Feb 2, 2011 | Accounting Frauds
CIT Group Inc, a lending institution, restated its financial statements for the first three quarters of 2010 due to accounting error that the company’s management found. The errors were mainly related to the use of “Fresh State Accounting”, a form of accounting used...Feb 2, 2011 | Accounting Globalization, Standards Convergence
Another step towards the convergence of accounting standards was taken recently when a joint proposal was made by International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) in relation to recognizing the losses on loans by...Jan 31, 2011 | Accounting Frauds
Healthcare Locum, a firm specilizing in suppling healthcare staff and social workers to public and private-sector clients, announced the suspension of executive vice-chairman and founder Kate Bleasdale and chief financial officer Diane Jarvis, amidst discoveries of...Jan 31, 2011 | Accounting Frauds
Just a few days before the Lunar Holiday period begins, the chairman Lin Wei-shan of Tatung Company, one of Taiwan’s leading home appliance makers, was questioned by prosecutors and investigators for the alleged embezzlement of NT$1 billion (USD 35 M) in...Jan 25, 2011 | Accounting Frauds
On January 13, 2011 Securities and Exchange Commission filed a complaint against NutraCea, an Arizona based health foods manufacturer and seller, alleging the company of falsification of its financial statements. The complaint states that the company overstated its...Jan 13, 2011 | Accounting Globalization, Standards Convergence
With the recent Dodd Frank law amending the accounting rules to permit exchange of information with overseas regulators, the Public Company Accounting Oversight Board (PCOAB) and its British counterpart Professional Oversight Board (POB) have signed an agreement to...Jan 10, 2011 | Standards Convergence
The Institute of Chartered Accountants of Sri Lanka (ICASL) plans to adopt new accounting guidelines for Sri Lankan companies in line with International Financial Accounting Standards starting 2012. The Central Bank of Sri Lanka, in its Road Map Monetary and Financial...Jan 7, 2011 | Accounting Frauds
Parmalat SpA, an Italian dairy and food company, declared bankruptcy in late 2003 primarily due to an accounting scandal worth 8 billion euro. The saga began when Parmalat defaulted on a $185 million bond payment in mid-November 2003. This act made the auditors and...