Accounting Plan Would Allow Use of Foreign Rules

WASHINGTON — Federal officials say they are preparing to propose a series of regulatory changes to enhance American competitiveness overseas, attract foreign investment and give American investors a broader selection of foreign stocks.

But critics say the changes appear to be a last-ditch push by appointees of President Bush to dilute securities rules passed after the collapse of Enron and other large companies — measures that were meant to forestall accounting gimmicks and corrupt practices that led to those corporate failures.

Legal experts, some regulators and Democratic lawmakers are concerned that the changes would put American investors at the mercy of overseas regulators who enforce weaker rules and may treat investment losses as a low priority.

Foreign regulators are beyond the reach of Congress, which oversees American securities regulation through confirmation proceedings, enforcement hearings and approval of the Securities and Exchange Commission’s budget.

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Another bad week for finance companies

Finance company investors endured another stretch of rocky road this week, with more losses, some companies failing to comply with listing rules and a director fighting to hang on to his money.

Restructured Geneva Finance ended its debut week on the sharemarket with its shares at less than a third of their issue value.

The shares were untraded on their first day on the NZAX board on Tuesday, but closed at 13c on Wednesday and slumped 23 per cent on Thursday to just under 10c.

The stock ended the week at 11c, valuing the company at just under $7.7 million.

Investors had agreed to convert 15 per cent of the $98.4 million in debenture funds and $11.5 million owed to note holders into new shares at a rate of one share for 36.49c. Geneva would repay the balance of the money by instalments over 4 1/2 years for debenture holders and 5 1/2 years for note holders.

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High demand for qualified bookkeeping and accounting candidates as Pastel People takes off

Pastel People, Softline Pastel's new recruitment division launched in March 2008, has found that demand for certified bookkeepers and accountants is increasing steeply as the economy tightens, the skills shortage intensifies and accounting legislation becomes more onerous.

The division was established in response to requests from Pastel's 180 000 customers and 3 500 business partners for Pastel to recommend either suitable candidates or a recruitment agency - and is geared to finding Pastel-qualified bookkeepers and accountants for customers, Pastel business partners, and Softline Pastel itself.

Customer response to the establishment of Pastel People was so strong that in March and April alone it received more than 128 job specifications.

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