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Accounting News 11/2012



Baseline Time Accounting Significantly Improves the Climate Impact Assessment ...
Baseline Time Accounting Significantly Improves the Climate Impact Assessment ...

Don Keninitz Joins Secor Group as Senior Vice President of Finance and ...
Don Keninitz Joins Secor Group as Senior Vice President of Finance and ...

Indianapolis accounting firm settles with Fair Finance trustee
Somerset CPAs PC will pay $500,000 to settle litigation brought by the bankruptcy trustee of Fair Finance Co., the Ohio-based firm convicted financier Tim Durham used to conduct a major Ponzi scheme. Trustee Brian Bash alleged that Indianapolis-based ...

SC lottery: SLED probing accounting discrepancy
COLUMBIA, S.C. (AP) — State police are investigating after accounting problems were found at the South Carolina Education Lottery, officials said Thursday. Lottery executive director Paula Harper Bethea said that one person had been fired as a result ...

Finance and Accounting Q3 Employee Confidence Index Decreases for Second ...
Finance and Accounting Q3 Employee Confidence Index Decreases for Second ...

Berkshire Business Sales and Acquisitions launches to target accounting firms
Gipple plans to work with business in other areas too, but believes that gaining the trust of the accounting community first is the best way to secure clients in other areas. Gipple said that before agreeing to represent a business, he thoroughly ...

Auditors, CFOs Boost their IQs on QR Codes
"Somewhat." "Not very." "Not a lot." If you answer includes more than a few “nots,” you could be ignoring a key piece of technology that could help make some accounting decisions easier, speed up the time to receive payments, and help your company ...

Global accounting body battles to assert its authority
IASB proposes new 12-member advisory body. * National groups want bigger body, stronger say. By Huw Jones. LONDON, Nov 1 (Reuters) - The world's top accounting rulesetter unveiled plans on Thursday aimed at buttressing its authority and ...

Detectives say accounting manager Michael Cougill embezzles over $500K from ...
Detectives say accounting manager Michael Cougill embezzles over $500K from ...

Accounting firm Boatsman Gillmore to merge with Wagner Noble & Co.
Wagner Noble & Co. and Boatsman Gillmore will combine their accounting, tax and advisory practices into one, pending final regulatory approval. The surviving company will be known as Boatsman Gillmore Wagner. It will have offices in Charlotte and ...

Dunn discusses challenges of accounting in Birmingham
Dunn: In the public accounting market, I think there's a void for experienced tax people. Back when Sarbanes-Oxley came out, there was a lot of work in those areas for the public companies. A lot of people were doing the audit route as opposed to tax ...

Ex-FASB Chair: Accounting Rules Support Money Funds' Stable Value
While U.S. regulators are debating forcing money market funds to let their share values float, former Financial Accounting Standards Board Chairman Dennis Beresford defended the use of accounting standards that allow money funds to maintain their ...

Veltex Corporation Retains Foremost Accounting Firm Sassetti LLC; Outside ...
Veltex Corporation Retains Foremost Accounting Firm Sassetti LLC; Outside ...

Lakeland accounting students to mark Fraud Week
As an official supporter of Fraud Week, Lakeland's accounting program joins hundreds of organizations who have partnered with the ACFE, the world's largest anti-fraud organization and premier provider of anti-fraud training and education, in a ...

SLED investigating accounting discrepancy at SC lottery
Lottery executive director Paula Harper Bethea said one person had been fired as a result of the discrepancy in the lottery's administrative accounts. According to Bethea, internal auditors told her about the problem Oct. 1, and, after getting more ...

Lottery: SLED probing accounting discrepancy
COLUMBIA - State police are investigating after accounting problems were found at the South Carolina Education Lottery, officials said Thursday. Lottery executive director Paula Harper Bethea said that one person had been fired as a result of the ...

CCH Executives Mackintosh and Mortenson Honored as Most Powerful Women ...
CCH Executives Mackintosh and Mortenson Honored as Most Powerful Women ...

Documenting your Business Income
They may be some small business owners biggest fear, but sometimes audits can be a good thing for a bottom line. Take this story: A business owner was going through an audit and things had not been looking good until it was discovered that the bank ...

Android Accounts for 75% of Smartphone Shipments in Q3
IDC reports that Android shipped 136 million units this past quarter, accounting for 75 percent of the 181.1 million smartphones shipped in 3Q12. This number represents year-over-year growth of 91.5 percent. According to IDC, it's nearly double the ...

Steven D. Whitmer, 65, led accounting firm
Steven D. Whitmer, a life-long West Side resident who started his own accounting firm at age 26 and built it into one of the most respected businesses in the region, passed away on Wednesday at age 65 following a long fight with cancer. He leaves ...

Accounting Basics to Uncover Embezzlement
Instead, the American Institute of Certified Public Accountants' (AICPA) standards for tax return services and Internal Revenue Service Circular 230 state that a tax return preparer may rely in good faith on information furnished by clients without ...

Steven D. Whitmer led accounting firm
Steven D. Whitmer, a life-long West Side resident who started his own accounting firm at age 26 and built it into one of the most respected businesses in the region, passed away on Wednesday at age 65 following a long fight with cancer. He leaves ...

Small Private Firms Getting Their Own Accounting Standards
Small and medium-sized private companies not required to report their financials according to Generally Accepted Accounting Principles got their own proposed batch of financial-reporting standards in the form of a proposed framework by the American ...

Groupon responds to SEC inquiry on accounting
SAN FRANCISCO – Groupon Inc , responding to regulators' inquiries into a controversial revision of its fourth-quarter results and handling of refunds, has promised to shore up disclosure but stopped short of agreeing to outline the performance of ...

Facebook's Sandberg sells $7.4 million in stock
Facebook General Counsel Theodore Ullyot and Chief Accounting Officer David Spillane also sold millions of dollars worth of shares this week, according to filings. All the Facebook executives' sales were part of pre-arranged stock trading plans. The ...

House Wants Sh480 Billion Probe Into Treasury
"This audit should identify the loopholes and weaknesses in revenue collection and accounting systems. It should provide recommendations on effective and efficient revenue accounting systems to seal the loopholes if any," the committees said in a joint ...

British banks face new crisis as a result of accounting rules
The Sunday Telegraph understands that the International Accounting Standards Board will publish the new rules in the first quarter of next year. It is further understood that recent stress-testing by major UK banks found that, based on the new rules ...

Carter's fraud case snags Kohl's executive
The U.S. Securities and Exchange Commission is accusing Kohl's executive Michael H. Johnson of assisting a Carter's Inc. executive in fudging that company's accounting numbers. The accusation against Johnson, a divisional merchandise manager for ...

Success story: Networking helps grow Naples accounting firm
Maria L. Pate opened CPA Accounting & Tax Solutions about 10 years ago. After nine years of working at home, she moved to an office in Naples last December. She is using networking and other marketing techniques to grow her business. / Andrea ...

PRESS DIGEST - Sunday British business - Nov 04
British banks will be forced to raise tens of billions of pounds in fresh capital as a result of new accounting rules due to be announced early in the new year by the International Accounting Standards Board. The fresh requirements will be the result ...

Ushering in tax accounting standards
To reduce tax-related litigation and clarify the tax impact arising from convergence to International Financial Reporting Standards (IFRS), the Central Board of Direct Taxes shall issue guidelines in the form of Tax Accounting Standards. In December ...

Accounting Issues, SEC Inquiries, All-Time Low in Share Price – Happy Birthday ...
Accounting Issues, SEC Inquiries, All-Time Low in Share Price – Happy Birthday ...

Accounting in real estate
I HAVE often been asked, what does accounting do in my real estate career? The question is understandable since I double in both accounting and real estate practice. However, let me tell you that I enjoy both professional disciplines since it closely ...

DC area business events for the week of Nov. 5
Recordkeeping and Accounting for Small Business. This workshop helps with understanding accounting principles, financial statements, general business records, taxes and management accounting. 9 a.m. to 4 p.m., American Bar Association Building, 740 ...

Accounting Rules to Force UK Bank Cash Raising
U.K. banks will be forced to raise tens of billions of pounds in fresh capital as a result of new accounting rules due to be announced early next year, according to the Sunday Telegraph newspaper, which didn't say where it got its information. The ...

Don?t Blame Accounting Software for Errors ? AG
Public budget managers have been warned by lawmakers and the Auditor General not to blame the new accounting system for the persistent bookkeeping blunders in their audit reports. The call came as the parliament's Public Accounts Committee (PAC) ...

COSBOA drama as chairman resigns, accounts still not signed off
The Council of Small Business of Australia is in turmoil after its annual general meeting last week, with Ken Phillips resigning as chair after the council's accounts were unable to be signed off. COSBOA issued a media release on Friday stating that ...

Baker Tilly's Timothy L. Christen named Managing Partner Elite by Accounting ...
Baker Tilly's Timothy L. Christen named Managing Partner Elite by Accounting ...

Draft Tax Accounting Standards - Way To Go?
Currently, books of accounts prepared for statutory reporting purposes are based on Accounting Standards (AS) issued by the Institute of Chartered Accountants of India (ICAI). However, tax treatment of certain items do tend to differ from the ...

More Accurate ILUC Carbon Accounting
Dr. Jesper Hedal Kløverpris and Dr. Steffen Mueller have proposed a new approach to measuring the climate impact of biofuels related land-use changes (ILUC) as opposed to other land use changes: “Baseline Time Accounting Concept” and believe it ...

Accounting body says banks may need bespoke rules
LONDON (Reuters) - Banks may need their own accounting rules and governance codes to restore investor trust in the sector, Britain's audit policeman said on Monday. Accounting firms are on the back foot after they gave banks a clean bill of health just ...

UK accounting body says banks may need bespoke rules
By Huw Jones. LONDON (Reuters) - Banks may need their own accounting rules and governance codes to restore investor trust in the sector, Britain's audit policeman said on Monday. Accounting firms are on the back foot after they gave banks a clean bill ...

Company Announcements: Week of November 5, 2012
Prior to joining the firm, von Kolen worked in both public and industry accounting positions. She brings more than eight years of experience in the accounting industry and six years of experience in tax to her new position. Von Kolen obtained a ...

Small businesses tap into cloud for efficiency
Outright.com, Chase says, is less intimidating and simplifies the accounting by allowing her to juggle multiple accounts, generate reports on spending patterns and itemize even obscure expense categories, such as her PayPal fees and the iTunes songs ...

Gold Coast Mining Engages CPA Firm to Complete Audited Financials
(Pink Sheets: GDSM) announced today that the Company has engaged the certified public accounting firm of Peter Messineo to audit the financials of the Company as of December 31, 2011 and 2010. The audits will be in accordance with generally accepted ...

Hurricane Sandy Prompts FASB to Extend Comment Period on Disclosure ...
Hurricane Sandy Prompts FASB to Extend Comment Period on Disclosure ...

Ebix Accounting Practices Said to Be Probed by SEC
(Corrects amount of shares held by CEO as of Sept. 27 in 41st paragraph of story published Nov. 5.) Ebix Inc. (EBIX), the insurance software company that said it was targeted by short sellers last year, is being investigated by the U.S. Securities and ...

Report: SEC investigating Ebix Inc. for accounting issues
The U.S. Security and Exchange Commission is investigating Atlanta-based Ebix Inc. for its accounting practices, four people with direct knowledge of the probe told Bloomberg News. Jacques Couret: Senior Online Editor- Atlanta Business Chronicle: Email ...

CCH survey shows cloud, mobile technologies are driving change in tax ...
CCH survey shows cloud, mobile technologies are driving change in tax ...

Ron Eagle Joins Avalara as Strategic Advisor
Avalara, the market-leading provider of sales tax automation services in the Cloud, announced that Ron Eagle, former president of the Information Technology Alliance (ITA), will serve as the strategic advisor within Avalara's Accounting and Advisory ...