Oct 23, 2010 | Standards Convergence
The recent draft rules proposed by the Financial Accounting Standard Board concerning the revenue recognition rules would not just change the way accounting folks would recognize and record the revenue, but it would also require the companies to change or revamp their...Oct 23, 2010 | Standards Convergence
One accounting principle that is omnipresent in the accounting of all companies, be it public or private, domestic or private, billion dollar company or a startup, is the “Revenue recognition principle”. Presently, US Generally Accepted Accounting...Oct 23, 2010 | Standards Convergence
In January of 2009,the National Banking and Securities Commission made mandatory the presentation of financial statements prepared in accordance with IFRS starting with the year ending December 31, 2012, but allowing for early adoption for the years 2008-2011,...Oct 22, 2010 | Accounting Frauds
Tui Travel a tour operator, a company formed in 2007 from the merger of German group Tui AG’s travel division and First Choice, disclosed that the company had overlooked £117 million of small cash discounts given to British holidaymakers. The finance director of...Oct 21, 2010 | Standards Convergence
The Indian government is all set to drop the new rule from International Financial Reporting Standards (or as the accountants call it IFRS) that allows property developers to book sales only when the project is complete. In the present real estate market where the...Oct 13, 2010 | Accounting Frauds
After auditing the books of Reliance Communications ( for those not aware of Reliance, it is the GE of India; a big company diversified into a lot of industries) a Indian government appointed accounting firm , Parakh & Co got a shocking response. The company has...Oct 8, 2010 | Accounting Frauds
The complaint against John Blahnik, the former treasurer and vice president of treasury, mergers and acquisitions at Delphi Corp. was that he had participated in 3 fraudulent schemes, filing materially false and misleading financial statements on the company’s Forms...Oct 8, 2010 | Accounting Frauds
Metropolitan Life Insurance Co. (MetLife) has been ordered to pay a whistle-blowing former broker, Ronald Roganti about $2.5 million in damages. The ruling states that after the broker had raised concerns about shoddy business pracitices he was mistreated. ...