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Accounting

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  • Attacks on Noble accounting take their toll Wednesday, 22 Jul 2015 | 12:47 AM ET
    Richard Elman, chief executive officer of Noble Group.

    How Noble reports profits on long-term commodity deals has become the center of a fierce battle between the trading house and its critics. The Financial Times reports.

  • The resignation of nine Toshiba executives, including the CEO, for doctoring books places the company beside the growing rogues' gallery of corporate desperados. The Houston company set a new standard for creative accounting practices. Tyco's CEO Dennis Kozlowski became the singular image of excess on Wall Street, throwing a $2 million birthday party for his...

  • Toshiba chiefs quit over $1.2B accounting scandal Tuesday, 21 Jul 2015 | 8:21 AM ET

    Chief executive and vice-chairman resign in the wake of an independent report on the company's accounting scandal. But the stock has surged.

  • UPDATE 4-Toshiba CEO quits over accounting scandal Tuesday, 21 Jul 2015 | 7:41 AM ET

    *Toshiba shares rise 6 pct in relief rally. TOKYO, July 21- Toshiba Corp's chief executive Hisao Tanaka and a string of other senior officials resigned on Tuesday for their roles in the country's biggest accounting scandal in years. Muromachi is considered a safe pair of hands to lead Toshiba through its current turmoil before handing the reins to a successor.

  • TOKYO, July 20- Toshiba Corp overstated its operating profit by 151.8 billion yen over several years in "institutional" accounting irregularities involving top management, an independent committee said in a report on Monday. Toshiba Chief Executive Hisao Tanaka and his predecessor, Vice Chairman Norio Sasaki, were aware of the overstatements of profits and...

  • TOKYO, July 20- A probe into an accounting scandal at Toshiba Corp is expected to find that top management were responsible for failures on a company-wide scale, setting the stage for a board overhaul, results restatements and potentially hefty fines. That would be more than three times Toshiba's initial estimate. Such numbers would significantly dent...

  • TOKYO, July 18- Japan's financial watchdog plans to seek a financial penalty on Toshiba Corp, currently being investigated by an independent committee over accounting irregularities, the Nikkei reported on Saturday. An SESC spokesman declined to comment, while Toshiba officials were not immediately available for comment. Toshiba expects to take up to $3...

  • TOKYO, July 16- Toshiba Corp expects 300- 400 billion yen in charges related to improper accounting in an expanding probe that is set to force Chief Executive Hisao Tanaka to step down, sources familiar with the matter said on Wednesday. That's more than triple Toshiba's initial estimate of around 50 billion yen. A Toshiba spokesman said it has not yet compiled any...

  • *Expects to book 300- 400 bln yen in charges. TOKYO, July 15- Toshiba Corp expects 300- 400 billion yen in charges related to improper accounting in an expanding probe that is set to force Chief Executive Hisao Tanaka to step down, sources familiar with the matter said on Wednesday. That's more than triple Toshiba's initial estimate of around 50 billion yen.

  • TOKYO, July 15- Toshiba Corp expects to book charges of 300 billion to 400 billion yen related to improper accounting, people briefed on the matter said on Wednesday, as Japan's biggest accounting scandal in years expands. Toshiba has been unable to close its books for the latest business year due to the scandal, and suspended its year-end dividend payout.

  • July 15- Toshiba Corp Chief Executive Hisao Tanaka will step down in September along with other board members including Vice Chairman Norio Sasaki to take responsibility for accounting irregularities, sources familiar with the matter said. That's more than triple Toshiba's initial estimate of around 50 billion yen. Toshiba's shares have slumped around 27...

  • UPDATE 1-Toshiba CEO to step down in September -sources Tuesday, 14 Jul 2015 | 10:29 PM ET

    July 15- Toshiba Corp Chief Executive Hisao Tanaka will step down in September along with other board members including Vice Chairman Norio Sasaki to take responsibility for accounting irregularities, sources familiar with the matter said. A Toshiba spokeswoman said the company had not yet made any decision on the matter and was waiting for the third-party...

  • July 15- Toshiba Corp Chief Executive Hisao Tanaka is likely to step down in September to take responsibility for accounting irregularities at the Japanese conglomerate, the Nikkei business daily reported. The probe has widened from looking into accounting errors at Toshiba's infrastructure business to checking books for a broad range of operations.

  • Francis Canellas, a key prosecutorial witness at the criminal trial of Davis, executive director Stephen DiCarmine and chief financial officer Joel Sanders, said all three were aware of improper accounting tricks intended to fool auditors about Dewey's true financial state. In March 2014, he pleaded guilty to grand larceny as part of a cooperation agreement...

  • *Noble in reputational battle over accounts. SINGAPORE, July 14- Noble Group Ltd's hiring of a second auditor to review its accounts marked a change of heart for a company that has defended its accounting practices for months, but its top brass felt compelled to draw a line under the problem, according to a person with direct knowledge of the matter.

  • NEW YORK, July 9- A former associate of Bernard Madoff avoided prison on Thursday for his role in perpetuating the fraudster's massive Ponzi scheme because of his extensive cooperation with prosecutors. Paul Konigsberg, 79, a lawyer and accounting firm executive, pleaded guilty in June 2014 to charges of conspiracy and falsifying books and records.

  • FACTBOX-Contenders to be Barclays chief executive Thursday, 9 Jul 2015 | 8:48 AM ET

    Morzaria was born in Uganda and moved to Britain in 1971. The British citizen, who graduated in computer science and accounting from Manchester University, is a qualified chartered accountant. He has also worked at Credit Suisse and SG Warburg. Colm Kelleher, Morgan Stanley president of institutional sales: 3/ 1.

  • *Toshiba set for profit writedowns, may seek credit line- sources. TOKYO, July 9- An independent investigation of Toshiba Corp's accounting irregularities is looking at the role played by top officials, people familiar with the matter said, a move that could force a management overhaul at the Japanese conglomerate. Toshiba has been unable to close its books for...

  • TOKYO, July 9- An independent investigation of Toshiba Corp's accounting irregularities is looking at the role played by top officials, people familiar with the matter said, a move that could force a management overhaul at the Japanese conglomerate. As the probe has widened from looking into accounting errors at Toshiba's infrastructure business to...

  • *Toshiba considering selling part of Westinghouse stake- sources. TOKYO, July 9- Toshiba Corp, which is expected to write down profits due to an accounting scandal, is considering selling assets including part of its stake in Westinghouse Electric, sources with knowledge of the matter said on Thursday. Toshiba may need to mark down past earnings by over 100...