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Accounting News 07/2014 (Page 3)



Hollywood Break: Terrell Lawrence Makes Leap From Accounting To TV Writing
Hollywood Break: Terrell Lawrence Makes Leap From Accounting To TV Writing They say to succeed in Hollywood, all you need is to get your foot in the door… whatever that door is. For 31-year-old Terrell Lawrence, it was the accounting department of a ...

RSA CEO Awaits Irish Fine Following Accounting Scandal
Hester joined the insurer in February after an accounting scandal, three profit warnings and a 200 million-pound ($342 million) capital injection in Ireland cost CEO Simon Lee his job. He has since overseen a 775 million rights issue and scrapped the ...

BP Settlement: Claim Funding, Attorney & Accounting Fee Advances Available
When the BP Deepwater Horizon Economic & Property Damages Settlement was entered into in May 2012, the Court Supervised Settlement Program was advertised as a claimant-friendly, non-contentious process designed to quickly and efficiently ...

Kashoo Launches New iPhone App
Cloud accounting software maker Kashoo has released a new iPhone app that gives small business owners the ability to manage their finances from anywhere. The first cloud accounting solution built “mobile first” for today's modern entrepreneurs, Kashoo ...

Lawmakers urge SEC chair not to allow choice of accounting rules
In a June 27 letter seen by Reuters and not previously reported, the Congressional Caucus on CPAs and Accountants said that allowing two different sets of accounting rules will give companies a way to pick the rule set that paints their books in the ...

Lawmakers urge SEC chair not to allow choice of accounting rules
In a June 27 letter seen by Reuters and not previously reported, the Congressional Caucus on CPAs and Accountants said that allowing two different sets of accounting rules will give companies a way to pick the rule set that paints their books in the ...

Triton College accounting professor honored for unique, engaging style
Over the years, Julie Gilbert has turned the stereotypes that go along with accounting upside down. Gilbert, known for her passionate teaching style at Triton College, recently won this year's Illinois CPA Society Educator Award. The award recognizes ...

Triton College accounting professor honored for unique, engaging style
Over the years, Julie Gilbert has turned the stereotypes that go along with accounting upside down. Gilbert, known for her passionate teaching style at Triton College, recently won this year's Illinois CPA Society Educator Award. The award recognizes ...

Congressional CPAs Object to 'Two-GAAP' Environment in Letter to SEC Chair
Lawmakers who are part of a group of current and former CPAs and accountants in Congress are expressing concern about the possibility of the Securities and Exchange Commission allowing U.S. companies a choice of using either U.S. GAAP or ...

W&L Accounting Major Gains Valuable Consulting Experience in Copenhagen
Bailey Ewing '15 will be the first to tell you that she's a huge fan of structure. So it wasn't a big surprise when the Dallas, Texas native took her first accounting class with Professor Afshad Irani and fell in love with the discipline. "Everyone ...

SEC Won't Allow Ex-Dell CFO To Return To Accounting
Law360, New York (July 18, 2014, 6:31 PM ET) -- The U.S. Securities and Exchange Commission on Thursday refused to allow a former Dell Inc. executive to join a telecom's audit committee, saying the position could violate the accounting ban he received ...

Kashoo Accounting app goes universal
I've been a big fan and happy user of Kashoo for quite a few years now. It's a small business accounting service (US$49 per year) that has both a web service and an iPad app, and it distinguishes itself from competitors like QuickBooks in being very ...

Accounting issues with Dynamic Discounting programs
With the explosion of early payment solutions to assist a buyer's supplier group (egs. dynamic discounting, reverse factoring) and the start of receivable auction markets, the issue of rebates and retiring payables early has become serious. For reverse ...

Central Council of Cost Accountants of India resigns
MUMBAI/KOLKATA: The row over the Cost Audit Rules introduced under the Companies Act has reached a flash point as the entire central council of the Institute of Cost Accountants of India (ICAI) submitted its resignation to Finance Minister Arun Jaitley ...

Art of Accounting: How I Got a Mercedes as a Fee
At one point we had a client that was going out of business and they asked us to negotiate a final settlement with the IRS where the two partners could walk away broke but without being in debt to the IRS for unpaid withholding taxes. Neither my two ...

Fast-Track to New FASB Lease Accounting Standard: 9-Step Transition Process
It includes analysis, examples, and a step-by-step plan to transition to the new lease accounting standard now expected in early 2015. The FASB lease accounting changes are explained in detail, including the impacts on lessees, asset management, and ...

GoAir selects Accelya's Revenue Accounting Solution to be future-ready
Being a budget carrier, GoAir had been following standard revenue accounting practices. The airline was receiving the information from its passenger service systems and processing it in-house. In order to move to the next level, GoAir was looking at a ...

$340000 accounting error is small 'variance,' Civil District Court clerk says
Dale Atkins is sworn in as Clerk of Civil District Court as Mayor Mitch Landrieu and members of the New Orleans City Council are sworn in during a ceremony at the Saenger Theatre on Monday, May 5, 2014. (Photo by Ted Jackson, Nola.com | The ...

AICPA Tells Congress to Expand Use of Cash Accounting Method
The American Institute of CPAs has voiced its support for expanding the availability of the cash method of accounting to small businesses. The nation's largest association of professional accountants, the AICPA gave written testimony to the House ...

Free personal accounting and budget software
HomeBank is a powerful personal accounting program that can do just that. You can manage bank and credit card accounts, set a budget and track your spending. You can also see trends in your spending over time, track expenses with multiple payees and ...

Auto-Bill: Accounting Convenience or Customer Service Killer?
Clients often have specific preferences around invoicing and payment procedures; vendors who don't follow the rules quickly fall out of favor with accounting. Common sense as it may sound, your billing processes should never sacrifice the health of ...

Criminal Justice Authority OKs cost-accounting audit of jail
The Tulsa County Criminal Justice Authority agreed Monday to send out requests for proposals to firms interested in conducting a cost-accounting audit of the Tulsa Jail. The audit was requested by Mayor Dewey Bartlett, an authority trustee. The city's ...

Iteris: Accounting Delay Offers Compelling Entry Point
10-k was delayed due to a mix of bad luck and poor execution; however, we do not see this delay impacting the intrinsic value or being a harbinger of further. Our research indicates the revenue recognition question only impacts the timing of revenue ...

Caucus Concerned Over SEC's View of Accounting Rules
A bipartisan group of lawmakers has sent a letter to Securities and Exchange Commission Chair Mary Jo White expressing concern about the possibility that the SEC may begin allowing U.S. companies to choose whether to use U.S. or global accounting ...

The Sword-Finance, its Sheath-Accounting, and the Shield-Tax Planning ...
The Sword-Finance, its Sheath-Accounting, and the Shield-Tax Planning ...

Accounting firm reaches $1.8 million settlement with state
Indianapolis firm DeWitt & Shrader did the basic accounting for Samex Capital Partners, the main investment company managed by Keenan Hauke, according to a news release from the Indiana secretary of state's office. Hauke, once a high-profile financial ...

Boise accounting firm grant program accepting applications from nonprofits
Harris & Co, PLLC, a Boise accounting firm, is accepting applications from nonprofit organizations for its 9th annual Helping Hands grant program. Grant recipients will receive a range of free accounting services from Harris & Co. Nonprofit ...

Hauke accounting firm to pay $1.8M in fraud settlement
DeWitt & Shrader PC, an Indianapolis-based accounting firm that worked for convicted Ponzi schemer Keenan Hauke, has agreed to pay $1.8 million to settle a state lawsuit, Indiana Secretary of State Connie Lawson announced Tuesday. Hauke, a prominent ...

Diversifying accounting
Participants in a December session of the PricewaterhouseCoopers/Diversity Awareness Partnership's EXPLORE Career Immersion program in accounting are, from left, Kyle Riekena, PwC associate; Marquise White, Soldan High School; Shayn Jackson, ...

Accounting for the “pause” in global warming
Scientists admit that there has been no global warming between 1998 and 2013, even though the amount of greenhouse gases in the atmosphere has continued to increase. A new study claims to account for this so-called “pause” in global warming. It turns ...

FreshBooks Raises $30-Million: Fuels Mission to Redefine Accounting for Small ...
FreshBooks Raises $30-Million: Fuels Mission to Redefine Accounting for Small ...

why revisit your cost-accounting strategy
To account for costs across the continuum of care, hospitals and health systems should carefully review what tools they are using for cost accounting and how they are using them to ensure that complete information on costs is captured and can be shared ...

July Accounting and Auditing Highlights
In discussions FASB said that its revised project on insurance will not address reinsurance accounting as part of insurance contracts because practitioners expressed confidence in the application of current rules in today's legal, regulatory, and ...

Freshbooks gets $30M for its cloud accounting services
Cloud accounting is a vibrant field with lots of competitors, the most notable of which is the well funded Xero, which at last check had $150 million in funding and was aiming to rival Intuit's Quickbooks. So Freshbooks has its work cut out for it ...

Accounting Today, Accountingfly Announce Online Career Event
Accounting Today and accounting recruitment and job site Accountingfly have announced Advance 2014: The Accounting Career Summit, a week-long event featuring a series of high-profile webinars on recruitment, retention and the accounting job market, ...

Confidence Among Finance and Accounting Workers Declines in Second ...
Confidence Among Finance and Accounting Workers Declines in Second ...

Tax Accounting to Be Simplified for Money-Market Funds
However, the SEC said it has worked with other government agencies to reduce the accounting impact. The change is “now possible because of key tax guidance that the Department of Treasury and the Internal Revenue Service have advised us they will ...

Beauregard 'Beau' Parent Jr., longtime Tulane accounting professor, dies at 73
Beauregard "Beau" Parent Jr., a member of Tulane University's accounting faculty for almost 40 years, died Sunday while on vacation in Albuquerque, N.M., of an aortic aneurysm. He was 73. Mr. Parent was a lifelong New Orleanian who joined Tulane's ...

Report: Finance and accounting employee confidence drops
Atlanta-based Randstad US said despite lower confidence levels among many of the index measurements, the finance and accounting sector remains one of the most promising and in-demand professions in the labor market. The Bureau of Labor Statistics ...

Salient Federal Solutions VP Cindy Walker to Speak at Insurance Accounting ...
Salient Federal Solutions VP Cindy Walker to Speak at Insurance Accounting ...

Non-GAAP accounting -- avoid investing
David Trainer, president of New Constructs Inc. - a Nashville-based research firm - tells Chuck Jaffe that when companies use "non-GAAP accounting" - reporting "pro forma" numbers that don't comply with generally accepted accounting principles ...

IASB Gives Non-US Banks a Loan-Accounting Overhaul
European banks and other banks outside the U.S. will have to record losses on bad loans more quickly and set aside more reserves for loan losses under an overhaul of finance-accounting rules that global rule makers finalized Thursday. Under the new ...

Accounting rules for banks
FOR nearly a decade Spain has resisted the received wisdom, and European regulations, on accounting. In 2005 the European Union required all of its members to adopt IFRS, the dominant accounting standard outside America. One of the biggest changes ...

US finance/accounting worker confidence falls in Q2
S. finance and accounting workers' confidence declined in the second quarter after reaching a near seven-year high in the first quarter, according to the Randstad Professionals' finance and accounting employee confidence index for the second quarter of ...

Cloud Accounting Firm Xero Sees Possible U.S. IPO in 2015
Cloud-based accounting services company Xero is positioning itself for a potential U.S. IPO in 2015, according to U.S. CEO Peter Karpas. The New Zealand-based company is already publicly listed in New Zealand and Australia. Karpas said the company ...

Elkhart native tapped to lead major accounting firm
“I got into accounting and found I liked it because of the clients I served in the Elkhart area... but now I'm CEO and I'm not sure how I got here.” Actually, the firm's executive committee chooses the CEO after an extensive vetting process. "As a firm ...

HAP Investments Taps Partner at its Accounting Firm for New CFO Title
Mr. Ribak comes to HAP from Citrin Cooperman, an accounting firm whose clients include HAP, according to an HAP spokeswoman. There, Mr. Ribak was an associate and later a partner. In those capacities, he handled projects involving developers, ...

New national accounting rules for public employee pension funds don't change ...
New national accounting rules for public employee pension funds don't change ...

Emanuel defends accounting gimmick in school budget
Mayor Rahm Emanuel said Thursday he signed off on a $6.8 billion school budget with an accounting gimmick right out of his predecessor's playbook to keep cuts out of the classroom. “New York City, Milwaukee, Philadelphia all get much, much more ...

Basel Reprieve, Accounting Standards, UBS Win: Compliance
The International Accounting Standards Board published revised standards for lenders and other companies yesterday with a January 2018 deadline for implementation. IASB rules are mandatory for publicly traded companies in more than 100 countries, ...