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Accounting News 08/2013



M&G accounting glitch hits 32000 investors
It continued: "Due to an accounting error, clients have seen some irregularity in the level of monthly payments from the Fund. Clients received an overpayment in May because of an accounting error on a particular bond in the portfolio. To offset this ...

Top 50 US accounting firm joins international firm alliance
One of New York's top independent acounting firms, Berdon LLP, has announced it has joined the international alliance of accounting firms known as TIAG (The International Accounting Group). The alliance includes more than 110 independent accounting ...

Lease Accounting Changes Imminent
The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) appears to be moving forward with lease accounting rule changes meant to curb abuses and errors caused by off-balance accounting. Tenants very ...

A Virtual Accounting Department for Small Businesses
Mr. Menashy said Bench's model is pretty novel in the world of small-business accounting software, but Daniel O'Leary, professor of accounting at the University of Southern California's Leventhal School of Accounting, said most accounting firms offer ...

Barrick Gold posts $8.5B loss on accounting charge
Barrick Gold Corp. took a huge accounting charge because of falling gold prices and posted a net loss of $8.56 billion, although it said its operating results were strong. It also slashed its next dividend to 5 cents per share, down from 20 cents per ...

'Wireless-Only' Statistics Are More Pixy Dust Than Facts; The 'Landline ...
'Wireless-Only' Statistics Are More Pixy Dust Than Facts; The 'Landline ...

State controller unimpressed with Stockton accounting
"Our review found significant weaknesses with the City's accounting and administrative controls system. We found that the potential for waste, fraud, and abuse of public resources is extremely high due to numerous deficiencies," the controller's office ...

Barrick Gold posts $8.5B loss on accounting charge
Barrick Gold Corp. took a huge accounting charge because of falling gold prices and posted a net loss of $8.56 billion, although it said its operating results were strong. It also slashed its next dividend to 5 cents per share, down from 20 cents per ...

Now city schools care about accounting?
We welcome Marten's emphasis on careful accounting. For her next step, she needs to reverse San Diego Unified's amazingly cavalier attitude about sports leagues that use school athletic fields. According to a 2011 county grand jury report, under ...

Barrick Gold Cuts Payout While Taking $8.7 Billion Writedown
Barrick Gold Corp. took a huge accounting charge because of falling gold prices and posted a net loss of $8.56 billion, although it said its operating results were strong. It also slashed its next dividend to 5 cents per share, down from 20 cents per ...

What Really Counts in Service-Learning Accounting Class
As part of Brian Lendecky's Accounting 366P class, de la Torre and 200 other University of Texas at Austin students helped file 18,310 tax returns for low-income residents, resulting in a total of $31,691,205 in refunds. Before students can make this ...

China's Sinovel Wind Group Sets Rules to Prevent Accounting Errors
The accounting issue adds to other problems that include U.S. criminal charges, in what is widely seen as a test case for U.S.-China intellectual property disputes. In June, the U.S. Justice Department alleged that Sinovel and two former employees ...

Charlynn Diapo Joins American Healthcare Investors as Vice President ...
Charlynn Diapo Joins American Healthcare Investors as Vice President ...

Sustainability Accounting Standards for Health Care Sector
The Sustainability Accounting Standards Board (SASB) has released its first set of provisional standards for industries in the health care sector. SASB is a San Francisco-based 501(c)3 nonprofit organization that provides sustainability accounting ...

Greensboro accounting firm acquires Triangle presence
Bernard Robinson & Co., an accounting firm based in Greensboro, said Friday it will enter the Triangle for the first time by acquiring Furr & Newell of Raleigh. Bernard Robinson opened an office in Winston-Salem in July at 1255 Creekshire Way in ...

Charlynn Diapo Joins American Healthcare Investors as Vice President ...
Charlynn Diapo Joins American Healthcare Investors as Vice President ...

NYT Excerpt: Radical Accounting And The Value Of Ideas
In his New York Times Magazine column this week, Adam Davidson writes about the challenges of measuring productivity in today's economy. Here's an excerpt. Like a lot of accountants, Jason Blumer never really wanted to be an accountant; he wanted to ...

Revolving fund: Accounting procedure revised
ISLAMABAD, Aug 3: Revising the accounting procedure for financing by donors through loans and grants, the ministry of finance has informed all ministries and provincial governments that a revolving fund account be opened with the National Bank of ...

Cloud accounting turns hazy
NEW YORK – International Business Machines, facing a Securities and Exchange Commission investigation into how it reports revenue from offsite cloud services, said it stands by its accounting methods. IBM is cooperating with the SEC in the probe, which ...

The next big thing in the accounting industry
KUALA LUMPUR: Integrated reporting, which promotes reporting in a more transparent and concise manner, will be the next big thing in the accounting industry, according to Malaysian Institute of Accountants (MIA) president Johan Idris (pic). In his ...

Changes to business accounting could cost jobs
WASHINGTON, D.C. — Delaying the deductibility of legitimate, non-corporate business investments could slow down the economy and result in as many as 68,000 lost jobs, according to a new analysis by the nonpartisan Tax Foundation, released Friday, ...

Hang Seng Bank Profit Doubles to Record on Accounting Gain
Hang Seng Bank Ltd. (11), the Hong Kong lender controlled by HSBC Holdings Plc (HSBA), said first-half profit doubled to a record, beating the highest estimate in a survey on a one-time accounting gain and higher loan and fee income. Net income climbed ...

Hang Seng Bank Profit Doubles to Record on Accounting Gain (2)
Hang Seng Bank Ltd. (11), the Hong Kong lender controlled by HSBC Holdings Plc (HSBA), said first-half profit doubled to a record, beating the highest estimate in a survey on a one-time accounting gain and higher loan and fee income. Net income climbed ...

The Gender Gap in Accounting Salaries
The Institute of Management Accountants quantifies the salary gap between men and women in the accounting profession in its annual salary survey. The IMA has been tracking the gender gap since the salary survey began in 1989. The smallest salary gap ...

Company Announcements: Week of August 5, 2013
The New York City accounting firm of Berdon LLP has announced its membership in the international alliance of accounting firms known as TIAG® (The International Accounting Group). With this strategic move, Berdon LLP joins an alliance of more than 110 ...

Orion Advisor Services Chosen By Brookstone Capital Management As Portfolio ...
Orion Advisor Services Chosen By Brookstone Capital Management As Portfolio ...

Accounting for pensions, The Boston Globe sold for negative $40 million, 20 ...
Accounting for pensions, The Boston Globe sold for negative $40 million, 20 ...

Coordinating Your Cloud
We also invited James Bourke, a CPA and partner at Top 100 Firm WithumSmith+Brown,who is considered one of the top experts when it comes to the use of technology in an accounting practice. Here's what we asked them: Should the cloud be approached ...

St Keverne postmistress cleared of false accounting charges
THE case against a St Keverne postmistress accused of false accounting involving sums of up to £22,500, has been dropped as part of a nationwide review into allegedly inaccurate Post Office accounting systems. A verdict of not guilty was officially ...

Paying More for Less? Interest Expenses Rise
Those states also tend to carry higher Taxpayer Burdens, as estimated by Truth in Accounting. The chart below shows the average TIA Taxpayer Burden for three different groups of states, which are grouped by the average interest expense per capita from ...

Analysts: Netflix Accounting Shift Poses No Impact to Earnings and 3 More ...
Analysts: Netflix Accounting Shift Poses No Impact to Earnings and 3 More ...

Jeanne Hillman Appointed Chief Accounting Officer for Weyerhaeuser
FEDERAL WAY, Wash., Aug. 5, 2013 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced the appointment of Jeanne M. Hillman as vice president and chief accounting officer for the company, effective Aug. 5, 2013. Hillman succeeds ...

Rebeat Aims for Better Accounting in Digital Distribution
The 13-year-old distributor thinks it has found an angle that separates it from the competition: accounting. And it believes its software can help labels save a lot of money. The company's Business Edition service is a combination of digital ...

State controller slams Stockton's accounting
The state controller's office added to Stockton's bankruptcy pain Monday by issuing a scathing report saying the city is unorganized financially, mixing up accounts improperly and managing its affairs so badly it has missed out on millions of dollars ...

Too-creative accounting
Dispatch editorials express the view of the Dispatch editorial board, which is made up of the publisher, the president of The Dispatch, the editor and the editorial-writing staff. As is the traditional newspaper practice, the editorials are unsigned ...

Chinese Companies Consider Listing In US Stock Exchanges Again Following ...
Chinese Companies Consider Listing In US Stock Exchanges Again Following ...

Hang Seng Bank profit doubles to record on accounting gain
NEW YORK, Aug 6 — Hang Seng Bank Ltd, the Hong Kong lender controlled by HSBC Holdings Plc, said first-half profit doubled to a record, beating the highest estimate in a survey on a one-time accounting gain and higher loan and fee income. Net income ...

Syracuse accounting firm adds to office as workforce expands
SYRACUSE, N.Y. - Testone, Marshall & Discenza is taking on new space at its building near Franklin Square as the accounting firm has grown in recent years. The business employed 58 people in 2010. It will have 85 employees once two new hires start in ...

New Canaan accounting firm hires CFO
Priola began his career in the construction and real estate industries at several New York accounting firms, rising to the level of principal, where he was responsible for all aspects of client management and service, from both the audit and tax ...

Accounting for Facts While Courting Vietnam
... Entitlements, Taxes & Spending · Family & Religion · Health Care · Protect America · Rule of Law · Archives · Video; Mobile. Apple iPhone · Google Play. Accounting for Facts While Courting Vietnam. Nick Zahn. August 6, 2013 at 11:20 am. 127229Leave ...

Calif. controller blasts Stockton accounting
STOCKTON, Calif. -- California's controller blasted the city of Stockton in a series of audits, saying a poor accounting system and several bad decisions led to it becoming the largest U.S. city at the time to ever declare bankruptcy. The audits ...

Freeholders to OK accounting firm and $100000 more for Finance Department - Hunterdon County Democrat
FLEMINGTON — When the Freeholders meet tonight, they are scheduled to approve an agreement with an accounting firm that has been operating the county Finance Department after three administrators were temporarily moved out. An agreement to pay ...

Glu Reports Second Quarter 2013 Financial Results; Changes to Gross ...
Glu Reports Second Quarter 2013 Financial Results; Changes to Gross ...

First step to fix pension woes: Proper accounting
Both the Governmental Accounting Standards Board, which sets the accounting standards for the public sector, and Moody's Investors Service, one of the nation's major credit-rating agencies for state and local governments, recently enacted changes to ...

Local chapter of women's accounting group to celebrate name change
The Wichita chapter of the American Society of Women Accountants is preparing to celebrate its parent organization's name change. The organization is now known as the Accounting & Financial Women's Alliance, a change made in October. The new name ...

Italy Regulator Challenges Saipem Contract Accounting
MILAN, Aug 6 (Reuters) - Italy's markets watchdog has challenged Saipem's accounting practices regarding a series of contracts and may force the Italian oil service company to book a charge of 130 million euros ($173.02 million) in its 2012 results. In ...

IMA to Endorse Universities Preparing Students for Careers in Management ...
IMA to Endorse Universities Preparing Students for Careers in Management ...

SORP: the accounting framework for charities
Don't be fooled by the dull title, the SORP, 'Statement of Recommended Practice' charity accounting framework, underpins the charity sector in a very important way; like Andy Murray and Ivan Lendl, for every blossoming, innovative, creative champion in ...

Are accountants and CFOs killing innovation? — Alvin Lee
INSEAD Associate Professor of Accounting and Control Gilles Hilary, in a research paper Does Accounting Conservatism Impede Corporate Innovation?, makes the case that firms with a greater degree of accounting conservatism are less innovative because ...

SunGard Expands Accounting Software to Help Banks Serve Nonprofits
SunGard, a software and technology services company based in Wayne, Pa., has expanded its trust accounting software to help banks process accounts for philanthropic organizations and endowments. SunGard has expanded its AddVantage trust ...