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Accounting News 08/2014 (Page 2)



Marlo Incorporated welcomes new financial accounting manager
Prior to his new position with Marlo, Glines has held several summer internships with the company in the Electrical Panel Building, marketing and accounting departments, and has previous work experience with a business strategy consulting firm in ...

Accounting Is Not Only Important - It's Mandatory
Sometimes a court requires people serving in these positions to provide these accounts directly to the court for approval, especially in cases where the court established the guardianship or trust. Likewise, the Social Security Administration mandates ...

Indicted Dewey Brass Wins Access To Firm's Accounting
Law360, New York (August 11, 2014, 2:01 PM ET) -- Dewey & Leboeuf LLP's disgraced leaders have won permission to examine the accounting system within the defunct firm ahead of a criminal trial on the Manhattan district attorney's charges that they ...

UK accounting changes could slash pensions on balance sheets
Proposed changes to pensions accounting standards could wipe more than £25 billion ($42 billion) from FTSE 350 company balance sheets, and £1 billion from their annual profits. The potential changes relate to an accounting surplus that is recognized on ...

Bonadio, Freed Maxick make national top 100 list for accounting
The Bonadio Group, which last year acquired Gaines Kriner Elliott LLP in Amherst, is now the 50th largest CPA firm in the country, according to Inside Public Accounting's new report. The Pittsford, N.Y., company, which now has three local offices ...

NYSSCPA Calls Out Obama for Calling Out Accountants
The president of the New York State Society of CPAs (NYSSCPA) responded on Friday to comments made by President Obama, who during a press conference last week seemed to blame accountants for the number of American corporations using ...

August 2014 Accounting and Auditing Highlights
Public business entities that hold the government-guaranteed loans at issue must reflect the new accounting requirements in reports covering annual and interim periods starting after Dec. 15, 2014. Aug. 5: FASB issued ASU 2014-13—Consolidation (Topic ...

Study finds decrease in accounting mistakes among large US companies
Improvements in financial reporting that stemmed from the 2002 Sarbanes-Oxley Act, or SOX, in the wake of Enron and other corporate scandals, have led to a major decrease in accounting mistakes at large U.S. companies, a University of Kansas researcher ...

Hertz delays quarterly earnings as it undergoes accounting review
Hertz Global Holdings has warned it will delay the filing of its second-quarter results, as the car-rental company continues to work through an accounting review that found errors in three years of financial statements. In a filing with the Securities ...

Ocwen to Restate Results, Citing Material Weakness in Accounting
“The company anticipates it will determine that a material weakness existed in the relevant time periods in the adequacy of our controls relating to how we monitor and implement the impact of applicable accounting conventions,” Atlanta-based Ocwen said ...

The Puzzle Of SodaStream Accounting (SODA)
I guess this story will end with deteriorating margins as depreciation expenses come flowing to the Income Statement. According to accounting, these expenses are huge and increasing but distributed over a long time horizon. Reality will appear slowly ...

Ocwen to Restate Results After Accounting Change
In a Tuesday regulatory filing, Ocwen said it would restate financial statements for last year and the first quarter. It expects to increase pretax income for the year ended Dec. 31, 2013, by $17 million and to reduce it for the first quarter by the ...

Ernst & Young Seeks Affirmation of Lehman Accounting Decision
Ernst & Young wants the New York State Supreme Court to sign off on its recent legal win against New York's attorney general over whether it was responsible for the accounting woes that threw Lehman Brothers Holdings Inc. into bankruptcy. The ...

Proposed Accounting Change Could Catch Lenders Unprepared
A proposed accounting change expected to force banks to boost the amount of reserves they hold against soured loans could catch many small and midsize lenders unprepared, according to a new survey of bank executives. More than half of the executives ...

The Cutting-Edge Accounting Office
In this session we'll discuss the types of technologies and their uses in a small accounting firm office. Included will be: The networked office: connecting everything together for seamless workflow. Implications for the virtual office: can everyone ...

DA probe clears SamTrans of accounting crimes
REDWOOD CITY -- The San Mateo County District Attorney's Office said Tuesday that an accounting probe of the county's transit agency found instances of shoddy bookkeeping but no evidence of embezzlement or other criminal activity. The district attorney ...

The Motley Fool: 'Accrual method' is key accounting tool
A: It's an important accounting concept, because with the accrual accounting system, the "revenue" (sales) on a company's income statement may not have actually been received by the company. Revenue doesn't necessarily represent the receipt of cash in ...

Measuring Accounting Disclosure Complexity with XBRL
The study, by Rani Hoitash of Bentley University and Udi Hoitash of Northeastern University, uses the number of XBRL tags and extensions to examine the complexity and quality of accounting information. Highlighted by the U.S. Securities and Exchange ...

UPDATE 2-Accounting issue hits Telekom Austria results
Austrian unit takes accounting charge of 48 mln eur. * Q2 EBITDA 299 mln eur vs Reuters poll avg 320 mln eur. * Company trims 2014 revenue, capex outlook (Adds details on net loss, underlying results, Austria). By Georgina Prodhan. VIENNA, Aug 13 ...

Clearing the roadblocks for women along the path to leadership in accounting
Like so many other professional-service firms, the accounting industry needs to counteract the steep drop-off in the number of women in leadership positions between the associate/manager level and partnership. Our firm recently elected 18 new partners ...

DA finds no criminal misconduct in SamTrans accounting probe
Two former SamTrans employees, David Ramires and Ling La, set off the investigation earlier this year when they came forward alleging that funds were being funneled into accounts that could be dipped into for unauthorized projects or expenses ...

Accounting for America: Students Helping Small Businesses
Teach For America (TFA) is a highly successful nonprofit that enlists recent college grads to teach in low-income communities throughout the U.S. In a similar vein, Accounting For America would pair greenhorn accountants, presumably recent college ...

Count it: 5 Tips for Choosing the Right Accounting Expert
What's the accounting expert's role? Before the search begins, spend some time thinking about the accounting expert's role. Like lawyers, accountants have a wide variety of specialties and certifications. An expert with the right credentials for the ...

Students prepare for future accounting careers
The St. Louis Chapter of the National Association of Black Accountants (NABA) recently held a closing banquet for students who participated in its fourth Annual Accounting Career Awareness Program (ACAP). The weeklong conference, which targets minority ...

IASB official: Global accounting standards are “achievable,” “inevitable”
The goal of global accounting standards will be achieved at some point, an International Accounting Standards Board (IASB) official said Wednesday in South Africa. Ian Mackintosh, vice-chairman of the IASB, called global accounting standards “desirable ...

ACCOUNTING SPOTLIGHT - Business Casual: Firms teaching staff the personal ...
ACCOUNTING SPOTLIGHT - Business Casual: Firms teaching staff the personal ...

Banks Unprepared for Upcoming Accounting Standards
Many banks are unprepared for changes in accounting standards next year on how to calculate losses on their loans and leases, according to a new survey. The survey, by the financial information company Sageworks and SourceMedia Research, polled 236 ...

IASB Goes Its Own Way on Lease Accounting
In yet another blow to global accounting convergence, the International Accounting Standards Board has decided to jettison a proposed dual model for lease accounting. split IASB released a project update document on its web site that said the global ...

Diversity of services key in changing accounting industry
As updates to accounting standards keep coming faster and faster, accounting firms find themselves expanding their services as well as their ranks to meet the needs of clients and to remain competitive. John Kirschner, partner at BlumShapiro's Shelton ...

Alibaba Pictures Delays Results on Possible Accounting Flaws
Alibaba Pictures Group Ltd. (1060), a film producer controlled by China's largest e-commerce company, said its new management uncovered possible accounting flaws and won't be able to publish its interim results on time. The media company's executives ...

Alibaba Discovers Suspicious Accounting at Film Unit
The film company, Alibaba Pictures Group, formerly ChinaVision Media Group, said on Friday that it had discovered “possible noncompliant accounting treatments” involving insufficient provision for impairments on assets, or write-downs, which were not ...

Alibaba Film Unit Finds Possible Accounting Issues
The recently acquired film unit of Chinese e-commerce giant Alibaba said Friday that a review has uncovered possible accounting irregularities. The disclosure by Alibaba Pictures Group comes as its parent company readies for what's expected to be a ...

Congress Ponders Shift From Cash To Accrual Accounting
Current law allows most businesses with annual gross receipts of $5 million or less to use the cash method of accounting for tax purposes. That means income is not recognized until cash or other payment is received and deductions are not allowed until ...

China's Alibaba Discovers Possible Accounting Fraud in Newly Formed Film Unit
Alibaba Pictures, the recently formed film and TV production unit of the e-commerce and entertainment giant Alibaba, said it had discovered a possible accounting fraud and won't be able to publish its interim results on time. Executives at Jack Ma's ...

China's Alibaba Pictures Discovers Accounting Irregularities
HONG KONG – Shares in Alibaba Pictures Group were suspended from trading on the Hong Kong Stock Exchange Friday after the company found irregularities in its accounts. The company warned that its financial results may be affected and that publication ...

Why an accounting scandal at Alibaba's new film company spells trouble
Chinese e-commerce giant Alibaba said today that it has found accounting problems at its newly acquired television and film production company, now known as Alibaba Pictures. The scandal, which raises questions about the company's due diligence over ...

Alibaba finds possible accounting irregularities at film unit
Chinese e-commerce giant Alibaba Group asked for trading in its 60%-owned film-production subsidiary, Alibaba Pictures, to be suspended, and delayed the publication of its half-year results after discovering what it called “possible accounting ...

Alibaba Pictures Finds Possible Accounting Irregularities
HONG KONG—Alibaba Group Holding Ltd.'s discovery of potential accounting irregularities at the film-production arm it recently bought is the latest red flag for investors as the e-commerce giant prepares for what could be the largest initial public ...

Alibaba Flops in Accounting for Acquisition Binge
With spectacularly bad timing, Alibaba Pictures, a film studio acquired by the Chinese e-commerce giant earlier this year, said Friday it will delay its first-half earnings report due to possible accounting issues. The revelation comes just as Alibaba ...

UPDATE 3-Alibaba film unit says found possible accounting irregularities ...
UPDATE 3-Alibaba film unit says found possible accounting irregularities ...

Alibaba Discloses Possible Accounting Problem At Film Unit Ahead Of US Listing
Alibaba Group, the Chinese e-commerce leader whose upcoming U.S. IPO is likely to be one of the world's largest ever, has hit an accounting speed bump ahead of its expected New York listing. A Hong Kong-listed film production company that Alibaba ...

Alibaba Finds Suspicious Accounting At Hong Kong Film Unit Ahead Of US IPO
Alibaba, the Chinese e-commerce giant that's preparing what may be the biggest initial public offering in U.S. history, said Friday it has discovered suspicious accounting at its Hong Kong film company, raising questions about whether it has been ...

Accounting woes in Alibaba film unit raise questions about its M&A push
The problems in the film unit's accounting surface as Alibaba gets ready for what may be one of the largest initial public offerings in U.S. history, expected after Labor Day. There are risks in China that some of Alibaba's recent acquisitions may have ...

Alibaba film unit finds possible accounting issues
Hong Kong • The recently acquired film unit of Chinese e-commerce giant Alibaba said Friday that a review has uncovered possible accounting irregularities. The disclosure by Alibaba Pictures Group comes as its parent company readies for what's expected ...

FASB Looks to Uncomplicate Accounting–A Little, At Least
Accounting is complicated – but accounting rule-makers are trying to make it at least a little simpler. The Financial Accounting Standards Board, which sets accounting rules for U.S. companies, is expanding its effort to simplify some areas of ...

Government Debt Defaults Linked to Absence of Accrual Accounting
Governments that default on their sovereign debt could be falling victim to the absence of accrual accounting in most public sector entities, and the International Federation of Accountants wants to change that. IFAC noted that Argentina's most recent ...

Accounting woes trouble Alibaba ahead of mega IPO
Potential accounting problems have been discovered at Alibaba's recently-acquired film division, raising new questions ahead of the Chinese tech firm's massive IPO. Alibaba Pictures Group, formerly called ChinaVision Media Group, said Friday that it ...

Alibaba filmdivision discovers accounting issues
HONG KONG: A film production unit recently purchased by Chinese e-commerce giant Alibaba suspended trading of its stock Friday after the discovery of possible accounting inconsistencies. Alibaba Pictures, formerly ChinaVision Media Group, has said the ...

Accounting firm Kafoury Armstrong fined, put on probation
CARSON CITY — A Nevada certified public accounting firm that does business with the state and many local governments has been fined $25,000 and placed on two years' probation by the state Board of Accountancy. The disciplinary action imposed on ...

RICHARDSON: An accounting: Part 5
The technology road Bibb County public schools has traveled has been full of potholes, detours and washed-out bridges. The latest controversy into what former Superintendent Romain Dallemand did or didn't do ultimately will be decided by one or more ...