This might sound like it doesn't have much to do with accounting scandals, but in practice it does in a potentially significant way.
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In practice, accounting changes may have forced pension funds to pay more attention to the short term.
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The accepted practice in bank accounting is to set up significant loan-loss reserves only when the commitment is availed of and the arrangement becomes an on-balance-sheet loan.
Critical to super-charging your accounting practice is the ability to bring in new, high-quality, well-paying clients on a consistent basis.
Kadet, who was in private practice for more than 32 years working in international taxation for major international accounting firms.
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But in practice as the General Accounting Office, the congressional watchdog, recently admitted there is little oversight.
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Mr. Bisgay is a certified public accountant and was employed in the Financial Services Industry Practice at the accounting firm of PricewaterhouseCoopers LLP from 1989 to 2001, most recently as a Senior Manager.
Merck spokeswoman Gwen Fisher said Merck is confident that Medco's practice is in accordance with Generally Accepted Accounting Principles, and added that the company did not want to make any further comment because it is in a quiet period preceding the Medco IPO.
Tax and accounting laws are written as favors to one group or another and are manipulated with impunity in practice.
Sarbanes-Oxley, the often-reviled law that requires enhanced disclosure of accounting practices, seems to have put a stop to the backdating practice after its passage in 2002.
New Constructs includes off-balance sheet debt in all of its reports and adjusts the reported earnings of all companies for this misleading accounting practice.
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The SEC claims that in July 2008 Yorkville changed its valuation policy for these illiquid investments in a way that was inconsistent with how the valuation practice was represented to its investors and its accounting firm.
Jonathan Kletzel, head of the transportation practice at accounting and consulting firm PricewaterhouseCoopers LLP, said mergers don't necessarily lead to an increase in fares, and that from 2004 through 2011 a period that includes some of the biggest airline mergers domestic airfares actually decreased by nearly 1% a year when adjusted for inflation.
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