accounting

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Pelosi's PAC Paid Husband's Firm $99K for Work

Transaction legal, but would have been banned by bill Dem Speaker supported

(Newser) - Nancy Pelosi paid her husband’s company $99,000 through her political action committee during the past 9 years, the Washington Times reports. Payments to Paul Pelosi’s Financial Leasing Services are routine fees for accounting and office-space rent payments, but would have been illegal under a bill Pelosi supported...

SEC Relaxes 'Fire Sale' Assets Rule

Aims to ease pressure by freeing assets from free-market value

(Newser) - The SEC is relaxing enforcement of a controversial rule in a bid to ease pressure on banks during the financial crisis, the New York Times reports. Current accounting rules require companies to value assets at a fluctuating fair market price. In the current financial chaos, values are rapidly heading south,...

Juggled Books at Freddie, Fannie Sparked Fed Takeover

Situation more dire than accounting revealed, probers found

(Newser) - Federal advisers pushed for a government takeover of Freddie Mac and Fannie Mae after discovering fuzzy accounting that failed to fully reveal the dire nature of the companies' financial situation, reports the New York Times. The practices, while not illegal, overstated the mortgage giants' capital cushions while attempting to delay...

Investors, Companies Benefit by Accounting Switch: SEC

Move to international standard will require 'massive effort,' US firms say

(Newser) - The Securities and Exchange Commission sees a smoother ride for American companies, and investors, in its plan for the US to adopt international accounting standards, the Wall Street Journal reports—though the shift would be an expensive, “massive effort,” some say, requiring new training from business schools on...

SEC Wants US Firms to Switch to International Accounting

Multinationals would change first under plan

(Newser) - The Securities and Exchange Commission is planning to require US companies to switch to international accounting rules, the Wall Street Journal reports. The body voted today to seek public comment on a plan for the transition, which would stagger requirements. Large multinational firms would be expected to voluntarily switch in...

Invisible Ink, Hidden Numbers Help Fuzzy Accounting

SEC complaint shows CFO used printouts to fool auditors

(Newser) - Sometimes high-stakes fraud doesn’t have to be high-tech. The former chief financial officer at a company now called Voyager Learning allegedly cooked the company's books by entering figures as white text on white background—the equivalent of invisible ink, Adam Jones notes in a Financial Times blog.

Feds Plan to Allow Foreign Accounting Rules

Critics slam 'outsourcing' of financial protections

(Newser) - Federal officials are proposing to loosen accounting regulations, allowing American companies to shift to international standards that offer more latitude in reporting earnings, the New York Times reports. The move would make businesses more competitive, the administration argues, but it would also effectively exempt them from the investor-protection measures instigated...

Lawsuit: ORU Leaders Stole $1B a Year

Dodgy account used to defraud IRS, renovate ex-president's home

(Newser) - Oral Roberts University leaders funneled $1 billion a year from the books for their personal use, a former accountant alleges in a lawsuit. The charges are the latest accusations of financial misdeeds to hit the college, the AP reports. The suit names former president Richard Roberts and his wife as...

Accounting Degrees Add Up
Accounting Degrees
Add Up
Jul 6, 2007 5:01 AM CDT

Accounting Degrees Add Up

Number-crunchers are BMOCs with companies desperate to fill slots

(Newser) - Accounting majors have become the most in-demand kids on campus, and prospective employers are wooing them with lavish parties, free vacations, and promises of handsome signing bonuses. Colleges aren't turning out enough number-crunchers to meet the growing demand, which has skyrocketed in the wake of stricter controls required by Sarbanes-Oxley,...

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