Community News news November 2006

Community News

Longtime Long Island CPA Firms Merge

A New York accounting and financial services firm acquired a Long Island competitor in November.Janover Rubinroit, LLC, of Garden City has incorporated Gilbert & Levy from nearby Baldwin into its practice. Gilbert & Levy's entire staff moved to Janover Rubinroit's main office in Garden City and will operate under that company name. Terms of the deal were not disclosed.The purchase of Gilbert & Levy follows Janover's 2004 acquisition of a two-partner firm in New York City.
A&A

Wanted: Creative Business Ideas - $100,000 Reward

Microsoft Corporation is conducting a nationwide contest looking for creative small business ideas. The contest, the Ultimate Challenge, is designed to ignite the spirit inherent in small business. It was announced in conjunction with the introduction of Microsoft Office Accounting Express 2007. "We know there are lots of great ideas out there from people just waiting to start their own business, and we want to make their dream come true," said Rajat Taneja, Microsoft general manager of Small Business Applications and Services.
Tax

Largest Accounting Firms See Coming Revolution in Business Reporting

As part of the Global Public Policy Symposium in Paris, held on November 8 and attended by key players concerned with ensuring the quality and reliability of financial reporting worldwide, the Chief Executive Officers (CEOs) of PricewaterhouseCoopers (PwC) International, Grant Thornton International, Deloitte, KPMG International and Ernst & Young, published a joint statement of their vision of what the future might hold for financial reporting and the accounting profession.
Community News

BKD Acquires Firms in Kansas City, Houston

A top 10 certified public accounting (CPA) firm has boosted its risk management services in the Texas market by combining its Houston office with an internal audit firm there.BKD, LLP, based in Springfield, Mo., announced the merger of its Houston office with Beacon Alliance, LP. Beacon Alliance, an audit and risk consulting company, will relocate its 13 professionals to BKD’s Houston location.
Community News

Firms Conduct School District Management, Accounting & Audits

Accounting firms are in the business of providing services to firms and organizations, even school districts, apparently. The Flint [Michigan] Journal reports that the firm Plante & Moran has signed a contract to perform the functions of their departed chief financial officer (CFO) until June 30, 2007, or until a new CFO is selected by the district. By the terms of the contract, Plante & Moran receive $14,000 a month, the salary and benefits for its former CFO, according to district officials.
Practice Management

Pennsylvania Firm Sells Audit Group to Regional Ally

One of the manifestations of regulations separating external accounting from internal auditing is that accounting firms some times find themselves shedding a division in order to grow.Such is the case for Beard Miller Company, LLP. The Pennsylvania-based CPA firm, which goes by bmc, announced the sale of its internal auditing and compliance division to McKonly & Asbury, LLP, also of central Pennsylvania.
Community News

Accounting Firms Grow By Needs, Regions & Mergers

The Big Four maintain a business focus that includes their more profitable clients and roles, allowing local and regional accounting firms to take on new clients and reap the revenue rewards. The St.
Community News

International Associations to Form Larger Alliance

Two major international accounting organizations, Mazars and Moores Rowland International, have agreed in principle to merge in 2007 as a larger, global association.Advertisement
Community News

Top 10 Firm Includes Sports Marketing in Growth Strategy

When you’re not Big Four but knocking on the door, you think big about advertising.
A&A

SEC, PCAOB Chairmen Differ Over SOX 404 Changes

Securities and Exchange Commission (SEC) Chairman Christopher Cox and the Public Accounting Oversight Board’s (PCAOB) Chairman Mark Olson were reported to be planning to meet, possibly as early as Sunday, to discuss differences in their approaches to revising Section 404 of the Sarbanes-Oxley Act (SOX), Reuters reports. Early in November the PCAOB sent a draft audit revision to the SEC that did not win SEC approval because it did not meet the concerns of small businesses, unnamed sources told Reuters.
Practice Management

Mark Your Calendar: New England Practice Management Conference

On Thursday, November 30 and Friday, December 1, the Massachusetts Society of Certified Public Accountants (MSCPA) is presenting their Annual New England Practice Management Conference at the Mohegan Sun Casino in Uncasville, Conn. The conference will cover a variety of practice management topics, from staff retention and partner compensation, to leadership skills and succession planning.
Community News

Accounting Firms Advise On Corporate Deals Worth Billions

Accounting firms have probably always been involved in corporate deals but building a presence has taken time, according to Accountancy Age. The Toshiba deal for British Nuclear Fuels plc is currently the largest deal involving any accounting firm, at $5.4 billion. Mr. Atsutoshi Nishida said in Toshiba’s prepared statement, “It is with pride and pleasure that we will start to work with Westinghouse, a prominent industry leader, in the strategic growth area of nuclear power.
Community News

PCAOB Adviser Implicated in Questionable Transaction

The former employer of a Public Company Accounting Oversight Board (PCAOB) advisor has filed an insurance claim blaming the board member for breaches of fiduciary duties regarding a real estate purchase.Advertisement
Technology

New Chairman, Members for IRS’ ETAAC

Five new members have been selected for the Electronic Tax Administration Advisory Committee (ETAAC). The group serves as a public forum for the discussion of electronic tax administration issues, supporting the goal of increasing electronic interactions between tax professionals and the Internal Revenue Service (IRS).
Tax

Standardized Income Trust Accounting Proposed

Although limited in clout, the Canadian Institute of Chartered Accountants (CICA) has proposed standard rules to make trust reporting more transparent, according to the Toronto Star. Income trusts have had been very popular, but intelligent comparison between trusts has been difficult, even for those carefully digesting financial reports and disclosures.
Practice Management

Accountants get another choice in professional liability insurance

The Navigators Group, an international insurance holding company, on Monday introduced APL InNAVation(sm) Accountants Professional Liability (APL) policy for accounting firms. “The accountants professional liability marketplace is underserved,” Brian Braden, Vice President of Navigators Pro, a division of Navigators Management Company, said in a prepared statement.
Community News

PwC Revenues Up 11 Percent

PricewaterhouseCoopers (PwC) released its 2006 Global Annual Review for the fiscal year ending June 30, 2006, which showed its network of worldwide firms revenues grew by 11 percent, to US$22 billion at constant exchange rates, including expenses reimbursed by clients. Net revenues were US$20.8 billion. There are no consolidated financial statements published for PwC firms, they publish the shared global information. PricewaterhouseCoopers refers to their network of separate and independent legal entity firm members of PricewaterhouseCoopers International Limited.
Tax

H&R Block Will Disclose More to Clients About Refund Anticipation Loans

H&R Block announced enhancements to its refund anticipation loan product that will inform clients about possible tax-related debt and the potential cost of the loans, the company announced Tuesday. In September, H&R Block announced that it could reduce costs by nearly 40 percent for clients who agreed to pay for the loans through the new H&R Block Emerald Prepaid MasterCard issued by H&R Block Bank.“Besides saving our clients money, we’re doing even more to make sure H&R Block customers receive the best service and disclosure in the industry,” said Mark A.
Community News

Moss Adams to Acquire Scottsdale Firm

Seattle’s Moss Adams LLP will grow larger and expand into a new market when it acquires Epstein Weber & Conover PLC of Scottsdale, Ariz., on Jan. 1, the company announced.The Seattle-based Moss Adams accounting and consulting firm is currently rated as 12th-largest in the U.S.
Community News

Asia-Pacific Business Forum Opens in Viet Nam

Ho Chi Minh City saw the opening of the Asia-Pacific Small and Medium-sized Enterprise (SME) Best Practice Forum last week. The Association of Chartered Certified Accountants (ACCA) is organizing the forum, according to VietNamNet Bridge. The Ho Chi Minh City People’s Committee reports that the two-day forum, “Promoting, supporting and investing in Asia-Pacific SMEs” is expecting some 500 attendees. This number includes 150 coming from other countries in the region, the ASEAN Federation of Accountants and The International Federation of Accountants (IFAC).