Oct 24, 2016 | Accounting Globalization, Standards Convergence
With Brexit, the question now is whether the British lawmakers would ask the British companies to file their financials using a different set of accounting rules than the current International Financial Reporting Standards. Some British politicians and investors have...Oct 21, 2016 | Accounting Frauds
FMC Technologies Inc and two of its former Controllers settled charges with the SEC, that it overstated profits in one of its business segments. The reason for the overstatement- to meet internal targets, the method of overstatement- improper adjustments and...Oct 20, 2016 | Accounting Frauds
Roger Stadtmueller, a CPA who owns Stadtmueller & Associates, an accounting and consulting services firm in Spokane Washington was charged and sentenced to 15 months of prison for filing fraudulent tax returns for his own company. Stadtmueller had set up a...Oct 19, 2016 | Accounting Frauds
Lime Energy Co. agreed to pay $1 million to settle accounting fraud charges filed by the Securities and Exchange Commission. SEC alleged that Lime Energy and four of its executives recognized millions of dollars of revenue improperly. In total $20million of revenue...Sep 29, 2016 | Accounting Frauds
Rebates are proving to be a bane for the retailers. Not because its illegal but because of how most retailers in the recent times like Tesco and Target have had heartburns due to the accounting treatments for that. The next one in line is Dick Smith that collapsed...Sep 28, 2016 | Accounting Frauds
After agreeing to pay $250M to SEC, Department of Justice and Department of Treasury Oil, in 2013, to settle charges that it authorized bribes and other kickbacks to foreign officials to win business overseas; Weatherford International has now agreed to pay another...Sep 15, 2016 | Accounting Frauds
This week marked the start of the trial of AIG’s CEO Hank Greenberg for his involvement in the accounting scandal that happened in the 2000s at the company. The case has been pushed out for so long as Greenberg’s attorneys appealed a total of nine pre-trial motions,...Sep 9, 2016 | Accounting Frauds
Former finance head of American Realty Capital Partners, now known as Vereit, charged with committing accounting fraud. Brian Block, CFO of the real estate investment company used an inflated metric that didn’t comply with GAAP. The metric in question is adjusted...Aug 30, 2016 | Accounting Frauds
An office manager at Juneau Boint & Joint Center was unable to explain why she used the corporate credit card for personal purchases over 7 years of employment and half a million dollars! What did she buy, fuel, utilities and phone payments ($80,087.39);...Aug 23, 2016 | Accounting Frauds
In a recently released report of the Inspector General of the Defense Department, improper adjustments of $6.5 trillion for 2015 was highlighted. The adjustments were done without any invoices or receipts and were done to balance the books. Considering that the...