Father of Accounting

Luca Pacioli, known as the “Father of Accounting and Bookkeeping” was an Italian mathematician, who published the first book on double entry accounting in the year 1494.

Impaired expectation

After discovering accounting errors in prior periods, chemical and mining group Rolfes has re stated its expected earnings for year ending June 2016. The issue in hand was, understatement of impairments relating to prior periods. The understatements will reduce the...

Oracle’s lawsuit woes go on

First lawsuit against Google, then with HP; now an ex employee. Oracle lost the first two lawsuits, question is would third time be a charm! Svetlana Blackburn, a senior finance manager at Oracle has filed a whistleblower lawsuit against the company alleging that she...

Goodwill accounting made easier

Recently FASB announced that Private entities could chose to account for Goodwill in a simpler manner. Instead of doing an impairment test every year to get to the value of Goodwill (which is what Public companies need to do), private companies can chose to amortize...

Unauthorized release!

What really happened today?  As the news goes, apparently RR Donnelly relased Google’s 8K (earnings release) at 12:30 PM EST instead of the expected time of 4:30PM EST  “without authorization”. Among key highlights of the unfinished...