Oct 7, 2010 | Accounting Frauds
The recent financial meltdown driven primarily by the financial institutions has made the finance community and the standard setting authorities jittery. Lots of small banks and financial institutions were wiped out, but the one that raised a lot of eyebrows was the...Sep 2, 2010 | Accounting Frauds
Finally an SEC investigation that did not lead to any enforcement action. After completing their investigation the SEC did not recommend any enforcement action for KB Homes. The SEC had launched a probe last year into possible accounting and disclosure violations by...Aug 31, 2010 | Accounting Frauds
What would you do with $30 million? Well Sujata Sachdeva, the VP of Finance and Principal Accounting Officer at Koss Corporation bought designer clothes, furs, purses, shoes, jewelry, household furnishings, cars, did home improvement and renovations. The only...Aug 30, 2010 | Accounting Frauds
On August 26,2010; a New Jersey appeals court found sufficient evidence that KPMG was negligent in its audits of the books of Papel Giftware Inc. KPMG audited the books of the ceramic company, the acquirer, Cast Art Industries LLC., and its financial backers relied...Aug 2, 2010 | Accounting Frauds
While reading the big accounting fraud at Satyam,a company based in India, which got a lot of media coverage not only in India but also in the US, I realized that globalization is also a good policing methodology. Most of the earlier cases of reported accounting...Jul 25, 2010 | Accounting Frauds
Another big company, same old story. To meet the street’s expectation, the company tried to cook its books. The allegation by SEC is that Dell met or beat the analysts’ earnings expectations by using a cookie jar reserve, from 2002 to 2006. Dell received...Nov 13, 2009 | Standards Convergence
There is a lot of talk of the convergence project undertaken by Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB). But why is the convergence project and not the adoption project. Adoption would mean that the Securities...