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Accounting News 09/2007



Accounting counts (The Jakarta Post)
Let's see how your accountant friend is doing today. You can see him running around the office and staying there until 10 p.m. Then you see him leave the office with no energy left. Then as a concerned colleague, you ask him what's wrong.

Accounting group to mentor Hillside students (The News & Observer)
Students studying finance and accounting at Hillside High School hope to soon have the real-world advice of professional accountants through a new partnership.

Audit criticizes Honolulu police accounting (Honolulu Advertiser)
The Honolulu Police Department's manpower accounting practices fail to provide an accurate picture of patrol officers' workloads and activities and hamper efforts by the administration to justify staffing needs, according to a report released yesterday by the Office of the City Auditor.

FAU launches scholars program for top accounting students (Boca Raton News)
A new program of benefit to top students in Florida Atlantic University’s School of Accounting will begin in the new academic year.

Kimbrough named controller, CAO (Montgomery Advertiser)
Brad Kimbrough, 43, has been named controller and chief ac­counting officer at Regions Finan­cial Corporation (NYSE:RF) . Kim­brough adds the role of controller and chief accounting officer to his current duties managing financial reporting, accounting policy, monthly close-out and accounting operations.

Accounting For The Lost Homes In The Region (The Morning News)
More than 300 homes in Northwest Arkansas sit empty, "hidden" in plain sight.

Afghan VP Calls For Spraying Of Poppies (CBS News)
An Afghan vice president has called for aerial spraying to destroy opium poppies after the cultivation of the illicit crop reached a record high this year, accounting for over 90 percent of global supply, according to a report.

How the Times made comparisons (Contra Costa Times)
The Times developed its methodology for this series with advice from many experts. Kenrick Kwong, manager of the accounting and reporting systems section of the Office of Statewide Health Planning and Development, provided invaluable tips on computing charity care at East Bay hospitals.

Accounting For The Lost Homes In The Region (The Morning News)
More than 300 homes in Northwest Arkansas sit empty, "hidden" in plain sight.

Accounting for the needs of SMEs (Computer Weekly)
Finance and accounting software is widely used by small and medium-sized enterprises (SMEs) to save time and money by automating repetitive processes and simplifying financial reporting. However, as an increasing number of suppliers target smaller businesses, deciding which package to choose is becoming more complicated.

The welcome mat greets returning career moms (Louisville Courier-Journal)
Gina Thoma is taking a year off work to raise a family, but she's still playing the corporate game. As part of a new program at PricewaterhouseCoopers, the 42-year-old mother of three mingles at company events, checks in with a career coach and attends seminars to keep her accounting skills fresh.

MSU accounting school renamed for alumnus (Northeast Mississippi Daily Journal)
STARKVILLE - Mississippi State University's School of Accountancy now bears the name of alumnus Richard C. Adkerson. The change was announced in campus ceremonies Thursday.

Finance, Accounting and Consultancy (Mondaq)
We look at HMRC’s stance on salary payments to partners’ spouses and tax concessions on late night taxis.

Finance, Accounting and Consultancy (Mondaq)
Peter Maher considers the various strategies firms can employ to help them manage their pension liabilities. Although some firms have closed their final salary pension schemes to new entrants, deficits persist.

Ex-farm minister Tamazawa to leave LDP over accounting scandal (Kyodo via Yahoo! Asia News)
_ Former farm minister Tokuichiro Tamazawa of the ruling Liberal Democratic Party said Monday he has notified the LDP of his intention to leave the party to take responsibility for an alleged accounting irregularity involving an LDP chapter he has led.

Ex-farm minister Tamazawa to leave LDP over accounting scandal (Japan Today)
TOKYO — Former farm minister Tokuichiro Tamazawa of the ruling Liberal Democratic Party said Monday he has notified the LDP of his intention to leave the party to take responsibility for an alleged accounting irregularity involving an LDP chapter he has led.

Yet another Future Fund accounting rort from Cossie (Crikey)
The Federal Government has made a special request to the ABS for investments of its Future Fund not to be revealed in the current account figures until the middle of next year.

BearingPoint hit over accounting (The Washington Times)
BearingPoint Inc., a provider of financial software to governments and corporations around the world, continues to have accounting issues of its own.

City’s year-end deficit smaller than anticipated (The Buffalo News)
OLEAN — The city retired a $3.8 million revenue anticipation note on the Aug. 31 due date and announced preliminary year-end accounting figures showing a smaller deficit than anticipated.

Accounting for the needs of SMEs (Computer Weekly)
Finance and accounting software can be critical to an SME. With a wealth of options out there, we identify the best options for a range of users.

GeoMet Names Frank C. Turner II as Vice President, Chief Accounting Officer & Controller (Business Wire via Yahoo! Finance)
HOUSTON----GeoMet, Inc. announced today that it has promoted Frank C. Turner II to Vice President, Chief Accounting Officer and Controller, effective September 1, 2007.

IPhone outsells smartphones in July (Reuters via Yahoo! News)
Apple Inc's iPhone outsold all smartphones in the United States in July, its first full month on sale, accounting for 1.8 percent of all U.S. mobile handset sales, research group iSuppli said on Tuesday.

Accounting plan gets benefit of doubt (The Australian)
A CONTENTIOUS new way to retrain graduates as accountants should be given a chance to work, according to Graham Meyer of the Institute of Chartered Accountants in Australia.

Finance, Accounting and Consultancy (Mondaq)
Originally published in Turnaround Management Association newsletter, August 2007.

Journyx Announces 2nd Annual Excellence in Project Accounting Philosophy Essay Scholarship (PR Newswire via Yahoo! Finance)
Journyx -- the first company to provide Web-based time tracking and project accounting solutions that guide customers to per-person, per-project profitability -- today launches the 2008 Excellence in Project Accounting Philosophy essay scholarship.

Quscient Ranked 4th Among Midmarket Finance and Accounting Outsourcing Vendors Worldwide (Business Wire via Yahoo!7 Finance)
Quscient Technologies based in Chennai, India, has been rated 4th worldwide in providing outsourced finance/accounting services to mid market customers in the league tables published by the Black Book on Outsourcing. The ranking is based on over eighteen parameters relating to client satisfaction and operational excellence as measured in independently conducted surveys.

Accounting Firm Launches $2,500 Makeover Contest (SmartPros Accounting)
Sept. 5, 2007 (SmartPros) Mid-Atlantic-area accounting firm Aronson & Company has announced a $2,500 student-to-professional makeover contest, open to college accounting and finance majors entering the job market.

Accenture Provides BT with Finance and Accounting Services Under Multi-year Business Process Outsourcing Agreement (Business Wire via Yahoo! Finance)
LONDON----Accenture is providing BT with finance and accounting services under a five-and-a-half-year business process outsourcing contract. Financial details of the agreement were not disclosed.

Quscient Ranked 4th Among Midmarket Finance and Accounting Outsourcing Vendors Worldwide (Business Wire via Yahoo! Finance)
CHENNAI, India----Quscient Technologies based in Chennai, India, has been rated 4th worldwide in providing outsourced finance/accounting services to mid market customers in the league tables published by the Black Book on Outsourcing.

IFAC SEEKS PROPOSALS TO DEVELOP PRACTICE MANAGEMENT GUIDE FOR SMALL AND MEDIUM ACCOUNTING FIRMS (Accounting Education)
The International Federation of Accountants (IFAC) is requesting proposals for the development of a practice management guide for use by small and medium accounting practices (SMPs).

(AFX UK Focus) 2007-09-05 13:50 GMT: Comparability of EU automakers hit by different accounting practices - Moody's (Interactive Investor)
MUMBAI (Thomson Financial) - Moody's Investor Service said despite all but one of the rated European carmakers adopting International Financial Reporting Standards, an examination of seven rated automotive companies' annual reports reveal several accounting differences of varying magnitude and significance, particularly as regards key measures such as EBITA, debt and pensions.

Sun delays results, cites new accounting software (ZDNet)
Fiscal first-quarter results will come out on November 5, later than usual, due to complications in installing a new accounting system. Sun Microsystems will release its fiscal first-quarter results on Nov. 5, later than usual for that period, due to complications in installing a new computer accounting system, its chief...

Lawrence Park Golf Club Accounting Trouble (Action News 24 Erie)
The Lawrence Park Golf Club says its hired accounting firm misplaced more than 1.5 million dollars...now the golf club is taking the firm - McGill, Power, Bell & Associates to court.

Accounting discrepancies at Ace Hardware (Minneapolis-St. Paul Star Tribune)
Ace Hardware Corp. discovered an approximately $154 million shortfall on its books while preparing to convert from retailer-owned cooperative to for-profit corporation and likely will have to restate its financial results for the past five years, President and CEO Ray Griffith said. Ace has called off the conversion plan and hired an audit consulting firm to help rectify an accounting problem ...

Ace discovers $154M accounting shortfall (Lexington Herald-Leader)
Ace Hardware Corp. discovered an approximately $154 million shortfall on its books while preparing to convert from retailer-owned cooperative to for-profit corporation and likely will have to restate its financial results for the last five years, President and CEO Ray Griffith said Wednesday. Ace has called off the conversion plan and hired an audit consulting firm to help rectify an accounting ...

Dell CEO denies having role in accounting scandal (The Palm Beach Post)
Dell Inc. CEO Michael Dell said Wednesday that he was not "involved in or aware of" the accounting irregularities that prompted a yearlong internal probe at the PC maker.

Accounting and Finance Worker Confidence Drops 7 Points (SmartPros Accounting)
Sept. 6, 2007 (SmartPros) Accounting and finance worker optimism dropped seven points, from 120.1 in July to 113.1 in August, as confidence among the U.S. workforce plunged to its lowest reading in nearly two years, according to the Hudson Employment Index.

Accenture Grabs Share of BT Accounting Work (ComputerWire)
Telecoms operator BT Group has signed a second big deal in the space of a week to outsource its finance and accounting functions.

Accenture Grabs Share of BT Accounting Work (Computer Business Review)
Under a five-and-a-half-year contract, Accenture will take on responsibility for handling high-end accounting functions such as management reporting, financial planning and analysis, month-end close activities, and budgeting/forecasting. The size of the contract was not disclosed.

Ace discovers $154M accounting shortfall (AP via Yahoo! News)
Ace Hardware Corp. discovered an approximately $154 million shortfall on its books while preparing to convert from retailer-owned cooperative to for-profit corporation and likely will have to restate its financial results for the last five years, President and CEO Ray Griffith said Wednesday.

Accounting error puts Ace in hole (Chicago Tribune)
$154 million shortfall halts conversion plan Ace Hardware Corp. announced Wednesday that it has shelved plans to switch from a dealer-owner cooperative to a corporation after discovering a $154 million accounting shortfall that dates back at least five years.

Michael Dell 'not involved' in accounting fraud (Addict 3D)
Buck, what buck? Must have passed it along...Michael Dell, CEO of Dell Computers said Wednesday he was not involved in any of the accounting monkeyshines uncovered during an internal probe at the company.…

Greenberg Will Testify to SEC About AIG Accounting, People Say (Bloomberg.com)
Sept. 6 (Bloomberg) -- Maurice ``Hank'' Greenberg, former chief executive officer of American International Group Inc., will testify to the U.S. Securities and Exchange Commission about whether he had a role in the insurer's accounting improprieties, two people familiar with the matter said.

Poised to be accounting hub (The Star Online)
PENANG: Malaysia is poised to become a hub for accounting education in the region, Malaysian Institute of Accountants president Nik Mohd Hasyudeen Yusoff said.

IASB Proposes Additional Hedge Accounting Guidance (SmartPros Accounting)
Sept. 7, 2007 (SmartPros) The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to IAS 39 Financial Instruments: Recognition and Measurement.

Accenture Grabs Share of BT Accounting Work (ComputerWire via Yahoo!7 News)
Telecoms operator BT Group has signed a second big deal in the space of a week to outsource its finance and accounting functions.

Accenture Grabs Share of BT Accounting Work (Computer Business Online via Yahoo! UK & Ireland News)
Telecoms operator BT Group has signed a second big deal in the space of a week to outsource its finance and accounting functions.

SKorea discovers 17.4 trillion won 'windfall' due to accounting system error (Sharewatch)
SEOUL (Thomson Financial) - South Korea's government is 17.4 trillion won wealthier than it expected after uncovering errors in a new accounting system, officials said Friday.

Accounting degrees are most lucrative (Accountancy Age)
Students with a degree in accounting stand to earn more money in the workplace than any other graduate, a study by the Institute of Education has revealed.

School of accounting gets name, funding (The Reflector)
University officials publicly announced the naming of the Richard C. Adkerson School of Accountancy Aug. 30 following his $5 million donation to MSU's accounting school. The announcement was made at a ceremony held that day before MSU's first football game.