Diamond Meals Swings to 1st-Quarter Loss on Charges Connected to Accounting …

December 19, 2012 by

Diamond Foods Swings to 1st-Quarter Loss on Charges Related to Accounting …
Diamond Foods Inc. (DMND) swung to fiscal first-quarter loss as the snack-food company was again hit by expenses related to the investigation of a walnut-accounting scandal and the restatement of its earnings. However, shares were up 2.1% at $ 14.25 in …
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Social Media Dominates Smartphone Internet Time, Accounting for Almost One …
Social Media Dominates Smartphone Internet Time, Accounting for Almost One-Third of Minutes. New GfK analysis identifies key differences in online behavior by device, plus past-year trends. NEW YORK–(BUSINESS WIRE)–As consumers increasingly rely …
Read more on Business Wire (press release)

Auditors Finish Probe of Indiana Tax Accounting Errors
Auditors investigating Indiana's Department of Revenue are saying outdated technology and a work culture that sacrificed accuracy for speed led to $ 526 million in tax errors from the state. Auditors for the international accounting firm Deloitte also …
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Regence BlueShield Made Severe Multimillion Dollar Accounting Errors

December 13, 2012 by

Regence BlueShield Made Serious Multimillion Dollar Accounting Mistakes
Regence BlueShield repeatedly made mistakes with its accounts, failing to follow its own policies or apply its own controls, at one point failing to allocate funds to a subsidiary, at another point failing to notice a vendor invoice error and …
Read more on The Lund Report

German Extremist Party Hit Hard by Court Fine
The Federal Administrative Court in Leipzig fined the NPD some €1.27 million ($ 1.66 million) for dodgy accounting, a penalty that puts a serious crimp in the party's finances. The case centered on federal assistance made available to small parties …
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Lastest Accounting News

December 7, 2012 by

UPDATE 2-Muddy Waters report faults Olam accounting, warns on risks
Short-seller had warned last week on Olam accounting. * Olam shares extend losses in late trade, end 6 pct lower. * Olam says report's claims lack substance, defends its accounting (Adds details from Muddy Waters report, Olam's response). By Kevin Lim …
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US, China in Cold War Over Accounting Rules
“Only with access to work papers of foreign public accounting firms can the SEC test the quality of the underlying audits and protect investors from the dangers of accounting fraud,” SEC Enforcement Director Robert Khuzami said in a prepared statement.
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* Autonomy founder rejects HP accounting fraud allegations
Autonomy founder rejects HP accounting fraud allegations. SAN FRANCISCO/NEW YORK/LONDON, Nov 30 (Reuters) – For Leo Apotheker, the former Hewlett-Packard CEO, a July 2011 meeting with Autonomy founder Mike Lynch at a chic seaside resort in …
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AP&#39s unsafe Iran hoax demands an accounting and explanation

December 1, 2012 by

AP's dangerous Iran hoax demands an accounting and explanation
Whether as victim or recklessly culpable participant, AP helped perpetrate a dangerous hoax, and owes an explanation and accounting for what took place, including identifying the "officials from a country critical of Iran's atomic program" who made …
Read more on The Guardian

Service accounting codes are now back
The Central Board of Excise and Customs (CBEC) has issued a circular – No.165/16/2012 – ST dated November 20, 2012 – whereby all old accounting codes abolished by the circular 161/12/2012 dated July 6, 2012, have now been restored. The effect is …
Read more on Daily News & Analysis

At last the Bank is tackling the regulatory fiasco of Britain's accounting system
The London-based International Accounting Standards Board (IASB) conceded it would review fair value accounting. But Sir Mervyn and the Bank of England's Financial Policy Committee have decided the issue couldn't be delayed any longer. Their report …
Read more on Telegraph.co.uk

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Accounting Impropriety at Autonomy Leads To $8.8B Charge at HP

November 25, 2012 by

Accounting Impropriety at Autonomy Leads To .8B Charge at HP
Accounting Impropriety at Autonomy Leads To $ 8.8B Charge at H-P. Advertisement. Details. Description. FBN's Diane Macedo breaks down the stories moving the markets ahead of the trading day. Duration 4:52; Date Nov 20, 2012. Advertisement. Clips …
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Stanford Accountants Helped Hide Ponzi Scheme, US Argues
Two former accounting executives at Stanford Financial Group Co. should be convicted of helping Texas financier R. Allen Stanford conceal the theft of billions of dollars from investors at his offshore bank, U.S. prosecutors told a Houston jury …
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Ebix Accounting Practices Said to Be Probed by SEC
Ebix Inc. (EBIX), the insurance software company that said it was targeted by short sellers last year, is being investigated by the U.S. Securities and Exchange Commission for its accounting practices, four people with direct knowledge of the probe said.
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IFAC Appoints New President, Deputy President

November 19, 2012 by

IFAC Appoints New President, Deputy President
He previously served on IFAC's education committee (now the international accounting education standards board,) for over 10 years, including as chair from 1998 until 2004. He is an executive director and recently retired partner of Ernst & Young New …
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Marcum Offers Estate Planning Tips for LGBT Families
Certain types of assets, such as life insurance, 401(k) plans and IRA accounts, may be transferred directly upon death and are not subject to the probate process. However, when the designation forms are not filled out completely or correctly, the …
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Drilling Down on the Dental Niche

November 13, 2012 by

Drilling Down on the Dental Niche
Naden/Lean LLC has the dental market covered. The Hunt Valley, Maryland, firm has been paving the niche since 1956. With more than 96,000 dentists in the United States and Canada, there are about seventy accounting firms that are dental specialists, …
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Accounting errors affect several years of Stein Mart results
The other issue is accounting for leasehold improvement costs, which caused earnings to be overstated in the first six months of the current fiscal year but understated from 2009 through 2011. Stein Mart said management has been assessing its internal …
Read more on Jacksonville Daily Record

FASB Expected to Participate in New IASB Accounting Standards Group
The U.S. Financial Accounting Standards Board is expected to be one of the standard-setters participating in a multilateral group that will be advising the International Accounting Standards Board, but it will be among at least a dozen standard-setters …
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Lastest Accounting News

November 7, 2012 by

Small Businesses Tap into the Cloud for Efficiency
Chase found it frustrating to juggle the multiple bank and PayPal accounts used to pay vendors — not to mention the other software she used to stay on top of Princess Sharon Events, her birthday entertainment service company in Cohasset, Mass …
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Genpact to Manage Finance and Accounting for Centrica, One of the World's …
Under the terms of the agreement, Genpact will streamline and manage finance and accounting (F&A) and management reporting processes for British Gas, which serves 13 million households and 1 million businesses in the UK, and for its sister company, …
Read more on Sacramento Bee

AICPA Proposes New Accounting Framework for SMEs
A new financial reporting framework (FRF) designed for privately held, small- and medium-sized entities (SMEs) was released for public comment last week. The idea behind the framework, which was developed under the auspices of the AICPA, is to provide …
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First Solar Q3 Results Impacted By Project Accounting Rules
Having worked with a big 4 public accounting firm and large project based companies in my career, it is easy to see how project accounting can fly in the face of investor logic when it comes to impacting earnings results. First Solar's transition into …
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Lastest Accounting News

November 1, 2012 by

3 Stocks With Encouraging Accounting Signals Insiders Believe In
Receivables: We screened for stocks with strong sales trends by comparing growth in revenue to growth in accounts receivable. Since accounts receivable is the portion of revenue not yet received and there is no guarantee the money will ever be received …
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AICPA FRF for SMEs Exposure Draft Available for Comment
The FRF for SMEs is another comprehensive basis of accounting (also known as a special purpose framework) which, when finalized, will offer small- and medium-sized enterprises a reliable, relevant, and simplified financial reporting solution that …
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The Active Network: Accounting Problems Masking Functional Insolvency
Based upon our review – and that of an independent accounting expert – of FASB EITF Issue 99-19, we do not believe there is a basis for Active to mix gross and net revenues, as it is acting in differing capacities with clients, and facing different …
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Magnum Hunter Sources Appoints New Chief Accounting Officer

October 26, 2012 by

Magnum Hunter Resources Appoints New Chief Accounting Officer
Magnum Hunter Resources Corporation, an independent crude oil and natural gas exploration and production company, has appointed Fred Smith as senior vice president of accounting and chief accounting officer, effective as of Oct. 23. Smith assumes the …
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Whistleblower Explains One Way Cloud Companies Can Cook Their Books
The company was accused of misleading accounting procedures last year by a whistleblower who reported his misgivings to authorities, Francine McKenna of Forbes writes. This wasn't the first time the red flag was raised over SuccessFactors's accounting.
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Accounting scholarship available
The National Society of Accountants Scholarship Foundation is offering scholarships to promising accounting students across the country. The Foundation awards scholarships to undergraduates who are United States or Canadian citizens enrolled part-time …
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PhillyDeals: Two Center City accounting firms will now be one
Two Center City corporate accounting offices that admired each other from across the street are moving in together. BDO USA L.L.P., a Chicago-based corporate accounting and business consulting firm, says it is acquiring Philadelphia accountants Asher …
Read more on Philadelphia Inquirer

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