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Accounting News 04/2011



Marking a 10 Percent Growth, Forensic Accounting Firm named Fastest Growing in US
DENVER- Worldwide-based accounting firm, RGL Forensics , an international forensic accounting, investigation and consulting firm, today announced that it was named one of the fastest growing firms in the nation by Accounting Today. From 2009 to 2010, as the economic downturn was taking its toll on businesses across the country, RGL achieved more than a 10 percent increase...

Accounting students help VITA
As April 18 looms over the heads of tax payers, Simpson students are tuning in to their volunteer side and doing their part to help others less fortunate get through the tax season. ...

SEC found to have trouble with numbers
The Securities and Exchange Commission, which demands good accounting in the corporate world, has considerable trouble keeping its own books, according to a report this week by federal auditors.

Accounting charge hits fourth-quarter net earnings of Kids Brands
East Rutherford-based juvenile products maker Kid Brands Inc., which delayed its fourth-quarter earnings release after firing the president of one of its subsidiaries for alleged export violations, Friday reported net income of $1.04 a share, up 70 percent from 61 cents for the fourth quarter of 2009.

Global accounting rule setters urged to take time
LONDON : The International Accounting Standards Board (IASB) and its US counterpart, the Financial Accounting Standards Board (FASB) are thrashing out a set of global rules that would make life easier for investors and international companies.

Proposed changes to accounting for employee benefits
Employee benefits is one of the more significant expense items in a company’s statement of income, and is accounted for using the guidelines under Philippine Accounting Standard (PAS) 19, Employee Benefits.

Marking a 10 Percent Growth, Forensic Accounting Firm named Fastest Growing in US
Worldwide-based accounting firm, RGL Forensics, an international forensic accounting, investigation and consulting firm, today announced that it was named one of the fastest growing firms in the nation by Accounting Today.

Keeping accounts in order vital to maintaining financial hygiene
Q: I don't really understand accounting but have bluffed my way through. As the business is now bigger I am starting to struggle to keep track of the finances.

Ryan Letke Joins WeberMessick
Baltimore, Maryland -- WeberMessick, an accounting and financial services firm that specializes in w...

Bean counters wanted: Why the Big 4 are in a hiring frenzy
Corporate America may not be hiring much yet, but they're certainly looking for more accounting help. Ernst & Young, Deloitte, and other financial firms are looking to hire thousands this year.

Forensic Accounting Firm Addresses Growing Industry Concerns at PLRB Claims Conference
DENVER RGL Forensics , an international forensic accounting, consulting and financial investigation firm, announced today they will respond to business insurance trends in the market with two keynote speakers at the annual Property Loss Research Bureau PLRB Claims Conference . Insurance...

OnShift Selects Intacct for Cloud-Based Accounting and Financial Management
Intacct Helps Healthcare Software Vendor Automate Billing and Revenue Management, and Increase Visibility Into Company Performance

Tax notes: Guidelines on change of accounting period
WITH the issuance of Revenue Regulations (RR) No. 3-2011, the Bureau of Internal Revenue (BIR) issued the following guidelines and procedures on taxpayers’ application for a change in accounting period: read more

Fitch: Scrutinizing Accounting Issues Yields Improved Analysis of U.S. Corporate Issuers
Recent accounting issues provide greater disclosure and transparency that could provide fixed income investors with early warning signals regarding earnings and cash flow for U.S. corporate issuers, according to Fitch Ratings.

Federal Accounting Board Finally Calls BS On The States -- Demands Better Pension Disclosure
The federal Governmental Accounting Standards Board wants state and local governments to reveal more information about pension funding, Reuters reports.

SEC probing fraud at U.S.-listed foreign companies
Securities regulators are probing Chinese and other foreign companies with questionable accounting practices that have used backdoor methods to access U.S. capital markets, a top regulator said on Monday.

Rulemakers Mull Change to US Derivatives Accounting
Banks may be required to bring billions of dollars of additional derivatives exposure onto their balance sheets under a proposal being considered by accounting rulemakers.

Bloomberg Says NYSE Deal Means US Accounting for All
Merging the iconic New York Stock Exchange with Germany's Deutsche Boerse AG will force European companies to switch to U.S. accounting rules, Mayor Michael Bloomberg said.

Otago strengthens research focus on accounting practise
The new Professor of Accountancy at the University of Otago School of Business, Professor David Lont, believes the University is in a strong position to significantly bolster its research into the complex world of accounting and company behaviour.

Accounting, Auditing and Accountability Journal - AccountingEducation.com Members Offer
Abstract Purpose – The purpose of this paper is to analyse whether the development of a needs-based funding formula for resource allocation incorporates the needs of funders or the needs of the service providers.

UC Davis Graduate School of Management Professor Paul Griffin Named Co-Editor of American Accounting Association’s ...
DAVIS, Calif.--(BUSINESS WIRE)--UC Davis Graduate School of Management Professor Paul Griffin named co‐editor of American Accounting Association's Accounting Horizons, one of the association’s two flagship academic journals.

Linedata Refreshes Mfact Accounting Solution
Linedata releases new version of Mfact with web-based client reporting required by global fund administrators.

Satyam of India and PricewaterhouseCoopers Settle Accounting Fraud Case
The Indian outsourcing concern and PricewaterhouseCoopers will pay $17.5 million to settle an S.E.C. inquiry involving inflated revenue and cash balances.

FASB Issues Accounting Standards Update to Improve Financial Reporting About Troubled Debt Restructurings
The Financial Accounting Standards Board today issued Accounting Standards Update No. 2011-02, Receivables : A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring.

2011 JOURNAL OF INTERNATIONAL ACCOUNTING RESEARCH CONFERENCE
The Journal of International Accounting Research (JIAR), published by the International Accounting Section, will hold its first journal conference in Xiamen, China from June 14 - 17, 2011. The program is being organized by the International Accounting Section of the AAA and Xiamen University (Center for Accounting Studies, Institute for Financial and Accounting Studies and Department of ...

SEC settles charges in $1B Indian accounting fraud
Federal securities regulators settled charges against Satyam Computer Services and sanctioned its accountants, adding to the damage from a massive accounting fraud that prompted a takeover of the company by the Indian government and criminal charges against its former executives.

Accounting student wins Chinatown Queen title
GEORGE TOWN: Accounting student Elise Choo was crowned Miss Fame Chinatown Queen 2011 at the pageant held at the dance club here recently. Choo, 19, beat 11 other hopefuls to take home RM1,500, crown, sash, winning trophy and other sponsored gifts.

Dempsey Partners and Tokyo Kyodo Accounting Office Form Joint Venture in Japan to Quantify and Resolve Property and ...
Dempsey Partners LLC, a professional services firm that provides catastrophic insurance claim recovery assistance to corporate risk managers, and Tokyo Kyodo Accounting Office, a Tokyo-based affiliate of RSM International, the world’s sixth largest accounting firm, announced the formation of a joint venture to help companies quantify and resolve property, business interruption, and supply chain ...

Accounting of Family Court spending still not available
If all goes according to plan, smiling politicians and judges will soon break ground at last on a new Family Court building in Center City.

FINANCIAL ACCOUNTING: TOOLS FOR BUSINESS DECISION MAKING, 6TH EDITION
Starting with a “macro� view of accounting information, the authors present real financial statements. They establish how a financial statement communicates the financing, investing, and operating activities of a business to users of accounting information.

Utility needs accounting overhaul after 'inappropiate expenses'
By Erin Ailworth, Globe Staff National Grid's accounting system needs an overhaul, according to a five-month review instigated, at least...

Watchdog calls for open hearings on accounting firm probes
WASHINGTON (Reuters)—The top U.S. audit watchdog called on Congress to help end the secrecy surrounding its investigations of accounting firms and disciplinary hearings linked to the recent financial crisis.

Even National Grid's hired consultants find accounting problems
National Grid must change controversial employee-reimbursement rules and fix "a number of control issues" in its...

State Accounting Systems Called Outdated, Messy
The way the accounting systems for Illinois government work – or don’t work – has some lawmakers up in arms.

National Grid outlines accounting improvements
While an independent accounting review found no indication of deliberate misallocation of expenses by National Grid, the company will implement several measures recommended by the firm that performed the review.

Review faults National Grid accounting
National Grid’s accounting system needs an overhaul, according to a five-month review launched after state Attorney General Martha Coakley uncovered what she called “inappropriate expenses’’ the utility intended to bill to its customers.

Accounting firms grow with at-home workers
BDO USA, the country's fifth-largest accounting firm, has an innovative twist on getting to No. 4: flex staffing. The firm, with 40 offices and 400 affiliates in the United States, is hedging the risk and cost of expansion into new markets by hiring flextime staffers who work from home to build the business. If the flex [...]

HEAD OF DEPARTMENT OF ACCOUNTING, FINANCE AND ECONOMICS
This senior post presents the opportunity to head one of four departments within the newly-restructured Faculty of Business. Appointment at professorial level is available for a suitably-qualified candidate.

Local accounting firm Inpact member
Kota Kinabalu: Local accounting firm Lim Su Chung & Co (LSC) has officially become a member of the Inpact Asia Pacific organisation with the inking of a membership agreement here Friday.

Accounting firm announces new partner
Then accounting firm of Sproles Woodard LLP has named Bill Feuer as a new partner in its Midland office.Feuer joined the firm in 2000, when he graduated for the University of Texas of the Permian Basin with bachelors of business administration...

Accounting chief wants higher bank capital ratios
New bank capital rules should be about 30 percent higher than agreed, to prevent a repeat of the last financial crisis, the incoming head of the world's biggest accounting standard setter said on Sunday.

Accounting chief wants higher bank capital ratios
By Gilbert Kreijger

Changing an Accounting Period
The nature of a taxpayer’s business, and the ease in financial reporting may prompt a company to change its accounting period. In its continuing effort to further streamline processes, and enhance its quality of service, the Bureau of Internal Revenue (BIR) recently issued Revenue Regulation (RR) No. 3-2011 to prescribe guidelines, and the documentary requirements for companies seeking to change ...

Accounting chief calls for higher bank capital ratios
New bank capital rules should be about 30% higher than agreed, to prevent a repeat of the last financial crisis, the incoming head of the world’s biggest accounting standard setter said yesterday.

NZ Accounting clients get tax refunds
NZ Accounting prioritise clients who are expecting a tax refund or need their books done to obtain Working for Families Tax Credits.

BNA Tax & Accounting Launches New eLearning Courses Based on Renowned Tax Management Portfolios
ARLINGTON, Va., April 11, 2011 /PRNewswire-USNewswire/ -- Tax practitioners now have an easy means of receiving continuing education credits while tapping into the expertise of BNA's renowned Tax Management Portfolios. The launch of BNA Tax & Accounting's new eLearning courses provides access to the insights and analysis of leading tax practitioners in a fast-paced, easy-to-use format covering ...

''Accounting cos should be entrusted with audit of Corporates''
Thrissurer (Ker), Apr 12 (PTI) Making a strong plea to entrust the audit of Indian corporate with Indian Accounting firms, the Indian Institute of Chartered Accountants of India (ICAI) President G Ramaswamy, said this would help prevent massive frauds.It is time to entrust the audit of Indian corporates with the Indian Accountants firms, Ramaswamy told reporters here last night.This would ...

The Devil Is In The Details: Budget Cuts Softened By 'Accounting Gimmicks'
As we learn more about just where the $38 billion in fiscal year 2011 federal budget cuts will come from, news stories are making it appear that the spending reductions will be less historic than lawmakers have been advertising.

Accounting tricks ease budget deal's pain
WASHINGTON #8212; A close look at the government shutdown-dodging agreement to cut federal spending by $38 billion reveals that lawmakers significantly eased the fiscal pain by pruning money left over from previous years, using accounting sleight of hand and going after programs President Obama had targeted anyway.

Utility hires accounting, finance manager as new general manager
April 12, 2011 — Bill Stewart, the accounting and finance manager at the Lassen Municipal Utility District, has a new job — general manager. The publicly owned utility district unanimously approved a three-year contract with Stewart after a second evening of closed session negotiations.