Corporate Finance Accounting

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  • *Westinghouse writedown to be around 200 bln yen. TOKYO, April 20- Japan's Toshiba Corp is preparing to write down the value of its stake in U.S. nuclear subsidiary Westinghouse by around 200 billion yen, sources familiar with the matter said on Wednesday. In another sign it was preparing to draw a line under the accounting scandal, a company committee met on...

  • "We are intensely focused on whether companies and their officers evaluate judgmental accounting issues in good faith and based on GAAP," or generally accepted accounting principles, Andrew Ceresney, head of the SEC enforcement division, said in a statement on Tuesday. Logitech's former Chief Executive Officer Gerald Quindlen was not accused of misconduct...

  • "We are intensely focused on whether companies and their officers evaluate judgmental accounting issues in good faith and based on GAAP," or generally accepted accounting principles, Andrew Ceresney, head of the SEC enforcement division, said in a statement on Tuesday. Logitech's former Chief Executive Officer Gerald Quindlen was not accused of misconduct...

  • April 14- SunEdison Inc said an independent audit committee had identified several issues in the company's cash accounting practices but found no "material misstatements" in its historical financial statements. SunEdison, which has more than $12 billion in debt, is widely expected to file for bankruptcy this week. The company's shares jumped about 43 percent...

  • SunEdison, which has more than $12 billion in debt, is widely expected to file for bankruptcy this week.

  • Billionaire William Ackman, whose Pershing Square Capital Management owns a 9 percent stake in Valeant, has joined the company's board. U.S. prosecutors in Massachusetts and Manhattan are probing Valeant's pricing and distribution channels, while the Securities and Exchange Commission is investigating its accounting and disclosure issues.

  • A Sharp Corp. logo is displayed on a door at the entrance to the company's plant in Yaita, Tochigi Prefecture, Japan, on Thursday, Nov. 19, 2015.

    Taiwan's Foxconn is set to sign a takeover deal for Japan's troubled Sharp with a smaller-than-planned bailout after repeated delays, two sources said.

  • WASHINGTON/ NEW YORK, March 21- A move by Valeant Pharmaceuticals International Inc to single out two former top executives over its accounting problems is likely a bid to win leniency with government agencies investigating the drugmaker, according to accounting and securities experts. Valeant on Monday said Chief Executive Michael Pearson was leaving the...

  • NEW YORK, March 21- U.S. companies are once again relying on a lot of financial engineering to boost earnings, suggesting that last year's weak profit picture may have been even worse than it seemed, according to some analysts. S&P 500 companies reported adjusted earnings- which often exclude one-time charges and taxes- for the last 12 months that were 30 percent...

  • Schiller: Valeant statement is inaccurate

    CNBC's Meg Tirrell reports the latest news from Valeant Pharmaceuticals including former CFO Howard Schiller making a statement refusing to resign from the board and that he did not engage in improper conduct.

  • Tax experts can say that with confidence, without knowing any of the details, because the IRS does not solicit payments by phone. In one scam still operating, 896,000 people have been called by would-be swindlers, and more than 5,000 victims have handed over $26.5 million, the IRS says. Jeffrey Schneider, an enrolled agent for SFS Tax& Accounting Services in Port St....

  • The SEC staff recommended approving the budget of the Public Company Accounting Oversight Board and SEC Commission Chair Mary Jo White and Commissioner Kara Stein endorsed the $257.7 million budget. The SEC controls the budget and assigns members of the PCAOB, which was conceived to prevent future accounting scandals like the one that brought down energy...

  • WASHINGTON, March 14- The Securities and Exchange Commission on Monday voted to approve the budget for the auditing watchdog that oversees the work of leading U.S. accounting firms. The SEC staff recommended approving the budget of the Public Company Accounting Oversight Board and SEC Commission Chair Mary Jo White and commissioner Kara Stein endorsed the...

  • BEIJING, March 5- China will scrap restrictions on foreign participation in some service sectors including building design and accounting and auditing, the government said as it unveiled a draft of its new five-year development plan at the annual meeting of parliament. China will also allow more foreign investment into the banking, insurance, securities and...

  • March 1- Chipmaker Marvell Technology Group Ltd said a six-month investigation found no fraud in the way the company had booked its revenues in the past few quarters, sending the company's shares up. Marvell disclosed on Sept. 11 that it was investigating its revenue recognition practices in recent quarters. Marvell's shares were up 2.4 percent at $9.78 on...

  • NEW YORK, Feb 25- U.S. public companies will have to bring over one trillion dollars worth of leases for everything from airplanes to buildings onto their balance sheets starting in 2019 under a new accounting rule issued on Thursday. U.S. companies have about $1.5 trillion of leases that will be affected by the standard, according to a 2012 study commissioned by...

  • Dems take aim at earnings stripping

    Rep. Chris Van Hollen (D-Md.) introduces a bill to deal with earnings stripping, a tactic used by multinational companies to escape high domestic taxing.

  • *Expects $1.2 bln impairments in Q4, hit by low coal price. SINGAPORE, Feb 23- Commodity trader Noble Group warned of its first full-year loss in nearly 20 years on Tuesday, blaming a $1.2 billion writedown on low coal prices and prompting a credit rating downgrade by Moody's. Singapore- listed Noble, which has sought to reassure investors after an accounting...

  • SINGAPORE, Feb 23- Commodity trader Noble Group warned of its first full-year loss in nearly two decades, blaming $1.2 billion of writedowns on a slide in coal prices- a move seen by analysts as a response to pressure to be more conservative in its accounting practices. One potential outcome is that it cleans up the balance sheet from the banks' perspective, "said...

  • Allergan said revenue from its U.S. brands rose 38 percent to about $2.5 billion in the quarter ended Dec. 31, accounting for 58.7 percent of the total revenue. The Dublin- based company posted a net loss of $700.5 million, or $1.78 per share, compared with a loss of $732.9 million, or $3.34 per share. Excluding special items, Allergan earned $3.41 per share, while...