Accounting News 07/2008 (Page 2)

Push for New Accounting Standards Gains Speed (Washington Post)

The Bush administration and the Securities and Exchange Commission are pressing forward with a plan that would allow American companies to opt out of using U.S. accounting standards in favor of international ones as a way to ease global business dealings and help corporations raise capital around the world. (Jul 8, 2008)

Mortgage Giants Take Beating On Housing, Accounting Fears (Fox News)

Shares of Fannie Mae and Freddie Mac plunge to their lowest levels in more than 14 years, as concerns about the housing market and accounting rise. (Jul 8, 2008)

Housing, accounting worries sink Fannie, Freddie (The Journal News)

NEW YORK - Shares of mortgage purchasers Fannie Mae and Freddie Mac tumbled yesterday after a Federal Reserve official warned housing market problems would likely extend into next year and an analyst said accounting changes could leave the two woefully short of necessary capital reserves. (Jul 8, 2008)

New accounting norms likely for Telcos (The Hindu)

NEW DELHI: Telecom companies are likely to have new accounting norms soon for recording transactions such as issuance of life-time validity cards and full value pre-paid cards. (Jul 8, 2008)

Telcos may have new accounting norms soon (rediff.com)

The Institute of Chartered Accountants of India is in the process of clarifying the procedure for accounting of these peculiar transactions for which there is no precedence."We will issue explanations and clarifications as to how to record certain transactions which are innovative in nature," ICAI President Ved Jain told PTI. (Jul 8, 2008)

Global Talent Shortage Continues in Accounting and Finance; Report Finds Hiring and Retaining Skilled Professionals ... (PR Newswire via Yahoo! Finance)

A shortage of experienced accounting and finance professionals continues to affect employers around the world, according to the second annual Robert Half Global Financial Employment Monitor. (Jul 8, 2008)

Fannie Mae, Freddie Mac shares bounce back amid speculation about impact of accounting rules (Minneapolis-St. Paul Star Tribune)

NEW YORK - Shares of mortgage financiers Fannie Mae and Freddie Mac bounced back Tuesday, a day after plunging over worries the pair might need billions of dollars in new capital if a new accounting rule is put into effect. (Jul 8, 2008)

Former accounting professor always challenged his students (Central Michigan Life)

Woodrow "Woody" Eber is remembered by his former students as a helpful professor and an honorable man. "He was honest and hard working. His word was his bond," said Accounting professor William Hood, Eber's former student in the 1970s for tax accounting and auditing. (Jul 9, 2008)

New accounting plan gaining momentum / U.S. firms could file reports under international rules (San Francisco Chronicle)

Accounting scholarships to give 300 undergrads a headstart (Straits Times)

THE accounting industry is dangling a new generous incentive scheme lure more graduates into the profession. (Jul 9, 2008)

Wall Street wrong to blame credit crisis on accounting (vnunet.com)

Kevin Reed, Accountancy Age , Wednesday 9 July 2008 at 10:06:00 JPMorgan Chase chief slams Wall Street for blaming credit crunch on acocunting rules JPMorgan Chase & Co's chief executive has slammed Wall Street bosses for blaming the credit crunch on accounting rules. Jamie Dimon said in an interview with Charlie Rose with US... (Jul 9, 2008)

Wall Street wrong to blame credit crisis on accounting (Accountancy Age)

JPMorgan Chase & Co's chief executive has slammed Wall Street bosses for blaming the credit crunch on accounting rules. Jamie Dimon said in an interview with Charlie Rose with US broadcaster PBS: 'It was not an accounting issue, okay? The people who made the mistakes are to blame.' (Jul 9, 2008)

DoF holds workshop on best accounting practices (AME Info)

Abu Dhabi Department of Finance (DoF), the financial arm of the Emirate of Abu Dhabi, organized an orientation workshop on Accrual Accounting in the governmental sector. (Jul 9, 2008)

Vitale Caturano Ranked '#1 Best Firm to Work For' in National Accounting Survey (PR Newswire via Yahoo! Finance)

Vitale Caturano, New England's largest regional full-service CPA firm, has been named the "#1 Best Firm to Work For" in a national survey on quality of life at major U.S. accounting firms. (Jul 9, 2008)

Fair-Value Accounting Examined At SEC Roundtable (INO News)

(RTTNews) - The role of fair-value accounting in the credit turmoil was examined by the SEC Wednesday, as a panel of experts argued about both the benefits and drawback of fair-value accounting, including whether or not fair-value market accounting is pro-cyclical. (Jul 9, 2008)

AICPA Receives More Than 360 Accounting Scholarship Applications after Successful Student Leadership Workshop (Centre Daily Times)

The American Institute of Certified Public Accountants received more than 360 minority accounting scholarship applications following a successful workshop entitled "Lead the Way, Make a Difference, Become a CPA" to promote diversity within the accounting profession held May 29-31 in Peachtree, GA. (Jul 9, 2008)

Texas Accounting Clerk Accused Of Embezzling Millions (KWTX-TV Waco)

An accounting clerk for a Texas window-covering company is accused of embezzling millions of dollars and spending the money on everything from foreign travel to tens of thousands of dollars worth of furniture. (Jul 9, 2008)

Dimon vs. Schwarzman: The Great Accounting Debate (New York Times)

Who knew an accounting rule could create such a divide between Wall Street bigwigs? Twice this week, James Dimon, the head of one of the largest banks in the world, has taken pains to put himself on the opposite side of Stephen Schwarzman, who leads one of the biggest private equity firms, in the debate over a bookkeeping rule called FAS 157. That rule was the subject of a recent DealBook column ... (Jul 9, 2008)

AEGON Canada outsources investment accounting to RBC Dexia (Investment Executive)

AEGON Canada Inc. and RBC Dexia Investor Services today announced they have signed a letter of intent to have RBC Dexia provide investment accounting services to AEGON Canada for its portfolio of 160 funds worth $8.5 billion. (Jul 9, 2008)

Rival Indy accounting firms to merge (The Indianapolis Star)

Katz Sapper & Miller, one of the city's largest accounting firms, is acquiring a local rival to boost its employee benefit consulting business and serve more national clients. (Jul 10, 2008)

Survey shows accounting firms operating below capacity due to talent shortage (Channel NewsAsia)

SINGAPORE : Accounting firms in Singapore are not only having difficulties in hiring staff but also retaining them, according to a survey by the Institute of Chartered Accountants. (Jul 10, 2008)

Accounting Software meets needs of non-profit organizations. (ThomasNet)

Peachtree Premium Accounting for Nonprofits 2009 provides small nonprofit organizations budgeting, forecasting, and planning capabilities along with flexible payroll options and time and expense tracking. Other features include nonprofit-specific reports and templates for fundraising and donor relations, Crystal Reports® 2008 with end-user report view and report designer, and real-time error ... (Jul 10, 2008)

Big rewrite of accounting fair value ruled out (Khaleej Times)

BRUSSELS - A rewrite of an accounting rule blamed by critics for sparking big writedowns among banks is ruled out in favour of better guidance on how to apply it, a top standard-setter said. (Jul 10, 2008)

Government Accounting Body Scrutinizes Rules for Pensions (New York Times)

Accounting rule makers started an ambitious project to force state and local governments to reveal the true cost of their pension promises. (Jul 11, 2008)

Accounting graduates aim for Big Four firms (EARTHtimes.org)

Singapore - Accounting graduates in Singapore set their sights on the Big Four accounting firms, a study of the profession said on Friday. Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers have considerably less trouble attracting new hires th... (Jul 11, 2008)

BancTec Appoints Paul Diegelman Vice President of Finance and Accounting Business Process Outsourcing (BPO) (PR Newswire via Yahoo! Finance)

BancTec, a global provider of advanced, high volume, document and payment processing solutions and services, today announced the appointment of Paul E. Diegelman as divisional vice president of finance and accounting BPO, Americas. (Jul 11, 2008)

BankUnited exec given accounting post (Miami Herald)

BankUnited Financial (BKUNA) named Lucious Timothy Harris, senior vice president of its namesake BankUnited since May, to the post of the company's principal accounting officer. Harris is a former chief financial officer of Hamilton Bank and a consultant. (Jul 11, 2008)

Laureate Education, Inc. Appoints Senior Vice President and Chief Accounting Officer (Business Wire via Yahoo! Finance)

BALTIMORE----Laureate Education, Inc. today named Amit Rai Senior Vice President and Chief Accounting Officer. Mr. Rai takes over for Gary Wojtaszek, who had served as Senior Vice President, Treasurer and Chief Accounting Officer. (Jul 11, 2008)

Accounting firms welcome ACRA's measures to ease talent crunch (Channel NewsAsia)

SINGAPORE : Accounting firms are excited by upcoming measures to help ease the talent crunch in the sector. This comes one day after the Accounting and Corporate Regulatory Authority (ACRA) announced its intent to find alternative talent streams and grow the accountancy profession. (Jul 11, 2008)

Laureate Education, Inc. Appoints Senior Vice President and Chief Accounting Officer (Centre Daily Times)

Laureate Education, Inc. today named Amit Rai Senior Vice President and Chief Accounting Officer. Mr. Rai takes over for Gary Wojtaszek, who had served as Senior Vice President, Treasurer and Chief Accounting Officer. Mr. Wojtaszek is leaving Laureate to serve as Chief Financial Officer at Cincinnati Bell. (Jul 11, 2008)

OfficeMax Names Deborah O'Connor Chief Accounting Officer (PR Newswire via Yahoo! Finance)

OfficeMax Incorporated today announced that Deborah O'Connor will assume the role of senior vice president, finance and chief accounting officer, effective July 15, 2008. (Jul 11, 2008)

UAL Plans Large Accounting Charges (New York Times)

United Airlines? parent said in a regulatory filing Friday that it would record $2.6 billion to $2.7 billion in accounting charges in the second quarter. (Jul 12, 2008)

United to record accounting charges (Rocky Mountain News)

United Airlines parent UAL Corp. said it will record $2.6 billion to $2.7 billion of accounting charges in the second quarter, according to a regulatory filing Friday. (Jul 12, 2008)

UAL Plans Large Accounting Charges (NYTimes.com via Yahoo! Finance)

United Airlines’ parent said in a regulatory filing Friday that it would record $2.6 billion to $2.7 billion in accounting charges in the second quarter. (Jul 12, 2008)

Quinn Donors Giving Less Amid Inquiry Into Council (New York Times)

Christine. C. Quinn?s fund-raising efforts for her mayoral run have been stalled by the scandal over the City Council?s questionable accounting practices. (Jul 13, 2008)

Business people/Hires, Promotions & Honors (The Buffalo News)

Sandhill Investment Management in Buffalo named Gary Stott vice president of business development. Stott, an accounting graduate from Canisius College, has more than 25 years of sales and financial experience. He most recently was president of a business and human resource consulting practice and a medical recruiting business. (Jul 13, 2008)

Accounting and Consultancy (Mondaq)

In an important decision last week, the Court of Appeal considered whether or not a company which had committed fraud could nevertheless claim against its own auditors for failing to detect and report that fraud. (Jul 13, 2008)

On the Go (The Plain Dealer)

Brockman Coats Gedelian & Co.: Katie Large joined the regional certified public accounting and consulting firm as a receptionist, and Daniel Papadelis as senior tax associate. (Jul 13, 2008)

Accounting firm leases at Woodfield Crossing (The Indianapolis Star)

The accounting firm Dunbar Cook & Shepard has leased 10,600 square feet at Four Woodfield Crossing Office Park, 8250 Woodfield Crossing Blvd., on the Far Northside. Summit Realty represented Dunbar Cook. CB Richard Ellis represented the landlord, Federal Home Loan Bank. (Jul 14, 2008)

14-07-2008: Fair value accounting does not worsen credit crisis (The Edge Daily)

KUALA LUMPUR: Disclosure of mark-to-market losses does not worsen the credit crisis but reflects the actual financial health of a corporation’s investment portfolio, accounting experts said. (Jul 14, 2008)

Kaletsky: set limits to mark-to-market accounting (vnunet.com)

Alex Hawkes, Accountancy Age , Monday 14 July 2008 at 09:51:00 Times' economic commentator says rules would have made most banks through history technically insolvent Limits must be set to the 'absurdity' or mark-to-market accounting, respected economic commentator Anatole Kaletsky has said. In a column in The Times, Kaletsky says that suggestions that US mortgage... ... (Jul 14, 2008)

China's Largest Zinc Smelters to Consider Output Cuts (Update3) (Bloomberg.com)

July 14 (Bloomberg) -- China's largest zinc smelters, accounting for more than 12 percent of global output, may cut production as oversupply pushed prices down a quarter this year. (Jul 14, 2008)

Kaletsky: set limits to mark-to-market accounting (Accountancy Age)

Limits must be set to the 'absurdity' or mark-to-market accounting, respected economic commentator Anatole Kaletsky has said. (Jul 14, 2008)

China's Largest Zinc Smelters to Consider Output Cuts (Update4) (Bloomberg.com)

July 14 (Bloomberg) -- China's largest zinc smelters, accounting for more than 12 percent of global output, may reduce production after oversupply cut prices by a quarter this year. (Jul 14, 2008)

Accounting shifting to international standards (North Bay Business Journal)

NORTH BAY – With the economy becoming increasingly global, pressure is building for financial statements to be universal. (Jul 14, 2008)

Software offers construction, accounting, and analysis tools. (ThomasNet)

Available with Crystal Reports® 2008, Peachtree by Sage Premium Accounting for Construction enables SMBs to track progress billing, calculate labor burden, and monitor insurance expiration dates. Companies can report on data outside of 2 open years, allowing them to compare budgets and financial results using comprehensive historical trends. It features cash flow management, real time error ... (Jul 14, 2008)

Accounting Software includes planning and analysis tools. (ThomasNet)

Peachtree 2009 features Cash Manager Tool that enables users to project cash flow and also gives ability to run what-if scenarios to see impact of activities, such as addition or elimination of inventory, pricing changes, addition of staff or other investments, on business. Multi-year Reporting allows for accurate budgeting, trend analysis, and forecasting. Software also offers reporting and ... (Jul 14, 2008)

Pensions body warns on accounting proposals (Christian Today)

Controversial accounting proposals will hasten the closure of more final salary pension schemes if they are adopted a leading pensions group said on Monday (Jul 14, 2008)

Survey finds shortage of accounting, finance workers (BizJournals)

A majority of employers say they're having trouble finding qualified accounting and finance professionals for the second year in a row, according to a recent survey by Robert Half International. (RHI) (Jul 14, 2008)

Girard Miller to Resign from Governmental Accounting Standards Board (Centre Daily Times)

Robert E. Denham, chairman of the Financial Accounting Foundation (FAF) Board of Trustees, today announced that Girard Miller, one of six part-time members of the Governmental Accounting Standards Board (GASB) is resigning from the Board, effective July 31, 2008, to accept a senior strategic consulting position in the private sector. (Jul 14, 2008)

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