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Accounting News 04/2009



Congaree Bancshares corrects financial statements due to accounting change (The State)
Congaree Bancshares has corrected financial statements from year-end 2007 and three quarters during 2008 because of an accounting change requested by regulators, the Cayce-based parent of Congaree State Bank said.

Copps seeks tighter policies on accounting (Billings Gazette)
Billings School District 2 is updating its accounting policies after complaints about a Skyview "extracurricular account" for cheerleaders that prompted a Billings Police Department investigation. Superintendent Jack Copps wants a more thorough examin ...

Copps seeks tighter policies on accounting (Billings Gazette)
Billings School District 2 is updating its accounting policies after complaints about a Skyview "extracurricular account" for cheerleaders that prompted a Billings Police Department investigation.

Smart Resources, Inc., Launches Accountable Search; a Chicago Accounting and Finance Temporary and Direct Hire ... (PRWeb via Yahoo! News)
Accountable Search, a Chicago recruiting firm specializing in the temporary or direct hire staffing of degreed and experienced accounting and finance professionals, was recently launched by Smart Resources. Accountable Search is headed by industry veteran, Andy Carpenter.

Obama says US has some 'accounting to do,' but wants to look forward (Minneapolis-St. Paul Star Tribune)
LONDON - When it comes to fixing blame for the global financial crisis, President Barack Obama says the United States "certainly has some accounting to do."

Accounting firm president dies in car-pedestrian accident (The Delaware Business Ledger)
Business and community leader John A. Wheeler, age 62, died Friday in Landenberg, Pa. He was struck by a car while jogging near his home. The president and co-founder of Wheeler, Wolfenden & Dwares, Pa., Wilmington, a certified public accounting firm, he was active in business and community affairs.

Akwaba Accounting opens in Statesville (Statesville Record & Landmark)
Ibrahim Diallo recently opened Akwaba Accounting & Tax, a bookkeeping business providing small businesses with bookkeeping and accounting services.

FASB Accounting Standards Codification (AICPA)
Where will you be when GAAP is codified? The upcoming codification will significantly change the structure of accounting standards. Are you as familiar with it as you need to be? Will you be ready when it becomes official?

Apple offers free accounting and ERP seminars online (Macworld.com via Yahoo! News)
Apple has recently updated its online seminar offerings with Accounting and Enterprise Resource Planning (ERP) sessions.

Relaxed accounting rules will help banks (MSNBC)
The board that sets U.S. accounting standards on Thursday gave companies more leeway when valuing assets and reporting losses, providing a potential boost to battered banks.

New Accounting Guidelines for Mortgage-Backed Securities (New York Times)
The board that sets U.S. accounting standards voted to adopt guidelines that could reduce the losses banks have been forced to report as the values of their securities have crumbled.

Financials Build Steam On Expectation Of Accounting Ease (Fox News)
Financials Build Steam On Expectation Of Accounting Ease

Financial Stocks: Financials build steam on expected accounting ease (Market Watch)
Financials draw strength from an expected decision from the nation's accounting arbiter.

Accounting rulemakers to change mark-to-market changes (Reuters via Yahoo! News)
U.S. accounting rulemakers on Thursday agreed to make adjustments to a proposal to change mark-to-market accounting rules concerning when transactions would be considered distressed.

Wall Street climbs on G20, accounting rules hope (Reuters via Yahoo! News)
Stocks rose for a third straight session on Thursday on optimism the G20 meeting in London will agree on ways to temper the economic crisis and that new U.S. accounting guidance will favor banks.

Asset Accounting Rule Change May Boost Banks (NPR)
The board that sets U.S. accounting standards is giving companies more leeway when valuing assets, providing a potential boost to battered banks' balance sheets. But the change could undercut the government's new plan to buy up banks' toxic assets, some experts say.

Banks get an accounting boost (CNN Money)
Rules makers appeared ready to adopt guidelines Thursday that give financial firms more latitude in applying so-called mark-to-market accounting, just in time for what is shaping up as another tough earnings season.

Accounting rulemakers finalize mark-to-market changes (Reuters via Yahoo! News)
An independent board that sets U.S. accounting standards bowed to congressional pressure on Thursday and discussed ways to give banks more flexibility to determine the value of toxic assets that have forced billions of dollars in writedowns.

Wall Street surges on accounting rule change, G20 (Reuters via Yahoo! News)
Stocks jumped on Thursday as changes in bank accounting rules boosted optimism the financial system may stabilize in the short term, while world leaders agreed on measures to fight the recession.

New Accounting Rules for Mortgage-Backed Securities (New York Times)
The board that sets U.S. accounting standards voted to adopt guidelines that could reduce the losses banks have been forced to report as the values of their securities have crumbled.

New Accounting Rules for Mortgage-Backed Securities (New York Times)
The Financial Accounting Standards Board voted Thursday to give more discretion to bank managements in reporting the value of mortgage securities, The New York Times’s Floyd Norris reports.

US revamps accounting rules, easing strain on banks (AFP via Yahoo! News)
The US accounting industry moved Thursday to give banks breathing room on recognizing losses from the housing meltdown by revamping rules that had required losses to be quickly booked.

World stocks lifted by G20, US accounting shift (AFP via Yahoo! News)
World stocks shot higher Thursday amid greater optimism following a G20 summit pledge to boost efforts to fight recession and a US accounting change that could ease pressure on the banking system.

Banks get breathing room with revamped accounting (AFP via Yahoo! News)
A revamping of US accounting rules is likely to ease the strains on the banking system, and the impact could be felt almost immediately, analysts say.

Financial stocks rally as accounting rules relaxed (Washington Post)
NEW YORK -- Financial stocks rose Thursday after the board that sets U.S. accounting standards said it would give banks more leeway in valuing assets that are a primary reason for the ongoing credit crisis.

Bank Stocks Won’t Get Lift From Accounting Change, Goldman Says (Bloomberg)
April 3 (Bloomberg) -- The relaxation of fair-value accounting rules won’t prevent bank shares from falling because growth in bad loans is accelerating, according to Goldman Sachs Group Inc.

FASB relaxes accounting rules for banks on assets (Washington Post)
WASHINGTON -- The board that sets U.S. accounting standards on Thursday gave companies more leeway in valuing assets and reporting losses. The changes should help boost battered banks' balance sheets and financial stocks rallied on Wall Street, but the rules may undercut a new financial rescue program.

Under New Accounting Rule, Toxic Assets May Be Revalued (Washington Post)
The board that sets U.S. accounting rules voted yesterday to let financial firms report higher values for some troubled assets, a controversial step likely to increase some banks' reported earnings but also heighten suspicions that the companies are concealing problems.

EU finance chiefs fret over US accounting relaxation (AFP via Yahoo! News)
EU finance chiefs voiced concern on Friday at a recent move by the US accounting industry to relax the way US banks book losses over fears the change will put European rivals at a disadvantage.

ECOFIN: French Fin Min:Urgent Need For Accounting-Rule Change (Nasdaq)
PRAGUE -(Dow Jones)- Accounting rules for banks based in the European Union should be changed urgently, after the U.S. accounting-rules body allowed domestic banks more discretionary leeway over mark-to-market asset evaluation, French Finance Minister Christine Lagarde said Saturday.

Steinbrueck Wants Similar Accounting Principles in EU, U.S. (Bloomberg)
April 4 (Bloomberg ) -- German Finance Minister Peer Steinbrueck said he wants to have similar accounting principles in Europe as in the U.S.

Accounting board bends rules for deciding asset values (The Age)
Board that sets US accounting rules voted yesterday to let financial companies report higher values for some troubled assets.

EU Ministers Say Accounting Convergence With U.S. Is ‘Critical’ (Bloomberg)
April 4 (Bloomberg) -- European Union ministers said it is “critical” that convergence on accounting standards is reached on the continent to ensure that the region’s banks are not placed at a disadvantage against U.S. competitors.

EU calls for matching US accounting change (EARTHtimes.org)
Prague - European Union finance ministers said Saturday that matching US accounting rules, which allow US banks discretion over pricing their impaired mortgage assets, bore critical importance so European banks are not operating at a disadvantage. ...

Board Loosens Accounting Rules (San Fernando Valley Business Journal)
Eclipsed by news from the G20 Conference in London yesterday, the Financial Accounting Standards Board here in the U.S. voted to loosen so-called Mark-to-Market rules, which value distressed assets held by banks and other financial institutions.

EU finance chiefs urge accounting rules to be eased (AFP via Yahoo! News)
EU finance chiefs called on Saturday for accounting norms in Europe to be relaxed in line with recent US moves to give banks more breathing room, so their European rivals are not left disadvantaged.

Board Loosens Accounting Rules (San Fernando Valley Business Journal)
Eclipsed by news from the G20 Conference in London yesterday, the Financial Accounting Standards Board here in the U.S. voted to loosen so-called Mark-to-Market rules, which value distressed assets held by banks and other financial institutions.

Big banks praise accounting rules change; small banks not so much (Orlando Sentinel)
The nation's financial giants touted last week's decision by a national accounting board that they expect will provide some relief from the massive losses from so-called toxic mortgage assets.

Accounting firm becomes a counselor in hard times (BizJournals)
Accounting firm Davis Grennan Fender Ruta LLP moved to The Plaza in December in the midst of a economic conflagration threatening to pull down some of the nation’s greatest financial institutions.

E & Y picks holes in new accounting norm (rediff.com)
The government's decision to relax compliance with accounting norm (AS 11) relating to foreign exchange losses and gains could create deferred tax liability for companies opting for revised regulations

FRC CHIEF EXECUTIVE SPEECH ON ACCOUNTING (Accounting Education)
Paul Boyle, Chief Executive of the Financial Reporting Council, the UK’s independent regulator for corporate reporting and governance, has called for a thorough and public debate if there is a desire that accounting should be used to achieve policy objectives for which it has not been designed.

Jobs 4 You: Accounting Firm Hiring (NBC Washington)
The accounting firm Kearney and Co. in Alexandria is hiring, and current employees enjoy the atmosphere.

THE VALUE-RELEVANCE OF FINANCIAL STATEMENT RECOGNITION VERSUS NOTE DISCLOSURE: EVIDENCE FROM GOODWILL ACCOUNTING (Accounting Education)
The relative significance of financial statement recognition and note disclosure is an important issue for accounting regulators, preparers and auditors.

Board Loosens Accounting Rules (San Fernando Valley Business Journal)
Eclipsed by news from the G20 Conference in London yesterday, the Financial Accounting Standards Board here in the U.S. voted to loosen so-called Mark-to-Market rules, which value distressed assets held by banks and other financial institutions.

Accounted 2 accounting software adds new reports, multiple currencies (Macworld.com via Yahoo! News)
Oranged Software has announced the release of Accounted 2.0, an update to its accounting software for Mac OS X. Accounted costs $80, and upgrades cost $25.

CODA Beefs up Accounting App for Salesforce.com (PC World via Yahoo! News)
An emerging battle among accounting software vendors for a piece of Salesforce.com's 50,000-plus-strong customer base intensified Tuesday, as CODA announced the second version of its CODA 2go application.

CODA Beefs up Accounting App for Salesforce.com (PC World)
The veteran on-premises accounting software maker built CODA 2Go natively on Force.com

New accounting procedures reduce calculation of PEC's assets in latest audit (Austin American-Statesman)
A change in accounting procedures for the latest audit of the Pedernales Electric Cooperative's books significantly reduces the calculation of the co-op's assets and member equity.

Accounting change estimates post-retirement benefits for public workers (Salina Journal)
It's going to be more complicated and cost more to comply, but an accounting change being contemplated by city staff is just about unavoidable.

CODA beefs up accounting app for Salesforce.com (Macworld)
CODA is launching a full-featured SaaS accounting application that works in tandem with Salesforce.com.