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Accounting

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  • LONDON, Jan 8- Britain's biggest grocer Tesco plans to sell assets and cut hundreds of millions of pounds of costs to fund lower prices in store as part of its plan to fight back from the biggest crisis in its 95- year-history. Seeking to recover from four profit warnings and an accounting scandal last year, new Tesco boss Dave Lewis unveiled his plan alongside a...

  • LONDON, Jan 5- New Tesco boss Dave Lewis is expected to focus on cost cuts and asset sales when he provides an update on his plans to revive the troubled British grocer's fortunes on Thursday. Britain's biggest retailer, reeling from an accounting scandal and four profit warnings that halved its share price last year, could also detail substantial property asset...

  • RIO DE JANEIRO/ BRASILIA, Jan 2- When federal investigators first identified signs of corruption at Petrobras in 2009, Dilma Rousseff insisted Brazil's state-run oil company had nothing to hide. "Petrobras has one of the most accurate accounting standards in the world," said Rousseff, who was then chairwoman of its board and is now Brazil's president.

  • WASHINGTON, Dec 29- Female chief financial officers at U.S. corporations are less likely to adopt high-risk tax-avoidance strategies than their male counterparts, according to a study by an accounting group. The analysis was done by four accounting professors at Rensselaer Polytechnic Institute and Fordham University. Tax aggressiveness was gauged by the...

  • LONDON, Dec 22- When Phil Clarke was sacked as Tesco's CEO, senior executives hoped his 0700 strategy meetings would go with him. They did- new boss Dave Lewis starts his at 0630.. Parachuted in from Unilever in September, Lewis soon faced the task of making the shock announcement that a 250 million pound hole had been found in Tesco's profits, in an accounting scandal...

  • American Realty shares closed down 4 percent on the Nasdaq on Thursday. American Realty could not be immediately reached for comment. American Realty said on Oct. 29 McAlister and Block had resigned after its audit committee discovered "intentional" accounting errors.

  • Dec 18- A former executive of American Realty Capital Properties Inc alleged former chairman Nicholas Schorsch directed her and another executive to manipulate financial results, the Wall Street Journal reported. American Realty shares closed down 4 percent on the Nasdaq on Thursday. American Realty had then said McAlister and Chief Financial Officer...

  • Dec 11- Wal-Mart Stores Inc said it discovered discrepancies in pricing and inventory at its China operations in 2011 and has since reinforced its compliance policies in the country. Bloomberg reported on Wednesday that Wal-Mart had used "questionable accounting and unauthorized sales practices" to make its retail business in China appear stronger at a...

  • Dec 11- Wal-Mart Stores Inc has been using questionable accounting and unauthorized sales practices to make its retail business in China appear stronger, Bloomberg reported, citing internal documents and interviews with employees. Wal-Mart stores in China resorted to temporary mark-ups of inventory as an accounting move to prop profit without any added...

  • *Says 2014-15 trading profit will not exceed 1.4 bln stg. *Analysts had expected profit of around 1.9 bln stg. LONDON, Dec 9- Tesco slashed its profit forecasts for the fourth time in five months as its new boss took costly measures to rebuild the British grocer after its recent accounting scandal and dramatic loss of customers in an increasingly cut-throat market.

  • *Says 2014-15 trading profit will not exceed 1.4 bln stg. LONDON, Dec 9- Tesco cut profit expectations for the fourth time in five months on Tuesday as the cost of rebuilding after an accounting scandal and a dramatic loss of market share increased pressure on the British grocer and its new boss. Chief Executive Dave Lewis, who joined to rescue Britain's largest...

  • SEC Chief Accountant James Schnurr said in a speech that he does not have a predetermined view on an approach to the long-standing issue of harmonizing corporate accounting worldwide. The SEC for over a decade has grappled with whether and how to move the United States closer to IFRS, but has put off a final decision for years. The SEC requires U.S. companies to use...

  • U.S. watchdog says flaws persist in public company audits Wednesday, 3 Dec 2014 | 12:32 PM ET

    WASHINGTON, Dec 3- A sampling of audits of public companies reviewed last year showed numerous deficiencies in opinions issued by the four largest U.S. accounting firms, the top U.S. audit watchdog said on Wednesday. In a speech before the U.S. Chamber of Commerce, Public Company Accounting Oversight Board Chairman James Doty said that of the 219 "Big Four" audits...

  • LONDON, Dec 3- Britain plans to introduce a 25 percent tax to target multinationals such as tech companies Google and Amazon accused of using complex accounting schemes to cut their payments on earnings. Companies including Google, coffee shop chain Starbucks and internet retailer Amazon have paid minimal corporate tax in Britain by shifting revenues to...

  • Dec 1- Malaysian online payments company MOL Global Inc said Chief Financial Officer Allan Wong resigned last month for personal reasons, not because of any accounting or financial reporting issues. MOL Global's shares, which were halted on Nov. 24 after the company said it would delay its quarterly earnings report, fell as much as 45 percent to $2.25 after...

  • Dec 1- Malaysian online payments company MOL Global Inc said Chief Financial Officer Allan Wong resigned last month for personal reasons, not because of any accounting or financial reporting issues. Nasdaq-listed MOL Global said on Nov. 20 it would delay its third-quarter earnings report and announced Wong's departure at the same time, without citing a...

  • Nov 25- New Jersey's retirement system for public employees is in worse shape than previously reported, thanks to recent accounting changes that are starting to be rolled out across the country. Under new pension accounting standards, issued by the Government Accounting Standards Board, the New Jersey system's overall funded level stands at 44 percent for...

  • Hertz said in June it would restate results for 2011 due to accounting errors and would review 2012 and 2013 statements. Hertz said on Friday the errors would reduce its attributable net income by about $87 million for the three years. Hertz reported preliminary revenue of $3.12 billion for the third quarter ended Sept. 30.

  • AMSTERDAM, Nov 13- Dutch insurer Aegon took a one-off accounting hit and said future earnings at its U.S. business would be lower than previously assumed because it had over-estimated an improvement in life expectancy. Aegon had said in August it would make changes to its accounting models and expected to have to set aside more money in the U.S. market, but...

  • NEW YORK, Nov 12- A federal appeals court ruled in favor of Goldman Sachs Group Inc in a lawsuit accusing the Wall Street investment bank of negligence for arranging the $580 million sale of a married couple's speech-recognition company to Lernout& Hauspie, which soon collapsed in an accounting fraud. The 1st U.S. Circuit Court of Appeals in Boston on Wednesday...