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...» Read More
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...
BERLIN, Nov 4- German fashion house Hugo Boss trimmed its 2014 sales and profit forecasts on Tuesday due to a slowing European economy after it reported weaker-than-expected third-quarter profits. Hugo Boss said it now expected sales to grow 6-8 percent in 2014, after accounting for currency changes, while operating profit should rise 5-7 percent.
*This is down from 6.68 billion riyals previously. DUBAI, Nov 3- Saudi Arabia's No.2 telecommunications operator Mobily restated a year and a half of earnings due to accounting errors on Monday and posted a shock plunge in profit, months before the kingdom is due to open its stock market to direct foreign investment. "This may be a temporary glitch as Mobily has...
Oct 31- Construction equipment company Caterpillar Inc on Friday said the U.S. Securities and Exchange Commission is investigating how it accounted for its July 2011 purchase of Bucyrus International Inc.. In its quarterly report, Caterpillar said the Sept. 10 subpoena from the SEC seeks information about its accounting for goodwill relating to the $7.6...
LONDON, Oct 29- Britain's Serious Fraud Office confirmed on Wednesday it had formally launched a criminal investigation into accounting practices at Tesco Plc, Britain's largest retailer. The financial regulator, the Financial Conduct Authority, promptly confirmed it was discontinuing its own separate investigation with immediate effect following a...
LONDON, Oct 23- The chairman of Britain's biggest grocery chain, Tesco, announced his resignation on Thursday after the company reported a bigger than expected hole in its finances and said accounting transgressions went back further than initially thought. Tesco, Britain's biggest private employer and once the juggernaut of its retail sector, has lost half...
LONDON, Oct 18- The world's third largest retailer, Tesco, will state next week that it overestimated earnings by less than the 250 million pounds which it previously announced, Sky news reported on Saturday, citing an unnamed banking source. Over the last year Tesco's big out-of-town stores have lost favor as shoppers buy more produce locally and online, while...
LONDON, Oct 1- Britain's financial watchdog has launched a full investigation into the Tesco accounting scandal that has now wiped 4 billion pounds from the troubled grocer's stock market value.
LONDON, Oct 1- Britain's financial watchdog has launched a full investigation into the accounting scandal at Tesco which wiped 3 billion pounds from the troubled British grocer's stock market value last month.
LONDON, Oct 1- Tesco said Britain's financial watchdog had started a full investigation into the company in the wake of an accounting scandal which wiped 3 billion pounds from the British grocer's stock market value last month.
LONDON, Sept 24- Britain's accounting regulator will study the outcome of retailer Tesco's probe into book-keeping mistakes before deciding whether to take enforcement action, it said on Wednesday.
LONDON, Sept 23- Tesco Plc's disclosure of huge accounting mistakes over contracts with its suppliers shocked industry analysts and executives, but not because they didn't realise the potential for disaster.
LONDON, Sept 22- Tesco cut its profit forecast for the third time this year on Monday after finding a fault in its accounts, the latest blow of several to the reputation of Britain's biggest grocer.
Sept 18- Canadian oil producer Penn West Petroleum Ltd said it was strengthening its accounting practices after a review uncovered irregularities that forced to company to restate some of its prior results.
Sept 18- Canadian oil producer Penn West Petroleum Ltd, under fire after it uncovered accounting irregularities in July, said its audit committee determined that the company needs to review results going back to 2007..
According to the SEC, AgFeed's Chinese management kept two sets of books- a real one and a fake one to present to investors. The case has garnered some attention because the SEC also charged the company's former U.S.-based independent audit committee chairman, a rare move by the agency.
Mark Weinberger, Global Chairman of EY, explains why he's hopeful for a resolution in the audit dispute between the U.S. and China.
NEW YORK, Sept 10- Accounting firms PricewaterhouseCoopers and Crowe Horwath must face a lawsuit accusing them of professional malpractice and breach of contract for not catching a fraud that led to the 2009 collapse of Colonial Bank, a federal judge has ruled.
*Anonymous Analytics accused Tianhe Chemicals of false accounting. SHANGHAI, Sept 10- The cost of borrowing shares in China's Tianhe Chemicals has risen since an equities research house alleged last week that the company cooked its books, suggesting the report was gaining traction with investors.
NEW YORK, Aug 27- A federal judge on Wednesday ordered PricewaterhouseCoopers to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the October 2011 bankruptcy of MF Global Holdings Ltd, a brokerage run by former New Jersey Governor Jon Corzine.