Accounting News 09/2008 (Page 2)

Local accounting programs struggle to fill Ph.D. professor vacancies (BizJournals)

As today’s accounting professors retire, few are qualified to fill their shoes. The low number of students pursuing Ph.D.s in accounting indicates a nationwide crisis in accounting education. (Sep 8, 2008)

Impending changes make accounting recession-proof (BizJournals)

Even in sluggish economic times businesses still need to maintain their tax records — making the accounting profession one of the more recession-proof industries. (Sep 8, 2008)

SEC proposes move to international accounting rules (BizJournals)

The Securities and Exchange Commission has proposed a roadmap that could lead to the adoption by 2014 of international accounting standards for U.S. public companies. (Sep 8, 2008)

An accounting (The Beacon News)

Mary Tarling of Naperville, right, presented "Accounting for Human Resource Professionals" at Aurora University's Aug. 27 Human Resources Institute, a free monthly public workshop. Tarling, AU assistant professor of accounting, discussed financial statements, budgets, and HR professionals' roles in accounting. The workshop series continues Oct. 29 at 8 a.m. in the University Banquet Hall with ... (Sep 8, 2008)

GE warned over accounting practices (vnunet.com)

Judith Tydd, Accountancy Age , Monday 8 September 2008 at 10:11:00 A member of the world's top ten global companies is being investigated by the SEC The US Securities and Exchange Commission (SEC) has issued a warning to General Electric (GE) over certain elements of its accounting practices.... (Sep 8, 2008)

GE warned over accounting practices (Accountancy Age)

The US Securities and Exchange Commission (SEC) has issued a warning to General Electric (GE) over certain elements of its accounting practices. According to a report in The Daily Telegraph , the SEC has issued a 'Wells notice' against the company, inferring it has the potential to bring 'a civil injunctive action against GE for possible violations of the securities laws'. (Sep 8, 2008)

PrivateBancorp Names Barbara E. Briick Controller and Chief Accounting Officer (PR Newswire via Yahoo! Finance)

PrivateBancorp, Inc. today announced that Barbara E. Briick is named Controller and Chief Accounting Officer, effective immediately. (Sep 8, 2008)

U.S. Moving To Adopt International Accounting Standards (Enterprise Security Today)

The U.S. Securities and Exchange Commission has moved to allow some large American companies to begin using international accounting standards as early as next year, and to require all U.S. companies to do so by 2016. The SEC voted unanimously on Wednesday to propose a "road map" for conversion, with eventual adoption depending in part on revised provisions for financing the group that writes ... (Sep 8, 2008)

Roddey joins Downtown accounting firm (Pittsburgh Tribune-Review)

Former Allegheny County Chief Executive James C. Roddey has joined McCrory & McDowell LLC, an accounting and consulting firm, as a senior consultant. (Sep 8, 2008)

RSM Richter and Chamberland Hodge merge into bigger accounting firm (Canadian Business)

MONTREAL - Quebec accounting firms RSM Richter and Chamberland Hodge have merged into a bigger Montreal-based business services company with more than 400 employees. (Sep 8, 2008)

CREDO Petroleum Reports Change in Accounting Method for Natural Gas Hedges (Business Wire via Yahoo! Finance)

DENVER----CREDO Petroleum Corporation today reported that the company has changed its method of accounting for natural gas hedges to reflect unrealized gains and losses on open hedge contracts in the income statement rather than on the balance sheet. (Sep 9, 2008)

IFRS GAAP International Accounting Expert Available to Discuss SEC's Roadmap for IFRS Adoption (Business Wire via Yahoo! Finance)

CHICAGO----Barry Jay Epstein, Ph.D., CPA, a Partner with the Chicago-based accounting firm Russell Novak & Company , anticipated the eventual U.S. conversion from Generally Accepted Accounting Principles to International Financial Reporting Standards more than ten years ago. (Sep 9, 2008)

CREDO Petroleum Reports Change in Accounting Method for Natural Gas Hedges (Centre Daily Times)

CREDO Petroleum Corporation (NASDAQ: CRED) today reported that the company has changed its method of accounting for natural gas hedges to reflect unrealized gains and losses on open hedge contracts in the income statement rather than on the balance sheet. The cumulative effect from the beginning of fiscal 2005 through the third quarter of 2008 was to reduce net income by $182,000 and diluted ... (Sep 9, 2008)

IFRS GAAP International Accounting Expert Available to Discuss SEC's Roadmap for IFRS Adoption (Centre Daily Times)

Barry Jay Epstein, Ph.D., CPA, a Partner with the Chicago-based accounting firm Russell Novak & Company (www.RNCO.com), anticipated the eventual U.S. conversion from Generally Accepted Accounting Principles (U.S. GAAP) to International Financial Reporting Standards (IFRS) more than ten years ago. As the lead co-author of "Wiley GAAP" and "Wiley IFRS," now in their 24th and 12th editions ... (Sep 9, 2008)

Anderson School’s Young wins accounting educator award (BizJournals)

Joni Young, professor of accounting at the University of New Mexico’s Anderson School of Management, will receive the 2008 Outstanding Accounting Educator Award from the New Mexico Society of Certified Public Accountants. (Sep 9, 2008)

NYSE Euronext 'Volunteers' To Adopt International Accounting Standards (Nasdaq)

KANSAS CITY -(Dow Jones)- NYSE Euronext (NYX) will volunteer to adopt international accounting standards as part of a pilot program proposed by U.S. regulators. (Sep 9, 2008)

From Jail Ex-CA CEO Implicates CA Members in CA's Massive Accounting Fraud & Cover-up (SYS-CON Media)

From his cell in a federal prison in New Jersey former CA CEO Sanjay Kumar pointed an accusing finger at CA founder Charles Wang and said that Wang was the real author of the $2.2 billion accounting fraud that sent Kumar to jail for 12 years and nearly destroyed the company. read more (Sep 9, 2008)

Poor accounting at the centre of charities' malpractice (vnunet.com)

Penny Sukhraj, Accountancy Age , Wednesday 10 September 2008 at 09:44:00 The Charities Back on Track report is the result of 799 assessments of charities in the last year Poor basic accounting and reporting practices are still the main causes of malpractice among charities. This is according to the Charity Commission, which conducted its first annual review of the... (Sep 10, 2008)

Fannie Mae and Freddie Mac's accounting branded 'House of Cards' (Accountancy Age)

US mortgage giants Fannie Mae and Freddie Mac's accounting rules have been branded as a 'house of cards' by a senior US Senator. The criticism was made by Senator Richard Shelby, a Senate Banking Committee member after a briefing by US Treasury officials, the Irish Independent said. (Sep 10, 2008)

Poor accounting at the centre of charities' malpractice (Accountancy Age)

Poor basic accounting and reporting practices are still the main causes of malpractice among charities. This is according to the Charity Commission, which conducted its first annual review of the key themes that arose from its compliance work from April 2007 to March 2008. (Sep 10, 2008)

Fannie Mae and Freddie Mac's accounting branded a 'house of cards' (vnunet.com)

David Jetuah, Accountancy Age , Wednesday 10 September 2008 at 09:43:00 US senator slams troubled mortgage lenders' accounting practices after briefing from US Treasury US mortgage giants Fannie Mae and Freddie Mac's accounting rules have been branded as a 'house of cards' by a senior US Senator.... (Sep 10, 2008)

Lean Times for Accounting Firms? (New York Times)

Deloitte confirmed that it dismissed about 800 professionals and staff in the United States, amid speculation that the Big Four accounting firms are cutting back because of the slowing economy and relaxed compliance rules. (Sep 10, 2008)

South Africa: Big Chance for Smaller Law, Accounting Firms (AllAfrica.com)

THE economic slowdown has created opportunities for smaller and medium-sized legal and accounting firms to compete with far larger professional services firms. (Sep 10, 2008)

Swap-A-Debt Retains PCOAB Registered Accounting Firm (PR Newswire via Yahoo! Finance)

Swap-A-Debt, Inc. is pleased to announce that PS Stephenson & Co., PC of Wharton TX, a PCAOB registered accounting firm, was retained to audit the financials of the company. The audits of the company were completed last week and shall be posted on Edgar early next week. (Sep 10, 2008)

WaMu stock down 22 percent over accounting rules (Reuters via Yahoo! News)

Washington Mutual Inc shares slumped 22 percent on Wednesday on fears that new accounting rules may dissuade potential buyers for the distressed savings and loan. (Sep 10, 2008)

WaMu Falls on Concern Accounting Will Deter Suitors (Update1) (Bloomberg.com)

Sept. 10 (Bloomberg) -- Washington Mutual Inc. , the largest U.S. savings & loan, failed to interest suitors in a purchase this year because new accounting rules for devalued loans are driving away buyers, two bankers involved in the talks said. The stock fell 30 percent to an 18-year low. (Sep 10, 2008)

BUSINESS NEWS: Accounting rules may change in U.S. (Courier-Post)

Securities regulators recently gave the go-ahead to a plan that could require thousands of companies to change from U.S. accounting standards to global accounting rules that are quickly gaining favor abroad. (Sep 11, 2008)

US court OKs $183 million award in accounting case (AP via Yahoo! Finance)

A federal appeals court has upheld a $183 million malpractice award against accounting giant PricewaterhouseCoopers stemming from audits of a collapsed insurance company. (Sep 11, 2008)

Accounting/Billing Software ensures DCAA compliance. (ThomasNet)

Providing project accounting solution for small to medium U.S. government contractors and project-focused businesses, GCS Premier v5.0 comes with user interface that offers role-based navigation and process-driven workflows. Premier Billing embeds functionality within Microsoft Excel 2007 to aid billing processes. Pre-built and customizable templates facilitate fast invoicing, while data ... (Sep 11, 2008)

EMPLOYERS OPPOSE PROPOSED NEW PENSION ACCOUNTING RULES DESPITE DESIRE FOR CHANGE, WATSON WYATT SURVEY FINDS (Accounting Education)

Employers believe changes to current pension accounting standards are necessary, but most are not in favor of the changes proposed in the International Accounting Standards Board's (IASB's) preliminary views paper, according to a recent survey by Watson Wyatt Worldwide. (Sep 11, 2008)

Out to Sea Outsources Accounting Infrastructure to CFO Rick (Marketwire via Yahoo! Finance)

CFO Rick, an accounting services firm dedicated to start-up organizations and families of high net worth in the Bay Area, announced that it has been hired by Out to Sea, a specialty skin product company focusing on the tattoo and body art industry. Out to Sea products are available in over 50 retail stores across the United States. (Sep 11, 2008)

UNIVERSITY PROFESSORS BELIEVE THAT ADMINISTRATORS ARE GENERALLY UNAWARE OF CHALLENGES FACING ACCOUNTING DEPARTMENTS (Accounting Education)

Relatively few universities currently have a strategy in place to incorporate International Financial Reporting Standards (IFRS) into accounting curricula in the 2008-2009 academic year, according to the results of a survey of accounting faculty conducted by the American Accounting Association and KPMG LLP, the audit, tax and advisory firm.... (Sep 11, 2008)

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD INSPECTION REPORTS UPDATE - 10 NEW REPORTS (Accounting Education)

The Public Company Accounting Oversight Board has updated its audit firm inspection reports. De Leon & Company, P.A. (Sep 11, 2008)

Accounting boards set 2011 goal for joint projects (The Economic Times)

The International Accounting Standards Board and the Financial Accounting Standards Board said on Thursday they had updated a 2006 memorandum of understanding to set a goal of completing major joint projects by 2011. (Sep 11, 2008)

Advanced accounting workshop designed for producers, bookkeepers (Dairy Herd)

Penn State Dairy Alliance is offering an accounting workshop to help producers and bookkeepers in dairy and all agricultural businesses learn how to better manage their accounting systems and improve profitability. (Sep 12, 2008)

Outsourcing accounting and finance (Philanthropy Journal)

Nancy McGee discusses options for outsourcing accounting and finance functions in a smaller nonprofit. (Sep 12, 2008)

Executive Briefing (Investor's Business Daily via Yahoo! News)

A survey says a lion's share of U.S. companies oppose changes in current pension accounting rules that may result if the U.S. adopts new international accounting standards. (Sep 12, 2008)

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. (Sep 13, 2008)

KeyMark names new accounting and finance manager (Anderson Independent-Mail)

Goodwin will be responsible for the preparation and analysis of KeyMark’s financial statements and internal controls. (Sep 13, 2008)

Accounting change may aid referendum (Wisconsin State Journal)

More than 60 Wisconsin school districts got an earlier start than Madison did in instituting a bookkeeping change that potentially saves local property owners millions of dollars in taxes. But led by a new superintendent and business manager, Madison last month adopted the accounting measure -- a move that school officials hope will strengthen community support for a Nov. 4 referendum. The ... (Sep 14, 2008)

Freddie, Fannie scams hidden in broad daylight (Pioneer Press)

When the history is written on the collapse of Fannie Mae and Freddie Mac, it will go down in the annals of corporate scandals as one of the greatest accounting scams committed in broad daylight. (Sep 14, 2008)

COMPANIESBrockman, Coats, Gedelian &a... (Akron Beacon Journal)

COMPANIES Brockman, Coats, Gedelian & Co.The Akron-based accounting and business consulting firm was recognized as a NorthCoast 99 award recipient for the fourth year in a row as one of the 99 best places to work in Northeast Ohio for top talent. The award is presented by the Employers Resource Council. Fallsway Equipment Co. (Sep 14, 2008)

FLESH AND 'BLOOD' (New York Post)

Thank goodness vampires don't age. Otherwise there'd be no accounting for the appeal of Bill Compton, the 173-year old bloodsucker who's half of the to-die-for couple on HBO's new series "True Blood." Bill is the perfectly sexy combination of... (Sep 14, 2008)

Show me the money (Albany Times Union)

Venture capitalism means taking a risk of losing it all, or building great riches by finding the next Google. In the second quarter, 990 venture capital investments worth $7.4 billion were made nationwide, according to the MoneyTree Report from PricewaterhouseCoopers, the accounting and consulting firm.Upstate New York, though, got just eight deals worth $21 million. One of the benefits of ... (Sep 14, 2008)

ClientWhys and Swizznet Team Up to Offer Tax Accountants Online Accounting Services for their QuickBooks Clients (PRWeb via Yahoo! News)

ClientWhys and Swizznet have just announced a partnership that allows ClientWhys CPAs and Tax Accountants the ability to integrate Swizznet online accounting solutions directly into their website. (Sep 15, 2008)

SEC lays out plans for shift to international accounting (BizJournals)

The Securities and Exchange Commission recently issued guidelines for changing accounting standards for the nation’s publicly traded companies, rules that many expect to trickle down to all businesses, regardless of size or type. (Sep 15, 2008)

KPMG forewarned XL board of accounting woes (vnunet.com)

AccountancyAge.com, Accountancy Age , Monday 15 September 2008 at 08:22:00 KPMG resigned as auditor of XL, forewarning its board it had ignored ‘potential accounting irregularities KPMG resigned in 2006 as auditor of the collapsed travel company XL Leisure, after forewarning its board it had ignored ‘potential accounting irregularities’and was replaced by and was replaced by... ... (Sep 15, 2008)

Lehman Brothers UK operation in administration (AP via Yahoo! News)

The accounting firm PriceWaterhouseCoopers says British operations of Lehman Brothers have been placed under administration. (Sep 15, 2008)

KPMG forewarned XL board of accounting woes (Accountancy Age)

The Sunday Times reports KMPG said in a strongly worded resignation letter the company had ‘not satisfactorily addressed the concerns we had raised about other arrangements and potential accounting irregularities in the financial statements’. (Sep 15, 2008)

ClientWhys and Swizznet Team Up to Offer Tax Accountants Online Accounting Services for their QuickBooks Clients (PRWeb)

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