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Keyword: accounting

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  • KPMG breaks ground on $400 million facility in Lake Nona; plans to hire 330 statewide (Florida)

    05/23/2017 4:04:37 PM PDT · by 2ndDivisionVet · 11 replies
    Florida Trend ^ | May 22, 2017
    Leading U.S. audit, tax, and advisory firm KPMG LLP today broke ground for construction of its $400 million learning, development, and innovation facility in the Lake Nona community of Orlando and forecasted hiring some 330 people statewide over the next three years. The firm announced on January 9 its commitment to create a 55-acre, state-of-the-art campus with 800,000 square feet of space for meeting, classroom, residential, and dining facilities. The campus will feature cutting-edge technology, including an innovation center that will support training and client engagement, and a heritage center to highlight the firm’s rich history and culture. KPMG expects...
  • FACT CHECK: Ben Carson Didn’t Find HUD Errors

    05/03/2017 7:45:18 AM PDT · by SeekAndFind · 43 replies
    FACT CHECK ^ | 4/19/2017 | By D'Angelo Gore
    Q: Did Housing and Urban Development Secretary Ben Carson find over $500 billion in accounting errors while auditing HUD’s financial statements?A: No. The errors were discovered and published by HUD’s independent inspector general before Carson became secretary.FULL QUESTION Is it true that Dr. Ben Carson has found a half trillion dollar error from the Obama administration since he has taken office?FULL ANSWER Readers have repeatedly asked us if Secretary of Housing and Urban Development Dr. Ben Carson initiated an audit of HUD’s financial statements and found more than $500 billion in accounting errors made by the Obama administration.That may be...
  • Fantasy Math Is Helping Companies Spin Losses Into Profits

    05/01/2016 12:18:04 PM PDT · by Lorianne · 34 replies
    New York Times ^ | 22 April 2016 | GRETCHEN MORGENSON
    Companies, if granted the leeway, will surely present their financial results in the best possible light. And of course they will try to persuade investors that the calculations they prefer, in which certain costs are excluded, best represent the reality in their operations. Call it accentuating the positive, accounting-style. What’s surprising, though, is how willing regulators have been to allow the proliferation of phony-baloney financial reports and how keenly investors have embraced them. As a result, major public companies reporting results that are not based on generally accepted accounting principles, or GAAP, has grown from a modest problem into a...
  • People Have Been Thrown in Prison for the Kinds of Stuff Carly Fiorina Engaged in as Lucent’s CEO

    09/29/2015 6:37:03 PM PDT · by 2ndDivisionVet · 16 replies
    Doug Ross @ Journal ^ | September 29, 2015
    While Carly Fiorina has unquestionable debate skills, the more I research her background, the more troubled I become. While it's clear that she is -- politically speaking -- somewhere to the left of Jeb Bush on policy, it is her business record that is most alarming. Let me start with a little history lesson and a company called Lernout & Houspie. Founded in 1987 by two Belgians, L&H went public in 1995 on NASDAQ and operated from U.S. headquarters in Burlington, MA. Specializing in voice recognition software, L&H rode the tech boom to a peak market valuation of $10 billion....
  • Japan Inc Rocked By Massive Accounting Fraud: Toshiba CEO Quits After 7 Years Of Cooked Books

    07/21/2015 9:07:59 AM PDT · by SeekAndFind · 23 replies
    Zero Hedge ^ | 07/21/2015 | Tyler Durden
    While Abenomics has been an unmitigated disaster for Japan's ordinary population, where the soaring stock market has benefited the top decile of the population while everyone has been slammed by a record 25 consecutive months of declining real wages and soaring input costs, there had been one bright spot: corporate earnings, which unlike in Europe or even the US, have been growing at a steady double-digit clip. What was surprising is that Japan was perhaps the one place where currency debasement was leading to an immediate flow through to rising EPS.Then on Friday, a report out of Reuters caught...
  • 401Ks (Vanity)

    05/01/2014 12:25:33 PM PDT · by TennesseeGirl · 47 replies
    Self ^ | 05/01/2014 | Tennesseegirl
    Questions about 401Ks.
  • New tax law to stop “cash accounting,” cost farmers big money

    03/04/2014 6:46:53 AM PST · by Sharkfish · 21 replies
    Southeast Farm Press ^ | February 26, 2014 | American Farm Bureau Federation
    Agricultural producers forced to switch from cash-basis to accrual-basis accounting under new laws would have to pay out as much as $4.84 billion in taxes during the next four years. Proposed changes to the tax code restricting the use of cash accounting by agricultural operations would reduce agriculture’s access to capital by as much as $12.1 billion over the next four years, according to Kennedy and Coe, LLC and Farmers for Tax Fairness. The study prepared by the independent research firm, Informa Economics, revealed that U.S. agricultural producers forced to switch from cash-basis to accrual-basis accounting under new laws would...
  • Major Flaws in New $70M Minn. Gov't Accounting System

    07/17/2013 8:12:58 PM PDT · by TurboZamboni · 2 replies
    KSTP ^ | 7-17-13 | Jay Kolls
    There are major flaws in the state's new $70 million accounting system known as "S.W.I.F.T." That is the assessment of the top auditor of Minnesota State Government. Legislative Auditor James Nobles tells 5 EYEWITNESS NEWS that the accounting system created serious delays in getting financial reports put together. Nobles says Minnesota missed its deadline and violated federal law when it did not get its final audits of all state agencies submitted to the Federal Government on time. Nobles says he is concerned that the accounting system problems are persisting even though "we have had several years to prepare for this...
  • IRS Loses Lawsuit Challenging Authority to Regulate Tax Preparers

    01/22/2013 5:55:26 AM PST · by tired&retired · 20 replies
    Accounting Today ^ | JANUARY 18, 2013 | MICHAEL COHN
    In a stunning blow to the Internal Revenue Service’s efforts to regulate the tax preparation profession, a federal judge struck down the IRS’s licensing requirements for tax preparers on Friday, including testing and continuing education. U.S. District Court Judge James E. Boasberg ruled against the IRS and in favor of the tax preparers in enjoining the agency against enforcing its Registered Tax Return Preparer requirements. “Today’s ruling is a victory for hundreds of thousands of tax preparers across the country and the tens of millions of taxpayers who rely on them to prepare their taxes,” said lead attorney Dan Alban....
  • New Obama security adviser clashed with military

    10/08/2010 12:05:49 PM PDT · by ColdOne · 13 replies
    Yahoo/Reuters ^ | Oct 8,2010 | Ross Colvin and Patricia Zengerle
    WASHINGTON (Reuters) – President Barack Obama will name close aide Tom Donilon as his new national security adviser on Friday in a move that could have implications for the struggli
  • Cramer's TheStreet.com Charged With Accounting Fraud

    12/18/2012 2:06:11 PM PST · by george76 · 18 replies
    Zero Hedge ^ | 12/18/2012 | Tyler Durden
    wonder if CNBC will finally cancel the ludicrous Jim "truth" Cramer campaign once this news breaks. We doubt it - ... SEC Charges Financial Media Company and Executives Involved in Accounting Fraud. Washington, D.C., Dec. 18, 2012 — The Securities and Exchange Commission today charged a digital financial media company and three executives for their roles in an accounting fraud that artificially inflated company revenues and misstated operating income to investors. ... The SEC alleges that TheStreet Inc., which operates the website TheStreet.com, filed false financial reports throughout 2008 by reporting revenue from fraudulent transactions at a subsidiary it had...
  • Official Accounting: $10T Withdrawn From U.S. Treasury This Fiscal Year Alone

    09/06/2012 6:49:22 PM PDT · by Nachum · 14 replies
    CNS News ^ | 9/6/12 | About Us Resources Send Tips Donate RSS CNSNews.TV On the Spot On
    (CNSNews.com) - Although the Congressional Budget Office estimates that the federal government will spend $3.563 trillion in fiscal year 2012 and the White House Office of Management estimates it will be $3.795 trillion, actual withdrawals from the U.S. Treasury have already exceeded $10 trillion. In fact, as of the close of business Wednesday, withdrawals from the Treasury equaled $10,201,615,000,000 for fiscal 2012, which began on Oct. 1, 2011 and will end on Sept. 30. According to the Daily Treasury Statement--the official daily accounting sheet for the federal government—withdrawals from the Treasury exceeded $10 trillion this year on Aug. 30, when...
  • Obama's Chicago Style Accounting

    05/25/2012 7:24:01 AM PDT · by NOBO2012 · 1 replies
    Michelle Obama's Mirror ^ | 5-26-2012 | MOTUS
    ...OK, now I get it – we’re playing by government rules. It’s like Chicago rules only better. Here’s all you need to know: if generally accepted accounting principles (GAAP) were good enough for government work, we wouldn’t have had to invent generally accepted government accounting principles (GAGAP). But you already knew that your government operates by it’s own rules, didn’t you? Anyway, in case you were wondering why you’re just now hearing that the national deficit is actually 6 times higher than previously reported, it’s because of the golden rule. Using these special government rules, we don’t have to count...
  • In need of Freeper help with changing my accounting software.

    04/13/2012 12:12:12 PM PDT · by w4women · 15 replies
    vanity | 4/13/12 | me
    I use Quickbooks (Intuit) in my business. After learning about their decision to cut ties with the American Legislative Exchange Council, or ALEC, I must change my software provider and was looking for some recommendations from the smartest people in the world. Thanks in advance.
  • Accountant Admits Forging Cheques by Adding ‘1’ on Left Side of Amount

    03/16/2012 6:19:18 PM PDT · by nickcarraway · 7 replies
    Emirates 24/7 ^ | Thursday, March 15, 2012 | Eman Al Baik
    Accountant has embezzled Dh656, 854 by forging chequesA Tunisian accountant is facing 27 charges all related to embezzlement of approximately Dh656, 854 from her employer from 2009 to 2011, the Dubai Criminal Court heard. In addition to embezzlement, MBS, 33, is accused of forging cheques and bonds. Her employer, Ehab Ahmad Fathi, 44, businessman, Emirati, testified that he recruited MBS in his engineering office as accountant at the end of 2009. “Due to work-related problems occurred between her and another accountant in the office, the later was terminated in February 2010. I retained MBS as she holds a higher degree...
  • The Federal Balance Sheet Understates Our Problem

    y DAVID M. WALKER, The Fiscal Times December 30, 2011 In Washington, if you want to make something public while minimizing press attention, you should release it on a Friday. The current Administration topped that by issuing the consolidated financial statements of the U.S. Government, which included the Government Accountability Office's (GAO) related independent audit report on the Friday before Christmas when the public was focused on the holiday season and key policymakers were either headed out of town or already gone. The report was simply posted on the Internet and provided to the press on request and without any...
  • Uncle Sam’s Books Would Land CEOs in Jail. A Peek at how they Cook the Books.

    04/15/2011 6:53:50 AM PDT · by SeekAndFind · 9 replies
    National Review ^ | 04/15/2011 | Deroy Murdock
    Imagine that Uncle Sam suddenly morphed into Samuel Smith, CEO of Federal Enterprises, Inc., a conglomerate with 2.8 million employees in 2009, $2.2 trillion in revenues in 2010, and a proposed budget of $3.7 trillion for 2012. If this private company were run the way Washington works, newspaper headlines soon would scream: “MR. SMITH GOES TO ATTICA.” Washington’s routine accounting methods would trigger indictments against similarly behaved business executives. In fact, people have been convicted for operating as Washington has for decades. • Consider the Obama administration and the previous Democratic Congress’s mishandling of $500 billion in Medicare funds. If...
  • How to Get More Blacks and Latinos in Accounting

    Professional choices for Black, Latino and American Indian college students can seem limited; the students are often more interested in popular or high-status occupations or professions they know well through their parents, family and friends. Accounting continues to lack significant racial/ethnic diversity, which is a real challenge for accounting firms as they try to relate to increasingly diverse clients. Latinos comprise only 3 percent of the CPA profession and Blacks account for only 1 percent, according to the American Institute of CPAs. Data about new hires that were CPAs shows 4 percent were Latino, 4 percent were Black, and just...
  • Compensation Watch ‘10: Deloitte Wants to Keep Up with the Joneses

    10/26/2010 5:52:03 AM PDT · by Eepsy · 1 replies
    Going Concern ^ | 22 Oct 2010 | By CALEB NEWQUIST
    Or the Kylnvelds, Ernsts, Coopers (aka “c”). Take your pick.From the mailbag: All staff just received a voicemail from the firm stating that they will be performing a salary adjustment for all staff 2nd year through manager as they have realized the marketplace is providing different salaries than expected and would like to stay competitive. No word on amounts, one on one meetings with partners are occurring in the next week. This little Friday Surprise was brought to you by Carlos Sabater (listen to the full message below) and the salary adjustment will be for audit professionals only. We’ll definitely...
  • Unions are desperate for a tax-paid pension bailout( unions need a bailout and fast)

    10/19/2010 11:13:59 AM PDT · by goldendays · 34 replies
    washingtonexaminer.com ^ | 10/18/2010 | Mark Hemingway
    When it comes to accounting, the devil is in the details. A new Financial Accounting Standards Board (FASB) rule taking effect in December requires greater transparency for union pension plans and threatens to bankrupt organized labor. In order to survive, unions need a bailout and fast. This presents a political problem -- if unions go bankrupt, so do Democrats. Eleven of the top 20 largest political contributors are labor unions, and nearly all of that money is spent campaigning against Republicans. By bailing out unions, Democrats are bailing out themselves. Unions have known for years that their multiemployer pension plans...