Accounting News 06/2009 (Page 2)

ICAI to sign pact with ICA Australia for members to practice in both countries (Business Standard India)

Accounting regulator ICAI today said it will sign an agreement with the Institute of Chartered Accountants in Australia next month which will facilitate the qualified members of the respective bodies to practise in the two countries. (Jun 7, 2009)

Judge weighs lawsuit over credit reports (The Greenville News)

An Upstate federal judge is considering whether class-action lawsuits against the nation's top three credit reporting agencies should continue, in what has been a three-year legal battle over whether the agencies wrongly allowed a credit provider's accounting practices to raise the cost of borrowing money for millions of people. (Jun 7, 2009)

Accounting questions at Archway noted in filings in Del bankruptcy court (The Delaware Business Ledger)

Can a company that made Mother's Cookies end up in a accounting scandal? Delaware bankruptcy court filings hint that may be the case when it came to Archway Cookies, parent company of Mother's. (Jun 7, 2009)

Valley’s Class Acts (San Fernando Valley Business Journal)

As we enter graduation season, the Business Journal takes an accounting of how graduates of our local high schools, community colleges and universities have contributed to our economy. (Jun 7, 2009)

Bank profits from accounting rules masking looming loan losses (Business Standard India)

Big banks in the US say they’re on the mend. The five largest were profitable in the first quarter, rebounding from record losses for the industry in the fourth quarter. Share prices have jumped, with the KBW Bank Index doubling since March 6. (Jun 7, 2009)

Councilors want 'fresh air' for accounting (The Eagle-Tribune)

METHUEN — The city paid auditing firm Melanson Heath & Co. $258,500 during the last five years without going out to bid or seeking quotes from competing companies, officials say. State law allows the mayor to hire an auditing firm without going out to bid to find the cheapest company, so Melanson Heath & Co. has been conducting annual audits of the city's financial books without competing for ... (Jun 8, 2009)

Pakistan Estimates 2 Million People Fled Fighting in Swat Valley (Bloomberg)

June 8 (Bloomberg) -- Pakistan revised its estimate of refugees who fled fighting in the northwestern Swat Valley after accounting for multiple registrations. (Jun 8, 2009)

Mini$: Easy-to-use personal finance software (Macworld)

Full-featured accounting programs like QuickBooks can seem overwhelming and complicated. For non-CPAs with simple accounting needs, the minimalist Mini$ is an easy way to keep track of finances on your Mac. (Jun 8, 2009)

Top 100 Forensic Accounting Firm, RGL Forensics, Enhances Global Capabilities with Maconomy (Business Wire via Yahoo! Finance)

BOSTON----In the increasingly global market it is absolutely critical to be able to seamlessly deliver professional services to clients. RGL Forensics has chosen Maconomy for its business support systems, including worldwide project management, CRM and back office financial function, for their 23 offices in the US, Europe, Asia and Australia. (Jun 8, 2009)

Billion-dollar errors: lawyers shape-up to audit firms (Business Day)

AUDITORS are back in the headlines for all the wrong reasons, with two new lawsuits that will send further shivers through the halls of Australia's largest accounting firms. (Jun 8, 2009)

Auditors beached without their bathers (The Age)

Auditors are back in the headlines for all the wrong reasons, with two new lawsuits to send further shivers through the hallowed halls of Australia's largest accounting firms. (Jun 8, 2009)

Roskill Information Services: China dominates the global aluminium industry (The Auto Channel)

China dominates the global aluminium industry accounting for one third of both world production and world consumption of primary aluminium. (Jun 8, 2009)

Public Accounting Board Chairman Olson Resigns, Effective July 31 (Nasdaq)

WASHINGTON -(Dow Jones)- Mark Olson, chairman of the Public Company Accounting Oversight Board, has submitted his resignation letter, effective July 31. (Jun 8, 2009)

Accounting oversight board chairman resigns (San Francisco Chronicle)

Mark W. Olson, the head of the independent board that oversees the accounting industry, said Monday he will resign for personal reasons more than a year before his term is set to expire. Olson has been chairman since July 2006 of the Public Company Accounting... Sponsored Topics: Public Company Accounting Oversight Board - Business - Congress - Mark W. Olson - Accounting (Jun 8, 2009)

U.S. accounting oversight board chairman resigns (The Canadian Press via Yahoo! Canada News)

WASHINGTON - The head of the independent board overseeing the American accounting industry is resigning a year before his term is set to expire. (Jun 8, 2009)

Accounting oversight board chairman resigns (Deseret News)

The head of the independent board overseeing the accounting industry said Monday that he will resign more than a year before... (Jun 8, 2009)

Accounting Today Seeks Killer VAR Nominations (WebCPA)

Accounting Today is seeking nominations for its Killer VARs issue in August. (Jun 8, 2009)

Accounting oversight board chairman resigns (AP via Yahoo! News)

SEC OFFICE OF THE CHIEF ACCOUNTANT RELEASES STAFF ACCOUNTING BULLETIN (Accounting Education)

The Securities and Exchange Commission's Office of the Chief Accountant has announced the release of Staff Accounting Bulletin (SAB) No. 112. This SAB updates the codification of previous SABs by removing material no longer necessary because of private-sector developments in U.S. generally accepted accounting principles, and in particular the Financial Accounting Standards Board's issuance of ... (Jun 9, 2009)

Accounting firm to study how library spends money (The Montana Standard)

An independent accounting firm will scrutinize the Butte-Silver Bow Library's budget in an effort to settle a disagreement on how the department's money is spent. (Jun 9, 2009)

A.M. Best Special Report: New Accounting Guidelines Likely to Have Muted Impact (Business Wire via Yahoo! Finance)

OLDWICK, N.J.----A.M. Best Co. believes that new rules from the Financial Accounting Standards Board will not materially impact insurance companies' GAAP balance sheets, despite initial expectations in the capital markets. (Jun 9, 2009)

Accounting Oversight Board Chairman Resigns (CIO Today)

The head of the independent board overseeing the accounting industry said Monday that he will resign more than a year before his term is set to expire. Mark W. Olson has been chairman of the Public Company Accounting Oversight Board since July 2006. The board was created by Congress in response to the 2002 corporate scandals that began with Enron. Olson, whose resignation takes effect July 31, ... (Jun 9, 2009)

Olson leaving Public Company Accounting Oversight Board (Investment Executive)

The chairman of the Public Company Accounting Oversight Board, the U.S. auditing oversight body, has stepped down, the PCAOB said Tuesday. (Jun 9, 2009)

Demand for finance, accounting professionals persists despite downturn (Channel NewsAsia)

Latest data from financial recruitment firm Robert Half showed that employers in Singapore remain concerned about a continued shortage of skilled finance and accounting professionals, despite the overall weak job market. (Jun 10, 2009)

ESS Recognized as Emerging Leader in Enterprise Carbon Accounting (Marketwire via Yahoo! Finance)

ESS, the leading provider of Environmental, Health and Safety and Crisis Management software for enterprise sustainability, has been named as an emerging leader among enterprise carbon accounting system providers by Groom Energy Solutions. (Jun 10, 2009)

ESS Recognized as Emerging Leader in Enterprise Carbon Accounting (Marketwire)

TEMPE, AZ--(Marketwire - June 10, 2009) - ESS, the leading provider of Environmental, Health and Safety (EH&S) and Crisis Management software for enterprise sustainability, has been named as an emerging leader among enterprise carbon accounting (ECA) system providers by Groom Energy Solutions. In a new report called "Enterprise Carbon Accounting: An Analysis of Organization-Level Greenhouse Gas ... (Jun 10, 2009)

President meets Accounting Chamber Chairman (Unian)

President Victor Yushchenko held a meeting with Accounting Chamber Chairman Valentyn Symonenko, according to the President`s press-office. (Jun 10, 2009)

Accounting glitch temporarily ties up retirement funds for Springfield teachers (The Republican)

SPRINGFIELD - A problem described as an accounting glitch resulted in a few public school teachers being unable to access funds that the city deducts from teachers' paychecks and transfers to their retirement system. (Jun 10, 2009)

Changing lanes: A tale of two accounting standards (Ottawa Business Journal)

Although it isn't until Jan. 1, 2011 that reporting issuers must officially switch from using current Canadian accounting standards – known as Generally Accepted Accounting Principles – to the new International Financial Reporting Standards, many firms have already started the complicated, multi-phase process. (Jun 10, 2009)

Former Firelake Grand Casino accounting officer sentence for embezzlement (KFSM Ft. Smith-Fayetteville)

OKLAHOMA CITY (AP) — Federal prosecutors say the former accounting officer at the Firelake Grand Casino in Shawnee has been sentenced to nearly three years in prison for embezzling money from the Citizen Potawatomi Nation. (Jun 11, 2009)

Basic accounting sessions to be offered at Women's Business and Training Center (The Huntington Herald-Dispatch)

BASIC ACCOUNTING WITH QUICKBOOKS: Take charge of your bookkeeping and better understand your business finances from 9 a.m. to 5 p.m. Thursday, June 18. Topics include measuring business profitability; track cost of goods sold; enter and write checks; tracking payroll liabilities; using registers; invoicing customers; tracking and paying sales tax; and customizing reports. Sessions will be ... (Jun 11, 2009)

USI accounting team wins national competition (Evansville Courier & Press)

A University of Southern Indiana student accounting team has won first place in the national Student Case Competition for the second year in a row. (Jun 11, 2009)

Corefino Showcases Outsourced Accounting Option in CIO Magazine Ad (Business Wire via Yahoo! Finance)

SUNNYVALE, Calif.----Corefino, the Future of 21st Century Accounting™, today announced publication of a full page ad in the June 2009 issue of CIO magazine. Offering a unique combination of monthly subscription-based software-as-a-service , business process outsourcing and a custom-built Web technology portal, Corefino is positioning itself as a clear alternative to costly on-site enterprise ... (Jun 11, 2009)

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

The Public Company Accounting Oversight Board has updated its audit firm inspection reports. Andrews Hooper & Pavlik P.L.C. (Jun 11, 2009)

WORKING TOWARDS A SINGLE SET OF HIGH-QUALITY GLOBAL ACCOUNTING STANDARDS (Accounting Education)

Meeting in Edinburgh yesterday, the Chief Executive of the Institute of Chartered Accountants of Scotland (ICAS), Anton Colella, together with his counterparts from the world’s leading accounting bodies has called for politicians to continue moving towards a single set of global accounting standards. (Jun 11, 2009)

Accounting Oversight Board Chairman Resigns (SmartPros Accounting)

June 8, 2009 (Associated Press) WASHINGTON - Mark W. Olson, the head of the independent board that oversees the accounting industry, said Monday he will resign for personal reasons more than a year before his term is set to expire. (Jun 11, 2009)

ACCOUNTING BODIES CALL FOR POLITICIANS TO STICK TO THEIR G20 PROMISE ON ACCOUNTING STANDARDS (Accounting Education)

Working towards a single set of high-quality global accounting standards The Chief Executives of the Global Accounting Alliance, which includes ICAS, the Institute of Chartered Accountants in England and Wales, The American Institute of Certified Public Accountants, Canadian Institute of Chartered Accountants, Hong Kong Institute of Certified Public Accountants, Institute of Chartered ... (Jun 11, 2009)

Digital signage developer gets Simply Accounting (Network World)

After realizing that the previous enterprise resource planning (ERP) solution his company was using was more cumbersome and complex than he wanted it to be, David Reale, founder and vice-president of Avida Corp. made the switch to a Sage software solution with the help of Business Innovation Technologies, Inc. (Jun 12, 2009)

The Eastern Company Announces Change in Independent Registered Public Accounting Firm (Business Wire via Yahoo! Finance)

NAUGATUCK, Conn.----The Eastern Company today announced that its Board of Directors accepted the recommendation of its Audit Committee to replace its independent registered public accounting firm, UHY LLP, with Fiondella, Milone & LaSaracina LLP to audit the Company's financial statements for the fiscal year ending January 2, 2010. (Jun 12, 2009)

Accounting student gives it up for modelling (The Star)

FREELANCE model Shirley Lim was never good with numbers but studied accounting any way to please her mother. (Jun 12, 2009)

Changes lead to new accounting firm (Business First of Buffalo)

The accounting firm of Bechtel Kopin & Company CPA PC is changing its name. (Jun 12, 2009)

OU starts accounting training specific to oil and gas field (The Norman Transcript)

The University of Oklahoma will launch an energy accounting program this fall to train students for the specific accounting needs of the oil and gas industry."It'll give the students an advantage in that they'll have seen some of the issues specific to the oil and gas industry," said Terry Crain, Dale Looper Chair in Accounting and associate professor of accounting. (Jun 13, 2009)

Accounting firm won't have to pay in bank fraud case (Billings Gazette)

Accounting firm Eide Bailey LLP has avoided paying up to $5.6 million in damages for failing to detect fraud at a former Billings mortgage lender, Intermountain Mortgage Company. (Jun 13, 2009)

CarNet: KYRGYZSTAN: Energy sector accounting for 2/3 of all emissions to become a priority in the fight against ... (Girodivite)

Saturday 13 June 2009, by Emanuele G. - 0 letture The Kyrgyz Republic joining the world community to combat the climate change is planning to start building its existing technological capacity for reducing greenhouse gas emissions from the the energy sector. (Jun 13, 2009)

New accounting standards change the way U.S. banks account for securitizations: FASB (Investment Executive)

The Financial Accounting Standards Board issued Friday two new accounting standards designed to address weaknesses in accounting and disclosure standards for off-balance sheet vehicles. (Jun 13, 2009)

Accounting firm won't have to pay in bank fraud case (Billings Gazette)

Accounting firm Eide Bailey LLP has avoided paying up to $5.6 million in damages for failing to detect fraud at a former Billings mortgage lender, Intermountain Mortgage Company. (Jun 13, 2009)

FinMin to go hi-tech to detect accounting frauds; use IT tools (The Times of India)

In the aftermath of financial fraud at IT giant Satyam Computer, the finance ministry has decided to go hi-tech in its vigilance and use a new computer- assisted tool for detecting suspicious accounts. (Jun 14, 2009)

IRS Looking To Save Companies Money With Cell Phone Tax (redOrbit)

An IRS official informed the press on Friday that they are working to fine-tune accounting methods for personal cell phone use on employer-paid phones that will help companies save money, Reuters reported.Until now, companies have been following a 1989 law that requires companies to track personal use with scrupulous records of minutes if they intend to deduct worker cell phones as an expense. ... (Jun 14, 2009)

Judges seek ways to ease congestion in courts caused by flood of foreclosures (The Palm Beach Post)

With Florida accounting for one of every six foreclosures in the country and legislators showing little interest in addressing the crisis, a handful of judges are exploring ways to keep borrowers and lenders out of an increasingly congested court system. (Jun 14, 2009)

The home team (The Record and Herald News)

More than ever, North Jersey towns need their accounting firms, doctors' offices, retail stores and pizzerias for the property tax revenue they generate, and they're doing what they can to help them stay in business. (Jun 14, 2009)

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