Corporate Finance Accounting

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  • WASHINGTON, Jan 20- The U.S. regulator that polices the complex derivatives markets is struggling to keep its own books in order and has made a material error that its auditor found so significant that it withdrew nearly a decade of its financial opinions, according to documents seen by Reuters. The Commodity Futures Trading Commission understated...

  • *UK rules go further than plans at European Union level. LONDON, Jan 21- Accountants who audit Britain's banks must from Novemebr file annual statements to regulators to flag up any problems, the Bank of England said on Thursday. The BoE's announcement coincided with news that Britain's accounting watchdog, the Financial Reporting Council, has begun a...

  • WASHINGTON/ NEW YORK, Jan 20- Senate Agriculture Committee Chairman Pat Roberts has asked for a full explanation from the U.S. Commodity Futures Trading Commission for an accounting error that led auditor KPMG to withdraw nearly a decade of financial opinions about the agency's accounts. The request comes after Reuters exclusively reported on Tuesday that...

  • An SEC investigation found that the mortgage servicer told investors that it had obtained an independent valuation of the mortgage assets using Generally Accepted Accounting Principles, or GAAP, the accounting rules used in the United States. The valuation, however, was not independent, but performed by an affiliate to which Ocwen had sold the right to...

  • WASHINGTON, Jan 20- The U.S. regulator that polices the complex derivatives markets is struggling to keep its own books in order and has made a material error that its auditor found so significant that it withdrew nearly a decade of its financial opinions, according to documents seen by Reuters. The Commodity Futures Trading Commission understated...

  • The Bahrain- based Accounting and Auditing Organisation for Islamic Financial Institutions said last week that it had taken up the development of a standard for gold, a project which was launched last year by the World Gold Council, a London- based market development body. "This standard is expected to have a substantial, positive impact... and will cover a wide...

  • EXCLUSIVE-KPMG WITHDRAWS AUDIT OPINIONS ON U.S.

  • LONDON, Jan 13- Companies from airlines to retailers in more than 100 countries will have to swell their balance sheets with trillions of dollars under a new accounting rule for leases that should shine a clearer light on debt. The International Accounting Standards Board published a new rule on Wednesday requiring leases of more than a year to be placed on...

  • BOSTON, Dec 28- Third Avenue Management's failed junk bond fund received a clean bill of health in its final annual report from outside accounting firm PricewaterhouseCoopers LLP, which said the fund's liquidation this month did not change its audit opinion. New York- based Third Avenue Management LLC, founded by famed distressed investor Marty Whitman, shut...

  • WASHINGTON, Dec 16- James Schnurr, just two months into his job as chief accountant at the U.S. Securities and Exchange Commission, stood before a packed ballroom in Washington last December and upbraided a little-known regulator. PCAOB Chairman James Doty was among those attending the annual accounting-industry gala where Schnurr spoke.

  • Gould said he monitored the SEC meeting last week and was "very happy with what I heard." Specifically, the SEC would require energy companies to give a detailed accounting of what they pay governments from each energy patch. Leaders of the oil and gas sector have sued to block the SEC rules in the past and may do so again.

  • TOKYO, Dec 15- A Japanese regulatory board recommended punishing an Ernst& Young affiliate after its audit of Toshiba Corp failed to spot Japan's worst accounting scandal in four years. The Certified Public Accountants and Auditing Oversight Board, a regulatory panel within Japan's Financial Services Agency, said it had found Ernst& Young ShinNihon LLC's...

  • TOKYO, Dec 14- A Japanese regulatory board will recommend punishing an Ernst& Young affiliate, a person familiar with the process said on Monday, after its audit of Toshiba Corp failed to spot Japan's worst accounting scandal in four years. Ernst& Young ShinNihon LLC said last week the Financial Services Agency was investigating its staff involved with the audit...

  • WASHINGTON, Dec 9- The U.S. Securities and Exchange Commission is concerned that financial auditors are not living up to the requirements of securities laws, Chair Mary Jo White told a meeting of certified public accountants on Wednesday. Earlier this month, audit firm Grant Thornton LLP and two of its partners agreed to settle SEC charges that they ignored red...

  • Marvell had said it has been contacted by the Securities and Exchange Commission and the U.S. Attorney's Office regarding the probe. Marvell's accounting and legal troubles may have kept away potential suitors at a time of record consolidation in the semiconductor sector. Marvell estimated revenue of $674.1 million for the third quarter ended Oct. 31, a 27.5...

  • NEW YORK, Dec 7- For Noble Group, a decades-old commodities firm whose founder started out in scrap metal yards, 2015 has been an unusually scrappy year. The Hong Kong- based group, Asia's largest merchant trader of raw goods, has seen its earnings and stock price hurt by plunging metals values and a report that questioned its bookkeeping. "It has been a very good year,...

  • NEW YORK, Nov 25- Tesco Plc has agreed to pay $12 million to settle a U.S. shareholder lawsuit claiming that accounting irregularities inflated the share price of Britain's largest retailer. The all-cash settlement was disclosed in filings on Wednesday in the U.S. District Court in Manhattan, and requires court approval. Wednesday's settlement covers...

  • Vipshop's numbers don't add up: Fichthorn Friday, 13 Nov 2015 | 12:30 PM ET
    Vipshop's numbers don't add up: Fichthorn

    Vipshop pre-reported ugly earnings, and the stock fell 26 percent. John Fichthorn, Dialectic Capital co-founder and portfolio manager, discusses Vipshop Holdings' accounting.

  • *Toshiba suing 5 former execs for $2.44 mln. TOKYO, Nov 12- Toshiba Corp's lawsuit against former executives linked to a $1.3 billion accounting scandal is a defensive manoeuvre that highlights a lack of sincere reform, lawyers and corporate governance experts said. The 300 million yen in damages Toshiba is seeking pales in comparison with the over $7 billion...

  • Toshiba sues three ex-CEOs over $1.3B scandal Saturday, 7 Nov 2015 | 3:42 AM ET

    Toshiba said it has sued five former executives over a $1.3 billion accounting scandal, and the company reported a quarterly operating loss.