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Accounting News 06/2008



Cities might drastically change health insurance (The State)
Myrtle Beach budget director Mike Shelton got a colonoscopy in Thailand because of a change in accounting standards for local governments. The change has to do with how local governments pay their health insurance costs. It essentially creates a multimillion-dollar debt that cities and counties have to pay to cover their employees’ future health costs. It is so significant S.C. lawmakers are ...

Dallas Housing Authority's future in doubt pending mayor's review of accountant's report (Dallas Morning News)
Mayor Tom Leppert's deadline in December was clear: The accounting problems at the Dallas Housing Authority would be fixed within six months or the agency would need new leadership.

FOIA Request Sheds Light On ETSU Activity Fund Accounting (Bristol Herald Courier)
On paper, calculating the balance for a special events fund at East Tennessee State University looks like linear, checkbook-variety math.

Commuter relief: Companies help employees deal with fuel costs (Deseret Morning News)
Earlier this month, employees at Grossbard & Associates in Houston found an extra $50 in their paychecks. The small accounting firm added the money and plans to continue doing so on an interim basis to help its 28 workers cope with rising gasoline prices.

Fundamentals important in volatile times (Tacoma News Tribune)
The past eight months, investors have been jolted by stock-price swings of magnitudes not seen since the summer of 2002 in the aftermath of the “dot-com” bust and string of accounting scandals. The market’s volatility – triggered by the housing slump and subprime mortgage crisis – has been exacerbated by a global credit crunch. While the brunt of the market sell-off was initially borne largely ...

Email This | Print This (Daily and Sunday Jeffersonian)
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Annual Game: Winner gets gift certificate, jelly beans (Arroyo Grande Times Press Recorder)
Karen Beatty won the Bean Counter contest recently held by the Arroyo Grande accounting firm, Schimandle & Cantrell, CPA’s Inc. The firm has held a Bean Counter contest for many years to ease their clients’ stress during tax season. Beatty had to determine the number of jelly beans in large jar.

Sage Upgrades DacEasy Accounting Software (ComputerWire via Yahoo!7 News)
Financial software provider Sage Software has released version 16 of its 25-year-old accounting software DacEasy.

Accounting students at Y. claim top prize (Deseret Morning News)
A team from Brigham Young University's School of Accountancy won first place at the 13th annual Deloitte National Student Case Study Competition in Scottsdale, Ariz., recently.

02-06-2008: MEMS Tech optimistic despite accounting issues (The Edge Daily)
PETALING JAYA: MEMS Technology Bhd is optimistic about its outlook even as several minority shareholders criticised the board of the wafer and semiconductor fabrication firm for its accounting woes and disappointing share price performance.

How to fire an IT person (InfoWorld via Yahoo! News)
Joseph Powell first suspected that there were problems with his IT contractor when the admin refused to cede his administrative rights on an accounting software package.

Law Enforcement Associates Appoints Moore Stephens Frost as New Independent Public Accounting Firm (Marketwire via Yahoo! Finance)
Law Enforcement Associates Corporation (AMEX: AID), the largest U.S. developer and manufacturer of undercover surveillance equipment, today announced it has appointed Moore Stephens Frost to succeed Baum & Company as its independent public accounting firm, effective May 27, 2008. LEA made the change to address its desire for an accounting partner with a local presence.

Wall Street Says -2 + -2 = 4 as Liabilities Get New Bond Math (Bloomberg.com)
June 2 (Bloomberg) -- Leave it to Wall Street to profit from its own distress. Merrill Lynch & Co., Citigroup Inc. and four other U.S. financial companies have used an accounting rule adopted last year to book almost $12 billion of revenue after a decline in prices of their own bonds.

Poor accounting nails Sentula (News 24 South Africa)
Sentula Mining shares have plunged by up to 32% after it revised its 2007 results and forecast lower earnings for the year to end-March 2008.

Northern Trust Announces Partnership With Pendo Systems for Insurance Accounting (PR Newswire via Yahoo! Finance)
Northern Trust announced today that it is entering into a partnership with Pendo Systems, Inc., a leading provider of financial accounting solutions. Under the terms of the agreement, the companies will work together to deploy an accounting and financial reporting outsourcing solution to Northern Trust's insurance clients, using the Pendo Systems BasisPoint® investment accounting software.

Hat Trick Beverages Appoints Accounting Firm (PR Newswire via Yahoo! Finance)
Hat Trick Beverages Pink Sheets: HKBV.PK www.hattrickdrinks.com is pleased to announce the appointment of Skea Accounting from St Petersburg Florida. The appointment of SKEA will insure Hat Trick maintaining proper up to date records and maintain in good standing with the Pink Sheets exchange.

Laying the Foundation for Automating Revenue Accounting: A Softrax Executive Webcast with BearingPoint (Business Wire via Yahoo! Finance)
CANTON, Mass.----Softrax Corporation, a leading provider of enterprise revenue management and billing solutions today announced that it will present a live executive webcast to discuss automated revenue accounting, and the vital work required to lay the foundation for effectively automating the revenue accounting process.

Laying the Foundation for Automating Revenue Accounting: A Softrax Executive Webcast with BearingPoint (Centre Daily Times)
Softrax Corporation, a leading provider of enterprise revenue management and billing solutions today announced that it will present a live executive webcast to discuss automated revenue accounting, and the vital work required to lay the foundation for effectively automating the revenue accounting process. Companies that properly prepare and successfully execute a revenue automation initiative ...

Global Expert Advisory Firm LECG Adds Forensic Accounting Team in Sydney, Australia (Marketwire via Yahoo! Finance)
Global expert services and strategic advisory firm LECG announced the addition of a team of experts who join the firm's forensic accounting practice in the Sydney office.

Telecommuting Adds Up in Accounting (SmartPros Accounting)
June 2, 2008 (Reading Eagle, Pa.) What is it about the accounting industry that has placed it in the forefront of telecommuting?

Accounting body’s membership grows (Irish Examiner)
THE Institute of Certified Public Accountant in Ireland has the fastest growing membership among Irish accountancy bodies, Irish Auditing and Accounting Supervisory Authority figures show.

IQ Accounting Software (Cape Business News South Africa Business)
Developers of packaged and customised Accounting, Point of Sale & Payroll Software for SMME and larger corporate clients. Ranges of software to suit most retail (but not limited to) businesses and easy to use.

Online Accounting Seminar Reviews Biggest Tax Blunders For 2007 (PRWeb via Yahoo! News)
Traders Accounting Offers Key (link) news_detail.php?newsid=59 [Advice On Tax Planning ] For Day Traders.

Accounting sought for fire fund donations (The Buffalo News)
SILVER CREEK — Deanna Borrello urged the Silver Creek Village Board on Monday to ask the Fire Department to account for its funds.

US: Hat Trick Beverages appoints accounting firm (Just Drinks)
Hat Trick Beverages has announced the appointment of Skea Accounting of St Petersburg, Florida as its accounting partner.

Full-time accounting and finance jobs in need (Contra Costa Times)
The hiring of full-time accounting and finance professionals in the San Francisco Bay Area is expected to increase in the third quarter of 2008, according to the most recent Robert Half International Financial Hiring Index.

Help wanted: Accounting, finance jobs (Contra Costa Times)
The hiring of full-time accounting and finance professionals in the Bay Area is expected to increase in the third quarter of 2008, according to the most recent Financial Hiring Index by Menlo Park-based Robert Half International.

Fewer accounting, finance firms to hire in Southeast, survey says (BizJournals)
The Southeastern region's financial executives expect to hire fewer accounting and financial professionals in the third quarter, according to the Robert Half Financial Hiring Index.

Hat Trick Beverages appoints new accounting firm (Drinks Business Review)
Hat Trick Beverages, a producer and distributor of beverage products, has appointed Skea Accounting from St Petersburg, Florida.

Business Intelligence Capabilities Transform Accounting and Financial Systems The possible introduction of ... (Finance Technology Network)
True business intelligence (BI) capabilities are revolutionizing the value insurers are realizing from their accounting and financial systems.

Ground-Breaking Solution for Your Tired Accounting System! (PR Newswire via Yahoo! Finance)
Microsoft Dynamics-GP is an innovative accounting software that delivers business brilliance at the click of a mouse. Integrity Partners, a Microsoft Certified Partner that has championed Microsoft Dynamics-GP, will lead this exciting event with lunch served to all registered attendees on Tuesday, June 17, 2008 from 12pm to 2pm at the New York Headquarters of Microsoft.

PHM Services Moves to Intacct for Multi-Entity Accounting and Financial Management (Marketwire via Yahoo! Finance)
Intacct, a leader in on-demand financial management and accounting applications, today announced that PHM Services Inc., a Fairfield, California-based hospitality management company, has deployed Intacct for on-demand multi-entity accounting, financial management and financial consolidation, solidifying financial controls, increasing business visibility and improving the productivity of its ...

Sage Software Program Aids Family-Owned and Operated Small Businesses With Free Accounting Software and Support (Marketwire via Yahoo! Finance)
Sage Software announced today the Peachtree Family-Owned Business Support Program, created to assist family-owned and operated small businesses in today's uncertain economic environment. Through this initiative, Sage Software will provide a free copy of Peachtree by Sage Complete Accounting 2009, single user, with six months of free customer support to up to 1500 qualifying businesses.

Steven B. Harris Appointed to Public Company Accounting Oversight Board (U.S. Securities and Exchange Commission)
Washington, D.C., June 4, 2008 — Securities and Exchange Commission Chairman Christopher Cox today announced that Steven B. Harris has been appointed to the Public Company Accounting Oversight Board (PCAOB).

M&K buy boosts its LI forensic accounting team (Long Island Business News)
Marcum & Kliegman is expanding its forensic accounting division eightfold on Long Island, a region where white-collar fraud has made headlines over and over again.

Fewer accounting, finance firms to hire in Southeast, survey says (BizJournals)
The Southeastern region's financial executives expect to hire fewer accounting and financial professionals in the third quarter, according to the Robert Half Financial Hiring Index.

Accounting change would put pressure on insurers (International Herald Tribune)
Under a proposal for an international accounting standard, insurers may have to change the way they value insurance contracts, a move that could strike at the overall value of the carriers.

Leap Appoints Jeff Nachbor as Chief Accounting Officer (Business Wire via Yahoo! Finance)
SAN DIEGO----Leap Wireless International, Inc. , a leading provider of innovative and value-driven wireless communications services, announced today that the Company's Board of Directors has appointed Jeffrey Nachbor as chief accounting officer, replacing Steven Martin who had served as the Company's acting chief accounting officer since February 2008 and who will be transitioning to another ...

Fears grow of interference from accounting standards watchdog (vnunet.com)
Penny Sukhraj, Accountancy Age , Thursday 5 June 2008 at 00:05:00 Concerns rise over new oversight body to monitor the creation of accounting standards Plans to create a new oversight body to monitor the creation of accounting standards are running into criticism, as fears grow that the new body could undermine the effectiveness of... >  Read the full article ...

CFOs Report Steady Hiring in Accounting and Finance (HispanicBusiness.com)
Jobs were secure for employees in accounting and finance departments during the third quarter, according to a survey released today by the Robert Half International Financial Hiring Index . CFOs responding to the study reported that staff levels in accounting and finance departments would not suffer the decreases seen in construction and other professions due to the rocky economy.

Technological Enhancements to Accounting and Financial Systems Offer Promise — and Questions (Insurance and Technology)
New accounting and financial systems offer increased automation, improved integration and more-powerful reporting.

ACCOUNTING (The Wichita Eagle)
The issue: A growing global economy -- and rapidly changing and expanding tax laws and accounting standards -- are driving demand for certified public accountants. While efforts to get more of them in the pipeline appear to be succeeding, some accounting firm leaders said a gap still exists in terms of the number of experienced public accountants. "There's great demand," said Jarod ...

CPA Technology Advisor Awards NetSuite Perfect 5 of 5 Stars In Accounting Software Review (PRWeb via Yahoo! News)
NetSuite Inc announces that its on-demand ERP/Accounting, CRM and Ecommerce software solution received a perfect 5-star rating in a detailed review of the industry's top financial management and accounting products recently conducted by The CPA Technology Advisor magazine. For Fourth Consecutive Year, Leader in SaaS Business Management Software Suites Receives Highest Score for its ERP / ...

CPA Technology Advisor Awards NetSuite Perfect 5 of 5 Stars in Accounting Software Review (PR Newswire via Yahoo! Finance)
NetSuite Inc. , a leading vendor of on-demand, integrated business management software suites for small and mid-sized businesses and divisions of large companies, today announced that its on-demand ERP / Accounting, CRM and Ecommerce software solution received a perfect 5-star rating in a detailed review of the industry's top financial management and accounting products recently conducted by ...

ICAI LAUNCHES DIPLOMA IN FORENSIC ACCOUNTING (Accounting Education)
The Institute of Chartered Accountants in Ireland (ICAI) has announced the establishment of a new post qualification Diploma for Chartered Accountants – the Diploma in Forensic Accounting.

Accounting Hiring Stagnant in Q3, CFOs Say (SmartPros Accounting)
June 6, 2008 (SmartPros) Executives interviewed recently for the Robert Half International Financial Hiring Index said that, for the most part, staff levels in their accounting and finance departments will remain unchanged in the third quarter.

Broadcom CEO Indicted on Accounting Fraud, Feeding Customers MDMA (AnandTech)
A litany of charges against Henry T. Nicholas III could put in a jail for a long, long time...

AIG Falls on WSJ Report That SEC Investigates Swaps Accounting (Bloomberg.com)
June 6 (Bloomberg) -- American International Group Inc.

AIG Falls as WSJ Reports SEC Investigates Accounting (Update1) (Bloomberg.com)
June 6 (Bloomberg) -- American International Group Inc. , the world's largest insurer by assets, fell in New York trading after the Wall Street Journal said the U.S. Securities and Exchange Commission is investigating whether the company overstated the value of contracts tied to subprime mortgages.

Student's accounting skills add up (Mississauga News)
Mississauga student Mark Fernandez has won an accounting challenge designed to give participants a taste of a chartered accountant's life.