Accounting News 12/2007 (Page 2)

Auditors find accounting holes in U.S. fund for equipping Iraqi security forces (Arizona Daily Star)

WASHINGTON — A Pentagon audit of a $5.2 billion fund used to train and equip Iraqi security forces found U.S. commanders used sloppy accounting and could not always show that equipment, services and construction were delivered properly, according to a report released Thursday. (Dec 7, 2007)

PEOPLE: Deon promoted at accounting firm (Courier-Post)

Business Accounting Systems P.C. in West Deptford recently hired Steven G. Deon as account supervisor. (Dec 7, 2007)

Transcontinental to restate earnings: Prior-year accounting errors have $20m impact (The Halifax Daily News)

Transcontinental Inc. says $20 million of accounting errors will force the large Canadian printer to restate its financial statements for prior years. (Dec 7, 2007)

Douglas County, Washington Selects Mitchell Humphrey's Accounting Software (PR Newswire via Yahoo! Finance)

Mitchell Humphrey, a long-time specialist in financial accounting software and related services, is pleased to announce that Douglas County, Washington is up and running on its FMS II accounting software system and is expecting to be operational on Mitchell Humphrey's Human Resources and Payroll solutions in early January 2008. (Dec 7, 2007)

TaxSites.com - One of the Most Widely Visited Tax, Accounting and Payroll Information Sites - Revamped (Broadcast Newsroom)

HAUPPAUGE, N.Y., Dec. 5 /PRNewswire/ -- AccountantsWorld.com announced today the complete redesign of its TaxSites.com directory of Tax, Accounting and Payroll resources. (Dec 7, 2007)

Business and Accounting Software Vendor Lakeview Software Launches Sales Analytics Solution for SME Market (PRWeb)

Partnership between Phocas and Business and Accounting software vendor Lakeview Computers (www.lakeview.co.uk) provides integrated analysis tool -- 'slice and dice' sales history, product and customer data. (PRWeb Dec 8, 2007) (Dec 8, 2007)

Study finds link between depression and heart disease (ANI via Yahoo! India News)

Washington, Dec 9 (ANI): A new research has revealed that depression nearly triples the risk of death following a heart attack, even when accounting for other heart attack risk factors. The research, which examined the links between depression and vascular disease, showed that among 360 depressed, post myocardial infarction patients followed for more than six years, those who did not recover ... (Dec 9, 2007)

Lake County Business Briefcase (Orlando Sentinel)

Lake Technical Center is accepting students for its Workforce Education programs, which offer technical training in accounting operations, automotive collision repair and refinishing, commercial art technology and graphic design, commercial foods and culinary arts, heavy-duty truck and bus (diesel mechanics), business computer programming, legal administrative specialist/secretary and ... (Dec 9, 2007)

One firm finds that flexibility is crucial (The Cincinnati Enquirer)

About 27 percent of the staff at Barnes Dennig accounting company opt for flex-time schedules. Offering flix-time is a way to attract the best and the brightest, and it's worked. (Dec 9, 2007)

Slices of Prime Q&A (The Cincinnati Enquirer)

Here are some of the most interesting and most common questions from a recent tax chat, answered by Crystal Faulkner and Tom Cooney, of a local accounting firm. (Dec 9, 2007)

Depression and heart disease linked (The Times of India)

WASHINGTON: A new research has revealed that depression nearly triples the risk of death following a heart attack, even when accounting for other heart attack risk factors. (Dec 9, 2007)

Auditors Find Accounting Holes in U.S. Fund for Equipping Iraqi Security Forces (SmartPros Accounting)

Dec. 10, 2007 (Associated Press) WASHINGTON - A Pentagon audit of a $5.2 billion (euro3.6 billion) fund used to train and equip Iraqi security forces found U.S. commanders used sloppy accounting and could not always show that equipment, services and construction were delivered properly, Defense Department investigators say. (Dec 9, 2007)

Horne accounting firm expanding Memphis office six months after opening (BizJournals)

Horne LLP has more than doubled its staff and is preparing to expand its office space just six months after opening its Memphis office. (Dec 10, 2007)

More Sarbanes-Oxley work on tap for accounting firms (BizJournals)

It's been a few years since the soaring audit costs of Sarbanes-Oxley struck public companies and became a boon to accounting firms. (Dec 10, 2007)

Global accounting networks help clients grow worldwide (BizJournals)

Dipping a company's toes into the waters of the global market can be daunting. (Dec 10, 2007)

Auto/Mate Introduces New F&I System; Saves Auto Dealers Time by Integrating F&I Details with Accounting (PRWeb via Yahoo! News)

Auto/Mate Introduces New F&I System; Saves Auto Dealers Time by Integrating F&I Details with Accounting (PRWeb)

Auto/Mate Dealership Systems, ( www.automate.com ) software designed by car people for car people as the most user friendly and cost effective, announced today the release of its new F&I system. The new module is offered as part of Auto/Mate's AMPS (Automated Management Productivity Suite) dealership management software. The new F&I system integrates the details of sales and F&I deals with ... (Dec 10, 2007)

Global profession worth more than $210bn (Addict 3D)

Nicholas Neveling, Accountancy Age , Monday 10 December 2007 at 00:00:00 Research shows accounting industry grew by 5.7% globally in 2006 The global accounting profession has grown by 5.7% and is now worth more than $215bn (£105.2bn), a study by Research and Markets has found.... (Dec 10, 2007)

NERA Economic Consulting Releases New Paper Examining Accounting Issues in Subprime Litigation (Business Wire via Yahoo! Finance)

NEW YORK----A new white paper on the subprime meltdown released today by NERA Economic Consulting, a leading global provider of economic advice and analysis in business, legal, and regulatory matters, explores accounting issues cited in current litigation involving subprime mortgage originators. (Dec 10, 2007)

PNC completes Albridge Solutions acquisition (BizJournals)

PNC Financial Services Group Inc. said Friday it has purchased Albridge Solutions Inc., a provider of portfolio accounting and wealth management services. (PNC) (Dec 10, 2007)

US open: Burger firm leads McRally (ShareCast)

LONDON (SHARECAST) - Investors pinning their hopes on a US interest rate cut drive equities higher today. Sentiment was boosted by fast food behemoth McDonald’s reporting same-store sales growth world-wide of 8.2% in November, with non-US stores accounting for much of the growth. (Dec 10, 2007)

BancTec Partner - eXtend Accounting and Business Solutions - Goes Live with Accounts Payable Automation Solution for ... (PR Newswire via Yahoo! Finance)

BancTec, a global provider of advanced, high volume document and payment processing solutions, announced that its alliance partner, eXtend Accounting and Business Solutions, has gone live with an accounts payable automation implementation for Property Resources Corporation . (Dec 10, 2007)

Audit: $1M in Accounting Errors at Fayetteville State (WRAL-TV 5 Raleigh)

A state audit released Monday shows more than $1 million worth of accounting errors relating to finances at Fayetteville State University. (Dec 10, 2007)

Deloitte Settles in Key Case Over Faulty Audit (Washington Post)

Accounting firm Deloitte & Touche agreed yesterday to pay $1 million to resolve charges over faulty work for a pharmaceutical company in the first major disciplinary case filed by the board that oversees the audit industry. (Dec 11, 2007)

Virtual accounting rocks (Morris Ledger)

A pair of Randolph High School student teams that outperformed nearly 2,000 of their peers nationwide at business negotiation and fundraising in an online virtual business competition were honored yesterday for top-place finishes. (Dec 11, 2007)

More Than a Numbers Game: A Brief History of Accounting Shows How Economics, Finance Law and Business Customs ... (Business Wire via Yahoo! Finance)

DUBLIN, Ireland----Research and Markets has announced the addition of "More Than a Numbers Game: A Brief History of Accounting" to their offering. (Dec 11, 2007)

H&R Block expects $500M loss (CNN Money)

Tax preparer says official quarterly report will arrive Friday, blames delay on its decision to switch accounting firms. (Dec 11, 2007)

Deloitte & Touche to pay $1 million to settle botched audit claims (International Herald Tribune)

The penalty from the Public Company Accounting Oversight Board was the first use of its disciplinary powers against a major accounting firm. (Dec 11, 2007)

American Dairy Dismisses Accounting Firm (PR Newswire via Yahoo! Finance)

American Dairy, Inc. , one of the leading producers and distributors of milk powder and soybean products in China, today announced that it has dismissed its independent registered public accounting firm, Murrell, Hall, McIntosh & Co., PLLP , effective immediately. (Dec 11, 2007)

American Dairy dismisses accounting firm; SEC opens informal investigation (FinanzNachrichten)

SAN FRANCISCO (Thomson Financial) - American Dairy Inc. ( Nachrichten ) late Tuesday said it has dismissed its independent public accounting firm, Murrell, Hall, McIntosh&Co., effective immediately. (Dec 11, 2007)

Accounting considerations come with gift card income (The Delaware Business Ledger)

Editor’s note: Stratton is a Certified Public Accountant and a tax manager at Horty & Horty, P.A., in Wilmington. (Dec 12, 2007)

MSU-Meridian to offer new MBA program in accounting (The Meridian Star)

As the demand for business graduates with accounting knowledge and skills continues to increase, the Meridian Campus of Mississippi State University is adding a new master’s degree program to better prepare students for this nationwide trend. (Dec 12, 2007)

S.E.C. Planning to Delay Accounting Rules for Small Companies (New York Times)

The Securities and Exchange Commission plans to delay for another year the requirement that small companies report on the state of their internal financial controls. (Dec 12, 2007)

CEIOPS enters debate on accounting standards (Business Insurance)

FRANKFURT, Germany— The Committee of European Insurance & Occupational Pensions Supervisors has weighed in on proposed new accounting standards for the insurance industry in a reaction to the European Financial Reporting Advisory Group’s comments on the proposal. (Dec 12, 2007)

Speech by Chancellor of the Exchequer, Rt Hon Alistair Darling MP, at HRH Prince of Wales's Accounting for ... (Government News Network)

I want to start by congratulating "Accounting for Sustainability" on what you have achieved in just one year, in bringing together over 150 organisations from the public and private sector, and in doing so making practical proposals on the way we go about our lives. (Dec 12, 2007)

SEC's Cox To Propose 1-Year Delay In Small Co Sarbox Compliance (Nasdaq)

WASHINGTON -(Dow Jones)- Securities and Exchange Commission Chairman Christopher Cox said he will propose another one-year delay in requiring small public companies to comply with stricter accounting requirements imposed by Congress in 2002. (Dec 12, 2007)

Since 1994, accounting firm has acquired 8 others, this time Brock & Beasley (Inside Business)

You’d never know by its size, but the accounting firm of Strickland & Jones is a seasoned player in the acquisition game. Since 1994, the small Norfolk-based firm has acquired eight of its smaller competitors. (Dec 12, 2007)

Canada's Private Companies Need a Simplified Accounting Model, KPMG Enterprise Survey Confirms Standards Overload (CNW Group via Yahoo! Finance)

KPMG Enterprise today released the results of its recent survey of private business' financial reporting needs. The survey results confirm the long-standing view that private businesses in Canada need a simplified accounting model reflective of the different information needs of the limited users of their financial statements. (Dec 12, 2007)

SEC to Discuss Accounting Standards (AP via Yahoo! Finance)

The Securities and Exchange Commission said Wednesday that it will hold two roundtable discussions on the use of international accounting standards by U.S. and foreign companies. (Dec 12, 2007)

KPMG first accounting firm in the UAE to launch a Japanese Desk (AME Info)

KPMG, the global network of professional service firms providing Audit, Tax and Advisory services, launched today its 'Japanese Desk', the first of its kind in the UAE amongst the accounting firms. (Dec 13, 2007)

Strong start for Microsoft's accounting network (Accountancy Age)

More than 500 practices have joined Microsoft’s accounting network in the two weeks since its launch. (Dec 13, 2007)

China Precision Steel Engages Moore Stephens as its New Accounting Firm (PR Newswire via Yahoo! Finance)

China Precision Steel , a niche precision steel processing company principally engaged in producing and selling high precision cold-rolled steel products, today announced that it has engaged the public accounting firm Moore Stephens P.C. as the Company's new independent registered public accounting firm. (Dec 13, 2007)

KPMG, first accounting firm in the UAE to launch a Japanese Desk (Zawya)

Dubai, 13 th December 2007 - KPMG KPMG , the global network of professional service firms providing Audit, Tax and Advisory services, launched today its "Japanese Desk", the first of its kind in the UAE amongst the accounting firms. (Dec 13, 2007)

International accounting firm launches 1st Japanese Desk in the UAE (Gowealthy)

KPMG, the global network of professional service firms providing Audit, Tax and Advisory services, has launched its 'Japanese Desk', the first of its kind in the UAE amongst the accounting firms. (Dec 13, 2007)

Telekom Wins Excellence Award In Management Accounting (Malaysian National News Agency (BERNAMA))

KUALA LUMPUR, Dec 13 (Bernama) -- Telekom Malaysia Bhd beat nine other finalists to emerge as the Excellence Award winner of the National Award for Management Accounting (NAfMA) 2007. (Dec 13, 2007)

LSU team competing in accounting finals (The Advocate)

For the fifth consecutive year, an LSU accounting team will compete as a national finalist in the PricewaterhouseCoopers xAct Competition Jan. 17-18 in New York. (Dec 13, 2007)

CAG to tell govt about accounting irregularities (Express India)

The Comptroller and Auditor General of India will now inform the government and the heads of various departments about irregularities in accounting. This is a departure from the present practice, where the CAG presents its reports on various departments and government agencies to Parliament. (Dec 13, 2007)

CAG to tell govt about accounting irregularities (Indian Express Finance via Yahoo! India News)

The Comptroller and Auditor General (CAG) of India will now inform the government and the heads of various departments about irregularities in accounting. This is a departure from the present practice, where the CAG presents its reports on various departments and government agencies to Parliament. CAG has framed regulations which include provisions regarding intimation of major irregularities by ... (Dec 13, 2007)

Leap 3Q Loss Widens on Accounting Change (AP via Yahoo! Finance)

Low-cost wireless carrier Leap Wireless International Inc. posted a much wider third-quarter net loss Thursday, weighed by higher interest and tax expenses because of an accounting method change. (Dec 13, 2007)

SOCIAL ACTORS, CULTURAL CAPITAL, AND THE STATE: THE STANDARDIZATION OF BANK ACCOUNTING CLASSIFICATION AND TERMINOLOGY ... (Accounting Education)

In 1920 the Shanghai Bankers Association launched an initiative to standardize Chinese bank accounting classification and terminology, which in 1924 led to the first standard terminology that was gradually adopted by all Chinese banks. (Dec 14, 2007)

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