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Accounting News Roundup: Something About a Winter Storm; The Future of Accounting; Big 4 Evolution| 02.02.11

Huge winter storm slams U.S. Midwest, Northeast [Reuters]
The storm, touching some 30 states and a third of the U.S. population, stretched from New Mexico to Maine and included another blast of winter in New York City. Power was cut to hundreds of thousands of people. The morning commute in New York was disrupted by the weather, preventing some financial traders from getting to work. “Trains are running on weekend schedule and most traders can’t even get out of their homes,” said Thomas di Galoma, head of fixed-income rates trading at Guggenheim Securities in New York.

Weather Service Web site falters at critical time [Federal Eye/WaPo]
Seems about right.

Intuit 2020 Report Depicts Future of the Accounting Profession [BusinessWire]
Agility and flexibility will be paramount to the future of the accounting profession, as technology and demographic shifts transform the way people work and live, the report found. In 2020, accounting practitioners will not only have changed the way they work, but also the work that they do, as consumers and businesses turn to accounting and tax professionals for competitive strategies to navigate the global marketplace.

Probe into $400m SEC office leasing contracts [FT]
The US Securities and Exchange Commission signed leases for $400m of office space without circulating the contract for competitive bidding, as would normally be required. In internal papers filed to justify its decision, the SEC said the “unusual and compelling urgency” of its requirements for 900,000 sq ft of space “supports award of the lease without full and open competition”. The SEC issued the justification for the leases last summer, two weeks after Congress passed the Dodd-Frank financial reform act, which authorised lawmakers to double the agency’s budget by 2015.

SEC probes Computer Sciences on accounting issue [Reuters]
U.S. technology services provider Computer Sciences Corp (CSC.N) said the U.S. Securities and Exchange Commission had launched an informal civil investigation into some of its accounting adjustments. The investigation will look into previously disclosed accounting adjustments in CSC’s managed services sector (MSS), primarily in Europe’s Nordic region, the company said in a regulatory filing.

Evolution of the Accounting Model: What Would Darwin Say? [Re:Balance]
How does “survival of fittest” work in the Big 4?

Posted in ANR