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Accounting News 10/2008



Government to clarify accounting rules for banks (AP via Yahoo! Finance)
Federal regulators on Tuesday clarified accounting rules for banks in a way immediately embraced by the industry, which has been seeking relief that could boost its balance sheets in the financial crisis.

Clarification of accounting rule sparks debate (USA Today)
The Securities and Exchange Commission on Tuesday clarified its position on controversial bookkeeping rules, thrusting arcane accounting practices into the center of the credit crisis debate.

Sarkozy seeks EU-wide accounting rule change (Financial Times)
President Nicolas Sarkozy of France is to urge his European Union counterparts to back changes to accounting rules and give banks and ins-urers some breathing space amid the market turmoil.

A pressure on regulators and accounting rulemakers to ease fair value accounting standards – another financial ... (India Daily)
A pressure on regulators and accounting rulemakers to ease fair value accounting standards – another financial catastrophe in the making Suzan Poloy The politicians on the both side sof the isle are now eager to pressure on regulators and accounting rulemakers to ease fair value accounting standards.

Banking industry embraces clarified accounting rules (Baltimore Sun)
Federal regulators clarified accounting rules for banks yesterday in a way that was immediately em BRAC ed by the industry, which has been seeking relief that could boost its balance sheets in the financial crisis.

SEC eases ‘mark to market’ accounting rule (The Business Journal of Jacksonville)
The U.S. Securities & Exchange Commission Tuesday decided to ease “mark to market” accounting rules which have hurt banks, mortgage lenders and the housing sector during the downturn.

SEC accounting rule change draws fire (UPI)
NEW YORK, Oct. 1 (UPI) -- The Securities and Exchange Commission's new, relaxed accounting rules could give U.S. businesses too much leeway in assessing their assets, critics said.

In Defense of Mark-to-Market Accounting (Fox News)
Poor mark-to-market accounting. Lots of politicians, policy analysts and pundits are blaming it for our financial meltdown.

Investors battle fair value accounting suspension (Reuters via Yahoo! News)
Institutional investors and the accounting industry on Wednesday lashed out against potential plans to suspend rules used to account for banks' hard-to-price assets, saying it would deprive investors of critical information.

PhillyDeals: PhillyDeals: SEC eases up an accounting rule (The Philadelphia Inquirer)
The Securities and Exchange Commission has changed course, easing an accounting rule just in time for banks to boost their third-quarter 2008 profit reports, which investors fear will be Halloween-scary.

Comment: Sounding the depths on accounting standards (eFinancial News)
Blaming accounting rules for the current financial crisis is a little like blaming a flood on how you measure the depth of the floodwater. Entire asset classes have been submerged and whole banks have been swept away. That does not mean that changing the way we measure the depth the depth will magic the deluge away.

Africa: Accounting in U.S. 'Needs to Catch Up' (AllAfrica.com)
THE call to suspend mark-to-market accounting in the US in light of the subprime crisis may not be necessary, say accounting analysts.

Fight Escalates Over Fair-Value Accounting (New York Times)
Institutional investors and the accounting industry on Wednesday lashed out against potential plans to suspend rules used to account for banks’ hard-to-price assets, saying it would deprive investors of critical information, Reuters reported.

Former accounting officer with First Nations university charged (CNews)
REGINA - A former accounting officer at the First Nations University of Canada has been charged with stealing from the institution.

Government to clarify accounting rules (The News Journal)
WASHINGTON -- Federal regulators have clarified accounting rules for banks in a way immediately embraced by the industry, which has been seeking relief that could boost its balance sheets in the financial crisis.

Former accounting officer with First Nations university charged (Whistler Question)
REGINA - A former accounting officer at the First Nations University of Canada has been charged with stealing from the institution. Janet Kurtz, 42, now lives in Toronto so her lawyer appeared on her behalf in provincial court on Wednesday.

Canada accounting board may clarify fair-value rule (Reuters via Yahoo! Canada News)
The body that sets Canada's accounting standards will decide this month whether to expand guidance on how to estimate the fair value of financial instruments in thinly traded markets, the head of the Accounting Standards Board said on Thursday.

GOP Lawmaker Seeks Hearing On Mark-to-Market Accounting (Nasdaq)
WASHINGTON -(Dow Jones)- The senior Republican on the House Financial Services Committee is seeking a hearing on whether fair-value accounting may have contributed to a weakening economy and tight credit conditions.

UPDATE: Lawmaker Seeks Hearing On Mark-To-Market Accounting (Nasdaq)
(Updated, adds comment from Rep. Frank's spokesman.) WASHINGTON -(Dow Jones)- The senior Republican on the House Financial Services Committee is seeking a hearing on whether fair-value accounting may have contributed to a weakening economy and tight credit conditions.

ACCOUNTING STANDARDS OVERSIGHT COUNCIL ANNUAL REPORT (Accounting Education)
The Canadian Accounting Standards Oversight Council has issued its 2007-2008 Annual Report, which includes reports on the Accounting Standards Board's and Public Sector Accounting Board's activities and performance during the year.

CANADIAN PUBLIC SECTOR ACCOUNTING STANDARDS BOARD SEPTEMBER DECISION SUMMARY (Accounting Education)
The Canadian Public Sector Accounting Standards Board (PSAB) met on September 18-19, 2008 and discussed a number of topics, both Canadian specific and in relation to IFRS.

(AFX UK Focus) 2008-10-03 10:50 EU firms urge accounting review, bank stability (Interactive Investor)
BRUSSELS, Oct 3 (Reuters) - European companies on Friday urged European G8 leaders to consider changes in accounting rules, ensure the stability of the banking system and guarantee a smooth flow of credit when they meet on Saturday in Paris. Leaders of France, Britain, Italy and Germany as well as European Central Bank President Jean-Claude Trichet and the chairman of euro zone finance ...

Work-life balance possible for women :Saint Mary's accounting grads share experiences with students. (South Bend Tribune)
SOUTH BEND -- As a senior accounting major, Thelma Garcia sometimes worries about how her future career will coincide with being a wife and mother.

Intacct CEO Mike Braun Named to Accounting Today's List of the 100 Most Influential People in Accounting (Marketwire via Yahoo! Finance)
Intacct, a leader in on-demand financial management and accounting applications, today announced that Accounting Today has named Intacct president and CEO Mike Braun to its "2008 Top 100 Most Influential People in Accounting" list. The Top 100, established nearly 15 years ago, was created to recognize leaders who bring their experience and authority to the advancement of the accounting ...

Comment: Sounding the depths on accounting standards (eFinancial News)
Blaming accounting rules for the current financial crisis is a little like blaming a flood on how you measure the depth of the floodwater. Entire asset classes have been submerged and whole banks have been swept away. That does not mean that changing the way we measure the depth will magic the deluge away.

IASB makes fresh commitment to consider accounting in a crisis (Accountancy Age)
The international accounting standard setter has said statements made on fair value in the US do not amend the now controversial rule but offer guidance on using fair value in illiquid markets.

SEC Chairman, Big Four Accounting Executives Meet Friday (Nasdaq)
WASHINGTON -(Dow Jones)- Securities and Exchange Commission Chairman Christopher Cox is meeting with executives from Big Four accounting firms Friday.

Texas Experts Form Gordius Consulting: A Litigation Consulting, Forensic Accounting, Business Valuation, and Disaster ... (wallstreet:online AG)
Two prominent Houston-area litigation support experts have opened a niche litigation, forensic accounting,

Texas Experts Form Gordius Consulting: A Litigation Consulting, Forensic Accounting, Business Valuation, and Disaster ... (Centre Daily Times)
Two prominent Houston-area litigation support experts have opened a niche litigation, forensic accounting, business valuation, and crisis management consulting firm, Gordius Consulting LLC. Credentials are available for review at www.gordiusconsulting.com.

ECU student receives national accounting scholarship (Ada Evening News)
Nataly Keeton, a senior at East Central University, has been awarded a $3,000 American Institute of Certified Public Accountants Scholarship for Minority Accounting Students for the 2008-09 academic year.

(AFX UK Focus) 2008-10-03 21:31 BRIEF-Accounting firms urge SEC to not suspend fair value rules (Interactive Investor)
WASHINGTON, Oct 3 (Reuters) - The chief executives of the Big Four accounting firms met Friday with the chairman of the U.S. Securities and Exchange Commission to discuss their opposition to suspending fair value accounting rules, according to sources familiar with the meeting. * The firms urged the SEC to not suspend the rules, also known as mark-to-market, despite calls from many U.S. ...

Accounting Firms Urge SEC to not Suspend Fair Value Rules (HispanicBusiness.com)
WASHINGTON (Reuters via COMTEX) -- The chief executives of the Big Four accounting firms met Friday with the chairman of the U.S. Securities and Exchange Commission to discuss their opposition to suspending fair value accounting rules, according to sources familiar with the meeting.

SEC gets power to suspend the mark-to-market accounting rule (USA Today)
A hotly contested accounting rule at the center of the financial crisis has reared up again in the bailout bill, but not in a way that will answer questions for months.

Europe Summit to Focus on Oversight, Accounting Rules (Update2) (Bloomberg)
Oct. 4 (Bloomberg) -- As European leaders convene today on the global financial crisis, they have so far agreed on only one thing: Europe likely won't emulate the response of the U.S., where Congress gave final approval to a $700 billion rescue yesterday.

European Leaders Meet on Crisis, Focus on Oversight, Accounting (Bloomberg)
Oct. 4 (Bloomberg) -- European leaders, convening today on the global financial crisis, have so far agreed on only one thing: Europe likely won't emulate the response of the U.S., where Congress gave final approval to a $700 billion rescue yesterday.

Accounting firms urge SEC to keep fair values (Gulf Times)
WASHINGTON: The chief executives of the Big Four accounting firms met with the head of the US Securities and Exchange Commission on Friday to discuss their opposition to suspending fair value accounting rules, according to sources briefed on the meeting.

ON THE MOVE: Robbins & Myers hires accounting clerk (Rochester Democrat and Chronicle)
Robbins & Myers has hired Mary Foxton of Chili as an accounting clerk.

Accounting firms also affected by stock listing postponements (GMA News)
ACCOUNTING FIRMS are getting less work these days as companies put off their capital-raising activities due to the slowing economy.

Retiring boomers might leave void at area accounting firms (BizJournals)
Though baby boomer Bill Carroll hopes to work another 10 years before “taking a look at the retirement horizon,” the looming departure of his generation of top-performing accountants has mobilized the industry to take measures to ensure sufficient talent is in the replenishment pipeline.

Fair value accounting remains standard (vnunet.com)
AccountancyAge.com, Fair value accounting remains the standard for ISA’s banking industry as the $700bn financial system bail-out legislation passed by Congress signed into law late last week refrains from mandating the...

ON THE MOVE: Robbins & Myers hires accounting clerk (Rochester Democrat and Chronicle)
Robbins & Myers has hired Mary Foxton of Chili as an accounting clerk.

Theft, obscured by details, can be detected by forensic accounting (BizJournals)
A payroll clerk uses money paid to a former employee to make deposits into his own bank account. An owner/manager redirects contracts to a related company, defrauding his partners who have no ownership interest in that company. An accounts payable clerk sets up a fictitious vendor and pays them thousands of dollars for inventory that is never received.

Accounting firms gird for switch in basic methodology (BizJournals)
Accounting firms are facing sweeping changes. The biggest change is the adoption of International Financial Reporting Standards, which are already used in much of the world. The other requirement is that financial statements must be written in XBRL computer language, which will ease the transfer and evaluation of financial data.

Balfour pays SFO £2m over accounting irregularities (vnunet.com)
Kevin Reed, Inaccurate accounting at a Balfour Beatty subsidiary has seen the Serious Fraud Office issue it first ever civil recovery order, costing the construction business over £2.25m....

Balfour pays SFO £2m over accounting irregularities (Accountancy Age)
Inaccurate accounting at a Balfour Beatty subsidiary has seen the Serious Fraud Office issue it first ever civil recovery order, costing the construction business over £2.25m.

Bank accounting rules may change (Financial Times)
International rulemakers are considering changes to financial accounting standards to bring them into line with US rules to help ease transatlantic strains during the current crisis.

Greenberg blames AIG woes on shorts, accounting20081008120456
Intuit Whips Up QuickBooks Accounting 2009 for Mac (E-Commerce Times)

Ex-AIG chiefs blame accounting rules (CNN Money)
Former CEOs of American International Group Inc. told a House committee Tuesday that accounting rules figured prominenly in the crisis that led to the federal government's $85 billion bailout last month.

Ex-AIG chiefs blame accounting rules (CNN Money)
Former CEOs of American International Group Inc. told a House committee Tuesday that accounting rules figured prominenly in the crisis that led to the federal government's $85 billion bailout last month.

Greenberg blames AIG woes on shorts, accounting (Reuters via Yahoo! News)
A former chief executive of American International Group Inc defended the insurer's risk management but said looser accounting and curbs to market short-selling could have saved it.