Accounting News 02/2008 (Page 2)

BDO Seidman LLP Issues Client Advisory on Impact of New FASB Accounting Standards on Planned M&A Transactions (PRWeb)

BDO Seidman, LLP, one of the nation's leading accounting and consulting organizations, today issued a client advisory regarding key accounting changes to be implemented later this year. FASB Statement No. 141R, which revises the accounting for business combinations, and FASB Statement No. 160, which changes the accounting and reporting for minority interests, do not take effect until December ... (Feb 7, 2008)

MOVING ACCOUNTING EDUCATION FORWARD (Accounting Education)

The International Accounting Education Standards Board (IAESB) issued its 2007-2009 Strategic and Operational Plan as part of its strategy to advance accounting education worldwide. The IAESB’s strategy focuses on the measurable implementation of its International Education Standards (IESs). (Feb 7, 2008)

Financial accounting: Number crunch (Canadian Business)

Canada’s accounting regulators will meet this February to decide on one of the biggest changes in this country’s accounting history: When to throw out the current Canadian accounting rule book and adopt new international financial reporting standards (IFRS). The move has broad implications for investors and every Canadian public company since the new rules will force companies to recalculate ... (Feb 7, 2008)

Du Quoin Accounting Firm on Just-Passed Tax Law Changes (Du Quoin Evening Call)

DU QUOIN - Just before departing for the holidays, Congress passed three new laws that include significant tax changes. According to Harold Emling of the accounting firm Emling & Hoffman of Du Quoin, here are the changes. (Feb 7, 2008)

Subprime accounting stretched from day one: Herz (Reuters via Yahoo! News)

Banks bent and stretched accounting rules from "day one" to keep risky securitized assets, such as those linked to subprime mortgages, off their books, the top U.S. accounting rule maker said on Thursday. (Feb 7, 2008)

Subprime accounting stretched from day one: Herz (KPLC Lake Charles)

By Emily Chasan WASHINGTON (Reuters) - Banks bent and stretched accounting rules from "day one" to keep risky securitized assets, such as those linked to subprime mortgages, off their... (Feb 7, 2008)

Accounting Rules Behind iPod Touch Update Charge (PC World)

It turns out Apple didn't have much of a choice about charging for the January software update, according to analysts familiar with accounting regulations. (Feb 7, 2008)

PNC accounting studnets offer free tax service (Northwest Indiana Times)

WESTVILLE | Students from Purdue University North Central tax and accounting classes are again offering free assistance to the public in preparing federal and state income tax returns. (Feb 8, 2008)

Wichita chapter in works for accounting group (The Wichita Eagle)

Andrante Etheridge wants to see more accountants volunteer their time to help low-income people prepare their tax returns. And she'd like to see more of her peers reach out to high school students and encourage them to consider careers in accounting and finance. Those are two of the things that Etheridge, an accounting recruiter for Koch Industries, thinks will happen if she and others are ... (Feb 8, 2008)

Accounting errors prompt Hat Pin suspension (ShareCast via Yahoo! UK & Ireland Finance)

Human resources firm Hat Pin has suspended it shares after it said various accounting errors at a subsidiary are likely to cause 2007 results to be materially worse than previously indicated. (Feb 8, 2008)

(AFX UK Focus) 2008-02-08 07:53 GMT: Hat Pin shares suspended on AIM after accounting errors (Interactive Investor)

LONDON (Thomson Financial) - UK Recruitment consultancy Hat Pin said its shares have been suspended from trading on London's Alternative Investment Market after it found accounting errors in a subsidiary that will likely make its 2007 results "materially worse" than previously expected. (Feb 8, 2008)

Du Quoin Accounting Firm on Just-Passed Tax Law Changes (Du Quoin Evening Call)

Hat Pin duo quit over 'accounting errors' (Independent)

The recruitment consultancy firm Hat Pin suspended trading in its shares after uncovering accounting errors at one of its divisions. (Feb 8, 2008)

Accounting 101: The Clintons (Newsweek)

(Feb 9, 2008)

Green accounting (Montreal Gazette)

Ecological economists dispute the assumption that a nation's economic health is measured by the size of its gross national product, which fails to factor in the cost of resource depletion and environmental damage. (Feb 10, 2008)

Accounting program at FVTC Oshkosh reports growth (The Oshkosh Northwestern)

The Fox Valley Technical Colleges Oshkosh campus is expanding its accounting program in response to increasing job opportunities in that field. (Feb 10, 2008)

RSM International focuses on middle eastern development (AME Info)

The Middle East firms of RSM international, the 7th largest accounting, tax and consulting network worldwide, met over the last two days to focus on the ongoing development of their capabilities in the Middle Eastern region. (Feb 10, 2008)

Enthusiasm cools for hockey's foray into the U.S. South (International Herald Tribune)

By Jeff Z. Klein and Lew Serviss "It was a noble experiment," said Drew Dorweiler of the Montreal valuation and accounting firm Wise, Blackman. "But five years from now, I can see quite a few Sun Belt teams relocating. At the least, the league will be short a couple." (Feb 10, 2008)

Accounting error to be topic at City Council meeting (The MetroWest Daily News)

MARLBOROUGH - A $1.5 million accounting gaffe expected to be the focus of tonight's City Council meeting has already led to some internal changes, although councilors say they may be looking for more. (Feb 11, 2008)

StockTrack Shareholder Accounting Software Enhancements Promote Ease of Use (PRWeb via Yahoo! News)

Version 11.1 of StockTrack Shareholder Accounting software is being released to BETA. (Feb 11, 2008)

StockTrack Shareholder Accounting Software Enhancements Promote Ease of Use (PRWeb)

Version 11.1 of StockTrack Shareholder Accounting software is being released to BETA. This release contains many new features and enhancements. StockTrack, highly regarded for its capabilities and ease of use for shareholder management was first released in 1989. It supports issuance and transfer of stock, printing of stock certificates, dividends -- including direct deposit (ACH), proxy, ... (Feb 11, 2008)

BEE IN ACCOUNTING (Financial Mail)

a rare breed, look set to be in even greater demand as auditing, accounting and consulting firms prepare for the launch of the industry's transformation charter. (Feb 11, 2008)

nCircle Upgrades to Intacct for New Accounting and Financial Management System (Marketwire via Yahoo! Finance)

Intacct, a leader in on-demand accounting and financial management solutions, today announced that nCircle has selected Intacct as its new financial management solution. nCircle will also deploy Intacct MAX(TM) for Salesforce to integrate Intacct with its front-office salesforce.com CRM solutions. Using Intacct, nCircle expects to improve real-time revenue tracking, eliminate redundant data ... (Feb 11, 2008)

Hamptons Luxury Homes Strengthens Management Team by Adding Chief Accounting Officer as Company Continues to Grow (Business Wire via Yahoo! Finance)

BRIDGEHAMPTON, N.Y.----Hamptons Luxury Homes, Inc. today announced that Arthur R. Williams, of Shelter Island, has joined the company as Chief Accounting Officer. The announcement was made by Frank Dalene, Vice President and Chief Financial Officer of Hamptons Luxury Homes, who noted that the addition of Mr. (Feb 11, 2008)

Geneva® Delivers Robust Operations and Accounting Platform to Caledonian Global Fund ... (ThomasNet)

Advent's Leading Accounting Solution Provides Fund Administrator with Comprehensive Instrument Coverage and True Multi-Currency Processing LONDON and SAN FRANCISCO - November 29, 2007 - Advent Software, Inc. (NASDAQ: ADVS), the leading provider of software and solutions for the investment management industry, today announced that Caledonian Global Fund Services is reaping the benefits of using ... (Feb 11, 2008)

AIG Discloses `Weakness' in Derivative Accounting (Update1) (Bloomberg.com)

Feb. 11 (Bloomberg) -- American International Group Inc., the world's largest insurer by assets, fell as much as 6.1 percent after auditors found a ``material weakness'' in how the company values its credit-default swap portfolio. (Feb 11, 2008)

Winmark Corporation Announces Change in Accounting Treatment for Investment in Tomsten, Inc. (PR Newswire via Yahoo! Finance)

Winmark Corporation announced today that during the fourth quarter, it changed the accounting treatment for its investment in Tomsten, Inc. . The accounting change was made as a result of the cancellation of a preexisting voting agreement between Tomsten, Inc. and Winmark that gave certain Tomsten officers the right to vote Winmark's shares and the addition of John L. (Feb 11, 2008)

AIG's bad accounting day (CNN Money)

AIG's unexpected announcement today about "material accounting weakness" in part of its portfolio has sent its stock careening down 11 percent in mid-day trading. (Feb 11, 2008)

AIG Discloses Accounting `Weakness,' Stock Declines (Update2) (Bloomberg.com)

Feb. 11 (Bloomberg) -- American International Group Inc., the world's largest insurer by assets, fell the most in 20 years in New York trading after auditors found faulty accounting may have understated losses on some holdings. (Feb 11, 2008)

Subprime accounting stretched from day one: Herz (Washington Post)

WASHINGTON (Reuters) - Banks bent and stretched accounting rules from "day one" to keep risky securitized assets, such as those linked to subprime mortgages, off their books, the top U.S. accounting rule maker said on Thursday. (Feb 11, 2008)

Japan Insurance Stocks Fall on AIG Accounting; Inpex Advances (Bloomberg.com)

Feb. 12 (Bloomberg) -- Japanese insurance stocks fell after American International Group Inc.'s auditor found faulty accounting at the insurer, while Inpex Holdings Inc. led commodities companies higher after raising its forecast. (Feb 12, 2008)

Japan's Topix Falls on AIG Accounting Concerns; Inpex Climbs (Bloomberg.com)

Feb. 12 (Bloomberg) -- Japan's Topix index declined, led by insurers after American International Group Inc.'s auditor found faulty accounting of securities, raising concern of additional writedowns by financial companies. (Feb 12, 2008)

Accounting audit hurts AIG shares (The Philadelphia Inquirer)

Shares of American International Group Inc., the world's largest insurer by assets, fell 11.7 percent yesterday after its auditor found that faulty accounting may have understated losses on some holdings. (Feb 12, 2008)

AIG auditor finds faulty accounting (Denver Post)

American International Group fell the most in 20 years in New York trading after its auditor found faulty accounting may have understated losses on some holdings. (Feb 12, 2008)

Allianz Shares Fall on Concern About AIG's Accounting Problems (Bloomberg.com)

Feb. 12 (Bloomberg) -- Allianz SE, Europe's biggest insurer, fell in Frankfurt trading on concern it may follow American International Group Inc., whose auditor yesterday reported faulty accounting that may have understated losses on some holdings. (Feb 12, 2008)

BancTec Partner-Extend Accounting and Business Solutions-Goes Live with Accounts Payable ... (ThomasNet)

System Leverages the BancTec AP Master(TM) Solution 12.10.2007 - DALLAS, TEXAS 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 (AP) automation implementation for Property Resources Corporation (PRC). PRC, a large property management ... (Feb 12, 2008)

Schering-Plough Posts Loss on Accounting Rule (NYTimes.com via Yahoo! Finance)

The company said it lost $3.36 billion in the fourth quarter because of accounting rules related to the purchase of Organon BioSciences. (Feb 12, 2008)

Is fair value accounting a blessing or a curse in a financial crisis? (FT.com via Yahoo! News)

Is fair value accounting a blessing or a curse in a financial crisis? On the face of it, an approach whereby assets and liabilities are marked to market looks logical when the emphasis of the banking system has shifted from deposit taking and lending to providing credit via securities markets. IOUs can be easier to value than bank loans. And the resulting transparency should be helpful in ... (Feb 12, 2008)

Is fair value accounting a blessing or a curse? (Financial Times)

Senator queries accounting bodies on subprime (Washington Post)

NEW YORK (Reuters) - A senior Democratic lawmaker on Tuesday asked the heads of the U.S. and international accounting rule-making bodies how they can improve transparency of securitized and off-balance sheet assets, such as those linked to subprime mortgages. (Feb 12, 2008)

Schering-Plough Posts Loss on Accounting Rule (NYTimes.com via Yahoo! Finance)

The company said it lost $3.36 billion in the fourth quarter because of accounting rules related to the purchase of Organon BioSciences. (Feb 13, 2008)

Accounting Changes Send Schering-Plough to a Loss (New York Times)

Despite its fourth-quarter loss, the pharmaceutical giant?s results topped Wall Street estimates, and its shares rose more than 5 percent. (Feb 13, 2008)

ACCA puts ethics into global accounting (vnunet.com)

AccountancyAge.com, Accountancy Age , Wednesday 13 February 2008 at 00:00:00 ACCA claims the introduction of an ethics module is helping bring global accounting standards into line The Association of Chartered Certified Accountants (ACCA) claims introducing an ethics module in its training programme is helping to lift professional standards in the industry.... > Read the full ... (Feb 13, 2008)

Leading Colorado-based Accounting Firm Deploys Metastorm for Enterprise Process Automation (PR Newswire via Yahoo! Finance)

Metastorm, a leading provider of Business Process Management , Business Process Analysis , and Enterprise Architecture software for aligning strategy with execution, today announced its software has been successfully deployed at Ehrhardt Keefe Steiner & Hottman PC, the largest Colorado-based accounting and business advisory firm. (Feb 13, 2008)

Accounting profession refutes claims in Fin Review article (Queensland Business Review)

Australia’s three professional accounting bodies have strongly objected to suggestions accountants’ are acting contrary to ethical standards and professionalism in a front page article in the Australian Financial Review. (Feb 13, 2008)

SEC OKs Fees To Support Financial Accounting Standards Board (Nasdaq)

WASHINGTON -(Dow Jones)- The Securities and Exchange Commission voted Wednesday to approve a $23.7 million fee on public companies to help fund U.S. accounting standard setters, up nearly 5% from 2007. (Feb 13, 2008)

Accounting chief at CapitalSource to resign (bizjournals.com via Yahoo! Finance)

The principal accounting officer of CapitalSource Inc. has notified the company of his resignation, according to a regulatory filing. (Feb 13, 2008)

Canadian Accounting Standards Board confirms changeover date to IFRS (Investment Executive)

The Canadian Accounting Standards Board (AcSB) has confirmed that use of International Financial Reporting Standards (IFRS) will be required in 2011 for publicly accountable profit-oriented enterprises. (Feb 14, 2008)

ACCOUNTING CONVERGENCE TAKES THE NEXT STEP FORWARD (Accounting Education)

The release of the International Accounting Standards Board's (IASB's) new standards on business combinations and non-controlling (minority) interest is the result of the IASB's and the U.S. Financial Accounting Standards Board's (FASB's) first comprehensive test-case in their joint efforts to achieve convergence between IFRS and U.S. GAAP. The FASB released its versions of the comparable ... (Feb 14, 2008)

Du Quoin Accounting Firm on Just-Passed Tax Law Changes (Du Quoin Evening Call)

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