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Accounting News 02/2009



UN says Afghan opium crop to shrink (WSYR 9 Syracuse)
Afghanistan remains the world's largest producer of opium, the main ingredient in heroin, accounting for 90 percent of the world's production.

UN says Afghan opium crop to shrink (KHQ Spokane)
Associated Press - February 1, 2009 10:43 AM ET KABUL, Afghanistan (AP) - Afghanistan remains the world's largest producer of opium, the main ingredient in heroin, accounting for 90% of the...

US body to award Satyam for talent training programme (Business Standard India)
At a time when the accounting fraud continues to haunt Satyam Computer Services, the software exporter will be receiving an award for internal training programme from an American entity.

Rasmussen College Changes Teaching Strategy for Accounting (WIFR Rockford)
The economic downturn is providing some new job opportunities in the accounting industry.

Impax plots deals to grow generics, brands (BizJournals)
Emerging from accounting purgatory — a sentence that flung its stock off mainline markets for much of the past four years — Impax Laboratories Inc. is ready to make a deal.

Immigrant realizes his dream in local business (Belleville News-Democrat)
Anh Le left his native Vietnam 25 years ago to come to Illinois in the hope of becoming an electrical engineer. Along the way, he discovered tax accounting and ended up taking a different career path. He recently talked with business reporter Will Buss about he got there:

What really lies behind the financial crisis? (The News Journal)
What was the true cause of the worst financial crisis the world has seen since the Great Depression? Was it excessive greed on Wall Street? Was it mark-to-market accounting? The answer is neither, says Jeremy Siegel, a professor of finance at...

Greenhouse rules power consultant (News Interactive)
NEW greenhouse gas and energy reporting rules have proven a bonanza for Supply Chain Consulting, which has buyers queuing up for its world-first carbon accounting software.

UN: Poor Myanmar farmers may turn to growing opium (The Charlotte Observer)
(By GRANT PECK, Associated Press Writer) Rising prices for opium in Southeast Asia and the global economic downturn may trigger a surge in the cultivation of the illegal drug in Myanmar, which until recently was in sharp decline, U.N. drug experts said Monday. Nearly all the world's opium comes from Afghanistan but military-ruled Myanmar is the second biggest source, accounting for almost 5 ...

CFOs at U.S. Technology Businesses Turn Pessimistic on Industry Growth According to BDO Seidman, LLP Survey (Centre Daily Times)
This year, according to the annual survey by BDO Seidman, LLP , one of the nation’s leading accounting and consulting organizations, less than a third (30%) of chief financial officers (CFOs) at leading U.S. technology businesses forecast increased sales revenue over last year. This compares to early 2008 when almost three quarters (73%) of CFOs felt optimistic about sales revenue, predicting ...

UN: Poor Myanmar farmers may turn to growing opium (The State)
Rising prices for opium in Southeast Asia and the global economic downturn may trigger a surge in the cultivation of the illegal drug in Myanmar, which until recently was in sharp decline, U.N. drug experts said Monday. Nearly all the world's opium comes from Afghanistan but military-ruled Myanmar is the second biggest source, accounting for almost 5 percent of global production. In 1999, the ...

Satyam signs 15 contracts despite its troubles (Computer Weekly)
Satyam said it has signed 15 contracts during last month despite the $1bn accounting fraud scandal that rocked the company and the Indian IT sector. Four of these deals, which include renewals, were in Europe, said the firm.

Risks Identified In Common Drug Therapy (Medical News Today)
Risks associated with one of the most commonly prescribed drugs in Australia, accounting for about one million prescriptions a year, are examined in two articles in the latest Medical Journal of Australia. Proton Pump Inhibitors (PPIs) are the most commonly used acid suppressants. Acid suppressant therapy resulted in world-wide sales of almost $27 billion in 2005.

Thompson National Properties Hires Candace Rice as Senior Vice President, Accounting (PR Newswire via Yahoo! Finance)
Thompson National Properties, LLC, announced today that Candace Rice joined the company as Senior Vice President, Accounting.

Accounting firm begins medical billing business (Evansville Courier & Press)
Harding, Shymanski & Co., an Evansville-based consulting and certified public accounting firm founded in 1975, has branched out to the medical billing business. Brenda Wallace, the company’s vice president, said Harding, Shymanski recently purchased Dataco, Inc., from Joseph Carothers.

Bill Donius: Mark to Market Accounting-Time Out? (HuffingtonPost)
Mark to Market accounting was ushered in in the 1980's as a solution to the failings of the Savings and Loan Crisis. A few of...

OC Accounting Services Open for Business (PR.com)
OC Accounting Services launches new opening and accounting services to help both large and small businesses. [PR.com - February 02, 2009]

India's fraud-hit Satyam wins new clients: company (AFP via Yahoo! News)
Indian software giant Satyam Computer Services won contracts with 15 new clients last month, despite revelations of a billion-dollar accounting scandal, a company spokeswoman said Tuesday.

Accounting firm will conduct Dorrance’s annual audit (The Citizens' Voice)
— KRISTEN GAYDOS DORRANCE TWP. — Township supervisors will use a public accounting firm for last year’s audit instead of the township’s elected auditors.

Research and Markets: Financial Accounting Applications is an Essential Report for Financial Institutions to ... (Business Wire via Yahoo! Finance)
DUBLIN, Ireland----Research and Markets has announced the addition of the "Financial Accounting Applications" report to their offering.

Moto loses $3.6B, halts dividend, CFO exits (Chicago Tribune)
Motorola Inc., burdened by huge accounting and tax-related charges, turned in a $3.58 billion fourth-quarter loss Tuesday, suspended its dividend in a bid to preserve cash and announced the departure of its chief financial officer.

Research and Markets: Financial Accounting as a Second Language, 1st Edition (Business Wire via Yahoo! Finance)
DUBLIN, Ireland----Research and Markets has announced the addition of a new report "Financial Accounting As a Second Language, 1st Edition" to their offering.

City faces accounting errors (Half Moon Bay Review)
Half Moon Bay city leaders say they are addressing the financial recording problems identified by an independent financial audit that involves the employee credit cards, receipts and accounting.

Accounting charge slaps Nalco earnings (Chicago Tribune)
Nalco Holding Co. reported fourth-quarter earnings late Tuesday that were spoiled by a large but not particularly meaningful accounting charge to write down the value of certain intangible assets; underlying earnings exceeded Wall Street forecasts.

CEO Profile: Swenson Adivsors COO talks about accounting (The Press-Enterprise)
A certified public accountant who also has managed the finances and operations of large businesses, Keith Krzewski joined the accounting firm Swenson Advisors two years ago as a partner and chief operating officer.

Biovail's dodgy accounting costs Melnyk $1 million (The Ottawa Sun)
Ottawa Senators owner Eugene Melnyk has agreed to pay a $1-million (all terms US) fine over Biovail Corp founder's accounting practices, according to court documents.

City gets no help from province to comply with accounting rules (Daily Gleaner)
Fredericton will be in compliance with new accounting rules required by the federal and provincial governments by the end of the year, but the city is disappointed it has had to undertake the task without provincial government support.

KPMG to help businesses adopt global accounting norms (New Kerala)
New Delhi, Feb 4 : With corporate governance and accounting norms coming under the scanner following the 1.43-billion dollars Satyam scam, global consultancy and accounting major KPMG Wednesday announced the launch of an initiative to help Indian businesses conform to international accounting standards.

Government hides carbon emissions with creative accounting (WDM)
New government figures released today revealing that UK carbon emissions are significantly down are ‘spin, aided by creative accounting’ say the World Development Movement.

KPMG to help businesses adopt global accounting norms (Calcutta News)
With corporate governance and accounting norms coming under the scanner following the $1.43-billion Satyam scam, global consultancy and accounting major KPMG Wednesday announced the launch of an initiative to help Indian businesses conform to international accounting standards.

World’s Carbon Trading Markets Vulnerable to Enron Type Accounting Scandals According to Sequence Staffing (Centre Daily Times)
The world’s carbon trading markets are extremely vulnerable to accounting scandals like those symbolized by Enron, WorldCom and Tyco according to leading greenhouse gas and climate change experts and professionals in an international survey released today by Sequence Staffing and the Greenhouse Gas Management Institute.

FACULTY POSITIONS IN ACCOUNTING (Accounting Education)
Laval University School of Accountancy invites applications at all ranks for three tenure-track positions in Accounting beginning in Summer or Fall 2009.

City faces accounting errors (Half Moon Bay Review)
Half Moon Bay city leaders say they are addressing the financial recording problems identified by an independent financial audit that involves the employee credit cards, receipts and accounting.

Compeat’s Comprehensive Restaurant Management and Accounting Suite to Expand with the Addition of the MIRUS Business ... (Centre Daily Times)
Compeat Restaurant Management Systems has partnered with MIRUS – a leading provider of restaurant business intelligence software – to deliver “Compeat Insight™” as an addition to Compeat’s comprehensive restaurant management and accounting solution. Compeat Insight is a powerful business intelligence solution that will provide customized enterprise reporting, data warehousing, extensive data ...

SEC takes more time on IFRS accounting roadmap (The Forex Market)
NEW YORK, Feb 4 (Reuters) - The U.S. Securities and Exchange Commission has added two more months to a public comment period for its proposed "roadmap" to move U.S. companies to international accounting rules.

Accounting Firms Take New Hits Over Madoff, Other Ponzi Schemes (Law.com)
A Minnesota accounting firm has been hit by lawsuits alleging that it failed to detect problems in two separate Ponzi schemes -- the purported $50 billion investment scam by financier Bernard Madoff and the $3.5 billion alleged "electronics" scheme by Thomas Petters. The suits against McGladrey & Pullen and similar suits stemming from the Madoff scandal against accounting firms KPMG, Ernst & ...

Accounting Firms Take New Hits Over Madoff, Other Ponzi Schemes (Law.com via Yahoo! Finance)
A Minnesota accounting firm has been hit by lawsuits alleging that it failed to detect problems in two separate Ponzi schemes -- the purported $50 billion investment scam by financier Bernard Madoff and the $3.5 billion alleged "electronics" scheme by Thomas Petters.

Cindy Heath of Five Star Staffing & Accounting Recruiters Named 2008 Business Leaders Movers & Shakers (PR.com)
Cindy Heath, Principal, Five Star Staffing & Accounting Recruiters has been named one of the winners of the 2008 Business Leaders Media's Movers & Shakers. This year recorded an unprecedented number of nominations. [PR.com - September 25, 2008]

Conning Research: Life Industry Faces Challenge of Implementing Upcoming Accounting and Regulatory Changes (PR Newswire via Yahoo! Finance)
Upcoming accounting and regulatory changes will present an operational risk and add to an already significant number of challenges the life insurance industry faces, according to a new study by Conning Research and Consulting.

CX Capital Markets Selects SunGard’s GMI for Derivatives Clearing and Accounting (Finance Technology Network)
CX Capital Markets Selects SunGard's GMI for Derivatives Clearing and Accounting

Triple Point Provides Germany's Biggest Power Producer, RWE, with IAS 39 Hedge Accounting Solution (Business Wire via Yahoo! Finance)
LONDON----Triple Point Technology®, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that RWE, the biggest power producer in Germany, has chosen Triple Point's Commodity XL for Hedge Accounting™ to assist in ensuring compliance with IAS 39 and help to protect against earnings volatility.

Wall Street extends rebound on bank accounting talk (Reuters via Yahoo! News)
Stocks extended gains on Thursday as shares of financial services companies sharply cut losses on talk that Washington's rescue plan for banks may include suspension of a key accounting rule, traders said.

Accounting rule change hopes spur Wall St. rally (Reuters via Yahoo! News)
Stocks rallied on Thursday on investor hopes that the government's plan to shore up the financial system will include a change in accounting rules that would stem bank write-downs and spur lending.

Bank stocks rebound on hopes of accounting changes (AP via Yahoo! Finance)
Financial stocks rebounded in afternoon trading Thursday after reports surfaced that the government may move to alter, or even suspend, accounting rules that force banks to value assets at current market prices.

Hopes for Bank Accounting Rule Fix Helps Lift Wall Street (HispanicBusiness.com)
U.S. stocks rallied on Thursday on investor hopes that the government's plan to shore up the financial system will include a change in accounting rules that would stem bank write-downs and spur lending.

Bank stocks rebound on hopes of accounting changes (Connecticut Post)
NEW YORK -- Financial stocks rebounded in afternoon trading Thursday after reports surfaced that the government may move to alter, or even suspend, accounting rules that force banks to value assets

ICAI wants more teeth to prevent accounting fraud (rediff.com)
Currently, ICAI cannot take action against any chartered accountant who has indulged in professional misconduct or any other misdeed if he is not a registered member of the institute. The accounting body is also planning to set up a serious fraud detection cell to assist regulators like the Reserve Bank of India and Securities and Exchange Board of India to prevent Satyam-like scams.

Liability for Mistakes Could Hit Global Accounting Firms (BusinessWeek Online via Yahoo! News)
Investors have long been restricted in suing accountants for financial fraud. While global brands such as PriceWaterhouseCoopers, KPMG International, Deloitte Touche Tohmatsu, and Ernst & Young may have deep pockets, with combined revenue of $103 billion last year, they limit legal exposure by setting themselves up as a network of independent member firms linked by a central administrative ...

MSU accounting students doing free tax preparation today (The Springfield News-Leader)
Missouri State University accounting students will do free individual tax preparations and e-filings today from 10 a.m. to 2 p.m. in Glass Hall on the MSU campus.

Accounting firm begins medical billing business (Evansville Courier & Press)
Harding, Shymanski & Co., an Evansville-based consulting and certified public accounting firm founded in 1975, has branched out to the medical billing business. Brenda Wallace, the company’s vice president, said Harding, Shymanski recently purchased Dataco, Inc., from Joseph Carothers.