Corporate Finance Accounting

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  • WASHINGTON, Feb 9- Monsanto Co will pay $80 million to settle civil accounting violations after it allegedly misstated its earnings in connection with its top-selling Roundup product, U.S. securities regulators said on Tuesday. The SEC's case against the agricultural giant revolves around a corporate rebate program designed to boost sales of Roundup, a...

  • *Company postpones fourth-quarter results to Feb. 29. Feb 8- Shopping center owner and operator Brixmor Property Group Inc said its CEO and two other top officers resigned after an internal review found that its financial statements were tampered with, sending its shares down as much as 25 percent. "The board is disappointed to have learned of the conduct and lack...

  • "The board is disappointed to have learned of the conduct and lack of appropriate management supervision uncovered as a result of the Audit Committee review," Chairman John Schreiber said in a statement. Brixmor said it had reported the matter to the U.S. Securities and Exchange Commission. The New York- based company named Raider Hill Advisors LLC founder...

  • Brixmor's top execs exit after accounting review Monday, 8 Feb 2016 | 7:59 AM ET

    Feb 8- Brixmor Property Group Inc said three of its top officers, including its chief executive, had resigned after an internal accounting review showed discrepancies in the company's financial statements. The company's quarterly statements had been tampered with in order to show consistent growth in same-property net operating income, the New York- based...

  • WASHINGTON, Feb 4- The federal government watchdog has determined that the U.S. Commodity Futures Trading Commission violated government accounting principles by understating its leasing liabilities, a congressional source told Reuters. "It is deeply troubling that an agency charged with regulating some of the most complex financial products and...

  • WASHINGTON, Feb 4- Senate Agriculture Committee Chairman Pat Roberts is turning up the heat on the U.S. derivatives and commodities regulator over an accounting error that could mean it has deficient funds. Roberts, a Kansas Republican, sent a letter dated Feb. 3 to Timothy Massad, head of the Commodity Futures Trading Commission, calling for answers on the error,...

  • For General Motors, that's what happened last year as the company posted a record $9.7 billion net profit. Yes, a good chunk of that was a $3.9 billion one-time accounting gain due to better prospects in Europe, but the company still made billions on booming sales of its strong lineup of SUVs and trucks, mainly in North America. Excluding special items, GM earned...

  • Excluding special items such as a noncash $3 billion boost from a change in accounting for tax allowances, earnings rose by 16.5 percent to $1.29 billion, or $2.00 per share. The Fort Worth, Texas- based airline said it had repurchased $1.1 billion worth of shares in the quarter as part of a previously announced buyback program. However, intense competition from...

  • 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...