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Accounting News 06/2014 (Page 2)



The Enron-Style Accounting That Deprives Americans Of Economic Growth
It's not a widely known, but in gross domestic product (GDP) terms, President Jimmy Carter presided over one of the longest and most expansive periods of economic growth in postwar history. Most readers would say the latter can't be, that the 'malaise' ...

Resolve: Museum Foundation's accounting problems need to be corrected
The director of the Department of Chamorro Affairs and the administration need to address the accounting deficiencies at the Guam Museum Foundation, which were noted by the Office of Public Accountability last week. The foundation is a major component ...

Merger spurs outsourced accounting firm's growth plans
That philosophy has guided Heutmaker, who founded Edina-based Heutmaker Business Advisors in 2003, to offer outsourced controller, accounting, human resource and payroll services. He's now putting that philosophy to the test as he plans to expand ...

Hertz - More Problems On The Horizon As Accounting Problems Continue And ...
Hertz - More Problems On The Horizon As Accounting Problems Continue And ...

ADGS Advisory, Inc. Intends to Acquire Hong Kong Based Accounting Advisory ...
ADGS Advisory, Inc. Intends to Acquire Hong Kong Based Accounting Advisory ...

For Private Companies: Good News–Simplifed Accounting Rules Have Arrived
In January 2014, two new accounting standards were issued providing accounting alternatives specifically for private companies. The simplification provided by these standards is elective, not mandatory. A private company may choose to adopt one ...

Investor Alert: Can Investors Buy Hertz Global in the Face of Accounting Issues?
However, the company shocked investors when it announced on June 6 that it would be delaying its earnings release in light of accounting restatements the business would be undergoing, likely from its 2011 through its 2013 fiscal years. Even after ...

Accounting for value innovations: past present and future
These accounting methods were also required to be good enough for third parties, to allow people to invest in activities where they no longer personally knew the managers, and where the risk based on that knowledge was offset by the risk that the ...

Joining the Accounting Profession
I can point precisely to the moment when I chose to join the accounting profession. One could say I joined the profession in my early teens when my forward-thinking father introduced me to his CPA who spent an entire day giving me a crash course on ...

Accounts Payable/Accounting Assistant
Demonstrated ability to take action, multi-task, and achieve results in a fast-paced and changing environment; Excellent teamwork skills and demonstrated ability to interact with and influence all levels and types of people. The ideal candidate will ...

Hertz Penalized for Accounting Mishap, Stock Down 9.1%
Shares of car rental giant, Hertz Global Holdings Inc. (HTZ - Snapshot Report) rolled down 9.1% on Friday due to accounting mishaps that led the company to postpone its first quarter fiscal 2014 earnings announcement and related 10-Q filing. The ...

Hertz Penalized for Accounting Mishap, Stock Down 9.1% - Analyst Blog
Shares of car rental giant, Hertz Global Holdings Inc. ( HTZ ) rolled down 9.1% on Friday due to accounting mishaps that led the company to postpone its first quarter fiscal 2014 earnings announcement and related 10-Q filing. The earnings release ...

Town of Paris issues 500 notices for liens, accounting for 18% of taxable property
PARIS, Maine — Unpaid taxes are increasing at a steady rate even as town officials work toward economic growth and lower tax rates. The town, population 4,800, issued 500 30-day notices for liens this year, up 82 from the year before, representing 18 ...

UK watchdog expects progress on global accounting rules
LONDON (Reuters) - The United States may allow its companies to use international accounting rules while stopping short of making their use mandatory, a UK regulatory agency said on Tuesday. World leaders have called for a single set of global ...

Confidence Games - How The Most Prestigious Accounting Firms Raided The ...
Confidence Games - How The Most Prestigious Accounting Firms Raided The ...

Accounting firm prohibited from using late founders name
Bell & Company, a regional accounting firm with offices in North Little Rock and Conway, learned they could not honor the late Donna Stephens, the founder and president of the Conway firm, by adding her name to the company because of a rule from the ...

Ohio-Based Accounting Firm Joins TIAG
The Cleveland, Ohio-based accounting firm of Cohen & Company has joined The International Accounting Group (TIAG) as its newest independent member firm. This addition continues a significant growth trend TIAG is experiencing as a result of its recent ...

Stocks boost US public pensions despite accounting reform -study
WASHINGTON, June 10 (Reuters) - A rising stock market will cause most U.S. public pensions to achieve healthy funding levels this year, even as they adapt to an overhaul on accounting for investments, according to a survey from the Center for ...

Stocks boost US public pensions despite accounting reform: study
WASHINGTON (Reuters) - A rising stock market will cause most U.S. public pensions to achieve healthy funding levels this year, even as they adapt to an overhaul on accounting for investments, according to a survey from the Center for Retirement ...

Bridenstine asks for accounting of guns purchased by USDA
First District Rep. Jim Bridenstine announced Tuesday that he is asking authorities for an investigation into a request for firearm supplies for the U.S. Department of Agriculture. Recent reports have alleged militarization of several government ...

FASB Seeks to Simplify Accounting Rules
With an eye on simplification, the Financial Accounting Standards Board has taken up a few short-term projects to cut some unnecessarily complexity out of accounting rules and finalized new rules for development-stage entities. FASB recently decided ...

FASB to Tweak Accounting for Inventories and Income Statements
Under current U.S. accounting rules, companies have to consider replacement cost, profit margin and the realizable value of their inventory to measure it. FASB tentatively decided companies should instead choose the lower of either their inventory cost ...

Hertz Stock Continues Falling Following Accounting Crisis
In the face of an accounting crisis within the company and improving results by its competitors, it's not a good time to be Hertz. The company announced last week that its financial statements for 2011 would need to be restated and should no longer be ...

MAY/JUNE 2014 ACCOUNTING AND AUDITIING HIGHLIGHTS:
The long –awaited, over- a-decade- in the making joint revenue recognition standard was released May 28 by the Financial Accounting Standards Board and the International Accounting Standards Board. For the most part FASB's standard ASU 2014-09, and ...

Northshore accounting director earns prestigious state designation
Holly Burlingame, director of accounting at Northshore School District, earned the prestigious designation of Certified School Business Administrator (CBSA) from the Washington Association of School Business Officials (WASBO). Burlingame is respected ...

Workshop postponed for Middletown schools' accounting upgrade
Upgrading the accounting system , he said, should enable the board and city to catch possible mistakes. “We just want to be available to answer questions, makes sure that it's an open process and make sure that everyone has an opportunity to provide ...

New-to-KC accounting firm will merge to form agricultural powerhouse
Kennedy and Coe LLC announced it will merge with Matson and Isom of Chico, Calif., to form a new company that will eventually take a new name. Once merged, the firm will be the nation's largest agricultural consulting and CPA practice, with 375 people ...

SNEHAL PATEL
Robroy Industries Conduit Division, manufacturer of ETL-Verified PVC-coated galvanized rigid conduit (Plasti-Bond, Perma-Cote and KorKap), is pleased to announce that Snehal Patel has joined the Robroy team as Accounting Associate. Snehal Patel has ...

Snehal Patel joins Robroy Industries Conduit Division as Accounting Associate
Robroy Industries Conduit Division, manufacturer of ETL-Verified PVC-coated galvanized rigid conduit (Plasti-Bond, Perma-Cote and KorKap), is pleased to announce that Snehal Patel has joined the Robroy team as Accounting Associate. Snehal Patel has ...

Chamber Slams EPA Carbon Rule Cost-Benefit Accounting
The EPA has put too much emphasis on the word “global” when justifying the economic benefits of recent regulations aimed at combatting global warming, according to the US Chamber of Commerce. The agency argues that its proposed carbon regulations ...

Neiman Marcus posts loss on accounting charges
Neiman Marcus Group Ltd. LLC swung to a fiscal third-quarter loss on charges from inventory-related accounting and transaction costs. However, revenue for the period grew 6.1% as the luxury retail chain reported sales growth at its department stores ...

Syracuse accounting firm growing presence in Watertown
Bowers merged with Sovie & Bowie two years ago and Poulsen & Podvin in January, Doolittle said. Both firms had about a dozen employees, he added. "We're one of the larger accounting firms in the market now," he said. "We want to bring the whole group ...

Accounting Treatment of Earnouts Can Mask Leverage
In 2007, under changes to Generally Accepted Accounting Principles, earnouts are to be reflected on the balance sheet as soon as a deal closes instead of after the contingent event occurs. These earnouts also are to be periodically studied to see if ...

FASB Revises Accounting Standards for Repo Agreements
The Financial Accounting Standards Board has released a new accounting standard to address some of the problems with financial reporting on repurchase agreements, such as those that contributed to the demise of MF Global. Russell Golden. Accounting ...

Chico, Kansas accounting firms to merge into food, ag powerhouse
Kansas-based accounting firm Kennedy and Coe LLC on Wednesday announced it will merge with the Chico accounting firm Matson and Isom to create a food and agriculture accounting powerhouse. The merger will be completed Jan. 1 and the firm will ...

FASB revises standard for accounting of repurchase agreements
FASB on Thursday issued a revised standard that addresses investors' concerns with the financial reporting of repurchase agreements and brings U.S. GAAP accounting for such transactions into closer alignment with IFRS. Under the updated standard, ...

Warren Refinancing Bill Costs Less Under Fair-Value Accounting
Fair-value accounting differs from the official budget rules for loan programs by factoring in uncertainty around the expected performance of the loan. In technical terms, it discounts expected future payments at a higher rate, thereby making them ...

Endo International plc (ENDP) Appoints PwC as Independent Accounting Firm
The Audit Committee (the "Committee") of the Board of Directors of Endo International plc (Nasdaq: ENDP) recently conducted a competitive selection process to determine the Company's independent registered public accounting firm for the year ending ...

Financial Statement Analysis: Accounting Doesn't Suffice
Accounting is the language of business. If you want to improve your investing skills, it all starts with accounting. But accounting is simply the alphabet of the language. The misconception is that just because you know accounting, you're going to be ...

How Outsourced Accounting Services are a Win-Win for Firms and Business ...
How Outsourced Accounting Services are a Win-Win for Firms and Business ...

Report Shows the Top Priorities for Accounting Firms
If your tax and accounting firm is like most, its biggest assets are the staff and clients. Knowing more about these assets and gaining greater and more timely insights into the roles they play in the firm's success will enable you to better manage ...

Senators urge Pentagon to end systematic faking of its accounts
Politics ». WASHINGTON (Reuters) - Four senators have called on the Defense Department to end a practice that involves deliberately inserting false numbers into the Pentagon's accounting ledgers and financial reports. The senators sent a letter to ...

Accounting Firm Deloitte Moving to Gas Company Tower
Brookfield announced this week that it has inked a deal with accounting giant Deloitte to fill about 113,000 square feet of space in the skyscraper at 555 W. Fifth St. The move is scheduled to happen by the end of the year, according to Brookfield, and ...

Audit of CSCOPE finds accounting lapses, no-bid contract
Inconsistent record-keeping by state education officials makes it impossible to pinpoint just how much it cost taxpayers to develop and implement a school curriculum system used by 875 districts across Texas, a recent audit found. The state's 20 ...

Accounting for a World Cup
When soccer's world governing body FIFA announced in August 2000 that future World Cup hosting duties would be rotated by continent, the decision seemed like a victory for countries outside the game's traditional elites. Earlier that summer, favorites ...

Sidewalk construction on hold due to accounting 'glitch'
WELLSVILLE - Due to an accounting error, the village sidewalk construction program is on hold until the issue can be fixed. Assistant administrator Rick Williams had promoted the project and its 50-50 matching plan, whereby the village would pay half ...

Life after accounting: A three-step roadmap to prosperity
Life after accounting: A three-step roadmap to prosperity. Ensure power supply, reform tax system and abolish subsidies. By Ali Salman. Published: June 16, 2014. Tweet · Share this article Print this page Email. Power producers should charge higher ...

Killer virus demands open accounting
FOR MANY months in 2012 and 2013, Saudi Arabia reassured the world that it was paying close attention to the outbreak of a novel coronavirus in the kingdom, known as Middle East respiratory syndrome, or MERS. But events this year have begun to pull ...

Accounting Changes Proposed for State, City Retiree-Benefit Plans
States and cities could be forced to report more than $500 billion in additional liabilities for retiree benefits under new accounting rules proposed Monday. The proposals from the Governmental Accounting Standards Board wouldn't change the level of ...

Accounting graduate named as next UW student regent
Jay Inslee has named Marnie Brown, a recent University of Washington accounting graduate who will return next year to pursue a master's degree, as the next student member of the UW Board of Regents. The appointment is effective July 1. Marnie Brown ...