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Accounting News 11/2014



Could American Realty Capital Properties' Accounting Scandal Benefit Realty ...
Could American Realty Capital Properties' Accounting Scandal Benefit Realty ...

Accounting for startups
In the same way, your need for accounting services as you're starting a business is going to be quite different from your needs once the business has, with a lot of hard work, grown to, say, $20 million a year in revenue. According to Brian Hamilton ...

FBI Opens Criminal Probe Into American Realty Capital Amid Accounting ...
FBI Opens Criminal Probe Into American Realty Capital Amid Accounting ...

UPDATE 2-Saudi telecoms firm Mobily cuts profit after accounting error
DUBAI, Nov 3 (Reuters) - Saudi Arabia's No.2 telecommunications operator Mobily restated a year and a half of earnings due to accounting errors on Monday and posted a shock plunge in profit, months before the kingdom is due to open its stock market to ...

Art of Accounting: Some Mistakes I Made
One of the accountants was clearly over his head and when he suggested something that was clearly erroneous, I embarrassed him into admitting it. I immediately lowered my stature and effectiveness and eventually was replaced by my client. I still feel ...

ARCP Financial Restatement: Securities Fraud And Accounting Error Are More ...
ARCP Financial Restatement: Securities Fraud And Accounting Error Are More ...

Oyster Bay to spend $4 million on upgrading computer accounting system
Next year's spending would be part of a phaseout from an old IBM accounting system called AS/400 to Microsoft Dynamics AX. The town implemented the new accounting system at the beginning of the year, and the 2015 project is expected to add new ...

State audit cites poor accounting in alleged theft of court funds in Rosendale
“The justices told us that the bail accounts had deficient balances from prior justices that were carried forward,” the audit report said. “As a result of these deficiencies totaling $5,480, funds are not available to meet liabilities for which the ...

Accounting Today Picks Best Firms to Work For 2014 Awards
Accounting Today presented the Best Accounting Firms to Work For awards at its annual Growth & Profitability Summit in Boca Raton, Fla., on Monday. In the small firm category, with 15 to 49 employees, the number one firm was Johnson Jacobson Wilcox, ...

Accounting For The Glass Ceiling
Along with Pace University, IMA recently sponsored the first-ever Women's Accounting Leadership Series (WALS), which gathered high-profile accounting and finance leaders to explore trends and topics important to the profession. One of the event's ...

There's no accounting for (or trademarking of) taste
In the 1995 case of Qualitex v. Jacobson (514 US 159) the Supreme Court upheld Qualitex' trademark in the distinctive green-gold color of its dry-cleaning pads,. Both the language of the [federal trademark] Act and the basic underlying principles of ...

Payment platform Zipmark acquires accounting tool WorkingPoint
The Manhattan-based b-to-b payment enabler Zipmark has acquired WorkingPoint, a smaller West Coast startup that has focused on billing and accounting tools. With the transaction, Zipmark will expand its electronic transaction platform to all of ...

American Realty Accounting Errors Roil Real Estate Empire
The accounting scandal at American Realty Capital Properties Inc. (ARCP) is threatening to upend a real estate empire built by Nicholas Schorsch in an industry where reputation propels growth. The disclosure last week that accounting errors were ...

EXCLUSIVE: One of Cincinnati's biggest accounting firms merges with national ...
EXCLUSIVE: One of Cincinnati's biggest accounting firms merges with national ...

American Realty Accounting Errors Roil Schorsch Property Empire
The accounting mistakes are weighing on other parts of the web of companies created by Schorsch, the 53-year-old chairman of New York-based American Realty Capital Properties and its chief executive officer until last month. The REIT now faces the ...

SS&G Inc. of Akron and Solon is selling to accounting giant BDO USA - The Plain Dealer
SS&G, the third-largest accounting firm in Greater Cleveland, offers accounting and consulting to businesses in various industries. The deal does not include SS&G Wealth Management, SS&G Healthcare and Paytime Integrated Payroll Services; they will ...

Fresno County retirees' checks to be cut because of accounting error
But because of the accounting error, which dates back to 2004, the bonus program needs to end as soon as possible, Van Wyk said. Julie Hornback, president of the Retired Employees of Fresno County, said she was grateful to the retirement board for not ...

Payroll startup Monchilla sells to online accounting firm Xero
Monchilla, the Seattle-based startup that offers online payroll management and payroll tax payments, has been acquired by Xero, a New Zealand-based online accounting firm. Monchilla sold for a combined $4.1 million in cash plus almost 240,000 shares of ...

Reducing fertilizer needs by accounting for soil microbes
Reducing fertilizer needs by accounting for soil microbes. Comments 0. November 6, 2014 By Dennis O'Brien, Agricultural Research Service Information Staff. Never miss the latest news affecting Ohio agriculture. Subscribe to Digital Dale and follow ...

Tip: Raise Profits With New Approach to Accounting
To increase profitability, distributors should rethink their approach to accounting. This practice –the first step in a four-step process – means knowing the difference between financial accounting and management control, says Jonathan Byrnes, senior ...

New SEC Chief Accountant Weighing Switch to Global Accounting Rules
The Securities and Exchange Commission's new chief accountant said Thursday he hopes to make a recommendation in the next few months on whether the SEC should move toward switching U.S. companies to using global accounting rules. In his first ...

The unanswered questions in Tesco's accounting scandal
Despite the best efforts of Dave Lewis, the accounting scandal facing Tesco will not go away. Two weeks ago Lewis, the chief executive, pledged to draw a line under the crisis when the retailer published interim results. Since then the scandal has gone ...

No one thing accounting for Bears' 3-5 record – Is that good or bad?
The vexing aspect of the 2014 season, one arguably ranking among the great underachieving half-seasons in franchise annals, is that a spectrum of offensive players with Pro Bowls on their curriculum vitae have collectively bumbled to a 3-5 record that ...

Salix Shares Plunge as Accounting Revision Showed Weak Drug Sales
The changes prompted a board review and were accompanied by the resignation of Chief Financial Officer Adam Derbyshire. Salix also lowered its earnings guidance for the year. The accounting issue also played a role in scuttling a potential takeover of ...

Lenovo Slumps On China Smartphone Weakness, IBM/Motorola Accounting Mess
Shares of Lenovo (0992.HK/LNVGF) dipped another 5.2% at the open this morning after yesterday's 5.1% slump. Lenovo's third-quarter revenue missed analyst estimates on weaker-than-expected China sales. Sales of Lenovo's smartphones and tablets, ...

Pingtan accounting change shaves $187m off its equity
“We worked diligently with our newly appointed auditors, BDO China, and our newly appointed financial accounting consultant to properly reflect the accounting impact of these restatements and we have improved our financial reporting capabilities,” said ...

American Realty Capital Accounting Errors Tied to Employee Bonuses
The accounting irregularities disclosed last week by American Realty Capital Properties Inc. were tied in part to the computation of bonus payments, according to a member of the company's board. American Realty Capital said in a regulatory filing it ...

Leafs to invade China; re-naming NHL awards; 'creative accounting' in Arizona ...
Leafs to invade China; re-naming NHL awards; 'creative accounting' in Arizona ...

IRS Special Agents visit accounting students at CCSU
NEW BRITAIN–Accounting students at CCSU experienced a bit more excitement in class on Friday than usual as 29 students participated in the “Adrian Project.” The Adrian Project involves special agents from the IRS Criminal Division who participate in ...

Accounting firm partner one of two accused of raping teen
It is now one of the leading accounting firms in the area, according to its website. Abc 17 talked to Boone County's prosecutor, Dan Knight, Friday about why he asked for a special prosecutor in this case. He says Landers had been his accountant for ...

Controller/Chief Accounting Officer Tucson, AZ (US)
Reporting to the CFO, the Controller/Chief Accounting Officer will lead accounting, controllership and external financial reporting functions. This individual will partner with senior executive management and department leaders to ensure priorities are ...

Scaife children seek accounting of trust
Scaife's adult children, David Scaife of Shadyside and Jennie Scaife of Palm Beach, Fla., went to court Monday and filed a petition seeking an accounting of the trust from January 1998 until their father's death July 4 at age 82. David and Jennie ...

Accounting firm expands business solutions, IT team
Brandon Kellogg, of Lansing, and Fil Schwartz, of Mason, have joined Lansing accounting and consulting firm Maner Costerisan as technical support specialist and business solutions specialist, respectively. • The following have joined Doctor's Approach ...

Software upgrade improves numbers for Novi accounting firm
"The accounting industry is a bunch of Luddites when it comes to technology," said Steve Wisinski, partner at Novi-based accounting firm Shindel, Rock & Associates PC, which does business as ShindelRock. "Our technology lags the rest of the world. We ...

MSU: Better accounting needed for freshwater fish
EAST LANSING, Mich. — Michigan State University scientists say too little attention is being paid to the ability of fresh water bodies to provide fish for human consumption at a time when over-harvesting and growing demand are cutting into ocean fish ...

Accounting firm known for its entrepreneurial spirit
“If you bought a six-pack, you had to turn in six bottles or you got charged extra money,” recalled Gracik, who decades later became the managing partner at Keiter, one of the largest accounting firms in central Virginia. Growing up, Gracik worked ...

Confidence Accounting: A novel proposal
By using distributions, rather than discrete values in accounting and auditing, Confidence Accounting would aid in effective pricing of risk by end-investors, notes a joint paper from ACCA. A joint paper from Associated of Chartered Certified ...

Salix CFO Resigns as Board Reviews Inventory Accounting
“[T]he company's management believes that the company's accounting with respect to sales to wholesalers has been appropriate,” it said in a regulatory filing. But Salix disclosed that wholesalers have a nine-month supply of the diarrhea drug Xifaxan ...

FASB to Start Project on Simplifying, Easing Derivatives and Hedge Accounting
Nov. 5— U.S. accounting rulemakers will consider easing restrictions on manufacturing companies being able to receive beneficial hedge accounting treatment stemming from use of derivatives, to cut the risk of changes in commodity prices that go into ...

Sage View Gives Accountants Insight on Client Data
Sage North America has launched the new Sage View system, a cloud-based solution designed for accountants to easily monitor client performance and financial health. Sage View is being debuted during The Sleeter Group's Solutions14 conference, ...

Tulsa accounting firm HoganTaylor merges with crosstown's HKS
Tulsa-based accounting firm HoganTaylor will merge early next year with local rival Hartog, Kallenberger & Swarthout LLC. Once the merger is completed, HKS will begin doing business as HoganTaylor. As early as December, HKS employees may begin ...

Art of Accounting: I Always Want to be "the Other Guy's Accountant"
I once worked for someone who told me he lost clients that went into a partnership with the partner's accountant. He said he then started working hard to be “the other guy's accountant!” Me too! One of the things I do is to let clients know about my ...

Suffern probes retired treasurer's accounting practices
SUFFERN – The village is investigating its accounting practices under a recently retired village treasurer who served for the past decade. But the treasurer, Thomas Zordan, says Suffern is trying to find an excuse so it doesn't have to pay for his ...

Canton accounting firm merging to form Hoffman, Eells & Gray CPAs, PC
CANTON - The accounting firms of Gray & Gray Certified Public Accountants, P.C. and Hoffman & Eells, CPAs, P.C. are excited to announce the merging of their firms. Both are prominent firms in Northern New York. Effective Nov. 11, these two firms will ...

Accounting dropped from skilled migration list
‎The Department of Immigration has dropped accounting from its list of skilled occupations in demand for 2015. The controversial move is being interpreted as an admission that the nation's rising unemployment rate, which reached 6.2 per cent in October ...

US finance/accounting worker confidence falls again in Q2
US finance and accounting workers' confidence declined for the second consecutive quarter, according to the Randstad Professionals' finance and accounting employee confidence index for the third quarter of 2014. The index edged down to 57.5 from 58.0 ...

After Hitting Record High Levels in Q2 2014, Confidence Among Manufacturing ...
After Hitting Record High Levels in Q2 2014, Confidence Among Manufacturing ...

Brooklyn Cheesecake & Desserts Company, Inc. Appoints Chief Accounting ...
Brooklyn Cheesecake & Desserts Company, Inc. Appoints Chief Accounting ...

Syracuse-area accounting firms plan merger - The Post-Standard
Kane will relocate to Dermody's office on North Franklin Street and operate under the Dermody name. Kane has nine employees. Once the merger is complete, Dermody will employ more than 90 people, including 45 certified public accountants. Kane has ...

Opaque government accounting 'risks global recovery'
Ball's comments come after Thomas Müller-Marqués Berger, EY's global leader for international public sector accounting and a member of the IPSAS Board, told Public Finance International that Germany should do more to boost the implementation of IPSAS ...