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Accounting News 10/2007



Accounting flap stirs up state political parties (Ravalli Republic)
HELENA - State Republican Party Chairman Erik Iverson on Thursday accused Gov. Brian Schweitzer's administration of engaging in “Enron-style accounting” for political purposes by violating accounting principles to give another tax break to Montanans.

Turkish Accounting Firm Joins International Accounting Firm Association MSI (PRWeb via Yahoo! News)
Istanbul accounting firm CONSULTAS Denetim has today been appointed as leading worldwide professional services association MSI's exclusive accounting firm member in Turkey.

People in Business (The Tennessean)
Crosslin, Vaden & Associates, a Nashville-based consulting and accounting firm, has named two new officers.

Turkish Accounting Firm Joins International Accounting Firm Association MSI (PRWeb)
Istanbul accounting firm CONSULTAS Denetim has today been appointed as leading worldwide professional services association MSI's exclusive accounting firm member in Turkey. Affiliation with MSI enables CONSULTAS Denetim to extend its services to include the provision of a broad range of sophisticated, cross-border professional advisory services through MSI's membership of carefully selected, ...

CICA developing new accounting framework for owner-manager businesses (CNW Group via Yahoo! Finance)
The Canadian Institute of Chartered Accountants is developing a simplified accounting framework tailored to the needs of Canada's 1.7 million owner-manager businesses.

Sunrise Senior Finds Accounting Errors (AP via Yahoo! Finance)
Sunrise Senior Living Inc. said Monday it made several accounting errors over the years but found no evidence of stock backdating, inappropriate accounting or insider trading as part of an internal investigation.

The Source for exclusive news on securities Regulation (Compliance Reporter)
Compliance Reporter is read by decision makers in Asset Management Firms, Broker/Dealers, Investment Banks, Hedge Funds, Law Firms, Accounting Firms and Regulatory Agencies. Titles include: CEOs, Presidents, Chief Compliance Officers and General Counsel.

Parlux Appoints Rachlin, Cohen & Holtz LLP as Independent Registered Public Accounting Firm (Marketwire via Yahoo! Finance)
Parlux Fragrances, Inc. announced today that the Audit Committee of its Board of Directors has appointed Rachlin, Cohen & Holtz LLP as its independent registered public accounting firm for the fiscal year ended March 31, 2008, and has terminated the engagement of Deloitte & Touche LLP effective September 26, 2007.

Former Dynegy Finance Boss Paying $376,560 to Settle SEC Charges Over Alleged Accounting Fraud (Canadian Business)
WASHINGTON (AP) - A former chief financial officer of energy company Dynegy Inc. is paying $376,560 to settle federal regulators' charges that he played a role in an alleged $300 million fraudulent accounting scheme in 2001.

A SECOND YEAR OF DOUBLE-DIGIT GROWTH FOR FIRMS IN CCH'S PUBLIC ACCOUNTING REPORT TOP 100 LIST (Accounting Education)
Growth has tailed off somewhat for the majority of accounting firms on Public Accounting Report's 2007 Top 100, but the group's revenue growth rates remain in double digits, with 2006 and 2007 registering the first back-to-back years of double-digit growth since 2000 and 2001....

Accounting fix slows rise in Medicare costs (The Charlotte Observer)
Elderly and disabled people will see monthly Medicare premiums rise 3.1 percent next year to $96.40 -- the lowest increase in six years.The good news is temporary. That's because the formula used to calculate the premium assumes physicians will take a 10 percent cut in reimbursement rates next year, an unlikely occurrence. The increase was lower than expected because officials fixed an ...

TIDEWATER BLASTED FOR ACCOUNTING PRACTICES (Maritime Global Net)
THE US Securities and Exchange Commission (SEC) has issued a “cease and desist” order against offshore support shipping company Tidewater and its executive vice president and chief financial officer James Lousteau.

Trustee alleges accounting firm didn't do its job (The Spokesman-Review)
The bankruptcy trustee for Spokane Raceway Park is seeking financial penalties against the Spokane accounting firm of LeMaster & Daniels for an alleged breach of fiduciary duty.

Diebold to Alter Sales Accounting (AP via Yahoo! Finance)
Diebold will change the way revenue is reported after its accounting practices came under SEC scrutiny, the company said Tuesday.

Switalski hails tax hike as end to 'accounting tricks' (Macomb Daily)
State Sen. Michael Switalski said Tuesday that the balanced-budget pact reached by the Legislature over the weekend is a "watershed event" in Michigan history that deserves accolades from the taxpayers.

Accounting firm opens new Myrtle Beach office (The Myrtle Beach Sun News)
MYRTLE BEACH Accounting firm opens new office Elliott Davis LLC, one of the largest accounting and advisory firms in the Southeast, has opened an office in Myrtle Beach.

Accounting seminar set Oct. 25 at USU (Deseret Morning News)
The 31st annual Intermountain Accounting seminar will take place from 8:30 a.m. to 4:45 p.m. Oct. 25 at Utah State University's Ellen Eccles Conference Center.

Cheney didn't recall Halliburton accounting in SEC interview (KTVQ Billings)
Associated Press - October 3, 2007 9:45 AM ET WASHINGTON (AP) - Vice President Dick Cheney says he can't recall being told a company he once headed had booked millions of dollars in...

Cheney didn't recall Halliburton accounting in SEC interview (KIFI)
WASHINGTON (AP) - Vice President Dick Cheney says he can't recall being told a company he once headed had booked millions of dollars in construction cost overruns as income.

SA's accounting revolution (News 24 South Africa)
Finweek's Michael Coulson salutes SA's groundbreaking step towards ease accounting hassles for small businesses.

Credit Crunch May Affect Accounting (AP via Yahoo! Finance)
The Center for Audit Quality weighed in Wednesday on credit-market jitters spawned by troubled subprime-mortgage loans, warning the problem may keep investors sidelined and pose challenges for auditors.

Moroccan Accounting Firm Joins International Accounting Firm Association MSI (PRWeb via Yahoo! News)
Casablanca accounting firm Cabinet Seddik appointed as leading international accounting firm association MSI's exclusive accounting firm member in Morocco.

Moroccan Accounting Firm Joins International Accounting Firm Association MSI (PRWeb)
Casablanca accounting firm Cabinet Seddik appointed as leading international accounting firm association MSI's exclusive accounting firm member in Morocco. (PRWeb Oct 4, 2007) Post Comment:Trackback URL: (link) UGlnZy1JbnNlLUhhbGYtVGhpci1UaGlyLVplcm8=

Teens to parents: It's our Facebook (USA Today)
That month, about 75,000 active Facebook users on the site were 35 or older, accounting for fewer than 1% of all active users, according to data provided by the company. By August 2007, the number shot up 4,700% to 3.6 million active users 35 and older. That accounts for about 9% of active users.

Ghana: Auditors Must Go Beyond Mere Accounting (AllAfrica.com)
Newly Recruited Internal Auditors of government agencies have been challenged to act proactively through the use of prudent audit practices to achieve the required goals of the organisations they work with.

CICA DEVELOPING NEW ACCOUNTING FRAMEWORK FOR OWNER-MANAGER BUSINESSES (Accounting Education)
The Canadian Institute of Chartered Accountants (CICA) is developing a simplified accounting framework tailored to the needs of Canada’s 1.7 million owner-manager businesses.

ASBJ AND IASB MAKE CONTINUED PROGRESS TOWARDS GOAL OF CONVERGENCE IN ACCOUNTING STANDARDS BY 2011 (Accounting Education)
The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their first two-day meeting since the announcement of an initiative to accelerate convergence between Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs), known as ‘The Tokyo Agreement’....

Student and Professor Win Excellence in Lean Accounting Awards from the Lean Enterprise Institute (Business Wire via Yahoo! Finance)
CAMBRIDGE, Mass.----A university professor and a student have won Excellence in Lean Accounting Awards from the Lean Enterprise Institute , a nonprofit management research center.

Symmetry Medical Discloses Accounting Issues at Sheffield, UK Operating Unit and Possible Restatement (PR Newswire via Yahoo! Finance)
Symmetry Medical Inc. , an independent provider of products to the global orthopedic device industry and other medical markets, announced today that the Audit Committee of its Board of Directors has initiated an independent review of apparent irregularities with respect to the Company's accounting policies and practices at its Sheffield, UK operating unit.

Symmetry: U.K. Accounting May Be Flawed (AP via Yahoo! Finance)
Orthopedic device maker Symmetry Medical Inc. said Thursday it has defaulted on its credit agreement and may have to restate financial documents going back to 2003 due to possible improper accounting at its Sheffield, U.K. unit.

Audit Group: Tightening in Credit Markets Could Complicate Corporate Accounting (SmartPros Accounting)
Oct. 5, 2007 (Associated Press) WASHINGTON - The Center for Audit Quality weighed in Wednesday on credit-market jitters spawned by troubled subprime-mortgage loans, warning the problem may keep investors sidelined and pose challenges for auditors.

Medical equipment provider announces accounting errors (Accountancy Age)
The Audit Committee of Symmetry Medical, a global provider of orthopaedic devices, has announced an independent review of accounting irregularities at its Sheffield unit.

Imax to Restate Financial Results (AP via Yahoo! Finance)
Imax Corp. said Friday it plans to restate its full-year 2006 financial results as well as filings for the first and second quarters of 2007 to correct accounting for the terms of seven leases going back 10 years.

Imax to Restate Some Financial Data to Correct Accounting for Terms of 7 Leases (Canadian Business)
NEW YORK (AP) - Imax Corp. said Friday it plans to restate its full-year 2006 financial results as well as filings for the first and second quarters of 2007 to correct accounting for the terms of seven leases going back 10 years.

Symmetry Medical Shares Fall on Accounting Irregularities (Bloomberg.com)
Oct. 5 (Bloomberg) -- Symmetry Medical Inc., the maker of orthopedic implants, fell the most in 11 months in New York trading, after announcing a review of accounting irregularities that may result in a restatement of earnings.

Outsource Partners International Selected by PA Consulting Group to Provide Finance and Accounting Outsourcing Services (Business Wire via Yahoo! Finance)
LOS ANGELES----PA Consulting Group, a leading global management systems and technology consulting firm, has agreed to outsource parts of its finance function to Outsource Partners International, Inc. , a leading provider of finance, accounting and tax outsourcing services.

Business Accounting Program (Jumbo.com)
This is a Business accounting software utiliity for accounting information systems.

Nashville's LBMC accounting firm strikes strategic merger (BizJournals)
Nashville accounting firm Lattimore Black Morgan & Cain has merged with Chattanooga's Petty & Landis.

Children's Shelter gets new accounting system (BizJournals)
Austin's Children's Shelter received an accounting system valued at $10,000 that will help the nonprofit with its future campus.

Davis Professional Accounting Buys East Memphis Office (The Memphis Daily News)
     Davis Professional Accounting LLC has bought an office at 6373 Quail Hollow Road, Suite 102, from Quail Hollow Office Pa....

Elmsford School District must improve accounting for tax settlements, comptroller says (Mid-Hudson News)
Albany -- Elmsford Union Free School District did not comply with generally accepted accounting principles and state law when it set aside 13 times the amount of money needed to settle tax certiorari proceedings, according to an audit released Friday by State Comptroller Thomas DiNapoli.

Student, Professor Win Excellence in Lean Accounting Awards (SmartPros Accounting)
Oct. 8, 2007 A university professor and a student have won Excellence in Lean Accounting Awards from the Lean Enterprise Institute (LEI), a nonprofit management research center.

Debt Collections: Readers and Experts Weigh In (WallStreet Journal via Yahoo! Finance)
Collections manager Carol Frischer at accounting firm Holthouse Carlin & Van Trigt and consultant Michelle Dunn, a former collections manager, discuss the different approaches small companies are using to collect bills.

Accounting firms hit cyberspace with hip marketing (BizJournals)
Meet Katie.

Accounting firm consolidation sweeps up Terry & Stephenson (BizJournals)
Regional accounting firm Parente Randolph LLC is merging with the Pittsburgh office of Terry & Stephenson PC.

SIDS stats not accurate in New York (Rocky Mountain News)
At least on paper, New York state stands alone as having wiped out Sudden Infant Death Syndrome. But medical experts and even some of the state's own staff say the startling decline in New York's SIDS deaths is the result of questionable accounting and even purposely changing the findings of local coroners.

Gazprom First-Quarter Net Rises 14% on One-Time Gain (Update2) (Bloomberg.com)
Oct. 8 (Bloomberg) -- OAO Gazprom, the world's biggest supplier of natural gas, said first-quarter profit rose 14 percent to a record, boosted by an accounting gain related to pensions and higher fuel prices.

Movers (Miami Herald)
ACCOUNTING Martha Foster has been promoted to director in the Florida audit practice of McGladrey & Pullen, based in Miami. BANKING

New Charges Filed Against Berlusconi (AP via Yahoo! Finance)
A Milan prosecutor on Monday filed a new count of false accounting against former Premier Silvio Berlusconi in a move that prevents the statute of limitations from expiring in a trial involving the purchase by Berlusconi's Mediaset empire of rights for TV movies.

Gazprom First-Quarter Net Rises 14% on One-Time Gain (Update4) (Bloomberg.com)
Oct. 8 (Bloomberg) -- OAO Gazprom, the world's biggest supplier of natural gas, said first-quarter profit unexpectedly rose 14 percent to a record, boosted by an accounting gain related to pensions and by higher energy prices.