Blog Entries tagged 'Accounting'

CFOs lower plans to boost finance, accounting jobs

stephentaub@yahoo.com — Tue, 13 Sep 2011 23:00:00 +0100

Here is yet another reminder that job growth will continue to be slow for a period of time.

A survey by Robert Half found that an equal percentage of chief financial officers expect to boost hiring full-time accounting and finance professionals as those who plan to reduce their job ranks.

Just seven percent anticipate adding to their staff, offsetting the 7 percent that plan personnel reductions.

More significantly, Robert Half says this net 0 percent projection i [...]

SEC clears Zale...again

stephentaub@yahoo.com — Sat, 16 Apr 2011 23:00:00 +0100

The Securities and Exchange Commission told Zale it has completed its investigation of the company and does not intend to recommend any enforcement action.

"We are glad to share with our investors and employees that this matter is now behind us as we continue to focus on returning our business to profitability," said Theo Killion, Chief Executive Officer of the jewelry retailer, in a statement.

The SEC launched the investigation after the company restated it [...]

Netting proposal brings accounting convergence closer

denise.bedell@tc-worldwide.com — Sun, 30 Jan 2011 23:00:00 +0100

As a further step along the way towards accounting convergence, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have a proposal out for comment on netting financial assets and financial liabilities on the balance sheet—also known as offsetting.

When two companies that have a financial relationship (ie owe each other money) list on their balance sheet their rights and obligations to eac [...]

Verizon, AT&T change pension accounting

stephentaub@yahoo.com — Thu, 20 Jan 2011 23:00:00 +0100

Verizon Communications has changed the way its accounts for pensions and other post-employment benefits.

The telecom giant said the new policy recognizes gains and losses in the year they are incurred, rather than amortizing them over time. This will result in $20.2 billion in charges to prior earnings.

The company stresses that annual adjustments will be made to reflect the actual return on pension plan assets, changes in discount rates and differences from other actuaria [...]

Accounting, finance workers itching to change jobs

stephentaub@yahoo.com — Mon, 17 Jan 2011 23:00:00 +0100

Employers beware: Your accounting and finance employees are becoming restless.

A growing number are confident about their job security and plan to look for a new job. These are among the findings from the latest quarterly survey commissioned by The Mergis Group, a professional placement division of SFN Group.

More than three-fourths (78 percent) of accounting and finance workers are confident in their job security, as compared to 74 percent reporting confidence the third q [...]

Use existing software to ease 1099 reporting burden

denise.bedell@tc-worldwide.com — Mon, 27 Dec 2010 23:00:00 +0100

As companies come to terms with new 1099 reporting requirements, software firms are starting to build new solutions-or update their existing ones--to help make finance executives' lives a little easier.

The new 1099 reporting requirement that all vendors who supply more than $600 worth of goods or services within the tax year be sent a form 1099, which takes effect in 2012, could cause untold headaches for small, medium, and even large companies, given the vastly-increased reportin [...]

Cook the books or hit the curb?

denise.bedell@tc-worldwide.com — Sun, 26 Dec 2010 23:00:00 +0100

CFOs who cook the books are often bullied into it by overbearing CEOs that are looking out for their own equity stakes, according to a new piece of research by a group of global academics.

The research looked at why and when CFOs become involved in material accounting manipulations, and what factors increased the likelihood that CFOs would knowingly become involved in accounting fraud.

Academics Mei Feng, at the University of Pittsburgh, Weili Ge at the University of Washington, S [...]

Key accounting issues for 2011

stephentaub@yahoo.com — Tue, 21 Dec 2010 23:00:00 +0100

Credit Suisse Securities has sent clients a neat concise report detailing the "hot button" accounting issues for 2011that were discussed at the recent annual AICPA Conference on Current SEC & PCAOB Developments.

The report highlights four major topics: International Convergence, Liquidity, Contingencies and Restoring the Public Trust.

International Convergence: Credit Suisse points out that sometime next year-probably in the second half--the SEC will deci [...]

Ex-McAfee CFO's conviction overturned

stephentaub@yahoo.com — Sun, 12 Dec 2010 23:00:00 +0100

The US Appeals Court overturned the securities fraud conviction of the former chief financial officer at Network Associates (now called McAfee), who had been sentenced to a year and a day in prison.

In reversing the lower court's decision in the case involving Prabhat Goyal,, the Ninth Circuit Appeals Court rebuked the prosecutor and the judge in the case, asserting "The government shouldn't have brought charges unless it had clear evidence of wrongdoing, and the tria [...]

Little GAAP gets a mission: focus on lenders

denise.bedell@tc-worldwide.com — Sat, 11 Dec 2010 23:00:00 +0100

Private company accounting standards could end up being vastly different than their public equivalents, finally providing such companies with clear guidelines reflecting their distinct business landscape.

The standards-setting board for private company accounting standards-or Little GAAP as it is known-came one step closer to reality this week as the panel set up to design it fleshed out a number of details in a draft proposal to the Financial Accounting Foundation-parent organization t [...]

Google apps target small business

denise.bedell@tc-worldwide.com — Mon, 29 Nov 2010 23:00:00 +0100

It may not be as sexy as the latest iPhone or iPad apps, but Google is reaching out to small businesses with a new range of finance and management apps geared specifically at SMEs, and have promised to launch new small company tools each Tuesday.

In its first release, companies can take advantage of accounting and finance app Outright, which provides automated data gathering from various external sources, such as banks and payments service provider [...]

Surge in restatements, material weaknesses

stephentaub@yahoo.com — Sun, 21 Nov 2010 23:00:00 +0100

The number of financial reporting issues is on the rise this year, exceeding multi-year lows set last year.

In the first nine months of 2010, about 20 percent more companies filed restatements to correct accounting errors or reported internal-control weaknesses than in the first three quarters of 2009, according to a new study published by Glass Lewis.

Specifically, 74 companies issued restatements in the first three quarters of 2010, up from 55 during the comparable [...]

Small business in spotlight with accounting change, tax discussion

denise.bedell@tc-worldwide.com — Sun, 14 Nov 2010 23:00:00 +0100

Small business owners have much to ponder this week as tax cut discussions and a potential repeal of an onerous accounting change passed under the Health Care Reform Act hit the spotlight.

Much dialogue in the media this week has centered on how the Obama administration will address the extension of Bush-era tax cuts to top-tax-bracket taxpayers. Underscored as part of that conversation is the impact the withdrawal of those tax breaks will have on s [...]

SEC settles Reg FD charges with Office Depot

stephentaub@yahoo.com — Thu, 21 Oct 2010 23:00:00 +0100

The SEC has settled a rare Reg FD case with Office Depot and two of its executives, including its top finance exec.

The Securities and Exchange Commission also charged Office Depot with unrelated accounting violations.

Regulation FD requires that when issuers disclose material nonpublic information, they must make broad public disclosure of that information.

The SEC asserts that as they neared the end of Office Depot's second quarter for 2007, CEO Stephen A. Odl [...]

Another step forward for little GAAP

denise.bedell@tc-worldwide.com — Mon, 11 Oct 2010 23:00:00 +0100

The panel set up to look at establishing new accounting rules for private companies has completed its final public meeting and is one step closer to detailing how such rules should be developed.

The panel, set up at year-end last year by the Financial Accounting foundation (FAF), the American Institute of Certified Public Accountants, and the National Association of State Boards of Accountancy, made two major recommendations coming out of the final [...]

Accounting, finance starting pay to rise 3.1 percent

stephentaub@yahoo.com — Mon, 11 Oct 2010 23:00:00 +0100

The unemployment rate may be stubbornly stuck above 9 percent and workers in most professions are afraid to ask for raises and feel like they are doing a lot more for the same pay.

However, this is not the case with accounting and finance professionals. According to Robert Half International's 2011 Salary Guide, starting salaries in these fields are expected to rise an average of 3.1 percent in the coming year. Business analysts, tax accountants and financial analysts are amon [...]

Two accounting firms fined $1.7 million for audit

stephentaub@yahoo.com — Mon, 04 Oct 2010 23:00:00 +0100

Two accounting firms agreed to pay a total of $1.7 million and a certified public accountant (CPA) agreed to a permanent bar stemming from Commodity Futures Trading Commission charges of failing to audit properly a client that was earlier accused of fraud and misuse of customer funds.

According to the CFTC, McGladrey & Pullen, LLP and Altschuler, Melvoin & Glasser LLP and partner G. Victor Johnson II failed to properly audit Sentinel Management Group, a Northbrook, Ill.-ba [...]

Ex-Delphi treasurer settles accounting fraud charges

stephentaub@yahoo.com — Wed, 22 Sep 2010 23:00:00 +0100

The former treasurer of Delphi has settled civil accounting fraud charges in the Securities and Exchange Commission's four-year case.

John Blahnik, who served as Treasurer and Vice President of Treasury, Mergers and Acquisitions of the auto parts giant from 1998 to 2005, agreed to pay $100,000 in disgorgement and civil penalties. He also agreed to a five-year bar from serving as an officer or director of a public company.

Blahnik settled the Commission's claims wit [...]

Companies baulk at proposed accounting changes

denise.bedell@tc-worldwide.com — Sun, 19 Sep 2010 23:00:00 +0100

Companies across the US are signalling that they are not happy with proposed new accounting rules that would require them to disclose potential losses from pending class action lawsuits, and increase disclosure on potential liabilities from products and operations.

As many as 140 big name corporates—including Ford Motor, GE, McDonald’s, Google and HP—signed a response to the proposed accounting changes, saying that they oppose the [...]

KB Home cleared of accounting charges

stephentaub@yahoo.com — Wed, 01 Sep 2010 23:00:00 +0100

Finally some good news for KB Home.

The homebuilder said the Securities and Exchange Commission has concluded its investigation into the company's accounting and disclosures and does not plan to recommend any enforcement action. The letter from the regulator concludes the SEC's investigation, which began in October 2009.

"We are pleased to announce that the SEC has concluded its investigation," said Jeffrey Mezger, president and chief executive officer of [...]