Jan 6, 2011 | Accounting Frauds
A civil complaint was filed recently by Andrew Cuomo, the outgoing New York attorney general, accusing Ernst & Young of helping Lehman Brothers mislead investors. The state claims Lehman’s auditors aided in a fraud, using Repo 105 transactions to make the books...Jan 3, 2011 | Accounting Frauds
TUI Travel, has decided to say adieus to their auditors KPMG. The move comes soon after the company had to take a write-down of £117 million, forcing the company to restate their 2009 results. The company has decided to go ahead and replace the outgoing auditors with...Jan 3, 2011 | Standards Convergence
The adoption of IFRS beginning April of 2011 will have a big impact on both the Income Statement and the Balance Sheet of power companies in India. Under the present Indian GAAP, rate regulated assets/ liabilities are allowed to be recognized, so companies have...Dec 20, 2010 | Accounting Frauds
The SEC issued two rules in September 2010, in order to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). The rules affect the payment of bounties for revealing insider trading violations and requirements relating to audits...Dec 20, 2010 | Standards Convergence
Recently the Financial Accounting Standards Board and the International Accounting Standards Board said they were on track to finish writing the new accounting standards for financial instruments, revenue recognition, leases, comprehensive income, and fair value...Dec 16, 2010 | Standards Convergence
Even thought the Indian version of the International Financial Reporting Standards (IFRS) has been altered here and there, the country is all set to implement the standards come April 2011. In the first phase, companies on the Indian stock exchanges – Nifty 50...Nov 22, 2010 | Standards Convergence
The move to adopt the International Financial Reporting Standards will boost Coal India Ltds’s net worth by $2.4 billion. The company adhering to the old accounting standards has on its books a $2.4 billion provision on account of the overburden removal reserve. This...Nov 20, 2010 | Accounting Frauds
A recent audit done by the State Board of Examiners revealed that the Bullock County Commission, Alabama had a number of material weaknesses in their financial reporting. The audit covered the 2008-2009 fiscal years. The key issues uncovered were relating to the funds...Nov 17, 2010 | Accounting Frauds
In February 2003, the Amsterdam based supermarket operator, Ahold announced that it had inflated earnings by atleast €391M ($500M) at its wholly owned US food service subsidiary. Apart from that the company also improperly consolidated revenues from joint ventures....