODS, INC. IN FINANCIAL FRAUD AND ACCOUNTING CASE (Accounting Education)

The Securities and Exchange Commission has filed civil charges against ConAgra Foods, Inc., alleging that it engaged in improper, and in certain instances fraudulent, accounting practices during its fiscal years 1999 through 2001, including the misuse of corporate reserves to manipulate reported earnings in fiscal year 1999 and a scheme at its former subsidiary, United Agri-Products (UAP), in ... (Aug 9, 2007)

GSA Announces Common Government-wide Accounting Classification Structure (PR Newswire via Yahoo! News)

The U.S. General Services Administration (GSA) today announced the publication of the Financial Management Line of Business (FMLoB) Common Government-wide Accounting Classification (CGAC) structure. The FMLoB is one of the President's top management priorities to achieve government-wide cost and quality improvements in financial management. The CGAC structure supports the FMLoB vision to improve ... (Aug 9, 2007)

WellPoint Appoints Jamie S. Miller Senior Vice President and Chief Accounting Officer (PR Newswire via Yahoo! Finance)

WellPoint, Inc. today announced the appointment of Jamie S. Miller as senior vice president and chief accounting officer. (Aug 9, 2007)

Prokom Software Q2 net profit rises to 21.5 mln zlotys before accounting change (Sharewatch)

WARSAW (Thomson Financial) - Polish computer services company Prokom Software second-quarter net profit beat market expectations by rising to 21.5 mln zlotys before the company recognised an accounting gain related to the merger between its two subsidiaries. (Aug 10, 2007)

Prokom Q2 net profit soars on accounting gain, beats expectations UPDATE (Sharewatch)

(Adds more detail, analyst comment, background) WARSAW (Thomson Financial) - Polish computer services group Prokom Software beat market expectations with an 18-fold jump in second-quarter net profit as the company booked an accounting gain related to the merger of its two subsidiaries at the start of this year. (Aug 10, 2007)

U.S. judge dismisses 2 suits over Parmalat collapse (Reuters via Yahoo! News)

A U.S. judge threw out complaints by two former subsidiaries of Parmalat SpA against several banks and accounting firms over the Italian dairy company's 2003 collapse in Europe's largest bankruptcy, according to a ruling made public on Thursday. (Aug 10, 2007)

County might do Isleton accounting (The Sacramento Bee)

The city of Isleton, coping with budget deficits and a grand jury investigation of alleged fund mismanagement, is working on a plan to contract with Sacramento County for accounting services. (Aug 10, 2007)

Software offers accounting, ERP, and CRM capabilities. (ThomasNet)

PostBooks v2.2 graphical client software is built with open source Qt framework for C++ and application business logic resides in open source PostgreSQL database. Software includes fully-integrated modules for accounting, sales, CRM, purchasing, product definition, and light manufacturing, as well as OpenRPT open source report writer. Software runs on Windows, Linux, or Mac and offers ... (Aug 10, 2007)

Custom Professional Accounting has moved (The Marion Star)

MARION - Custom Professional Accounting has moved to 1714 Marion-Waldo Road (next to Marion Children Services), a news release states. The business provides accounting, tax preparation and payroll services for individual, sole proprietors, corporations, partnerships, trust and estates. (Aug 10, 2007)

Xerium Technologies to Restate Certain Previously-Issued Financial Statements for Accounting under SFAS 133 (Business Wire via Yahoo! Finance)

YOUNGSVILLE, N.C.----Xerium Technologies, Inc. , a leading global manufacturer of clothing and roll covers used primarily in the paper production process, today announced that based on the findings of its previously-announced review of the accounting treatment related to interest rate swaps that it entered into in June 2005, it will restate certain of its previously-issued financial statements. (Aug 10, 2007)

New Online Governmental Accounting Certificate Program Created to Address Increasing Demand for Financial Workers (PR Newswire via Yahoo! Finance)

A new online Governmental Accounting certificate program was developed collaboratively by the University of Georgia Center for Continuing Education and the Carl Vinson Institute of Government. (Aug 10, 2007)

NMT Medical Appoints Deloitte & Touche LLP as New Independent Registered Public Accounting Firm (Business Wire via Yahoo! Finance)

BOSTON----NMT Medical, Inc. today announced that it has appointed Deloitte & Touche LLP as its independent registered public accounting firm, effective immediately. Deloitte & Touche LLP replaces Ernst & Young LLP, which has served as the Company's firm of record for the past six years. (Aug 10, 2007)

WellPoint names chief accounting officer (The Indianapolis Star)

INDIANAPOLIS -- WellPoint has named Jamie S. Miller as senior vice president and chief accounting officer. Miller will be responsible for all corporate accounting operations, the integrity of the company's financial records, and investor and outside relations. She previously served in a number of roles at PricewaterhouseCoopers. (Aug 11, 2007)

UAE: Air Tanzania outsources accounting operations (Zawya)

11 August 2007 DUBAI -- Air Tanzania has outsourced its passenger revenue accounting operations to Mercator Mercator , the airline IT solutions provider of the Emirates Group. (Aug 11, 2007)

S.J. accounting firm announces 2 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 these promotions. (Aug 12, 2007)

Sevilla Claim Super Cup First Leg (Soccer365)

Sevilla beat Real Madrid 1-0 in the opening leg of the Spanish Super Cup on Saturday with Luis Fabiano accounting for the only goal. Fabiano struck with a 27th minute penalty after former Sevilla star Sergio Ramos brought down Renato in the area. (Aug 12, 2007)

2 years later, Dell stays mum on accounting probe (USA Today)

A Securities and Exchange Commission probe into Dell's accounting is more than 2 years old and the PC giant won't say when it might be over. (Aug 13, 2007)

Accounting firm goes for color, light (The Plain Dealer)

"Before I came to Ciuni & Panichi, I had my own preconceptions of what accounting firms looked like," confesses Lauren Clemmer, marketing manager. "But after interviewing here, I was completely wowed by the space." (Aug 13, 2007)

Bruno's Supermarkets Outsources Accounting and Financial Applications Support to FMS, Inc. (PRWeb via Yahoo! News)

Bruno's Supermarkets Outsources Accounting and Financial Applications Support to FMS, Inc. (Aug 13, 2007)

Bruno's Supermarkets Outsources Accounting and Financial Applications Support to FMS, Inc. (PRWeb)

Bruno's Supermarkets Outsources Accounting and Financial Applications Support to FMS, Inc. (PRWeb Aug 13, 2007) Post Comment:Trackback URL: (link) U2luZy1UaGlyLVNxdWEtSGFsZi1UaGlyLVplcm8= (Aug 13, 2007)

Linden Lab Chooses Consero Global Solutions For Outsourced Finance and Accounting Responsibilities (PRWeb)

Virtual World Leader Embraces Financial and Accounting Outsourcing --Consero Global Solutions announced today that they were chosen by Linden Lab, the creators of 3D online world Second Life, as the preferred outsourcing provider for its finance, accounting, and operational functions. The agreement will help Linden Lab efficiently address and improve critical finance and accounting (F&A) ... (Aug 13, 2007)

A law that's uncooked books (The Christian Science Monitor via Yahoo! News)

Yet another corporate executive fell last week in a US accounting scandal. Gregory Reyes, ex-CEO of Brocade Communications, was found guilty of backdating his stock options. The conviction reveals the renewed intolerance in America for financial fraud ever since the big Enron-type scandals of a few years ago. (Aug 13, 2007)

AIG Accounting Adventures (No. 9783) (Seeking Alpha via Yahoo! Finance)

Greg Newton submits: The biggest black box of them all: ...records all its derivatives at fair, or market, values as per accounting rules. In the models it uses to derive this fair value, the company says it looks to the performance of the underlying assets, expected losses, credit ratings and interest [... ] (Aug 13, 2007)

Accounting Software facilitates daily tasks. (ThomasNet)

Suited for small businesses, DacEasy v15 includes Save Report Parameters feature, which saves time when running commonly used reports. Users can e-mail reports and forms as PDF attachments to co-workers, partners, owners, customers, and vendors. Version 15 allows users to clean up auto-complete data collected in fields that support automatic word completion, speeds access to transactions with ... (Aug 13, 2007)

TradeStation Accounting Officer Resigns (AP via Yahoo! Finance)

Electronic securities exchange TradeStation Group Inc. said Monday in a regulatory filing that Mark Glassman will resign as chief accounting officer and corporate controller, effective Sept. 1. (Aug 13, 2007)

Tradestation accounting officer to resign (bizjournals.com via Yahoo! Finance)

Tradestation Group said in a regulatory filing that its chief accounting officer and comptroller is to resign Sept. 1. (Aug 13, 2007)

Accounting Firm to Pay $170M (AP via Yahoo! Finance)

Accounting firm BDO Seidman must pay $170 million in compensation and also must provide punitive damages for its negligence in failing to uncover massive fraud in a financial services company backed by a Portuguese bank, a jury ruled Monday. (Aug 13, 2007)

Accounting Firm BDO Ordered to Pay $170M (AP via Yahoo! Finance)

Accounting firm BDO Seidman must pay $170 million in compensation and provide punitive damages for its negligence in failing to reveal massive fraud in a financial services company backed by a Portuguese bank, a jury decided Monday. (Aug 13, 2007)

Beazer Finds Accounting Irregularities (WebCPA)

Atlanta (Aug. 14, 2007) - Accounting irregularities caused Beazer Homes to delay its third-quarter financial report after the company said in a financial filing that it had encountered accounting irregularities. (Aug 14, 2007)

Second Life Developer Outsources Accounting (WebCPA)

Austin, Texas (Aug. 14, 2007) - Linden Lab, creator of the online virtual world Second Life, has begun outsourcing its finance and accounting work to Consero Global Solutions. (Aug 14, 2007)

Nation's Top Accounting Firms See 15 Percent Growth (SmartPros Accounting)

Aug. 14, 2007 (SmartPros) For the third year in a row, average net fees for the nation's top 100 accounting firms grew 15 percent in fiscal year 2006-2007, according to the annual report on the nation's largest firms from industry journal Inside Public Accounting (IPA). (Aug 14, 2007)

14-08-2007: Public sector urged to adopt accrual accounting in financial reports (The Edge Daily)

KUALA LUMPUR: Public sector accounting in Malaysia must be reformed towards adopting accrual instead of cash accounting in preparing budgets and financial reports, said a local council officer. (Aug 14, 2007)

Portuguese bank seeks millions from accounting firm over fraud (7 News Miami)

MIAMI -- A jury has ruled that accounting firm BDO Seidman must pay $170 million in compensation and also must provide punitive damages for its negligence in failing to uncover massive fraud in a financial services company backed by a Portuguese bank. (Aug 14, 2007)

Accounting Problems Plague Beazer Homes (Seeking Alpha via Yahoo! Finance)

Jack Ciesielski submits: Plummeting home sales and plummeting stock prices are bad enough. Accounting woes just top it all off. On Friday, Beazer Homes filed a notice of late filing for its June quarter 10-Q. (Aug 14, 2007)

Accounting firm tries to close court proceedings in Miami (Sun-Sentinel)

MIAMI -- Accounting firm BDO Seidman asked a judge Tuesday to seal records and close court proceedings in its dispute with a Portuguese bank over the firm's inability to uncover fraud at a financial services company. (Aug 14, 2007)

Accounting Firm Wants Closed Court (AP via Yahoo! Finance)

A judge refused Tuesday to seal transcripts and close court proceedings related to accounting firm BDO Seidman's finances in its dispute with a Portuguese bank over the firm's inability to uncover fraud at a financial services company. (Aug 14, 2007)

Accounting Firm Fights Punitive Damages in Miami Court Fight (First Coast News)

MIAMI (AP) -- Accounting firm BDO Seidman would be significantly hurt by a punitive damages award in its court fight with a Portuguese bank over the firm's failure to find fraud at a financial services company, a BDO Seidman audit partner said Tuesday. (Aug 14, 2007)

Accounting Firms Team Up in Merger (Hollister Free Lance)

Hollister - Two local accounting firms recently merged to create the new company Bianchi, Kaplan and Pope - a firm with 20 certified public accountants. (Aug 14, 2007)

Accounting Firm Must Pay Millions (AP via Yahoo! Finance)

A jury Tuesday ordered BDO Seidman, the nation's No. 5 accounting firm, to pay more than $351 million in punitive damages in a negligence case, bringing BDO's potential liability in the case to roughly $521 million, an amount the CEO said threatens its operations. (Aug 14, 2007)

Accounting Firm BDO Seidman to Pay $170M (SmartPros Accounting)

Aug. 15, 2007 (Associated Press) MIAMI - Accounting firm BDO Seidman must pay $170 million in compensation and provide punitive damages for its negligence in failing to reveal massive fraud in a financial services company backed by a Portuguese bank, a jury decided Monday. (Aug 15, 2007)

Accounting Firm Must Pay $521 Million in Fraud Case (Washington Post)

MIAMI, Aug. 14 -- A jury on Tuesday ordered accounting firm BDO Seidman to pay more than $351 million in punitive damages in a negligence case, bringing BDO's potential liability in the case to about $521 million. (Aug 15, 2007)

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