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Weekly Accounting News Round-Up: June 3rd-7th

Accounting Principals Weekly News Round-Up

Each week we bring you the latest and greatest news updates in the accounting and finance world. Read on and share your thoughts on this week’s round-up in the comments!

Paccar Settlement Highlights Segment Reporting Issues

According to the Wall Street Journal, Rules that require companies to report the results of their operating segments to investors the way a company’s managers view them are in focus again after U.S. securities regulators settled a suit with truck and engine maker Paccar Inc. over “accounting deficiencies” this week.

The  Securities and Exchange Commission said in a complaint that Paccar had waited too long to break out its aftermarket parts segment for reporting purposes, since management started reporting that unit as a separate segment for its own purposes as early as 2008.

The S.E.C. Is ‘Bringin’ Sexy Back’ to Accounting Investigations

In April 2003, a New York Times article discussed the push by federal prosecutors to crack down on accounting fraud in which one expert said, “These have become the hot, sexy cases.”

What followed were the convictions of chief executives including Jeffrey K. Skilling of Enron, Bernard J. Ebbers of WorldCom and John J. Rigas of Adelphia Communications.

Read the rest on the New York Times.

Treasurys Rise Ahead of Friday Jobs Report

As reported by MarketWatch, treasurys posted gains on Wednesday after mixed economic data helped keep the safe-haven debt well bid ahead of a closely watched Friday jobs report.

The 10-year note yield, which moves inversely to price, last traded 6 basis points lower at 2.095%. The 30-year bond yield was down 6 basis points at 3.250%, while the 5-year note yield was down 4 basis points at 1.023%.

Accounting of U.S. Marshals Service Expenses Questioned

A government report Wednesday, according to the Washington Times, found significant deficiencies in how the U.S. Marshals Service accounts for overtime and supplemental pay for law enforcement officers; identifies more than $275,000 in unsupported costs associated with district-level salaries, fleet cards and purchase cards; and concludes that the agency needs to take multiple actions to strengthen its internal controls to ensure it is adequately preventing waste, fraud and abuse.

The report, by the Justice Department’s office of inspector general, says that agency supervisors responsible for assigning overtime hours did not have concrete guidance on how much overtime was appropriate, and that the matter was left primarily to their own judgment.

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