Home > Accounting News

Accounting News 11/2007



Is gov's office telling firm to defy subpoena? (Chicago Sun-Times)
Four months after receiving a subpoena for the results, an accounting firm hired by the Blagojevich administration refuses to turn over its audit of a company with ties to Gov. Blagojevich -- and court documents reveal the administration is controlling the firm's legal strategy.

Idearc 3Q Earnings Down (AP via Yahoo! Finance)
Idearc Inc., publisher of Verizon Yellow Pages, said Thursday its third-quarter profit slipped 52 percent on an accounting change and lower print sales.

Accounting changes put Flanders in the red (BizJournals)
Flanders Corp. had a net loss of $16.2 million, or 60 cents a share, for the third quarter ended Sept. 30, compared to net income of $6.2 million, or 23 cents a share, for the year-ago period. (FLDR)

Accounting for accountability (CNN Money)
Try to find a company these days that doesn't say it's doing good for the world. After all, with trillions of dollars flowing into socially responsible investment funds and government regulators looming, what CEO doesn't have a ready list of charities or causes that the company supports to brandish in its favor?

Accounting rules challenge firms (Bangkok Post)
Thai companies will face increasing challenges to comply with more complex accounting and reporting standards, according to PricewaterhouseCoopers.

Democrats want inquiry on 9.5 pct student loans (Reuters via Yahoo! News)
Six Senate Democrats called on Thursday for a complete accounting by the Bush administration of overpayments by the U.S. Education Department to college student loan firms under a loan program that guaranteed the firms a 9.5 percent interest rate.

EA swings to loss on accounting change; outlook tops estimates (Market Watch)
SAN FRANCISCO (MarketWatch) -- Electronic Arts Inc. swung to a loss in its second fiscal quarter due in part to a change in accounting methods, though the results for the period still managed to top Wall Street's estimates.

Phila. accounting firm acquired (BizJournals)
Philadelphia accounting firm Yampolsky Mandeloff Silver Ryan was acquired Thursday by New York's Citrin Cooperman & Co.

Accounting change muddles EA Q2 earnings (GameSpot)
Exclusion of $296 million causes megapublisher to report 18 percent decline in revenue despite record-breaking sales; 350 layoffs announced, UK studio closing.

Accounting jobs 'hot' in Glasgow (vnunet.com)
AccountancyAge.com, Accountancy Age , Friday 2 November 2007 at 00:00:00 Figures show close to 3000 new permanent jobs were created in the Glasgow's finance sector, most of them accounting jobs Figures from Joslin Rowe show that 2,930 new permanent positions - up from 2,050 last year - were created in the finance sector in Scotland over the third quarter of... >  Read the full ...

Accounting jobs 'hot' in Glasgow (Addict 3D)
AccountancyAge.com, Accountancy Age , Friday 2 November 2007 at 00:00:00 Figures show close to 3000 new permanent jobs were created in the Glasgow'sfinance sector, most of them accounting jobs Figures from Joslin Rowe show that 2,930 new permanent positions - up from 2,050 last year - were created in the finance sector in Scotland over the third quarter of...

Electronic Arts posts 2Q net loss (AP via Yahoo! News)
Video-game software publisher Electronic Arts Inc. swung to a fiscal second-quarter net loss, hurt by an accounting change, but shares climbed 5 percent after the company outlined a promising product lineup and said it expected to see a "great" holiday season.

Games company shares unaffected by accounting changes (Accountancy Age)
Accounting changes caused Electronic Arts, the gaming company responsible for The Sims, to show a net loss during its second quarter results posted yesterday.

Merrill Shares Decline After Report on Subprime Accounting (Bloomberg.com)
Nov. 2 (Bloomberg) -- Merrill Lynch & Co. fell the most in more than five years, leading financial stocks lower for a second day, after the Wall Street Journal said regulators may be investigating whether the firm violated accounting rules to delay reporting of subprime losses.

Electronic Arts Pins Q2 Loss on Accounting Change (E-Commerce Times)
Video-game software publisher Electronic Arts swung to a fiscal second-quarter net loss, hurt by an accounting change, but shares climbed 3 percent after the company outlined a promising product lineup and said it expected to see a "great" holiday season. Shares of EA, the world's largest independent video game publisher, rose about $1.80, or 3 percent, to trade at $60.54 early Friday, a day ...

ALL BUSINESS: Auditors Get Tough (Washington Post)
NEW YORK -- Corporate auditing firms are showing signs that they learned their lesson from the bad old days of Enron and WorldCom. And if they are holding companies' feet to the flames on questionable accounting moves, that's nothing but good news for investors.

Electronic Arts posts 2Q net loss (AP via Yahoo! News)
Video-game software publisher Electronic Arts Inc. swung to a fiscal second-quarter net loss, hurt by an accounting change, but shares climbed almost 3 percent after the company outlined a promising product lineup and said it expected to see a "great" holiday season.

Senators want more student loan accounting (Lincoln Journal Star)
Six Senate Democrats, including two presidential candidates, called for a complet accounting by the Bush administration of overpayments by the U.S. Education Department to college student loan firms, including Nelnet of Lincoln, under a loan program that guaranteed the firms a 9.5 percent interest rate.

Citigroup CEO to resign Sunday; SEC reviews accounting: report (Market Watch)
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. Chief Executive Charles Prince is planning to resign at a board meeting Sunday, as the largest U.S. bank by assets struggles under the weight of subprime mortgage-related losses, the Wall Street Journal reported Saturday.

USI accounting teamtakes home first place (Evansville Courier & Press)
A four-member team of accounting students from the University of Southern Indiana College of Business has won first place for the fourth consecutive year in the annual Indiana CPA Society (INCPAS) Case Study Competition.

Resumania (The Columbus Dispatch)
Keep resume, letter short and to the point The best resumes and cover letters are comprehensive yet concise. While your documents should be thorough enough to communicate your unique qualifications, busy hiring managers will bypass them if they're too wordy. For example, the following entry-level accounting candidate sent a cover letter that read more like a personal essay:

Citigroup CEO to resign Sunday; SEC reviews accounting: report (MENAFN)
Citigroup CEO to resign Sunday; SEC reviews accounting: report

Rice QB's record day caps rally (Fort Worth Star-Telegram)
Chase Clement threw for six touchdowns and ran for two more Saturday and Rice (2-7, 2-3) scored the final 28 points in a 56-48 victory against visiting UT-El Paso (4-5, 2-3). Clement, who set a Conference USA record by accounting for eight touchdowns, completed 32 of 58 passes for 395 yards and ran for 103 yards. The six passing touchdowns set a Rice record and tied the conference mark, and his ...

Accounting standard not only for banking (Bangkok Post)
Local banks and financial institutions have had several years now to prepare for the introduction of International Accounting Standard 39 (IAS39) thanks to reminders from the Bank of Thailand.

Accounting firm to buy Green Valley office site (BizJournals)
Accounting firm Davenport Marvin Joyce & Co. LLP said it is moving to the Green Valley Office Park, where it will own a building being developed by Starmount Co.

Tighter accounting rules likely to boost audit costs (BizJournals)
Small and midsize Birmingham companies may get hit in the wallet by new auditing standards set to begin this year.

New accounting rules for public firms reach VC portfolios (BizJournals)
New accounting rules requiring public companies to standardize investment portfolio disclosures have spread to venture capitalists who, starting in 2008, must value their portfolio companies quarterly.

Senators want more student loan accounting (Lincoln Journal Star)
Six Senate Democrats, including two presidential candidates, called for a complet accounting by the Bush administration of overpayments by the U.S. Education Department to college student loan firms, including Nelnet of Lincoln, under a loan program that guaranteed the firms a 9.5 percent interest rate.

Citigroup faces SEC accounting probe (Accountancy Age)
Citigroup is bracing itself for the results of an SEC probe into its accounting practices, heaping further misery on the banking giant following its sub-prime write down issues.

Comverse Technology Updates Previously Announced Accounting Restatement Process (FinanzNachrichten)
Comverse Technology, ( Nachrichten ) Inc. (Pink Sheets: CMVT.PK) today announced that its previously stated expectation to become current in its financial reports by the end of its fiscal year 2007, ending January 31, 2008, is likely to be delayed as a result of an evaluation of its recognition of revenue based on the application of Statement of Position (SOP) 97-2, Software Revenue Recognition, ...

Sage Software Launches New Simply Accounting by Sage 2008 Product Line (Marketwire via Yahoo! Finance)
Sage Software announced today the availability of Simply Accounting by Sage 2008, which offers Canadian small businesses new features and enhanced functionality, along with a simpler, cleaner accounting line with re-designed packaging. The streamlined product line-up includes Simply Accounting Entrepreneur, Simply Accounting by Sage 2008, Simply Accounting by Sage Premium Accounting 2008 and ...

Thomson Tax & Accounting Ushers in New Risk Assessment Standards With Wide- Ranging Line of Guides and Tools (PR Newswire via Yahoo! Finance)
In the past two years, CPAs who perform audits have had to prepare for the biggest change in their audit process in decades.

ACCOUNTING FOR JOINT ARRANGEMENTS (Accounting Education)
On October 16, 2007, the Canadian Accounting Standards Board (AcSB) met and discussed the accounting for joint arrangements, in particular with respect to the IASB standard on the same topic.

MANAGEMENT ACCOUNTING: AN INTRODUCTION (Accounting Education)
Summary Details Title: Management Accounting, 1st edition Author: Pauline Weetman Publisher: Pearson Education/Financial Times Press Published: March 2006 Price: £36.99 (publisher price) ISBN: 9780273701996 Pages: 592 pages Publisher URL - (link) 0,1144,0273701991,00.html Buy from Amazon.co.uk at here (not available in the USA) or from our ...

Accounting Problems Plague Comverse (Forbes)
Communications tech company announces another delay in filing earnings statement.

City Official: "We Need To Be Better With Our Accounting" (WLTX-TV Columbia)
City of Columbia leaders speak out about the need for better accounting practices within city government. VIDEO

Senators want more student loan accounting (Lincoln Journal Star)
Six Senate Democrats, including two presidential candidates, called for a complet accounting by the Bush administration of overpayments by the U.S. Education Department to college student loan firms, including Nelnet of Lincoln, under a loan program that guaranteed the firms a 9.5 percent interest rate.

Fannie Prepares to Issue Quarterly Reports (Washington Post)
Fannie Mae is preparing to issue its first quarterly financial reports since an accounting scandal three years ago revealed deep flaws in the systems the company uses to track its earnings.

Sage Software Celebrates 25 Years of Providing Nonprofits and Governments With Specialized Accounting Software (Marketwire via Yahoo! Finance)
At Sage Summit 2007, Sage Software's annual customer conference, the company today announced that Sage MIP Fund Accounting has been helping nonprofit and government organizations of all sizes plan and manage budgets, maximize grants, and produce accurate, customized reports for 25 years. First introduced in 1982, the software continues to boast a strong, loyal customer base, with a current ...

Microsoft's new accounting software rivals QuickBooks (Fortune Small Business via Yahoo! Finance)
As if there weren't enough tussling in the technology world, two software giants are duking it out over - get this - bean counting. Internet-search giant Google recently cut a deal with Intuit, the 800-pound accounting software gorilla.

New CCH Survey Guides Accounting Firms in Building More Intelligent Businesses (PR Newswire via Yahoo! Finance)
With the pressure mounting on accounting firms to do more than ever, a new nationwide survey of accounting professionals by CCH finds that firms can improve their business performance and client services today by more effectively leveraging their people and technology resources.

S.C. accounting firm buys Charlotte company (The Charlotte Observer)
ACCOUNTING A Greenville, S.C.-based accounting firm has acquired the Charlotte firm of Elliot & Warren and will expand the Charlotte office's staff by 28 percent. Elliott Davis already has six locations in South Carolina and one office each in Georgia and Virginia. The firm plans to immediately add seven employees to the staff of 25 in Charlotte and double the number of employees over the ...

GM reports $39B loss on accounting shift (AP via Yahoo! News)
General Motors Corp. reported a $39 billion loss for the third quarter due to an accounting shift.

Accounting change means $39 billion quarterly loss for GM (Houston Chronicle)
General Motors Corp. posted a $39 billion net loss in the third quarter, as an accounting shift involving deferred taxes brought an abrupt end to string of three profitable quarters for the nation's largest automaker.

Accounting charge swells GM loss (RTÉ News)
General Motors has reported a loss of $39 billion for the third quarter of this year. This was due to a massive accounting charge, and it came despite some improvement in the company's global car business.

GM: accounting shift drives it to $39 billion third-quarter loss (Fox 19 Cincinnati)
DETROIT (AP) - America's biggest automaker says it lost $39 billion in the third quarter. General Motors attributes the net loss to an accounting shift involving deferred tax credits.

GM: accounting shift drives it to $39 billion third-quarter loss (WMCTV Memphis)
Associated Press - November 7, 2007 8:03 AM ET DETROIT (AP) - America's biggest automaker says it lost $39 billion in the third quarter. General Motors attributes the net loss to an accounting...

GM Reports $39B Loss on Accounting Shift (Addict 3D)
General Motors Corp. reported a $39 billion loss for the third quarter due to an accounting... .

GM Posts $39B Loss on Accounting Charge (Washington Post)
General Motors reported today a startling $39 billion loss in the third quarter as a result of an accounting change that masked improvements in its key North American operations and a small profit from global auto sales.

Accounting Software offers efficiencies for small businesses. (ThomasNet)
Supporting Microsoft® Vista(TM) OS, Sage BusinessWorks 50 Accounting v8 provides users with modular accounting and business management solution. Drill down screens streamline processing, and Cash Account Register Report displays details of all transactions that impact cash account. With 200+ built-in reports, solution covers financial management for general ledger, accounts payable/receivable, ...