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Accounting News 09/2014 (Page 4)



Tesco-style accounting risks well known in retail industry
On the contrary, they assumed that everyone in retailing was fully aware of the risks involved in accounting for rebates paid by suppliers to Britain's biggest supermarket groups, thanks to auditors' warnings. Therefore Tesco's revelation on Monday ...

Tesco's accounting error - what the analysts say
It is a classic accounting game to play. But what has happened at Tesco is very unclear. Is the allegation that the previous CEO used an accounting convention that made the numbers look better to try and stay in the job? Is it that Dave Lewis is trying ...

Droste Tax & Accounting opens in IGA Plaza
Droste serves clients – individuals and businesses – with preparation of tax returns, accounting and payroll help, business sale and formation, estate advice and more. The Reedsburg resident said he always knew he wanted to be in business for himself ...

UPDATE 1-UK accounting watchdog to study Tesco book-keeping probe
Accounting errors in supplier contracts forced the world's third biggest retailer to suspend its UK boss along with three other senior executives and admit it had had overstated expected first half profit by 250 million pounds ($408.50 million) in a ...

British Regulator Monitoring Tesco Following Accounting Error
The U.K. Financial Reporting Council said Wednesday it is monitoring Tesco PLC's situation following its discovery of an accounting error earlier in the week. While the FRC itself doesn't have powers to monitor or require the restatement of unaudited ...

Maryland accounting firm to merge with CohnReznick
Bethesda-based accounting, tax and consulting firm Watkins Meegan LLC will combine its practice with one of the country's leading firms, New York-based CohnReznick LLP, in an agreement expected to take effect Nov. 1. The combined firm is expected to ...

Accounting Basics: What Do Small Business Owners Need to Know?
Small business owners are passionate, hardworking people. They are positive, they are resilient, and they are dedicated to creating a sustainable and profitable business. But what they are not is accountants, and if you run a small business, it's not ...

Accounting firms CohnReznick and Watkins Meegan to combine in November
Watkins Meegan, the regional Bethesda-based accounting and tax firm, will combine with the larger national accounting firm CohnReznick in November, the companies announced Wednesday. The firms have signed a letter of intent to combine practices ...

Tesco was warned in 2010 about 'aggressive accounting'
It said that "Tesco's accounting is consistently aggressive", and that if it had more "standard" accounting methods its profit before tax would fall by £64m. To be clear, the Citi note said that it was not implying that "Tesco's accounting policies are ...

Tesco's accounting problems
IT IS too soon to say whether the accounting misstatement at Tesco was cock-up or conspiracy. The source of the discrepancy is already clear, however, and it is as old as book-keeping itself: the premature recognition of revenue. Suppliers make ...

Silicon Alley Co. Charged in Accounting Fraud
The Securities and Exchange Commission has charged a Silicon Valley software company and two former executives in an accounting fraud where timesheets were falsified to hit quarterly financial targets. The company, Saba Software, and the executives, ...

One Way to Stay Focused on Growth: Outsource Accounting
GAAP reporting, general-ledger accounting, accounts payable (AP), accounts receivable (AR), internal audit and other core finance functions are handled by a controller at headquarters in Mesa, Ariz., and a seven-person group of accountants and auditors ...

Silicon Valley Co. Charged in Accounting Fraud
The Securities and Exchange Commission has charged a Silicon Valley software company and two former executives in an accounting fraud where timesheets were falsified to hit quarterly financial targets. The company, Saba Software, and the executives, ...

L-3 Reveals More Accounting Problems, Revisions
The flight simulator-related adjustments are unrelated to an internal review the company was conducting over accounting problems in its aerospace division. The Friday disclosure comes more than a month after L-3 divulged that a group of former ...

Mazurkiewicz honored by NYS accounting group
A partner in the tax advisory group at Dopkins & Co. LLP is being recognized by the New York State Society for Certified Public Accountants for his local volunteer work. Gerard Mazurkiewicz is the recipient of the 2014 Michael H. Urbach CPA Community ...

Government Accounting Deceptions Are Everywhere
The new issue of National Affairs features my article with Jason Delisle, “The Case for Fair-Value Accounting.” We go into a lot of detail about what fair-value accounting (FVA) is, why it's needed, and how both parties have hypocritically flip-flopped ...

19th-Century Accounting Ledgers at W&L Illuminate Local History
The 10 students took a four-week spring term course, "History through Accounting," a blend of subjects rarely offered at undergraduate universities in the United States. Stephan Fafatas, who taught the course, is the Lawrence Associate Professor of ...

EMU accounting students perform volunteer service for Meals On Wheels
EMU accounting students Breyan Garcia-Ramiriez, Alicia Prichard and Nicholas Walters took time out from volunteering with Ann Arbor Meal on Wheels to pose for a photograph with Snyder, who is from Ann Arbor. Meals on Wheels delivers food to those in ...

Accounting firm owner charged with bank fraud
HAMMOND, Ind. (AP) — The owner of a northwest Indiana accounting firm accused of stealing about $660,000 from a physician's account to gamble at local casinos is facing four federal charges of bank fraud. The Times of Munster reports Jack Weichman ...

Avoid falling victim to misleading accounting
Big problem: Certified public accountants, upon whom we base our decisions to invest in public companies, increasingly are being charged with presenting inaccurate financial reports. And despite the fact that the biggest fines levied by the Financial ...

Accounting department prepares students for entering the workplace
In the last year, the accounting department increased by 25 percent, Woodward said. Last spring semester, accounting students numbered in the low thirties, compared to this semester's 43 students. The growth of the major can be credited to Biola's ...

State Fair auditor suggests accounting improvements
The State Fair of Louisiana could take several steps to improve its accounting practices, says its auditor. Accountant James McClelland recommended the changes in his letter accompanying the fair's 2012 and 2013 audits made available by the Legislative ...

EMU accounting students perform volunteer service for Meals On Wheels
EMU accounting students Breyan Garcia-Ramiriez, Alicia Prichard and Nicholas Walters took time out from volunteering with Ann Arbor Meal on Wheels to pose for a photograph with Snyder, who is from Ann Arbor. Meals on Wheels delivers food to those in ...

Tesco's £250m accounting black hole first flagged during Phil Clarke's reign
The retailer's first half ended on August 23, nine days before Mr Clarke's departure, but it is understood the whistleblower, who worked in Tesco's accounting department, had already voiced concerns while Mr Clarke was still in post. According to The ...

Friends identify woman found Saturday as accounting senior Morgan McGregor
Dietetics senior Hannah Byrne, right, hugs hospitality business junior Ashley Day on Sept. 28, 2014, during accounting senior Morgan McGregor's memorial at the Rock on Farm Lane. McGregor was pacemaker dependent. Erin Hampton/The State News ...

Fair urged to modify accounting practices
Auditors say the State Fair of Louisiana could take several steps to improve its accounting practices. The Times reports ( (link) Uh9x5J ) accountant James McClelland recommended the minor changes in a letter accompanying 2012 and 2013 audits for ...

This is the hottest job sector in Chicago
The moment DePaul University accounting majors strode across a stage on Father's Day to get their diplomas, 88 percent either had landed jobs (averaging $55,000 a year) or made plans for further study. At the University of Illinois at Urbana-Champaign, ...

Chicago-area accounting firm to be acquired
Wolf & Co. LLP, the Chicago area's 15th largest accounting firm by local office size, will merge on Nov. 1 with Springfield, Missouri-based BKD LLP, the nation's 12th largest accounting firm by revenue. Oakbrook Terrace-based Wolf will become BKD's ...

New University of Toledo accounting lab dedicated to '66 grad
The University of Toledo College of Business and Innovation revealed the Alan Barry Accounting Lab last week, in recognition of generous donations made by Class of '66 graduate Alan H. Barry to his alma mater. “The University of Toledo is so fortunate ...

The Future of the Accounting Firm: No Billable Hours
The accounting firm of the future looks something like this: no dress code, no walls over four feet high throughout the office with the exception of a few conference rooms, and no billable hours. Let me say that again: no billable hours! Relax, unwind ...

Awkward questions for Tesco should be answered by its accountants too
Just as a meat patty is manufactured, so too are a set of accounts. Neither falls from the sky, or gets slung together by a solitary bloke at twilight. They are instead a huge co-production of staff, auxiliaries and quality controllers, and they ...

Bank of America Settles SEC Case on $4 Billion Accounting Error
Email; Share; Tweet; Save; More. Photo. Bank of America's headquarters in Charlotte, N.C.Credit Chuck Burton/Associated Press. Bank of America has agreed to pay $7.65 million to settle federal charges that it violated record keeping and internal rules ...

Two Accounting Firms Win Awards for Happy Employees
But that's not what the "When Work Works" award is all about, nor is it the philosophy of the two accounting and professional services firms that won this year. Chicago-based BDO USA and New York-based CohnReznick were honored by the Families and ...

Super-Regional Accounting Firm Carr, Riggs & Ingram (CRI) Acquires Wealth ...
Super-Regional Accounting Firm Carr, Riggs & Ingram (CRI) Acquires Wealth ...

Marquez Illescas Appointed Assistant Professor of Accounting at Clarkson ...
Marquez Illescas Appointed Assistant Professor of Accounting at Clarkson ...

Accounting firm BKD to expand to Chicago through merger
Accounting and consulting firm BKD said Tuesday that Chicago-based Wolf & Co. will merge with BKD. Springfield, Mo.-based BKD, which operates a large office in Wichita, said the merger will be effective Nov. 1. Wolf & Co. has about 140 staff, including ...

Bramwell's Lunch Beat: BofA Smacked with $7.65M SEC Fine Over Accounting ...
Bramwell's Lunch Beat: BofA Smacked with $7.65M SEC Fine Over Accounting ...

Audit: Knox school PPU fund needs better accounting
Instead, auditors were tasked to conduct a "performance audit," something that looks at how the accounting process works and whether officials followed the rules. Addis said "there's areas to improve," but noted: "There's nothing that jumps out that ...

FASB Accounting Simplification Projects See Early Support
The board received 17 supporting comment letters for simplifying inventory measurements, and another 26 supported the board's effort to remove extraordinary items from the Generally Accepted Accounting Principles. There were two opposing comment ...