Posts By: LuAnn Bean

Walgreen Outsources Accounting

Posted by & filed under All Articles, Financial Accounting, Intermediate Accounting.

On January 6, 2010, Walgreen Company, the drugstore giant, announced that it had signed a 10-year contract to outsource its accounting services with Genpact.  Genpact Limited, a spin-off from General Electric in 2005, characterizes itself as a company that has achieved growth from both existing and new clients as companies across industries enacted massive layoffs… Read more »

Politics in Accounting, Really?

Posted by & filed under All Articles, IFRS, International Accounting.

A member of the International Accounting Standards Board, James Leisenring, told attendees at the Standard & Poor’s Accounting Hot Topics conference in New York on December 10, 2009, about possible abuses and accounting arbitrage that may result from IASB’s recently issued standard for recognizing and measuring financial instruments. In his remarks, he acknowledged that political… Read more »

New Year Resolutions for Audit Committees?

Posted by & filed under All Articles, Auditing.

The Sarbanes-Oxley Act of 2002 increased audit committees’ responsibilities and authority, and raised the bar on the independence of members. As a result, the SEC and the stock exchanges also proposed new regulations and rules to strengthen audit committees. A recent report by the KPMG Audit Committee Institute presents New Year’s guidance for audit committees… Read more »