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Accounting News 09/2008



Accounting firm Parente stakes its claim to region (BizJournals)
Parente Randolph was one of the largest accounting firms in northeastern and central Pennsylvania for two decades before it realized that the economy in those regions was not growing enough to support the firm. The solution was to branch out into larger metropolitan areas like Philadelphia.

How to choose an accounting firm (BizJournals)
As in so many areas of business, relationships matter in accounting — both in terms of getting references to find a firm to handle your company’s books, to maintaining a relationship with your accountant.

Fair value accounting a struggle with standards (BizJournals)
The implementation of a new batch of complicated accounting standards designed to more precisely determine a “fair value” for financial assets promises to ultimately make financial statements more informative.

Business schools ramping up for switch to global accounting rules (BizJournals)
Ohio State University’s business school is among a few nationwide taking the lead in teaching a new language of business.

Foreclosures Nearly Triple In Virginia Since July '07 (Washington Post)
Foreclosures in Virginia nearly tripled last month compared with July 2007, with Northern Virginia accounting for more than half of the foreclosures.

Jennifer Lewis named accounting analyst at JRCL (Swampscott Reporter)
Jennifer Lewis has been named accounting analyst for the Swampscott-based Jewish Rehabilitation Centers for Living.

Amplifications and corrections (The Santa Rosa Press Democrat)
Pisenti & Brinker LLP has six CPAs, and 16 percent of its overall business is devoted to the wine industry. The firm's Web site is www.pbllp.com. Incorrect information was supplied for the wine industry accounting firms list [Aug. 25, p. 12].

Liberia: Prosecute Liars (AllAfrica.com)
The ongoing Thematic and Institutional Public Hearings are continuously taking dramatic twists with witnesses accounting on their roles in Liberia's brutal past that is set from 1979 to 2003.

ASIC looks into 2Clix links (Australian IT)
TWO companies connected with the defunct 2Clix accounting software company are beginning to implode amid a looming ASIC probe.

Calpine appoints interim corporate controller and principal accounting officer (Energy Business Review)
Calpine, which is engaged in the generation and sale of electricity, has appointed Kenneth Graves as interim corporate controller and principal accounting officer.

Steady Hiring Growth Remains Within the Accounting Skill Classification this Coming Fall Despite Overall Labor Market ... (PRWeb via Yahoo! News)
While most industries are revamping their business models to adjust to the changing business climate, the need for top certified tax and general accounting talent remains a top business priority through this transition period.

KPMG's Global Insurance practice wins Best Accounting Firm of the Year 2008 award (AME Info)
For the second year running KPMG's Global Insurance practice was awarded Best Accounting Firm of the Year at the Reactions Global Awards Dinner ceremony in New York.

Looking for a Growth Career? Accounting Is Hot (Carteret County News-Times)
(ARA) - Looking for a career with lots of growth potential? According to the Bureau of Labor Statistics, the employment of accountants and auditors is expected to grow at least 18 percent by 2016 -- a rate faster than the average for all other occupations.

SEC accounting standards move to hit private, public firms (The Business Journal of Jacksonville)
The seemingly inevitable switch to international accounting standards for U.S. public companies means private companies likely will have to change their reporting practices as well, accountants say. (AEP)

SEC accounting standards move to hit private, public firms (Orlando Business Journal)
The seemingly inevitable switch to international accounting standards for U.S. public companies means private companies likely will have to change their reporting practices as well, according to accountants. (AEP)

BizTimes Money: Accounting firm changes name (Small Business Times)
The Milwaukee accounting firm Ritz, Holman, Butala, Fine LLP changed its name to RitzHolman CPAs this week. The firm, founded 51 years ago, was originally named Ritz Holman and Company.

TinyBooks 6.0.0 Accounting Software Adds Auto Check (PC World)
Ken Winograd and Space-Time Associates have announced a new version of TinyBooks, the accounting software for Mac OS X. It...

SEC accounting standards move to hit private, public firms (St. Louis Business Journal)
The seemingly inevitable switch to international accounting standards for U.S. public companies means private companies likely will have to change their reporting practices as well, accountants say. (AEP) (NFS)

Accounting switch trims tax levies (The Times of Northwest Indiana)
HAMMOND | A financial accounting change approved Tuesday night should significantly reduce taxes for all property owners in the city.

Hamworthy fires divisional FD after finding accounting errors (Accountancy Age)
Oil and gas services company Hamworthy has fired the finance director of its inert gas division following the discovery of accounting errors related to inventory value.

Hamworthy fires divisional FD after finding accounting errors (vnunet.com)
Paul Grant, Accountancy Age , Wednesday 3 September 2008 at 10:01:00 Inventory overstatement of £4.6m discovered at oil and gas services company by E&Y Oil and gas services company Hamworthy has fired the finance director of its inert gas division following the discovery of accounting errors related to inventory value....

Demand Solutions Group Named 'Killer VAR' by WebCPA-Accounting Technology (PR Newswire via Yahoo! Finance)
Demand Solutions Group , a leading provider of on-demand software solutions and services, today announced that it has been named to Accounting Technology magazine's 2008 list of "Killer VARs."

Hot small caps: Hamworthy falls on accounting error (Reuters via Yahoo! UK & Ireland News)
The following is a round-up of key small cap movers on the London stock market on Wednesday.

Local firm named to list of innovators by accounting magazine (Central New York Business Journal)
SYRACUSE - Dermody, Burke & Brown is one of 32 accounting firms across the nation to receive an innovation award from Practical Accountant magazine. The Practice Innovation awards honor accounting firms that develop new or improved services to promote efficiency in the practice of public accounting.

Japan Considers International Accounting Rules, Nikkei Reports (Bloomberg.com)
Sept. 4 (Bloomberg) -- Japan is considering adopting international accounting rules used by more than 100 countries, Nikkei English News reported.

More Accounting Jobs Expected in Q4 (SmartPros Accounting)
MENLO PARK, Calif., Sept. 4, 2008 Hiring in accounting and finance is expected to increase in the final months of 2008, according to executives interviewed for the most recent Robert Half International Financial Hiring Index.

Business and Accounting Software Author Lakeview Computers Introduces New Server Monitoring Solution (PRWeb via Yahoo! News)
ERP and Accounting Software author Lakeview Computers http://www.lakeview.co.uk has launched a new server monitoring solution to provide business leaders with peace of mind that all IT hardware, backups and security activities are being constantly monitored by experts in the industry.

UK Manufacturing, Distribution & Accounting Software Author Lakeview Software Launches Free Accounting Glossary (PRWeb via Yahoo! News)
UK manufacturing, distribution & accounting software vendor Lakeview Software has launched a new, free accounting software glossary available at its website (link) accounting-software-glossary

Accounting boom shows no signs of slowing down (The Daily Texan)
Enrollment in college accounting courses is up 19 percent since 2004, according to a nationwide survey administered by the American Institute of Certified Public Accountants. The Department of Accounting, within the McCombs School of Business, has also seen an increase in students studying accounting.

Jury Selection Set to Begin in KPMG Accounting Fraud Trial, Announces Eagan O'Malley & Avenatti, LLP (Business Wire via Yahoo! Finance)
NEW BRUNSWICK, N.J.----Jury selection will begin on Monday, September 8, 2008 in an accounting fraud lawsuit involving Big Four auditing firm KPMG, LLP., Cast Art Industries, LLP v.

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD INSPECTION REPORTS UPDATE (Accounting Education)
The Public Company Accounting Oversight Board has updated its audit firm inspection reports.

Ex-CA CEO Kumar points to others in accounting cover-up (IT World)
Former CA CEO Sanjay Kumar, now serving a jail sentence following a high-profile accounting scandal at the software vendor, implicated a number of other current and former CA officials in an affidavit filed in U.S. District Court-New York Eastern District on Aug. 27.

Ex-CA CEO Kumar Points to Others in Accounting Cover-up (PC World)
Former CA CEO Sanjay Kumar has made more allegations against board members over a high-profile accounting scandal.

Accounting, IT hiring to be flat (Tacoma Business Examiner)
A net 1 percent of chief financial officers in the Puget Sound expect to add accounting and finance staff during the fourth quarter of 2008, according to the most recent Robert Half International Financial Hiring Index.

Global Accounting Rules: Simpler, Yes. But Better? (BusinessWeek)

Demand Solutions Group Named 'Killer VAR' By WebCPA-Accounting Technology (ITResellerOnline)
Demand Solutions Group (DSG), a leading provider of on-demand software solutions and services, recently announced that it has been named to Accounting Technology magazine's 2008 list of "Killer VARs.

Livent co-accused didn't suggest improper accounting, trial told (Toronto Star)
The woman who claims she blew the whistle on accounting manipulations at Livent after stumbling upon them in July 1997 was actually aware of them eight months earlier, according to a former colleague testifying at their bosses' fraud trial.

THE ACCOUNTING AND TAXATION RELATIONSHIP IN SPANISH LISTED FIRMS (Accounting Education)
The relationship between accounting and fiscal rules has long been controversial. Financial statements conform to accounting principles and methods regardless of tax rules. This independence generates important permanent and temporary differences between accounting and taxable income.

Accounting change could pressure taxes (UPI)
WASHINGTON, Sept. 5 (UPI) -- An accounting change by U.S. actuaries could dramatically increase contributions needed to cover the cost of public employees' pension funds, analysts said.

Accounting change could pressure taxes (Moldova.org)
An accounting change by U.S. actuaries could dramatically increase contributions needed to cover the cost of public employees' pension funds, analysts said.The American Academy of Actuaries is considering new standards that would require local governments to provide two estimates of returns on investments made on behalf of public employee pension funds, The Washington Post reported Friday.Most ...

Jury Selection Set to Begin in KPMG Accounting Fraud Trial (SmartPros Accounting)
NEW BRUNSWICK, N.J., Sept. 5, 2008 (SmartPros) Jury selection will begin on Monday, Sept. 8, in an accounting fraud lawsuit involving Big Four auditing firm KPMG and Cast Art Industries.

GE receives "'Wells notice" in hedge accounting probe (Reuters via Yahoo! News)
General Electric Co said on Friday it had been notified by U.S. regulators they were considering filing a civil complaint against the company following a three-year probe into GE's use of hedge accounting for derivatives.

GE gets "Wells notice" in SEC accounting probe (Reuters via Yahoo! News)
General Electric Co said on Friday it had been notified by U.S. regulators that a civil complaint could be filed against the company following a more than three-year-long probe into its use of hedge accounting for derivatives and other accounting matters.

(AFX UK Focus) 2008-09-05 23:09 UPDATE 1-GE gets 'Wells notice' in SEC accounting probe (Interactive Investor)
CHICAGO, Sept 5 (Reuters) - General Electric Co said on Friday it had been notified by U.S. regulators that a civil complaint could be filed against the company following a more than three-year-long probe into its use of hedge accounting for derivatives and other accounting matters. In a filing with the U.S. Securities and Exchange Commission, the company said SEC staff had issued a so-called ...

GE faces accounting fines (CNN Money)
Industrial giant says in report that SEC may recommend civil punishments for accounting changes the company made.

GE may face action over derivatives accounting (Financial Times)
General Electric said on Friday that US securities regulators might take civil action against the conglomerate following an investigation into its accounting methods on derivatives.

SEC might fine GE on accounting (Fort Wayne Journal Gazette)
General Electric Co. said Friday it has been informed that the Securities and Exchange Commission may recommend fines and other action for possible violations of securities law related to accounting changes the company made.

Accounting methods spur action (Albany Times Union)
Advisers' concerns lead to expected takeover at Fannie Mae, Freddie Mac The government's planned takeover of Fannie Mae and Freddie Mac, expected to be announced as early as this weekend, came together hurriedly after advisers poring over the companies' books for the Treasury Department concluded that Freddie's accounting methods had overstated its capital cushion, according to regulatory ...

Why U.S. moved to take over mortgage giants (International Herald Tribune)
Auditors for Treasury Department found that Freddie Mac's accounting methods overstated its capital cushion, officials say.

Fannie, Freddie Capital Concerns Prompt Paulson Plan (Update1) (Bloomberg.com)
Sept. 7 (Bloomberg) -- Treasury Secretary Henry Paulson decided to take control of Fannie Mae and Freddie Mac after a review found the beleaguered mortgage-finance companies used accounting methods that inflated their capital, according to people with knowledge of the decision.