Oct 29, 2012 | Accounting Frauds
Another case of embezzlement in a company due to lack of segregation of duties. Debra Skies who has been working as the office manager at McCord Engineering, Inc. since the company’s inception in 1985 recently turned herself in for embezzlement. Debra was let go...Oct 25, 2012 | Accounting Globalization, Standards Convergence
In response to the July report issued by US SEC (which did not give any idea as to whether and when would the SEC decide on adoption of IFRS by its constituents), the IASB issued its own analysis of the situation. According to the International Accounting Standards...Oct 22, 2012 | Accounting Frauds
A recent audit done of the accounting records of Waverly Village Court in New York showed a dismal state of affairs. During the audit period, Jan. 1, 2010, to Feb. 24, 2012, the audit noted that the village judges didn’t make sure court clerks kept track of the money....Oct 16, 2012 | Accounting Frauds
The officials at the Sebewaing Light and Water Department in Michigan, did not pay heed to audit reports that mentioned significant deficiencues in the accounting procedures. These warnings date back to 2006. Finally in May 2012, the auditors noticed that the money...Oct 12, 2012 | Accounting Globalization, General
When one reads the concept of functional currency in the Accounting Standard Concept 830 (ASC 830) or Financial Accounting Standard 52 (FAS52), it mentions that a currency in a highly inflationary environment (3-year inflation rate of approximately 100 percent or...Oct 10, 2012 | Accounting Frauds
Recently Facebook was accused of indulging in creative accounting to save taxes in the UK. The company actually paid a mere £196K in taxes to the British government last year on reported revenue of £20.4m. The analyst expectation for the period was a revenue of...Oct 9, 2012 | Accounting Frauds
A recent study done by researchers at the University of Arkansas and the University of Missouri shows the effect of having different accounting standards in different countries on mergers and acquisitions. The lack of same or similar standards is a deterrent for...