News

A Glenn Mll, Pa.-based CPA has been on four counts of bank fraud. Horrow,zΩwho owned the accounting firms, Horrow and Associates accused of helping a client acquire $13 million in mortgage funding by providing clients with tax returns with inflated income.

After having virtually no change in his compensation from 2014 to 2015, Carlos Rodriguez, CEO of Automatic Data Processing, received a 32.1-percent increase for 2016. The boost in pay for the year ended June 30 came from three compensation categories, including stock and option award. But the biggest hike came from the change in his pension value and deferred compensation.

Nonprofit software vendor AccuFund has set dates for user group meeting. The Needham, Mass.-based company has set dates for the meetings between November 10 and December 2. The company says topics will include updates to AccuFund's current version, plans for the next version and year-end changes expected for this year.

The Financial Reporting Executive Committee of the American Institute of CPAs has issued seven working drafts regarding upcoming changes to revenue recognition standards. The drafts, related to the implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, are for asset management, gaming, software and telecommunications.