Earnings management represents deliberate actions by managers to bring about desired financial outcomes. To help accounting professionals become more knowledgeable about earnings management, this article describes an intriguing and long-standing form of earnings manipulation known as cosmetic earnings management (CEM). The article also explains a method of testing for the presence of CEM as well as results showing the change in the incidence of this form of earnings management following the enhanced scrutiny of financial reporting in recent years. The results shown in this article seem to suggest that CEM no longer presents a problem to the profession. Without doubt, CEM is not as widespread as it once was, at least not in the 2003-2006 time period examined. The findings for the general...
Kanawha County Commissioner Dave Hardy wants small municipalities to adopt computerized accounting to help deter future financial troubles. Hardy wants the commission to pay for computers and servers to be used by small towns to keep financial records.
As the economy works through its challenges there will be a need for CPAs to help address, manage, and solve the financial outcomes. Long past are the days when accounting, audit, and tax were the basic description of the profession. Today's CPAs can also find challenges in fraud investigation, financial planning, and computer technology, to name just a few of the expanding areas. This article will explore a few of the diverse and interesting specialized areas that have recently evolved. CPAs have consistently adapted to the changing information and service needs of clients and their employers. The profession offers a far-reaching spectrum of career opportunities, well beyond the core accounting training at the CPA's foundation. By taking on new challenges and studying related technical...
Christian Evangelistic Economic Development of Pittsburgh will get $600,000 in grants to help struggling small businesses in Southwestern Pennsylvania, the organization announced Wednesday. The Highland Park-based nonprofit received $300,000 from the Commerce Department's Economic Development Administration to provide financial literacy training, help with setting up accounting books and other technical assistance for so-called microenterprises -- business that usually five or fewer employees. It also received $300,000 from the Heinz Endowments.
Accountants and their clients - Includes related article on enlisting expert services to help clients Accounting firms can maintain and improve their focus on providing clients with the services they need by using periodic performance reviews and questionnaires to determine client expectations. A checklist can be used to identify services that the client may need, and performance reviews can help the firm identify strengths, weaknesses and priorities. Management consulting services that interpret financial data can help clients improve their productivity. Accounting firms can help clients enlist the services of expert consultants as well.
For an asset-based lender (ABL), inventory presents numerous challenges and concerns. Although borrowers often pledge inventory as loan collateral, the amount shown on their balance sheets isn't always accurate. As you can see, there are plenty of ways to get in trouble with inventory, and even the borrower's general approach to inventory accounting can make things difficult. Strong inventory management is a defining characteristic of top retailers, manufacturers, distributors and contractors. A borrowers inventory-management program is only as reliable as its underlying data. Although generally accepted accounting principles requires them annually, physical inventory counts are more than a compliance issue. Inventory accounting is outside the comfort zones of most lenders. But independ...
...Inventory-management software can help borrowers balance these conflicting objectives by ... inventory is out of whack is unusual financial statement trends. For example, lenders might notic...
JACKSON - Mississippi Public Service Commission chairman Lynn Posey said Thursday it would cost the state less than $250,000 a year if the PSC were allowed to hire three new staff members. Commissioners want people with expertise in law and accounting who can help evaluate financial information about utility companies.
A new year has begun, a time when many of you renew your personal and professional commitments. The same is true for the Institute of Management Accountants (IMA). The author wants to remind the members about a few of IMA's current products and services that are designed to improve productivity and enhance the potential of organizations. IMA is on a path to continuous improvement using business best practices, and the author believes there is inherent value that perhaps not all members are familiar with. IMA offers live Inside Talk Webinars for free. These monthly events cover topics that help improve efficiency and effectiveness, such as lean accounting, planning and budgeting, financial leadership, and more. Through its professional publications, IMA has developed roadmaps to help can...
The case examines how a physical therapist started an exercise equipment and personal fitness business: Fitness Pro. Eventually, the son takes over the business and moves it to the Hilton Head Island, South Carolina, and Savannah, Georgia, areas of the Southeast United States. As the business begins to grow, the founder's son looks for growth opportunities that fit his business model. He finds it in a similar business located in Tallahassee, Florida: Fitness Master. As these two businesses merge into one named Fitness Pro, they later start a new business in Jacksonville, Florida. Within a few years, the business has three retail stores in Savannah, Tallahasee, and Jacksonville, and several outside sales staff who focus strictly on commercial accounts. With growth, however, comes growing...
...Lee took over the financial and operational side of the business as chief fina...Companies help to protect themselves against these lawsuits by pu...
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