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Keyword: accounting

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  • 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 · 12 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 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, 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
    ( - 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 ^ | 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...
  • Even Harry Potter Pic Loses Money Because Of Warner Bros' Phony Baloney Net Profit Accounting

    07/07/2010 11:17:18 AM PDT · by C19fan · 26 replies
    Deadline Hollywood Daily ^ | July 6, 2010 | Nikki Finke
    Signing a deal that makes anyone a net profit participant in a Hollywood movie deal has always been a sucker’s bet. In an era where studios have all but eliminated first dollar gross and invited talent to share the risk and potential rewards, guess what? Net profit deals are still a sucker's bet. I was slipped a net profit statement (below) for Harry Potter and The Order of the Phoenix, the 2007 Warner Bros sequel. Though the film grossed $938.2 million worldwide, the accounting statement below conveys that the film is still over $167 million in the red.
  • Henry Waxman's War on Accounting

    04/01/2010 12:40:50 AM PDT · by Nachum · 21 replies · 1,135+ views
    the atlantic ^ | 3/31/10 | Megan McArdle
    Accounting basics: when a company experiences what accountants call "a material adverse impact" on its expected future earnings, and those changes affect an item that is already on the balance sheet, the company is required to record the negative impact--"to take the charge against earnings"--as soon as it knows that the change is reasonably likely to occur. This makes good accounting sense. The asset on the balance sheet is now less valuable, so you should record a charge. Otherwise, you'd be misleading investors. The Democrats, however, seem to believe that Generally Accepted Accounting Principles are some sort of conspiracy against...
  • Former Lehman Executives ‘Giggle’ at ‘Nonprofessionals’ Who Think Losing Billions ....

    03/19/2010 8:14:01 PM PDT · by TigerLikesRooster · 30 replies · 838+ views
    NYmag ^ | 03/17/10
    * 3/17/10 at 10:58 AM Former Lehman Executives ‘Giggle’ at ‘Nonprofessionals’ Who Think Losing Billions of Dollars Is a Big Deal How do you think former Lehman Brothers executives felt about the recently released report on the firm's failure that reveals, among other things, the firm used a weird accounting practice known as "Repo 105" to move $50 billion of toxic mortgage assets off its books in order to make its balance sheet look healthier? Embarrassed? Regretful? Are they thinking to themselves Wow, in retrospect, that does look pretty bad. What were we thinking? Not really, no. This morning's Post...
  • British firm Ernst & Young accused of 'professional malpractice'

    03/12/2010 2:15:26 PM PST · by Niuhuru · 6 replies · 336+ views
    Daily Mail ^ | 5:16 PM on 12th March 2010 | Daily Mail Reporter
    One of Britain’s biggest companies could face legal action over the $700 billion collapse of Lehman Brothers, a scathing report revealed today. Accountancy giant Ernst & Young failed to challenge the book-keeping 'gimmicks' the American investment bank was using to stay afloat, according to report author Anton Velukas. He concludes that the British firm been 'negligent' and that Lehman could pursue claims against the firm for 'professional malpractice'. It is also revealed that one of the UK's leading law firms gave Lehman the green light to use the accountancy gimmick - known as 'Repo 105' - in the first place....
  • Time For Sunshine, Fannie And Freddie

    03/11/2010 5:13:01 PM PST · by raptor22 · 3 replies · 255+ views
    Washington Examiner ^ | March 11, 2010 | Editorial staff
    Next Tuesday is James Madison's birthday and National Freedom of Information Act Day, the high point of Sunshine Week celebrations of the public's right to know. Madison enshrined that right with the First Amendment's guarantee of an independent press. President Obama could use the occasion to strike a major blow for transparency with one simple directive: He could tell the Federal Housing Finance Agency to drop its nonsensical claim that it doesn't have to make public Fannie Mae and Freddie Mac documents, especially those concerning federal campaign contributions made on behalf of the two agencies in the years leading to...
  • Business accounting software advice needed (DBA)

    03/03/2010 5:47:23 PM PST · by MaxMax · 41 replies · 514+ views
    3/3/2010 | MaxMax
    Hello fellow DBA and other small business owners, I'm seeking advice about accounting software for small business operations. I've used Quickbooks for decades and I'm looking for a new application since my business has upgraded to Win-7, which is WOW btw. QB has become a tiresome and time consuming ordeal since the old school support has become a memory of the past. What app do you use and how long? Does it fare well with small DBA’? And any other input would be gratefully appreciated.
  • Obama Administration Using Accounting Gimmicks That Would Make Enron ‘Blush,’

    02/25/2010 1:00:17 PM PST · by Nachum · 1 replies · 287+ views
    cns news ^ | 2/25/10 | Christopher Neefus
    ( – Rep. Jeb Hensarling (R-Texas) says the Obama administration is using an accounting “gimmick” in its budget by not including the debt owed by mortgage firms Fannie Mae and Freddie Mac. “The accounting gimmicks that are used today would make an Enron and WorldCom accountant blush,” Hensarling told reporters. “The American people know that under the policies of this administration—under the policies of this Congress—we are drowning in a sea of red i
  • You've posted a total of 54 threads and 17,495 replies.

    12/31/2009 11:36:13 PM PST · by napscoordinator · 148 replies · 2,938+ views
    Free Republic ^ | 1 January 2010 | NAPSCOORDINATOR
    Have not done this in a while and I know we all love it lol. I have been posting this every now and again, but don't believe I have seen one this year. :) Let's just have a fun post today.
  • Video: Sebelius Praises Abortion Accounting Trick in Senate Bill

    12/22/2009 1:27:56 PM PST · by Nachum · 17 replies · 735+ views
    YouTube ^ | 12/22/09 | morgenr
    Secretary Kathleen Sebelius discusses abortion coverage in the Senate health bill with a representative from BlogHer on December 21, 2009
  • Wanted: Black & Latino Accountants (For color of skin or content of character?)

    11/25/2009 11:08:22 AM PST · by flowerplough · 8 replies · 507+ views
    DiversityInc ^ | 24 Nov | Sam Ali
    ... recent study, "Minorities in Tax 2010," conducted by TaxDiversity, a web site dedicated solely to issues of diversity in the accounting profession. Although some noticeable progress has been made between 2002 and 2008, "the accounting profession has made very limited strides in both attracting and advancing minorities within the field," the study finds. Among the study's key findings: * Overall, white people are exiting the tax profession at a faster rate than many other professions. * Even though the number of Blacks in the public accounting profession has increased by 25 percent between 2002 and 2008, they still only...
  • Goodbye to Reforms of 2002

    11/14/2009 10:08:36 AM PST · by neverdem · 4 replies · 454+ views
    NY Times ^ | November 6, 2009 | FLOYD NORRIS
    It took just five weeks after the WorldCom accounting scandal erupted in 2002 for Congress to pass, and President George W. Bush to sign, the Sarbanes-Oxley Act. That... --snip-- The House Financial Services Committee this week approved an amendment to the Investor Protection Act of 2009 — a name George Orwell would appreciate — to allow most companies to never comply with the law, and mandating a study to see whether it would be a good idea to exempt additional ones as well. Some veterans of past reform efforts were left sputtering with rage. “That the Democratic Party is the...
  • Digitized inscriptions reveal ancient messages

    11/10/2009 11:44:46 PM PST · by neverdem · 14 replies · 1,208+ views
    LA Times via ^ | November 8, 2009 | Duke Helfand
    Four thousand years ago, a government bureaucrat in Mesopotamia jotted down a tally of slave laborers on a clay tablet. The bureaucrat left behind the count in wedge-shaped symbols that proved hard to fully decipher with the naked eye. Until now. Researchers at the University of Southern California's West Semitic Research Project have helped uncover its hidden narrative with the aid of lighting and imaging techniques that are credited with revolutionizing the study of ancient texts. Over the last three decades, the USC project has produced thousands of crisp images of inscriptions and other artifacts from biblical Israel and other...
  • Washington: First in War, Peace -- and Accounting

    10/12/2009 9:55:54 AM PDT · by BGHater · 9 replies · 474+ views
    The Washington Post ^ | 12 Oct 2009 | Joel Achenbach
    Vast Cache of Financial Papers Is Rich in Details One day in 1791, President George Washington received a bill for 60 pounds, 1 shilling and 7 pence from his physician friend James Craik, who regularly made the rounds at Mount Vernon. The invoice ran two pages: "Anodyne Pills for Breachy . . . Laxative Pills for Ruth . . . syphilic Pills for Maria . . . oz 1 Antiphlogistie Anodyne Tincture . . . Bleeding Charlotte . . . oz 4 Powdered Rhubarb . . . Extracting one of your Negroes tooth . . . a Mercurial Purge for...
  • Colonial Bank Failure Highlights the Problem

    08/23/2009 10:32:33 PM PDT · by crosstimbers · 4 replies · 723+ views
    Seeking Alpha ^ | August 23, 2009 | Jeff Nielson
    The bankruptcy of Colonial Bank (CNB) was the largest bank-bankruptcy in the U.S. since several large, U.S. financial institutions collapsed last year – with the most recent being Washington Mutual, last fall. However, there is one huge difference between the mega-bankruptcies of last year and the collapse of Colonial Bank a week ago. During the large bank-failures of 2008, the acquiring institutions wrote-down the “assets” on the books of these banks by an average of 18% - according to a Bloomberg article. However, when BB&T Corp purchased Colonial, it immediately wrote-down Colonial's assets by 37%, double the amount of discounting...
  • Dan Ferris on one of the biggest accounting scams in America

    07/24/2009 6:06:00 AM PDT · by sdw2009 · 3 replies · 546+ views
    Even beleaguered Ford Motors has found it easy to "make" money once again. It reported a $2.3 billion second-quarter profit...
  • Labour’s Hidden Debt — And How not to Fix It

    06/30/2009 2:40:07 PM PDT · by Jbny · 218+ views
    Commentary Magazine ^ | June 30th, 2009 | Ted R. Bromund
    If the government wants to spend money on a program — presuming it’s unwilling to simply roll the printing presses — it must choose between two ways of acquiring the needed funds. It can borrow the money, or it can raise it through taxation. Neither source is ideal. The disadvantage of raising taxes is obvious. The disadvantage of borrowing stems from markets taking notice, and — if you do it often and irresponsibly enough — punishing you for it.
  • Banks Given More Leeway In How They Value Toxic Assets

    04/02/2009 9:40:30 AM PDT · by TeleStraightShooter · 35 replies · 1,078+ views
    CNBC ^ | 2009.4.2 | ap
    The board that sets U.S. accounting standards on Thursday gave companies more leeway when valuing assets, providing a potential boost to battered banks' balance sheets. The independent Financial Accounting Standards Board voted to adopt new guidelines under the so-called mark-to-market accounting rules, which require companies to value assets at prices reflecting current market conditions. The board was meeting at its headquarters in Norwalk, Conn. The changes will allow the assets to be valued at what they would go for in an "orderly" sale, as opposed to a forced or distressed sale. The new guidelines will apply to the second quarter...
  • Accounting: a Narrative Art? (new accounting method?)

    03/16/2009 9:56:28 AM PDT · by TigerLikesRooster · 4 replies · 279+ views
    CFO ^ | 03/13/09 | David M. Katz
    Accounting: a Narrative Art? If U.S. GAAP becomes principles-based, financial executives would do well to become students of Mother Goose. David M. Katz - | US March 13, 2009 The move to a principles-based accounting system is likely to demand that corporate finance executives be good yarn-spinners, speakers at the annual CFO Rising conference said. A system less like the rules-based U.S. generally accepted accounting principles (GAAP) and more like the judgment-focused international financial reporting standards (IFRS) would draw more heavily on the narrative skills of finance executives, according to David Sherman, a professor of accounting at Northeastern University....
  • Lawmakers Press SEC, FASB on Mark-to-Market Change

    03/12/2009 10:24:31 AM PDT · by pleikumud · 11 replies · 777+ views ^ | March 12, 2009
    Top US lawmakers said Thursday that Congress would take action if accounting regulators and rulemakers failed to quickly improve the mark-to-market accounting standard that has forced banks to record billions of dollars in asset writedowns. "If the regulators and standard setters do not act now to improve the standards, then the Congress will have no other option than to act itself," Paul Kanjorski, the chairman of the US House capital markets subcommittee, told a hearing he called to examine the accounting standard. The Financial Accounting Standards Board is working on new guidance to help banks determine whether a market is...
  • Why Mark-To-Market Accounting Rules Must Die

    03/06/2009 6:24:22 AM PST · by AJ in NYC · 36 replies · 632+ views ^ | 02.24.09 | Brian S. Wesbury and Robert Stein
    We have been accused of beating a dead horse when it comes to our support for either suspension of, or targeted relief from, market-to-market accounting. And we suppose after writing thousands of words, producing videos and giving speeches about the issue, some might be tempted to let it go. But we can't do that, especially when the government continues to spend trillions of dollars and is coming very close to bank nationalization. Article Controls email print reprint newsletter comments (59) share Digg It! yahoo Facebook rss Yahoo! BuzzThis is a real shame. Suspending mark-to-market accounting could fix major problems...
  • China's Accounting: The Next Debacle?

    02/13/2009 8:28:21 AM PST · by publius321 · 11 replies · 594+ views
    China's Accounting: The Next Debacle? Speaking of China, I’m going to tell you now, long before all the media experts tell you that - THEY – “told you so first”. China is a ticking ACCOUNTING time bomb. You think we’ve had accounting scandals, wait till you get a load of China. Within the next few months to a year, sagacious media “experts” will be telling you
  • OLSON: Red ink [Accounting firms cannot be trusted]

    01/08/2009 5:10:32 PM PST · by smokingfrog · 5 replies · 547+ views
    Washington Times ^ | Jan. 9, 2009 | Carl Olson Op-Ed
    The odds 10,000 to 1 are not good for the public's financial health. Every one of the well-known debacle companies had CPA auditors who said the financial statements were just fine. For AIG it was PricewaterhouseCoopers. Lehman Brothers (the largest bankruptcy in American history) had Ernst & Young. Fannie Mae's fiascos were OK'd by Deloitte & Touche. KPMG was responsible for Countrywide. The $50 billion Madoff Ponzi scheme somehow could not be detected by numerous CPA auditors for its investors. Is the loss to the investing public $1 trillion, $2 trillion, or more? How many life savings are destroyed? How...
  • 'Mark to market' accounting should stay, SEC report says

    12/30/2008 7:09:52 PM PST · by rabscuttle385 · 23 replies · 876+ views
    The Los Angeles Times - Money & Co. ^ | 2008-12-30 | Tom Petruno
    Bankers who've been seeking Congress’ help to suspend "mark to market" accounting rules lost a battle today: The staff of the Securities and Exchange Commission recommended in a report that mark-to-market rules should be maintained, although "improved." The report had been ordered up by Congress in October as part of the financial-system bailout. The banking industry asserts that mark-to-market, or fair-value, accounting worsened the financial crisis. The rules require require financial institutions to value securities on their books at current market prices, even if the securities don't mature for many years.
  • T.J. Rodgers: My Financial Statements Are a Mystery, Even to Me

    12/03/2008 8:36:38 AM PST · by giant sable · 26 replies · 620+ views ^ | December 03, 2008 | T.J. Rodgers
    Why are the Pharisees of Accounting in the U.S. trying so hard to destroy American business? Having crippled high tech entrepreneurship and made it nearly impossible for any U.S. company to ‘go public’, the people who set the rules of financial disclosure are now making corporate financials so obscure that investors literally have no way of knowing the financial condition of their companies.
  • Mark-to-Market Mayhem [nice bailout backgrounder]

    09/25/2008 2:32:25 PM PDT · by NativeNewYorker · 18 replies · 532+ views
    To a supporter of capitalism and free markets, the current debate over a Treasury Department proposal for a $700 billion fund to purchase illiquid assets, is troubling on many fronts. First, a temporary and targeted change in mark-tomarket accounting rules could help solve the current financial market problems at much lower cost. But this alternative has been dismissed with very little in the way of debate. Second, when the public hears that the government must save the economy from capitalism run amok, it loses faith in our free market system. In other words, the huge Treasury proposal has accelerated the...
  • Mark-to-Market Isn’t to Blame

    09/25/2008 5:07:27 PM PDT · by rabscuttle385 · 10 replies · 422+ views
    City Journal & The Manhattan Institute ^ | 2008-09-25 | Nicole Gelinas
    The credit meltdown has spawned a few false villains, and one is “mark-to-market” accounting. Too many observers—including Congress’s Republican Study Committee—think that if we just suspend the accounting rule that requires financial firms to report certain investments at fair market value, then the crisis will go away. But accounting isn’t the culprit here.
  • How We Can Clean Up A Lot of the Economic Problems (Dave Ramsey's plan)

    09/24/2008 7:43:10 PM PDT · by dynachrome · 10 replies · 249+ views ^ | 9-24-08 | Dave Ramsey
    Economist Wesbury is saying that if we change that one rule and don't force them to mark down to market value and just let them hold on to all the stuff, and say just on sub-primes for this period of time you can change that rule -- a temporary change -- that'll free the market up. It's seized right now; it's frozen. This will thaw it out and get it going again. He says that'll solve 60% of the problem ... and I think he's right.
  • FASB Votes To Remove QSPE Concept From FAS 140, FIN 46R (Death to bank SIVs)

    04/05/2008 8:12:57 AM PDT · by 2banana · 8 replies · 1,646+ views ^ | April 2nd, 2008 | FASB
    FASB Votes To Remove QSPE Concept From FAS 140, FIN 46R Yesterday (April 2, 2008), FASB voted to remove the Qualified Special Purpose Entity (QSPE) concept (used for some securitizations) from FAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and to remove the related scope exception from FIN 46R, Consolidation of Variable Interest Entities (VIEs). In addition to removing the QSPE concept, the board also approved amendments to the derecognition criteria in paragraph 9 of FAS 140 (changes shown in redline form on pages 1-2 of the board handout), and agreed to provide guidance...
  • McReynolds talks TxDOT at First Friday luncheon

    03/11/2008 1:24:51 PM PDT · by Tolerance Sucks Rocks · 4 replies · 407+ views
    Diboll Free Press ^ | March 12, 2008 | Jerry Gaulding
    Senior executives of the Texas Department of Transportation can expect some heavy grilling from state legislators when the state Legislature convenes next January, state Rep. Jim McReynolds said Friday. Speaking to the monthly First Friday luncheon of The Chamber, Lufkin-Angelina County, McReynolds said many legislators, especially those from rural East Texas, are unhappy with TxDOT leaders over the Trans- Texas Corridor project and how it has incorporated plans for an Interstate 69 through the region. McReynolds said he attended all four of the TxDOT hearings on the TTC held in his district, which included one in Diboll, and "never heard...
  • Business by numbers

    ALGORITHMS sound scary, of interest only to dome-headed mathematicians. In fact they have become the instruction manuals for a host of routine consumer transactions. Browse for a book on and algorithms generate recommendations for other titles to buy. Buy a copy and they help a logistics firm to decide on the best delivery route. Ring to check your order's progress and more algorithms spring into action to determine the quickest connection to and through a call-centre. From analysing credit-card transactions to deciding how to stack supermarket shelves, algorithms now underpin a large amount of everyday life. Their pervasiveness reflects...
  • Red flags for years on tax theft suspect ( $ 10 Million from Taxpayers )

    05/16/2007 8:07:56 AM PDT · by george76 · 35 replies · 2,056+ views
    Rocky Mountain News ^ | May 16, 2007 | Alan Gathright
    But complaints fell on deaf ears, ex-employee says. Michelle Cawthra, the state tax department supervisor accused of stealing $10 million of public funds, was abusive and demeaning to subordinates for years, according to a worker who quit over what he called her "dysfunctional management." But despite employees' repeated complaints to top management, Cawthra seemed untouchable, James McClarnon said. "The management of Michelle Cawthra and (her boss) Janet Swaney has made Income Tax Accounting into the most dysfunctional section I have ever worked in," McClarnon, 49, wrote in an exit interview. McClarnon, a tax supervisor who reported to Cawthra, quit March...
  • Dell Shares Slide in After-Market on Audit Panel Findings

    03/29/2007 1:48:12 PM PDT · by farlander · 15 replies · 324+ views
    CNBC ^ | 3/29/2007
    The company said after U.S. markets closed that an audit panel had found accounting errors and evidence of misconduct. Dell also said it will delay filing its Form 10-K until it has completed an internal investigation.