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Accounting News 09/2014 (Page 3)



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Raleigh, N.C., is the top city to find finance and accounting jobs, according to Accounting Principals. The finance and accounting staffing firm compiled the list based on internal data from its regional branch network across the U.S. The list is based ...

Blooming Prairie accounting firm to expand into New Richland
After hosting an open house on Saturday to reveal an expansion in Johnson & Doerhoefer CPA's Blooming Prairie location, Johnson, one of the owners of the accounting firm, said the business is expanding to New Richland. “It's really exciting. I've ...

Accounting fraud in Alibaba Pictures worries investors
No more than two months after Alibaba bought the film company, it asked for the stock to be suspended. Alibaba asked for its new film company's stock to be suspended after finding suspicious accounting in its books. The issue comes as Alibaba Group ...

Penn West petroleum issues Results of Internal Review of Accounting Practices
During 2014, before the accounting practices that led to the Review were brought to the new CFO's attention, the company said it began an unrelated restructuring of its accounting and finance departments. As a result of that restructuring, the senior ...

M3 Accounting + Analytics Launches M3 Professional Services
M3 Accounting + Analytics, the industry leader in hospitality accounting and analytics software, is pleased to announce its latest service concept offering to hoteliers, a new division of the business to be known as M3 Professional Services (M3PS ...

PwC accounting firm plans 50-person DM office within two years
Global accounting firm PwC US, formerly known as PricewaterhouseCoopers LLP, will continue to expand its Des Moines office rapidly. PwC, which opened a Des Moines office in Hub Tower two years ago, has doubled its employment to 25 full-time positions ...

Steeple Accounting Services helps churches keep the books
Green ledger sheets from the pre-digital era were the tinder for Mary Lou Turnbull's fiery love for accounting, which eventually led to her life's mission—keeping churches out of financial trouble. “My Dad did books in the back to take care of the ...

Missing Money: Uncle Sam's Accounting is Suspect
For some time now, the Government of the United States has been effectively checking through their couch for loose change. Anything helps, even if the debt owed is a staggering $17 trillion. Not only is the United States continuing to spend quite ...

New accounting norms may impact shareholder interest
MUMBAI: India Inc is gearing up for transition towards a new set of accounting standards (Ind-AS) for preparing financial statements even though it awaits clarity on some aspects of the new rules. It is still unclear whether Ind-AS will have to be ...

Penn West Jumps as Goals Kept After Accounting Review
“The accounting situation does not appear to be as bad as first anticipated,” Kyle Preston, an analyst at National Bank Financial in Calgary, wrote in a note today. “The pending litigation remains an uncertainty and will likely continue to weigh on the ...

Allentown audit OKs water, sewer lease accounting
An audit of Allentown's 2013 spending showed that city officials properly accounted for money from the city's water and sewer lease, but several repeated accounting issues were noted. The audit, known as the Comprehensive Annual Financial Report, was ...

Child welfare audit finds problems with contractors, 'sloppy' accounting
A state audit of the money being collected and spent by the Nebraska child welfare system shows “sloppy” accounting and “very poor” fiscal controls over contractors. State Auditor Mike Foley released the audit Friday that looked at 2013 financial ...

Art of Accounting: The Background to Saving a Business
In my previous two columns I wrote about how I rescued a business that was in danger of closing because of unpaid taxes (see Art of Accounting: To Save a Business, Plan the Details and Art of Accounting: Saving a Business). After writing those two ...

Child welfare audit finds problems with contractors, 'sloppy' accounting
A state audit of the money being collected and spent by the Nebraska child welfare system shows “sloppy” accounting and “very poor” fiscal controls over contractors. State Auditor Mike Foley released the audit Friday that looked at 2013 financial ...

St. Mary's offering new accounting/data analytics degree
The St. Mary's University Greehey School of Business formed a new bachelor of business administration degree program in accounting and data analytics that is designed to prepare more students for careers as data analysts. The new bachelor's degree ...

Dispositions of property get automatic accounting method change procedures
The IRS on Thursday issued Rev. Proc. 2014-54, providing procedures for taxpayers to obtain automatic consent to accounting method changes involving dispositions of tangible depreciable property. The guidance outlines how taxpayers may obtain the ...

30 YEARS OF ACCOUNTING LESSONS: ENTER S-SCORE – THE START OF ...
30 YEARS OF ACCOUNTING LESSONS: ENTER S-SCORE – THE START OF ...

30 Years Of Accounting Lessons: Penman, Piotroski, Beneish [Part V]
Wahlen and Wieland (2010) develop the “Predicted Earnings Increase (PEI) score”. This score summarises the likelihood of an increase in one-year-ahead earnings. In this regard Wahlen and Wieland (2010) follow in the footsteps of, for example, Ou and ...

Regulators, Accounting Firms Bicker Over Audit Rule
Regulators are poised to require that accounting firms identify exactly who is in charge of each audit they perform at thousands of publicly traded companies. Just where that disclosure will happen is still up for debate, however. The Public Company ...

Tesco Starts Accounting Probe of Inflated Profit Forecast
Tesco Plc (TSCO) started a probe of accounting practices and suspended four executives, including its U.K. chief, after overstating its first-half profit estimate. The shares plunged as much as 12 percent to their lowest in more than a decade after the ...

Tesco cuts outlook after finding accounting error
LONDON (Reuters) - Tesco (L:TSCO) has lowered its forecast for first-half profit by 250 million pounds ($408.50 million), its third warning this year, after finding a fault in its accounts, in the latest blow to the reputation of Britain's biggest ...

Tesco Cuts Outlook After Finding Serious Accounting Error
LONDON (Reuters) - Tesco <tsco.l> has lowered its forecast for first-half profit by 250 million pounds ($408.50 million), its third warning this year, after finding a fault in its accounts, in the latest blow to the reputation of Britain's biggest ...

Four Tesco employees go on leave over accounting issue-source
Tesco earlier said it had found a problem with its accounts, forcing it to lower its profit forecast for the first half of the year by 23 percent. The person familiar with the matter said the four people who worked across commercial and operations ...

Tesco Investigates Accounting Error
The newly installed chief executive, Dave Lewis, said Monday that Tesco had uncovered a "serious" accounting issue, amounting to a third profit warning in as many months. The company said an employee alerted its general counsel on Friday about an issue ...

Tesco cuts profit outlook and suspends staff after accounting error
LONDON (Reuters) - Tesco cut its profit forecast for the third time this year on Monday after finding a fault in its accounts, the latest blow of several to the reputation of Britain's biggest grocer. Shares in the company dropped 12 percent in early ...

UPDATE 1-Tesco cuts outlook after finding accounting error
(Adds detail, quotes). LONDON, Sept 22 (Reuters) - Tesco has lowered its forecast for first-half profit by 250 million pounds ($408.50 million), its third warning this year, after finding a fault in its accounts, in the latest blow to the reputation of ...

The Morning Ledger: Tesco's Accounting Woes Highlight Life Without a CFO
Newly installed Chief Executive Dave Lewis said the company uncovered a “serious” accounting issue involving the early booking of revenue and delayed booking of costs. Four senior executives have been suspended—but don't look for a finance chief to be ...

Tesco accounting scandal Q&A: what happens next?
Analysts at Cantor Fitzgerald warned last November that Tesco was boosting profits by £200m by deducting cash from suppliers' trading accounts or extending payment dates without notice. This is a breach of the Groceries Supply Code of Practice, which ...

Tesco shares slump 12% as they overstated profits by £250M after accounting ...
Tesco shares slump 12% as they overstated profits by £250M after accounting ...

Five embarrassing accounting blunders
The error had gone undetected for several years by the company's own accountants and its external auditor PwC. It linked back to a miscalculation relating to its losses from the acquisition of investment bank Merrill Lynch in 2009. The bank was forced ...

Tesco Cuts Profit Outlook, Suspends Executives, Probes Accounting Error
Tesco cut its profit forecast for the third time in two months on Monday and suspended four members of staff after finding a major fault in its accounts, dealing another blow to the reputation of the world's third biggest retailer. Just three weeks ...

Commercial Income? As Usual, In Tesco Accounting Error, There's Wiggle Room
Whatever the case, the issue throws a spotlight on one of those corners of accounting that usually don't get much attention—until there's a problem. In this case, the issue is how and when to recognize “commercial income” and “accrual of costs.” In a ...

How Advocates and Politicians Abuse Fair-Value Accounting
Jason Richwine and I have co-authored a lengthy article on fair-value accounting for government loan programs that appears in the fall issue of National Affairs. If you are new to this issue, the article is a great primer on the accounting debate and ...

Tesco's Accounting Irregularities Are Mind Blowing
The Wall Street Journal appears to have been first out of the gate in announcing that the company has issued a new profit warning and suspended four senior executives due to serious accounting irregularities. The cause has been identified as early ...

Tesco suspends four executives over £250m accounting scandal
Tesco, Britain's biggest retailer, has suspended four senior executives after uncovering a "serious issue" with its accounts that means profits for the last six months have been overstated by £250m. Tesco has suspended Chris Bush, its UK boss, Carl ...

Accounting probe provides new twist in Tesco's horror show
But on Monday it was forced to put out a third, saying it had uncovered accounting irregularities that led it to overstate its profit in the first half of the year by 250 million pounds ($408 million), nearly a quarter of the total expected profit for ...

Tesco Investigates Accounting Error
The newly installed chief executive, Dave Lewis, said Monday that Tesco had uncovered a "serious" accounting issue, amounting to a third profit warning in as many months. The company said an employee alerted its general counsel on Friday about an issue ...

Another big Cincinnati accounting firm moving into downtown office
SS&G, among the 50 largest accounting firms nationally, has about 15 CPAs downtown and around 30 in Greater Cincinnati, Berning said. It ranked as the 16th-largest local accounting firm in February, according to Courier research. The company has 550 ...

Nonprofit Accounting: It's Not for Wimps
If you're a CPA with a bent for do-gooding, nonprofit accounting may be just your niche. "We deal with a lot of organizations that do a lot of good things," says Ryan Keith, a partner in KB Parrish & Co. in Indianapolis, Indiana, who heads the firm's ...

Walsh College of Troy offering free accounting course
Walsh College is offering an Accounting Fundamentals course, which consists of four sessions and is to be held on four consecutive Saturdays from 1 – 4 p.m., Oct. 4, 11, 18, and 25. The course is free to all interested participants and is made possible ...

Tesco's Rebate Accounting Is in Focus
The booking of such income and costs is a gray area, PWC noted, citing the "judgment required in accounting for the commercial income" and the "risk of manipulation of these balances." Tesco's audit committee said it didn't consider the area a ...

Accounting student gains real-world insight
While in college, she came across the Accounting Society, a professional student organization within Cal State Fullerton's Mihaylo College of Business and Economics. This organization aims to promote social interaction with business professionals and ...

Tesco CFO Stewart Starts Early as Accounting Inquest Begins
“His first task this morning will obviously be to look at Tesco's accounting practices, but they will need to move on fairly quickly to devise a new strategy to revive the business,” said Bruno Monteyne, an analyst at Sanford C. Bernstein. “The ...

Tesco parachutes in new finance boss to fix accounting scandal
LONDON (Reuters) - Tesco rushed its new chief financial officer into place on Tuesday, trying to shore up a leadership team badly damaged by the accounting mistake revealed on Monday that knocked millions off the company's profits and billions from its ...

National accounting academy selects Vermont accountants for awards
“We are very pleased to recognize this distinguished group of public accounting professionals, whose commitment to the profession and mastery of their craft have earned them this significant and prestigious honor,” says Paul Witte, Executive Director ...

Tesco's accounting problems
IN THE third week of the job, the last thing a new chief executive wants to hear is that there is a £250m ($410m) black hole in his new employer's accounts. Yet this is exactly what happened to Dave Lewis, the new boss of Tesco, Britain's biggest ...

Tesco rushes in new finance director to deal with accounting scandal
Tesco's new finance director, Alan Stewart, was parachuted into the crisis-hit grocer on Tuesday two months ahead of schedule to help a squad of external investigators working at the retailer's head office to get to the bottom of the accounting scandal ...

Tesco-style Accounting Risks Well Known In Retail Industry
LONDON (Reuters) - Tesco Plc's disclosure of huge accounting mistakes over contracts with its suppliers shocked industry analysts and executives, but not because they didn't realise the potential for disaster. On the contrary, they assumed that ...

Accounting Mistakes Force Tesco to Bring in CFO Immediately
Tesco shareholders were clamoring for the move, reports the Financial Times, after revelations of accounting errors and an investigation into the matter by Deloitte and law firm Freshfields Bruckhaus Deringer. Tesco's previous finance director, Laurie ...

Xero launches volley in cloud accounting battle with MYOB
New Zealand-based cloud accounting provider Xero announced today it would indefinitely extend its free MYOB-to-Xero conversion service, Jet Convert, allowing MYOB customers to easily shift their accounting ledgers onto Xero's platform. The move comes ...