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Weekly Round-Up 3/18-3/22

Accounting Jobs

Euro zone call notes reveal extent of alarm over Cyprus

As first reported by Reuters, Euro zone finance officials acknowledged being “in a mess” over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy.

In detailed notes of the call seen by Reuters, one official described emotions as running “very high”, making it difficult to come up with rational solutions, and referred to “open talk in regards of (Cyprus) leaving the euro zone”.

The call was among members of the Eurogroup Working Group, which consists of deputy finance ministers or senior treasury officials from the 17 euro zone countries as well as representatives from the European Central Bank and the European Commission.

Vestas Opposes Investor Call for Probe Into Accounting Change

As reported by Bloomberg, Vestas Wind Systems A/S (VWS), the unprofitable Danish wind turbine maker, is fighting an attempt by investors to probe a change in its accounting policy that they say damaged the company’s share price.

Vestas urged shareholders to vote against the proposal by Deminor International SCRL/CVBA, which represents about 100 investors, when they meet today at the manufacturer’s annual general meeting in Aarhus. Deminor wants an independent probe into the accounting-rule change in 2010 and whether it led it to revise earnings forecasts lower.

Fed Maintains $85 Billion Pace of Monthly Asset Purchases

As reported by Bloomberg, Federal Reserve Chairman Ben S. Bernanke said further gains in the U.S. labor market are needed for the central bank to consider reducing its record monetary easing.

“Obviously, there has been improvement,” he said at a news conference in Washington today after the Fed decided to leave the pace of asset purchases unchanged at $85 billion a month. “One thing we would need is to make sure that this is not a temporary improvement.”

Backdoor Fannie Mae Subsidy Could Hit Taxpayers

According to the Street, in a Securities and Exchange Commission filing earlier in March, Fannie Mae said it would delay filing its 2012 financial report as it considers releasing a $61.5 billion deferred tax valuation allowance.

The potential release would bolster Fannie’s earnings and capitalization, in a move the company said could help it begin repaying the U.S. Treasury on a $100 billion-plus taxpayer supported bailout.


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