Accounting News 02/2009 (Page 2)

Noted Forensic Accounting Experts Sound Alarm On Looming Threat of Bailout Money Fraud (PRWeb)

A nationally prominent forensic accounting firm is sounding the alarm about the potential for hundreds of millions of dollars in fraud, waste and abuse from the nearly $150 billion in federal funds slated for public schools. These funds, part of the estimated $900 billion economic stimulus package, would be distributed through the Department of Education directly to state and then local school ... (Feb 6, 2009)

Slow response to new accounting standards (The Star)

Corporate Malaysia has not adapted fast enough to the evolution in financial reporting in recent years. This may be a big problem three years from now, when local companies will have less time to prepare for the impact of new accounting standards. (Feb 6, 2009)

Accounting change puts pension schemes in jeopardy (Yorkshire Post Today)

A new pensions accounting rule could hasten the demise of final salary schemes, it is being claimed. (06/02/2009 22:50:20) (Feb 7, 2009)

Accounting year 2008: SECP needs to suspend impairment in valuation of investment (Business Recorder)

KARACHI (February 08 2009): The Securities and Exchange Commission of Pakistan (SECP) needs to suspend the impairment in valuation of investment for accounting year 2008. Views to the above were generally given at a meeting held on Saturday at the Institute of Chartered Accountants of Pakistan in Karachi. (Feb 7, 2009)

Ernst & Young denies hand in SGV ouster (Yehey!)

GLOBAL accounting group Ernst & Young yesterday denied involvement in the corporate squabbling that resulted in the ouster of the managing partner of SGV & Company, the country’s biggest auditing firm. (Feb 8, 2009)

Dallas Mornning News and accounting group offer free income-tax hotline this afternoon (Dallas Morning News)

The Dallas Morning News and the Dallas CPA Society will staff a free income tax advice hotline from noon to 4 p.m. Sunday. Spanish-speaking accountants will be available. The number for information is 214-977-2349. (Feb 8, 2009)

(AFX UK Focus) 2009-02-09 00:26 Goldman chief defends fair value accounting (Interactive Investor)

NEW YORK, Feb 8 (Reuters) - Goldman Sachs Chief Executive Lloyd Blankfein fired back at critics of a controversial fair value accounting rule some blame for billions of dollars in bank losses in an opinion piece in the Financial Times on Sunday. He also called for broader regulation of financial institutions and tighter risk management in the piece, which tried to glean lessons from the current ... (Feb 8, 2009)

Being able to write off bad debts depends on accounting method (Seattle Post-Intelligencer)

NEW YORK -- It's a bit of insult added to injury -- small-business owners who had nonpaying customers in 2008 are likely to find they can't take the bad debts as deductions on their income tax returns. (Feb 9, 2009)

KSE may put off accounting standard for a year (Dawn)

KARACHI, Feb 8: The stakeholders in the stock market who attended a meeting on Saturday to deliberate on the accounting treatment of decline in fair value of “available for sale investments” in quoted companies held the consensus view that the regulator be asked to suspend the implementation of International Accounting Standard (IAS) 39 for one year, several participants of the meeting confirmed ... (Feb 9, 2009)

Goldman boss defends fair value accounting (vnunet.com)

Kate Burgess, Accountancy Age , Monday 9 February 2009 at 09:16:00 Blankfein says accounting method did not exacerbate crisis Goldman Sachs chief executive Lloyd Blankfein has said that banks only have themselves to blame for fair value accounting problems.... (Feb 9, 2009)

Goldman boss defends fair value accounting (Accountancy Age)

Goldman Sachs chief executive Lloyd Blankfein has said that banks only have themselves to blame for fair value accounting problems. Blankfein argued that banks did not account for asset values accurately enough prior to the financial crisis. (Feb 9, 2009)

Accounting standards shift creates stir (The Santa Rosa Press Democrat)

The Securities and Exchange Commission has published a roadmap for the change from the rules-based American Generally Accepted Accounting Principals, or GAAP, to the principles-based International Financial Reporting Standards, or IFRS, and has the document open for comment. (Feb 9, 2009)

Insight sees sales shrink and spots accounting errors (VNU Net via Yahoo! UK & Ireland News)

Corporate reseller Insight Enterprises has admitted the discovery of historical accounting errors dating back to 1996 will force it to restate previous results. (Feb 9, 2009)

Insight sees sales shrink and spots accounting errors (vnunet.com)

Doug Woodburn, CRN , Monday 9 February 2009 at 11:10:00 VAR admits it will be forced to restate previous earnings as it files preliminary 2008 results Corporate reseller Insight Enterprises has admitted the discovery of historical accounting errors dating back to 1996 will force it to restate previous results.... (Feb 9, 2009)

Alabama company buys Maitland accounting firm (Orlando Sentinel)

Carr, Riggs & Ingram, a large accounting firm based in Alabama, has absorbed the accounting operations of Maitland-based FelsingRankin, officials said recently. (Feb 9, 2009)

Goldman’s Blankfein Says Banks Shouldn’t Abandon Mark-to-Market (Bloomberg)

Feb. 9 (Bloomberg) -- Goldman Sachs Group Inc . Chief Executive Officer Lloyd Blankfein said the financial industry shouldn’t abandon the “mark-to-market” accounting rules that some banks blame for aggravating global economic woes. (Feb 9, 2009)

Novavax taps Evdoxia Kopsidas as interim accounting chief (Washington Business Journal)

Novavax Inc. has named an interim accounting chief to help fill in for its recently departed chief financial officer. (NVAX) (Feb 9, 2009)

Accounting firm hosts pizza social, presentation (The Emporia State University Bulletin)

Grant Thornton, a certified public accountant firm with locations in Kansas City and Wichita, hosted a pizza social last Wednesday night at Wheat State Pizza for Emporia State students interested in accounting. The firm is currently recruiting students for a summer program and future internships. (Feb 9, 2009)

Insight Enterprises to restate earnings on accounting error, sees lower 4Q profit and sales (Canadian Business)

TEMPE, Ariz. (AP) - Shares of Insight Enterprises Inc. plunged Monday after the information technology company said it would restate financials after discovering accounting errors going back to 1996, and forecast weaker-than-expected fourth-quarter results. (Feb 9, 2009)

Accounting error may cost Insight $70 mil (The Arizona Republic)

An accounting error could cost Tempe-based Insight Enterprises as much as $70 million. (Feb 9, 2009)

Janus accounting exec to step down (Rocky Mountain News)

Janus' top accounting officer, Robert Blakley, will step down in March for "personal reasons," the Denver-based mutual fund company disclosed Monday in a regulatory filing. (Feb 10, 2009)

Access Accounting signs onto Syscap service (VNU Net via Yahoo! UK & Ireland News)

Leasing specialist Syscap has unveiled Access Accounting as the first partner to join its Access Finance programme. (Feb 10, 2009)

Access Accounting signs onto Syscap service (vnunet.com)

Kayleigh Bateman, CRN , Tuesday 10 February 2009 at 16:24:00 Leasing firm announces first partner with launch of new finance and leasing service Leasing specialist Syscap has unveiled Access Accounting as the first partner to join its Access Finance programme. Financial software vendor Access Accounting has signed a three-year strategic partnership for Syscap’s... (Feb 10, 2009)

Media Advisory - How will the economic crisis impact the accounting world? Hear leading financial experts speak about ... (CNW Group via Yahoo! Finance)

Laurence Booth, Professor of Finance, Rotman School of Management, and Gordon Richardson, KPMG Professor of Accounting, University of Toronto, will speak about the current economic crisis and the accounting impact at the Accounting Standards Board Oversight Council meeting. (Feb 10, 2009)

U.S. banks renew push for accounting changes (The Forex Market)

(AFX UK Focus) 2009-02-10 19:35 U.S. banks renew push for accounting changes (Interactive Investor)

WASHINGTON, Feb 10 (Reuters) - U.S. banks renewed efforts on Tuesday to get policymakers to change a controversial accounting rule after the U.S. government rolled out a trillion dollar plan to rescue the financial system. The fair value accounting rule, requiring assets to be valued at market prices, has been blamed for exacerbating the economic crisis by forcing banks to record billions of ... (Feb 10, 2009)

Accounting Standards Review Board chairman named (Scoop.co.nz)

Commerce Minister Simon Power today announced the appointment of Kevin Simpkins as the new chairman of the Accounting Standards Review Board (ASRB). (Feb 10, 2009)

GSI Group widens internal accounting probe (BizJournals)

GSI Group Inc. has widened the scope of its internal accounting audit to include its 2006 fiscal year and said it will need to restate its 2007 financial results. (Feb 11, 2009)

Review: Klix Online Accounting (Small Business Computing)

Klix Online uses the Internet as the ultimate office network to provide decent accounting capabilities at a reasonable price for businesses with up to 100 users. (Feb 11, 2009)

SEC May Pick Audit Board’s Charles Niemeier for Accounting Post (Bloomberg)

Feb. 11 (Bloomberg) -- U.S. Securities and Exchange Commission Chairman Mary Schapiro may choose Charles Niemeier , a supporter of “mark-to-market” rules that some banks say worsened the financial crisis, as the agency’s chief accountant, said three people familiar with the matter. (Feb 11, 2009)

A decade after village elections began in China, mixed results (McClatchy Newspapers via Yahoo! News)

YANGZHUANG, China — Every few months, elected leaders in most rural villages of China dutifully appear at outdoor blackboards and offer an accounting in yellow chalk of village finances. (Feb 11, 2009)

Rolls Royce Swings To Loss After Accounting Charge (Fox News)

Rolls Royce Swings To Loss After Accounting Charge (Feb 12, 2009)

Pakistan says Mumbai attacks partly planned on its soil (International Herald Tribune)

Pakistan said six new suspects were being held, including "the main operator" behind the attacks, offering the fullest public accounting so far of its investigation. (Feb 12, 2009)

Northern Trust Launches Insurance Accounting Solution with ProMutual Group (PR Newswire via Yahoo! Finance)

Northern Trust announced today it has been appointed to provide an insurance accounting and financial reporting outsourcing solution for ProMutual Group, a leading provider of medical liability insurance in the Northeast. (Feb 12, 2009)

Fraud-hit Satyam 'financially stable' (AFP via Yahoo! News)

Indian IT giant Satyam Computer has "achieved financial stability", just over a month after revelations of a massive accounting fraud, its new chairman Kiran Karnik said on Thursday. (Feb 12, 2009)

Economic Downturn Expected to Boost Demand for Finance and Accounting Business Process Outsourcing, Says IDC (Linux World Australia)

NORTH SYDNEY, 13 February 2009, Increased regulation and the demand for transparency are becoming strong drivers for enterprises to standardise their Finance and Accounting (F&A) Business Process Outsourcing (BPO) activities. (Feb 12, 2009)

Baylor University Accounting Students Garner National Rankings on CPA Exam (Newswise)

Baylor Universitys graduate accounting students had the second highest pass rate in the nation for students who took and passed all four sections of the 2007 Uniform Certified Public Accountant (CPA) exam released by the National Association of State Boards of Accountancy (NASBA). (Feb 13, 2009)

Grant Thornton LLP Wins Public Accounting Report's 2008 Audit Rankings (Business Wire via Yahoo! Finance)

CHICAGO----Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd., one of the six global, accounting, tax and business advisory organizations, took first place in the Public Accounting Report's 2008 audit rankings. (Feb 13, 2009)

Northern Trust to provide insurance accounting solution for ProMutual Group (Insurance Business Review)

Investment management firm Northern Trust has been appointed to provide an insurance accounting and financial reporting outsourcing solution for ProMutual Group, a US-based provider of medical liability insurance. (Feb 13, 2009)

UPDATE 2-Pakistani stocks rise 4.2 pct on accounting waiver (The Forex Market)

Bridgewater accounting firm announces new audit partner (MyCentralJersey.com)

The Amper, Politziner & Mattia accounting firm recently announced that Greg Kubikowski CPA has joined the staff as an audit partner. (Feb 13, 2009)

(AFX UK Focus) 2009-02-13 11:57 UPDATE 2-Pakistani stocks rise 4.2 pct on accounting waiver (Interactive Investor)

KARACHI, Feb 13 (Reuters) - Pakistani stocks ended 4.2 percent higher on Friday as authorities clarified accounting procedures as it decided to waive specific requirements on investment portfolio losses. The Karachi Stock Exchange benchmark 100-share index closed 4.2 percent, or 226.54 points, up at 5,625.90 points on turnover of 128.7 million shares. The Securities and Exchange Commission of ... (Feb 13, 2009)

After Stimulus Loss, Cos Regroup For Pension Accounting Changes (Nasdaq)

WASHINGTON -(Dow Jones)- Lawmakers have ignored pleas from U.S. companies to have pension relief included in the economic stimulus package, prompting business groups to seek separate legislation that would temporarily ease pension-fund accounting rules. (Feb 13, 2009)

Major accounting changes in bill (The Newton Kansan)

Summary of major accounting changes contained in a budget-balancing bill approved Thursday by the Legislature: (Feb 13, 2009)

Boise man accused of embezzling $8,000 from local accounting firm (The Idaho Statesman)

A 29-year-old Boise man accused of embezzling over $8,000 from an accounting firm he used to work at is charged with felony grand theft. (Feb 13, 2009)

Accounting Firm Attorney Pleads Guilty to Tax Fraud Related to Tax Shelters Claiming Over One Billion Dollars of ... (PR Newswire via Yahoo! News)

Lev L. Dassin, Acting United States Attorney for the Southern District of New York, and Patricia J. Haynes, the Special Agent-in-Charge of the New York Field Office of the Internal Revenue Service ("IRS"), Criminal Investigation Division, announced that Michael Kerekes, an attorney at a major international accounting firm, pleaded guilty earlier today to conspiring with certain tax shelter ... (Feb 13, 2009)

Accounting treatment for equity securities as required under IAS-39: SECP finally grants relaxation (Business Recorder)

ISLAMABAD (February 14 2009): The Securities and Exchange Commission of Pakistan (SECP) has granted relaxation in the accounting treatment for equity securities held by the companies under the head 'Available for Sale' as required under International Accounting Standard "Financial Instrument: Recognition and Measurement" (IAS 39). (Feb 14, 2009)

Accounting treatment for equity securities as required under IAS-39: SECP finally grants relaxation (Business Recorder)

Senior Center budget jumps as Montpelier shifts accounting (The Barre Montpelier Times Argus)

MONTPELIER -- City residents will be asked to approve a $135,707 budget for the senior center on Town Meeting Day. ... - By SARAH HINCKLEY TIMES ARGUS STAFF (Feb 15, 2009)

Former builder Jim Seymour reinvents himself, finds success with My Accounting Department (The Grand Rapids Press)

Press Photo/Mark CopierJim Seymour checks his client schedule in a downtown Holland coffee shop. The former home building contractor started his business, My Accounting Department, when the housing market nose-dived.HOLLAND -- When the home construction market started going soft four... (Feb 15, 2009)

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