Accounting News 11/2007 (Page 2)

GM: Accounting shift drives it to a $39B loss in 3rd quarter (WOAI)

DETROIT (AP) - America's biggest automaker says it lost 39 billion dollars in the third quarter. General Motors attributes the net loss to an accounting shift involving deferred tax credits. (Nov 7, 2007)

GM: Accounting shift drives it to a $39B loss in 3rd quarter (WSYR 9 Syracuse)

America's biggest automaker says it lost 39 billion dollars in the third quarter. General Motors attributes the net loss to an accounting shift involving deferred tax credits. (Nov 7, 2007)

S.C. accounting firm merges with Elliot & Warren (BizJournals)

Elliott Davis, a Greenville, S.C., accounting firm, has established a presence in Charlotte through a merger with locally based Elliot & Warren. (Nov 7, 2007)

CICA seeking comment on new accounting framework for owner-managed businesses (CNW Group via Yahoo! Finance)

The Canadian Institute of Chartered Accountants today released a draft version of a simplified accounting framework aimed at owner-managed businesses. (Nov 7, 2007)

Government reaches setttlement worth $16.4 million with ex-CEO over role in accounting scandal (Madison Daily Leader)

WASHINGTON (AP) -- The government on Tuesday reached a $16.4 million settlement with Freddie Mac's former CEO for his role in the mortgage finance company's multibillion-dollar accounting scandal. (Nov 7, 2007)

(AFX UK Focus) 2007-11-08 11:52 GMT: EU's McCreevy says member states must do more to implement accounting rules (Interactive Investor)

BRUSSELS (Thomson Financial) - EU internal markets commissioner Charlie McCreevy said much has been done in terms of accounting reforms, particularly IFRS, but that the the focus of implementation should now shift to member states. (Nov 8, 2007)

Saddam's accounting systems still in place (vnunet.com)

Penny Sukhraj, Accountancy Age , Thursday 8 November 2007 at 00:00:00 Attempts to reform the Iraqi accounting system are being hampered by a lack of expertise The US government has failed to implement a western accounting system in Iraq and root out the previous regime's corrupt infrastructure, an insider who worked in Iraq has said.... > Read the full article (Nov 8, 2007)

Xero loss 'investment' in online accounting (Stuff)

Online accounting company Xero has posted a $1,725,000 net loss for the six months to September, reflecting the company's major investment in capability. (Nov 8, 2007)

Town of Palm Beach accounting supervisor Amy Wood named Employee of the Year (Palm Beach Daily news)

Seldom unaware that the Palm Beach Finance Department has received a check request, accounting supervisor Amy Wood was in the dark until Thursday, when she received a check for $3,500 as Town Employee of the Year. (Nov 8, 2007)

Accounting charge rocks Sun-Times earnings (Chicago Tribune)

Sun-Times Media Group Inc.'s operating losses didn't deepen in the third quarter, but a whopping accounting-related charge gave the Chicago publishing company a mammoth $192.4 million net loss. (Nov 8, 2007)

Office Depot Announces Results of Independent Review of Vendor Program Accounting (Business Wire via Yahoo! Finance)

DELRAY BEACH, Fla.----Office Depot, Inc. , a leading global provider of office products and services, today announced the findings from an independent review by the Audit Committee of the Company's accounting for certain vendor program funds. (Nov 9, 2007)

Accounting errors to reduce earnings, Office Depot says (Reuters via Yahoo! News)

Office Depot Inc said on Thursday it will reduce earnings for some prior periods following an independent review of its accounting for certain vendor program funds. (Nov 9, 2007)

Office Depot to restate earnings going back to 3Q 2006 after review of vendor funds accounting (The Daily Comet)

DELRAY BEACH, Fla. Office Depot Inc. says it will revise some past financial statements after it completed an independent review of vendor-program accounting. (Nov 9, 2007)

McClatchy takes $1.43 billion noncash accounting charge (Belleville News-Democrat)

The McClatchy Co. on Thursday swallowed a $1.43 billion noncash accounting charge, reflecting its troubling slide in revenue and the shrunken value of its assets. (Nov 9, 2007)

Company accounting watchdog to target banks (Accountancy Age)

In the wake of Northern Rock and accounting issues over sub-prime, the Financial Reporting Review Panel is set to run the rule over accounting at UK banks - but also stressed it would look at smaller banks rather than the titans of British banking. (Nov 9, 2007)

Office Depot to restate earnings going back to 3Q 2006 after review of vendor funds accounting (7 News Miami)

DELRAY BEACH, Fla. -- Office Depot Inc. says it will revise some past financial statements after it completed an independent review of vendor-program accounting. (Nov 9, 2007)

Auditor says Minnesota Zoo needs to improve accounting (Post-Bulletin)

ST. PAUL -- A state audit of the Minnesota Zoo recommended 19 ways the zoo could improve its financial accounting, but said zoo officials generally used adequate safeguards in their accounting practices (Nov 9, 2007)

Four Office Depot employees fired after review finds accounting errors (Sun-Sentinel)

Four employees fired after review finds accounting errors Office Depot Inc. fired four employees and will restate earnings because of accounting errors found after an internal review of a whistleblower's complaint, the company said. (Nov 10, 2007)

Controversy over the Jena 6 funds (Chicago Tribune)

Questions grow over use of donations made to aid teens' defense Just weeks after some 20,000 demonstrators protested what they decried as unequal justice aimed at six black teenagers in the Louisiana town of Jena, controversy is growing over the accounting and disbursing of at least $500,000 donated to pay for the teenagers' legal defense. (Nov 10, 2007)

Tebow has hand in 7 TDs for Gators (Fox Sports)

Tim Tebow accounted for all seven of Florida's touchdowns, a school record five rushing and two passing, as the Gators kept alive their hopes of making the SEC title game with a 51-31 victory over South Carolina on Saturday night. Tebow was 22-for-32 for a career-best 304 yards and ran for 120 yards, accounting for more than three-quarters of the offense for the No. 17 Gators (7-3, 5-3). (Nov 11, 2007)

Jena 6 face donation questions (Denver Post)

Just weeks after some 20,000 demonstrators protested what they decried as unequal justice aimed at six black teenagers in the Louisiana town of Jena, controversy is growing over the accounting of at least $500,000 donated for the teens' legal defense. (Nov 11, 2007)

Montelibano to Guillem: Accounting book will always prevail (Sun Star)

REACTING to former president of Central Negros Electric Cooperative, Inc (Ceneco) Eddie Guillem, incumbent Ceneco president Roberto Montelibano explained that giving media a copy of former officers' accountability was simply in the interest of the 'owners.' (Nov 11, 2007)

Controversy surfaces over Jena 6 fundraising (Belleville News-Democrat)

Just weeks after some 20,000 demonstrators protested what they decried as unequal justice aimed at six black teenagers in the Louisiana town of Jena, controversy is growing over the accounting and disbursing of at least $500,000 donated to pay for the teenagers' legal defense. (Nov 11, 2007)

For Pakistani Students, a Reawakening: 'We Can't Just Sit Idle' (Washington Post)

LAHORE, Pakistan, Nov. 11 -- The accounting majors at the elite Lahore University of Management Sciences have rarely demonstrated against anything, preferring Punjabi pop music to protest songs. Cynicism about Pakistan's parade of autocratic and corrupt leaders had replaced civil disobedience, they... (Nov 12, 2007)

Graff returns to Tronconi Segarra in merger of accounting firms (BizJournals)

Phoenix Consulting Group and the CPA who ran it for six years have returned to the Amherst accounting firm of Tronconi Segarra & Associates LLP at 6390 Main St. (Nov 12, 2007)

Deal adds player in accounting market (BizJournals)

When the two founders of Elliot & Warren started the accounting firm 10 years ago, they rented a small office from local real estate appraiser Skeet Harris, who had introduced them and suggested they work together. (Nov 12, 2007)

Forensics: the sexy side of accounting (BizJournals)

Fraud, misrepresentation, bad acts, scandals -- sexy stuff. (Nov 12, 2007)

U.S. considers switch to global accounting standards (BizJournals)

For years, companies in the U.S. have adhered to different accounting standards than the international practices adopted by almost 100 countries. (Nov 12, 2007)

College Grads Can Count On Accounting (The San Francisco Examiner)

The life science and information technology industries usually get all the attention here in Northern California. Last month, however, the accounting firms got their due when BusinessWeek magazine listed several national companies as good places for young employees to start a career. The list ranked Deloitte number one, with PriceWaterhouseCoopers and Ernst & Young landing at the second and ... (Nov 12, 2007)

School miss stole kids' cash (Daily Telegraph)

AFTER a short time working in Glenmore Park High School's front office, Joanne Sheens asked for greater responsibility because she loved accounting. (Nov 12, 2007)

Finance, Accounting and Consultancy (Mondaq)

An amendment to FRS 3 confirms that recycling previously recognised gains and losses is allowed in some circumstances. (Nov 12, 2007)

U.K. Stocks Pare Gains; Sage Group, BP, Royal Dutch Shell Drop (Bloomberg.com)

Nov. 12 (Bloomberg) -- U.K. stocks pared earlier gains. Sage Group Plc, Britain's biggest maker of accounting software, and oil companies BP Plc and Royal Dutch Shell Plc declined. (Nov 12, 2007)

U.K. Stocks Pare Gains; Vedanta, Sage, BP, Shell Pace Decline (Bloomberg.com)

Nov. 12 (Bloomberg) -- U.K. stocks pared earlier gains. Vedanta Resources Plc, India's largest copper producer, and Sage Group Plc, Britain's biggest maker of accounting software, led the drop. BP Plc and Royal Dutch Shell Plc also declined. (Nov 12, 2007)

South Florida accounting firms merge (BizJournals)

Accounting firm Berenfeld, Spritzer, Shechter & Sheer LLP said it has merged with Lefcourt, Billig, Tiktin & Yesner. (Nov 12, 2007)

GeoMet Announces the Appointment of Tony Oviedo to Vice President, Chief Accounting Officer and Controller (FinanzNachrichten)

GeoMet, ( Nachrichten ) Inc. (NASDAQ:GMET) announced the appointment by its Board of Directors of Tony Oviedo to Vice President, Chief Accounting Officer and Controller effective November 9, 2007. (Nov 12, 2007)

BlackLine Systems Joins the Oracle PartnerNetwork to Help Bridge the Gap Between Accounting and Financial Reporting (PR Newswire via Yahoo! Finance)

BlackLine Systems joins the Oracle PartnerNetwork with solutions that provide a link between accounting and financial reporting data that helps verify the accuracy of financial results during the critical close process. (Nov 12, 2007)

Symmetry Medical Provides Update of Previously Disclosed Accounting Review at Sheffield, UK Operating Unit (The San Francisco Examiner)

WARSAW, Ind. ( Map ) - WARSAW , Ind., Nov. 12 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. (NYSE: SMA ), an independent provider of products to the global orthopedic device industry and other medical markets, today issued an update of the previously announced review of accounting irregularities at its Sheffield, UK operating unit. (Nov 12, 2007)

S.A. accounting firm in merger (San Antonio Express-News)

San Antonio's Padgett, Stratemann & Co. LLP has merged with an Austin firm, making it the second-largest Texas-owned certified public accounting firm. (Nov 12, 2007)

AICPA Releases 2007 Audit and Accounting Guides (SmartPros Accounting)

Nov. 13, 2007 (SmartPros) The American Institute of Certified Public Accountants has released its 2007 AICPA Audit and Accounting Guides which have been updated for the new Risk Assessment Standards issued by the Auditing Standards Board (ASB). (Nov 13, 2007)

Symmetry Medical Says Accounting Irregularities at UK Unit May Be Higher Than Anticipated (Canadian Business)

WARSAW, Ind. (AP) - Orthopedic device maker Symmetry Medical Inc. said Monday that a review of accounting irregularities in its Sheffield, U.K. operation shows the unit may have overstated past revenue and pretax income more than previously thought. (Nov 13, 2007)

Symmetry's accounting woes deepen (Fort Wayne Journal Gazette)

A Warsaw-based orthopedic supplier said Monday that accounting irregularities at its United Kingdom-based operating unit are more extensive than first thought. (Nov 13, 2007)

Fortress Investment Group, a US alternative asset manager that floated in the US this year, has recorded an accounting ... (eFinancial News)

Fortress Investment Group, a US alternative asset manager that floated in the US this year, has recorded an accounting loss for the third quarter of 2007 as payouts to its founders took it into the red for the second quarter in a row. (Nov 13, 2007)

Syntax-Brillian Corp. Shares Fall; Analyst Points to Lack of Guidance, Accounting Issues (Canadian Business)

NEW YORK (AP) - Shares of Syntax-Brillian Corp. fell Tuesday, and an analyst pointed to accounting and guidance problems at the high-definition TV maker as a potential reason. (Nov 13, 2007)

Parmalat's masterstroke: Making its bankers pay (International Herald Tribune)

Analysts forecast that Parmalat can reap as much as €3.1 billion by settling damage claims against Bank of America, Citigroup, 13 Italian lenders and Grant Thornton, an accounting firm. (Nov 14, 2007)

IQ Backoffice Predicts Increased Use of Outsourcing of Individual Finance and Accounting Processes (Marketwire via Yahoo! Finance)

IQ BackOffice, a leading provider of accounts payable, payroll management and accounting business process outsourcing solutions, today announced its predictions for 2008. (Nov 14, 2007)

California, Florida lead metros in home foreclosures (USA Today)

Homeowners across the U.S. are increasingly having trouble making their mortgage payments on time, but borrowers in metro areas of California, Florida and other once-booming housing markets are accounting for the biggest spikes in foreclosure filings, according to a mortgage research company. (Nov 14, 2007)

HSBC Profit Rises, Countering U.S. Deterioration (Update4) (Bloomberg.com)

Nov. 14 (Bloomberg) -- HSBC Holdings Plc, Europe's biggest bank by market value, said emerging-market lending and accounting gains lifted third-quarter profit, offsetting losses on U.S. mortgages that are spreading to credit-card and unsecured loans. (Nov 14, 2007)

US SEC To Vote Thursday On Use Of International-Accounting Rules By Foreign Cos (Nasdaq)

WASHINGTON -(Dow Jones)- U.S. securities regulators will meet Thursday to consider a half-dozen changes affecting mutual-fund disclosure, small business capital raising, and accounting requirements for foreign companies whose shares are traded in the U.S. (Nov 14, 2007)

Easing of foreign accounting rules ‘premature’ (Financial Times)

A proposal set to go before US regulators on Thursday to eliminate the need for foreign companies with US listings to reconcile their accounts with US accounting standards is “premature and being unduly rushed”, Christopher Dodd, chairman of the Senate’s banking committee, warned on Wednesday night. (Nov 15, 2007)

AICPA Recommends SEC Use International Accounting Standards (SmartPros Accounting)

Nov. 15, 2007 (SmartPros) The American Institute of Certified Public Accountants recommended the U.S. Securities and Exchange Commission take comprehensive steps to harmonize U.S. and international financial reporting, including allowing American public companies to report financial results using international accounting standards. (Nov 15, 2007)

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