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Accounting News 05/2014 (Page 4)



The under-fire Asian finance function where jobs face a serious new threat
The proposed rules are currently out for consultation until the end of the month, but if implemented as planned later this year, they would force international accounting firms in Hong Kong to partner with domestic accounting firms when auditing ...

Advent Software Wins "Best Technology - Fund Accounting" at HFMWeek ...
Advent Software Wins "Best Technology - Fund Accounting" at HFMWeek ...

Geithner's Dubious Accounting
Geithner's claim seems to rest on a straight-up accounting, much like this one at ProPublica, which to date shows a 5 percent profit on the bailout. Never mind that this is a return on taxpayer money for the past 5 1/2 years, a trifling amount really ...

Cardtronics: Aggressive Accounting And Secular Decline Drive 40-70% Downside
Cardtronics, an owner and operator of ATMs, is a levered bet on paper currency usage, which is in secular decline. Yet it trades at a rich valuation (26x 2014 EPS). Aggressive depreciation accounting inflates reported earnings by 50-70%. Cardtronics ...

Twitter User Growth Will Come From Asia-Pacific – Region Accounting For 40 ...
Twitter User Growth Will Come From Asia-Pacific – Region Accounting For 40 ...

Thomson Reuters Releases New Accounting, Audit, and International Tax ...
Thomson Reuters Releases New Accounting, Audit, and International Tax ...

Accounting Degrees Top Hot Trends in Education
WAYNESBORO, Va., May 27, 2014 /PRNewswire-iReach/ -- Recent educational reports and research are pointing to accounting as a hot trend in education right now. Increased accounting degree seekers, CPA testers, and accounting job opportunities all ...

Thomson Reuters Releases Topical Newsletters for Accounting Firms
The tax and accounting arm of Thomson Reuters has released two new content marketing solutions for CPA firms interested in growing their accounting, auditing, and international tax practices. The Accounting & Audit Monthly newsletter focuses on recent ...

Webgility Joins Xero Partner Developer Program to Make Accounting Easier for ...
Webgility Joins Xero Partner Developer Program to Make Accounting Easier for ...

Aggressive Accounting and Secular Decline in ATM Market May Not Bode Well ...
Aggressive Accounting and Secular Decline in ATM Market May Not Bode Well ...

UK accounting watchdog warns over bank audits
LONDON, May 28 (Reuters) - Accountants who check the books of Britain's banks must sharpen their act or could be ordered to take corrective measures, the sector's watchdog said in a report showing how a core lesson from the financial crisis has yet to ...

What advantages can 'cloud' accounting give my small business?
This can be a challenge with an outdated accounting system. With cloud-based systems, you can collaborate with others via the Web using many types of devices (iPad, laptop, desktop, smart phone), and accessing documents such as vendor payment ...

$100m 'accounting fraud': police make arrest
Detectives investigating prolific fraud linked to an accounting firm and worth $100 million have made an arrest. A 55-year-old Narre Warren man was arrested about 9am on Wednesday and is being interviewed. Police intend to charge the man with fraud ...

Texas Accounting Firm Accused Of Bad Insurance Audits
Law360, Dallas (May 27, 2014, 10:39 PM ET) -- An insurer in receivership on Friday sued Austin, Texas, accounting firm Calhoun Thomson & Matza LLC for negligence, alleging that Calhoun's audits failed to discover missing millions and that the firm got ...

Fed's Junk-Loan Caution Spurs Creative Accounting Alchemy
With banks trying to fit their deals into the regulatory guidelines, investors have to be more diligent in determining “what is real versus what is accounting” gimmicks, said Beth MacLean, who manages $14 billion in loans at Newport Beach, California ...

UPDATE 1-UK accounting watchdog warns over bank audits
LONDON, May 28 (Reuters) - Accountants who check the books of Britain's banks must sharpen their act or could be ordered to take corrective measures, the sector's watchdog said in a report showing how a core lesson from the financial crisis has yet to ...

Regulators Set New Rules for Companies' Revenue Accounting
Accounting for revenue — one thing that every company has, or at least needs if it is going to stay in business — will be significantly changed in 2017, the two boards that set accounting standards for companies in most major countries around the ...

New Rules to Alter How Companies Book Revenue
But the new rules could make corporate earnings more volatile, accounting experts said, by changing the timing of when revenue is recorded. They also could lead to increased costs for companies as they seek to track their performance while providing ...

First global revenue accounting rule set for 2017
Revenue is one of the most important lines in a company's accounts and a key benchmark for deciding on mergers and acquisitions, but different accounting rules in the United States and the rest of the world make company comparisons harder. The ...

Accounting News Roundup: Grant Thornton Revival; Bad Bank Audits; Get Down ...
Accounting News Roundup: Grant Thornton Revival; Bad Bank Audits; Get Down ...

New Global Accounting Rules to Affect How Companies Book Revenue
Accounting rule makers on Wednesday issued a long-awaited overhaul of how companies record revenue on their books—a move 12 years in the making that will affect a broad array of companies from software firms to auto makers to ...

Patrick Accounting wins Small Business Award 1-25 Employees category
Patrick Accounting and Tax Services PLLC has grown sales by an average 25-30 percent over the last five years, taking advantage of cloud-based technology – which can store data online – to carve out a niche in the industry of small business outsourced ...

New accounting rule a boost for investors
... a company is allowed to recognise it will. Peter Elwin, head of accounting research at JPMorgan, said: “The joint standard should give more consistency within sectors and provide greater granularity of revenue components in sectors such as telecoms ...

At A Glance New Accounting Rules on Revenue Recognition
The panels that set U.S. and global accounting practices are overhauling their rules on revenue recognition. The aim is to simplify and make more consistent across countries and industries one of the most basic yardsticks of a company's performance ...

Western Governors University offering online Master of Accounting degree
Salt Lake City-based Western Governors University has launched a new, online business master's degree program for a Master of Science in accounting (or Master of Accounting), with applications accepted now. Upon completing the admissions and ...

New Accounting Rule Takes Aim At Service Contracts
Law360, New York (May 28, 2014, 5:44 PM ET) -- U.S. and global accounting regulators on Wednesday made sweeping changes to revenue reporting standards that will alter the way every company does its books, but experts say auto manufacturers, ...

Manager of Financial Reporting & Internal Controls
work heavily on areas of process and accounting procedures, to ensure that standards are adhered to and rolled out across all areas of the Group. develop strong and robust month-end and quarter-end closing practices to ensure an effective consolidation ...

Prospect Capital Shares May Rise Despite Accounting Games
NEW YORK (TheStreet) -- Prospect Capital's (PSEC) accounting dispute with the Securities and Exchange Commission has scared investors, and for good reason. But the shares are likely to see a short-term rally once it's resolved, an event expected within ...

Normalized Operating Accruals And Accounting Quality
Thank you very much for your blog! I am hooked since I found it and have been getting smarter by the day! I like Safety Insurance Group, found it through your blog, noticed you were no longer long. They don't do life insurance, just cars and houses – I ...

Company accounts
WHEN companies should recognise revenues on their books is one of the most contentious and consequential issues in the staid profession of accounting. For simple sales of goods the timing is usually straightforward, but in the areas of services and ...

Thomasville mom earns accounting degree from DCCC
"It's never too late to follow your dreams," said Wallace, who will attend High Point University in the fall to earn her bachelor's degree in accounting. "It makes me feel great to achieve this award." With three daughters to raise, Wallace, who has ...

Trachtenberg Says Council Used 'Detroit Accounting Style' To Fund Schools
In a televised debate with District 1 Council incumbent Roger Berliner, Trachtenberg said using one-time funding sources — such as a healthcare trust for retired MCPS employees — was what “people call the Detroit accounting style.” Detroit filed for ...

Audit: State Controller's Office accounting riddled with errors
Those accounting mistakes and others led state auditors to conclude that the controller's office, which acts as California's chief financial officer and monetary watchdog, needs to reserve a hound or two to sniff around its own operations. “The number ...

KPMG to Acquire New Jersey Accounting Firm Rothstein Kass
The New York accounting firm on Thursday agreed to buy Rothstein Kass, a New Jersey firm that caters to hedge funds and other alternative investment firms. Buying Rothstein Kass would make KPMG the largest auditor of hedge funds based on client ...

Accounting Rules, Ex-AIG Chief, Wheatley: Compliance
Companies worldwide will be asked to meet a unified accounting standard that will change the way some firms recognize revenue under a new rule. The overseers of U.S. and worldwide accounting rules announced their coordinated approach May 28, ...

$31.65 Billion: California Accounting Errors Higher Than Combined GDP of ...
$31.65 Billion: California Accounting Errors Higher Than Combined GDP of ...

Scranton introduces block grant cuts made necessary by accounting error
Scranton's accounting mistakes in tracking federal grant money in the late 1990s and early 2000s carried over and made it seem like the city had $1 million more for block grants than it actually did, officials said Thursday during a city council ...

Former accounting director of NC A&T Foundation accused of theft
GREENSBORO — The former accounting director of N.C. A&T's foundation has been charged with stealing about $400,000 from the organization over three years. Shirlye Cornelia Grandy, 50, surrendered to Greensboro police Thursday morning at the ...

May 2014 Accounting and Auditing Highlights
May 15 - The Governmental Accounting Standards Board issued a proposal on fair value measurements and application, which includes the requirement that state and local governments should generally measure their investments at fair value. The proposal ...

The Export-Import Bank's Dodgy Accounting
Reasons to oppose the taxpayer-backed Export-Import Bank just keep adding up. The latest one is a report from the non-partisan Congressional Budget Office (CBO), highlighting serious flaws in the accounting practices used by Ex-Im, which hands out ...

The Best Cloud-Based Accounting Tools for Small Businesses
They all follow standard double-entry accounting rules, equipped with a customizable Chart of Accounts and the ability to create journal entries. You can create records for customers, vendors, items and employees. Using that data, your business can ...

Footnotes: Clippers Cap Gains; No Accounting for Student Loan Debt; Googling ...
Footnotes: Clippers Cap Gains; No Accounting for Student Loan Debt; Googling ...

Hartman Leito & Bolt partners form new accounting firm
The merger of regional accounting firm Hartman Leito & Bolt LLC with national accounting and consulting firm BDO USA LLP became effective June 1 but the Hartman name hasn't disappeared from the financial scene. Frank Hartman Jr., one of the founders ...

Donation to send Western accountants to London
The money will benefit Western's Accounting Department and fund the Ernest & Young Global Mindset Program, which will develop courses to introduce students to globalized accounting practices. Western's Accounting Department will receive the donation ...

Accounting firm proposes new Commerce Drive building in Watertown
WATERTOWN — A Syracuse-based accounting firm has proposed constructing a 7,800-square-foot office building on Commerce Drive East, near the main U.S. Post Office. The accounting firm of Bowers & Co. CPA PLLC has submitted plans to the city's ...

Former band teacher finds niche in public accounting
Jim Denton taught high school band in a rural community north of Enid, before going back to college to earn an accounting degree. He's worked 30 years in public accounting — all with Edmond-based Arledge & Associates where he, since January 2008, has ...