Venezuela still hyperinflationary

Oct 12, 2012 | Accounting Globalization, General

When one reads the concept of functional currency in the Accounting Standard Concept 830 (ASC 830) or Financial Accounting Standard 52 (FAS52), it mentions that a currency in a highly inflationary environment (3-year inflation rate of approximately 100 percent or...

PWC issues a Disclaimer of Opinion

Oct 8, 2012 | General

A very rare occurence in the auditing field is for an audit firm to give a Disclaimer of Opinion. Recently PWC did just that. In its audit of the  Hawera-based company ,Allied Farmers, PWC declined to express opinion. The auditors cited that they were “unable to...

Why did Howard Atkins leave Wells Fargo?

Feb 18, 2011 | General

Was it really personal reasons that led to Howard Atkins, CFO of Wells Fargo to resign. The buzz is that Atkins resigned because he was involved in an internal dispute regarding financial disclosure in relation to Sarbanes Oxley Act. When most of its competitors are...

Volt may soon be delisted from NYSE

Feb 3, 2011 | General

Volt Information Sciences, a staffing and business services provider, may soon be delisted from the New York Stock Exchange due to missing their financial statement filing deadline. The company’s last statements are a year old! The reason for the delay is that the...

Digimarc replaces its auditors

Jan 10, 2011 | General

Digimarc Corp. , a technology firm that makes digital watermarks, has replaced its auditor, Grant Thornton. The reason, Digimarc and its auditors are unable to reach an agreement on how to account patent licencing revenue. In October 2010, Digimarc licensed a...

Demand Media IPO on hold

Jan 3, 2011 | General

Way back in August of 2010, Demand Media, an online content creator filed for an IPO in the hope of raising $125 million. But as of end of December, it was still answering questions from government agencies about their accounting practice, specifically around how they...