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Accounting News 06/2014 (Page 4)



The Emotions of Accounting and the World Cup
Last week, my team was able to achieve the highest of highs and lowest of lows. We celebrated in acquiring a new client that we sought to work with for the past two years. And we booed (or sighed in despair) when a colleague advised the firm that he ...

New York accounting executive who held small stake in Madoff's firm pleads guilty
NEW YORK – A senior partner at a New York accounting firm who was accused of aiding financier Bernard Madoff (MAY'-dawf) in his epic fraud has pleaded guilty to conspiracy. The accounting firm executive, Paul Konigsberg, also pleaded guilty to two ...

35-year-old accounting firm joins national company
It brings more resources and provides more opportunity for staff” to pursue a partnership tract or specialize in accounting for a particular industry. “Eide Bailly did our peer review and we have worked together on a few common clients,” Sample said ...

Accounting and bookkeeping firm opens in Gallatin Valley
A new accounting and bookkeeping firm serving the Gallatin Valley and the rest of Montana recently opened in Belgrade. The business, 406 Accounting, LLC is owned by RaLea Harbrige, a Montana State University graduate with a Master's of Professional ...

Letter: DOD under fire for accounting of MIAs
We, the taxpayers, including the veterans from all the wars who are paying the salaries and pensions for the 840,000 civilian bureaucrats in the Department of Defense, deserve an active pursuit of the accounting of our missing Americans. Regrettably ...

Making Yourself Indispensable: How to Be a Promotable Accounting Employee
A survey by Robert Half Management Resources found that less than one-third of management positions in the accounting field were filled by internal employees. Not to mention, getting promoted in general is more difficult in today's competitive business ...

How accounting forced transparency on the aristocracy and changed the world
In the 16th century, celebrated Dutch painters did a brisk trade in heroic portraits of accountants and their ledgers. That's because accounting transformed the lowlands, literally bringing accountability to the aristocracy by forcing them to keep ...

Joint Accounting Rule on Leases May Not Happen in 2014
During a speech at the Institute of Management Accountants' 95th Annual Conference and Exposition in Minneapolis on Monday morning, Russell Golden said he did not expect the leases standard to be finished this year and added, “It probably won't be ...

Charlotte Accounting Firm MP Boyd Falls Has Died
Falls was also one of the founding members and a past chairman of the International Affiliation of Independent Accounting Firms, which later became Polaris International. He remained active with the association for many years and later voted to support ...

TSU president gets award from accounting group
She recently received the group's 2014 National Achievement in Education Award, which is presented to individuals who have made a significant contribution to the accounting profession. Glover is a certified public accountant and attorney. She is also ...

8 Questions To Ask Your New Potential Accountant
First, you need to put together an outline of your accounting needs. Do you have international dealings that complicate things? Do you need to provide audited financial statements to a third party? Basically, is there anything about your financial ...

CONMED: Aggressive Accounting And Increased Debt Mask Its Problems
There has been much talk about aggressive accounting and actuarial assumptions related to pension plans over the past few years. Warren Buffett often warns about the dubious assumptions used by companies for their pension plans, especially for the ...

Munger's Publisher Found to Lack Accounting Controls
Daily Journal Corp., the California publisher that counts Charles Munger as chairman, was faulted by its auditor for inadequate accounting controls in a delayed report to the Securities and Exchange Commission. “The company has not adequately ...

Outsourcing US Accounting Firm, Remote Accountant, LLC Reminds Small ...
Outsourcing US Accounting Firm, Remote Accountant, LLC Reminds Small ...

Regions Bank to Pay $51 Million over Accounting Fraud Charges
Along with the bank's head of special assets Jeffrey C. Kuehr and chief credit officer Michael J. Willoughby, Neely took intentional steps to circumvent internal accounting controls and improperly classify $168 million in commercial loans as performing ...

FASB Fills Hole in Stock Compensation Accounting Rules
The Financial Accounting Standards Board (FASB) last week finalized new accounting guidance on stock compensation – specifically on how to account for share-based payments, which is absent from current US Generally Accepted Accounting Principles ...

Alabama bank to pay $51M for faulty accounting
Washington • Regions Financial Corp. has agreed to pay $51 million in a settlement with federal and Alabama regulators over alleged faulty accounting of loans that inflated the bank's income in financial reports. Regions, based in Birmingham, Alabama, ...

PrideStaff Expands in St. Louis Metro With New Accounting and Financial ...
PrideStaff Expands in St. Louis Metro With New Accounting and Financial ...

Feds challenge Cuomo administration accounting of Tappan Zee loan
ALBANY—The state Environmental Facilities Corporation is embroiled in a dispute with the federal government over whether the state agency can loan more than a half-billion dollars to the Tappan Zee Bridge construction project. The E.F.C. is scheduled ...

Regions fined $51M over 2009 loan accounting issue
Three former senior managers of Regions Bank face fraud charges for intentionally misclassifying loans that should have been recorded as impaired for accounting purposes. The SEC said Thomas A. Neely Jr., while serving as head of Regions Bank's risk ...

Paychex Brings On-the-Go Accounting Convenience to Small Businesses with ...
Paychex Brings On-the-Go Accounting Convenience to Small Businesses with ...

Regions Settles 2009 Loan Accounting Issue for $51M
Regulators alleged that Regions was responsible for misappropriate accounting of bad commercial loans worth $168 million, which increased the bank's income in the financial reports, thereby showing inflated earnings. The settlement agreement entails ...

Paychex Brings On-the-Go Accounting Convenience to Small Businesses with ...
Paychex Brings On-the-Go Accounting Convenience to Small Businesses with ...

Feds challenge Cuomo's accounting of Tappan Zee loan
ALBANY—The state Environmental Facilities Corporation is embroiled in a dispute with the federal government over whether the state agency can loan more than a half-billion dollars to the Tappan Zee Bridge construction project. The E.F.C. is scheduled ...

Allentown city council budget and finance committee reviews accounting practices
Allentown City Council's Budget and Finance Committee Wednesday evening reviewed old accounting practices and agreed to develop new legislation whereby the city council would be unable to authorize spending money out of the capital budget without ...

Roseville's Gallina LLP acquires Southern California accounting firm
Roseville-based accounting firm Gallina LLP said it has acquired Mellon Johnson Reardon, an accounting firm based in Ontario. The local company said the six partners and employees of MJR will be joining Gallina effective Tuesday. Specific terms of the ...

Big Four Accounting Firms Oppose HK's Occupy Central
The world's four largest accounting firms have added their names to a chorus of voices in Hong Kong's financial establishment opposing a threatened sit-in protest in Hong Kong's Central business district. The Hong Kong affiliates of Ernst & Young LLP, ...

Kulicke & Soffa Appoints Joyce Soo Li Lam as Principal Accounting Officer
Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa", "K&S" or the "Company") today announced Joyce Soo Li Lam will take on an expanded role as the Company's Principal Accounting Officer, effective July 1, 2014. Ms. Lam joined K&S on ...

PR Newswire
NEW YORK, June 27, 2014 /PRNewswire/ -- Today, Deloitte announced the release of Solvas|TDR, the latest addition to its Solvas™ family of software solutions. The software is designed to assist banks and credit unions in accounting for troubled debt ...

Bramwell's Lunch Beat: A Look at Hertz's Accounting Red Flags
In all, of the numerous accounting and other risk red flags that Audit Analytics' track, Hertz had six prior to the restatement announcement, four of which the research firm would classify as “critical.” But perhaps the strongest warning was on May 13 ...

Middletown's education board to replace old accounting software
MIDDLETOWN >> The school board will likely fund a partial upgrade for the district's accounting software while negotiating a shared services agreement with the city that would upgrade the rest. The Board of Education voted Tuesday to move money left ...

Louis XIV's accounting shenanigans and the threat they pose today
But that most basic form of accounting is also easy. Maybe that's why it's too often overlooked, perhaps not to our personal peril, but when ignored on a larger scale, putting at risk our government and corporate institutions. Louis XIV, for example ...

McWilliams joins accounting team at Solari & Partners
McWilliams is a graduate of Liberty University, where she earned a master's degree in management and accounting. She also has comprehensive experience in the accounting industry. "We are delighted to welcome Calli as the newest member of our team," ...

Big four accountants warn over Hong Kong democracy
The big four global accounting companies have taken out press advertisements in Hong Kong stating they are "opposed" to the territory's democracy movement, warning that their multinational clients may quit the city if activists carry out threats to ...

Review: An accounting of Ariel Sharon's long and controversial life
This comprehensive biography expertly traces the long and controversial life of Ariel Sharon, the military and political leader of Israel who served in various capacities during a formative and complex span of his country's tumultuous history. Even ...

Camac Accounting Misstatement Sends Stock Down 13% (CAK)
Camac Energy (CAK) issued an 8-k on June 26th, telling investors to not rely on its previously issued financial statements. This non-reliance statement can be found here. There were two sets of problems with Camac's accounting statements. One was ...

Employees from 'Big Four' accounting firms disown anti-Occupy Central ad
Employees of the “Big Four” accounting firms have responded to an anti-Occupy Central advertisement published by their bosses last week – with an ad of their own saying last week's announcement does not represent their views. A quarter-page ad in ...

Industrial Alliance Goes Live with Eagle Accounting for Enhanced Efficiency ...
Industrial Alliance Goes Live with Eagle Accounting for Enhanced Efficiency ...

Paychex Brings On-the-Go Accounting To Small Businesses
The Universal iOS app allows users to access their Paychex Accounting Online account from their iPad, iPhone, and iPod Touch to keep track of their business finances anywhere and anytime. “With the Paychex Accounting Online platform, we're making ...

Fair Value Accounting's Role in Financial Crisis Scrutinized
A new academic study finds that fair value accounting was unfairly blamed for precipitating the 2008-2009 financial crisis, but acknowledges that some investors reacted positively to news that the rules would be relaxed in response to the crisis. Urooj ...

Kiwi Startup Xero Pries Accountants Away from Intuit's QuickBooks
If you run a small- or medium-sized business and it's big enough to have bookkeeper, chances are he or she is using QuickBooks, the desktop accounting program sold by Intuit since the mid-1990s. QuickBooks has a market share of around 90 percent in ...

CohnReznick named one of the best public accounting firms for women
CohnReznick was named among the 2014 Best Public Accounting Firms for Women by the Accounting and Financial Women's Alliance and the American Women's Society of Certified Public Accountants last Wednesday. The firm was one of ten selected from ...

Plano CPA honored for longtime membership in accounting association
The Oklahoma Society of Certified Public Accountants recently honored its 30-, 40- and 50-year members at the organization's annual members meeting in Norman, Oklahoma. One CPA from Plano was among those honored. Gary D. McKiddy received a ...

3 Reasons To Separate Accounting and Donor Management
Technology has put a lot of powerful tools into the hands of even the smallest nonprofits, for managing donor relationships (in their donor management/CRM system) and managing their organizational finances (in their accounting system). 3 Reasons To ...

Teresa Whittaker Leads Presentation at National Accounting Conference
Whittaker was asked by the national organization to speak about IMPACT's innovative use of the Construction Anywhere component of the Sage 300 accounting application. IMPACT Strategies is one of the first construction-management firms in the St. Louis ...