Accounting
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Celanese Corp. said that the accounting policy change took effect on Jan. 1 and was retroactively applied to 2012' s fourth quarter. The Dallas company said that due to the retroactive application, its 2012 earnings per share from continuing operations fell to $2.35 from $3.81 mostly because of a $389 million mark-to-market adjustment in the fourth quarter.
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OWINGS MILLS, Md.-- Weight-loss company Medifast Inc. said Monday that a lawsuit over a 2010 restatement of its earnings has been dismissed. Judge George L. Russell III of the U.S. District Court for the District of Maryland found Thursday that Medifast's accounting errors were the result of the company's rapid growth and its change to a new accounting firm.
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HONG KONG, March 26- Air China, the country's flagship carrier, on Tuesday reported a 33.8 percent drop in 2012 net profit on high fuel prices and weak traffic demand as China's economy slowed. Air China made a net profit of 4.9 billion yuan for the year ended December, under Chinese accounting standards.
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March 22- Ambow Education Holding Ltd:. *Announces resignation of independent auditor and counsel to audit committee. as auditor of the company by a letter dated March 22, 2013.
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March 21- Tech Data Corp:. the company's U.K. subsidiary reflected vendor accounting. an aggregate amount of approximately $30- $40 million.
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NEW YORK, March 21- Legislation aimed at curbing class action abuses has made it more difficult to sue auditors in the United States, but legal claims against auditors are rising in other countries. More countries have been passing rules allowing class actions, which can make audit firms vulnerable to huge claims when accounting scandals erupt.
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CHICAGO, March 20- The trustee overseeing the collapse of Peregrine Financial Group is seeking documents from the futures broker's former accountant in an attempt to track down millions of dollars missing from customers' accounts, court records show.
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LONDON, March 19- Forcing companies to switch accountants to boost competition in a market dominated by the "Big Four" could damage the quality of financial reports, Britain's audit regulator said on Tuesday. Last month the Competition Commission proposed a number of initiatives to increase choice of accountant.
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*PCAOB cites woes from 2007, 2008 PwC audits,' CAKE' issue. March 7- The U.S. regulator of corporate auditors criticized PricewaterhouseCoopers on Thursday for not doing enough to ensure that its audits were properly carried out, in a rare public reprimand of a major accounting firm.
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March 7- The U.S. board that regulates corporate auditors is expected to release a report soon criticizing quality controls at accounting firm PricewaterhouseCoopers, according to an internal PwC memo dated March 7 and obtained by Reuters. The memo, signed by PwC's U.S.
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WASHINGTON, Feb 28- Keyuan Petrochemicals Inc, a China- based petrochemical company, agreed to pay $1 million to settle accounting violations with the U.S. Securities and Exchange Commission, the agency said on Thursday. The SEC also accused the company of maintaining an off-balance-sheet account to pay bonuses to senior officers and fund other expenses.
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LONDON, Feb 25- Investors will have to grapple with two sets of rules for how banks recognise losses on loans after the world's two main accounting regulators failed to agree a common approach.
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Michael Andrew, Global Chairman, KPMG International sees an amicable resolution to U.S. and China regulatory issues. He states that China is making efforts to better its accounting standards.
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Concern is growing about risks to U.S.-based multinationals in a country where American audit regulators are locked out by the Chinese government and bribery and fraud are routine.
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*Risks overlooked at multinationals in China, experts say. NEW YORK/ HONG KONG, Feb 10- Tales of shady business practices abound in China- fake revenues, phony invoices, sham factories- but until recently, the problem seemed confined mostly to Chinese companies.
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TOKYO, Feb 5- The Osaka Securities Exchange is investigating how Universal Entertainment Corp accounted for millions of dollars paid in 2010 to advance the Japanese firm's casino project on Manila Bay, people with direct knowledge of the inquiry said.
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LONDON, Jan 31- UK lawmakers grilled senior tax officials from leading accounting firms on Thursday over their role in helping big companies avoid tax, and said they could be banned from government contracts because of their tax work.
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Jan 31- United Parcel Service Inc reported a net loss in the fourth quarter after a $3 billion one-time charge from pension accounting, and forecast that 2013 earnings would rise 6 percent to 12 percent. UPS, the world's largest parcel delivery company, on Thursday posted a fourth-quarter net loss of $1.75 billion, or $1.83 per share, after the non-cash charge.
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SIENA, Italy, Jan 30- Italy's market regulator Consob joined the government and the Bank of Italy on Wednesday in defending its oversight of Monte Paschi as magistrates investigated allegations of bribery and accounting malpractice at the historic bank.
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LONDON, Jan 29- Britain's accounting watchdog declined to take any action against Ernst& Young over its auditing of Lehman Brothers before the U.S. investment bank failed in 2008 and triggered a near meltdown in global markets.