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Accounting

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  • 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...

  • 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.