Apr 3, 2014 | Standards Convergence
IFRS the international accounting standard setter and watchdog is now under scrutiny. The London based accounting body is being accused by the European politicians of poor governance structures, a lack of transparency and its close links to the accounting industry;...Feb 11, 2013 | Accounting Frauds
Craig Haver, an ex partner at Grant Thornton New York office was charged with stealing nearly $4M of money from clients. According to the latest reports, Craig had instructed the clients to send money directly to him rather than the firm’s headquarters. This had...Jan 8, 2013 | Accounting Frauds
The Reading School District in Pennsylvania announced that the district auditors uncovered an accounting error in the books of the organizations for 2010-2011. According to the audit, the revenues for 2010-2011 period were overstated by $15.6M. A big question here is...Jan 4, 2013 | Accounting Globalization, Standards Convergence
Starting 2013, publicly traded companies in Taiwan will be required to state their financials in Taiwan-IFRS. It seems like the country has been preparing for this move as according to institutional investors except the land assets accounting which is different in the...Dec 7, 2012 | Accounting Frauds, Accounting Globalization
On Dec. 3 the Securities and Exchange Commission formally accused the Chinese affiliates of the Big Four accounting firms of violating the U.S. law. The issue was the failure of these China based audit firms’ to provide audit work papers in ongoing accounting fraud...Nov 27, 2012 | Accounting Frauds
The recent accusation of HP against Autonomy, the British software company that HP bought for $11B, raises fingers in all directions. Who is it at fault- Autonomy management, the management of HP, the auditors, or the differences in the accounting standards? Let’s...Nov 7, 2012 | Accounting Frauds, Accounting Globalization
IFRS is in news again. This time it isn’t in context of the convergence project. It is for wrong accounting in their books! How can an international accounting standard setter have their accounting messed up? Well they did! The issue it turns out is that the...Nov 5, 2012 | Standards Convergence
When the financial crisis was at its peak in 2009, the G20 group met to set a date for the worldwide convergence of the financial standards by end of the year. The deadline got postponed to mid-2011 and then again mid-2013. In a recent report from the SEC which made...Nov 2, 2012 | Accounting Frauds
Another case of embezzlement in a small company. Accounting manager of Schmitt, Inc an air conditioning and electric company in Dade City, Florida, was charged with embezzling half a million dollars from the company. Michael Cougill, the manager, forged and cashed...