Corporate Finance Accounting

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  • NEW YORK, July 21- Accounting firm KPMG has resigned as the auditor for Visium Asset Management, according to a letter sent to investors of the embattled hedge fund firm this week. Jacob Gottlieb, Visium's managing partner, noted that it hired accountants PKF O'Connor Davies LLP to perform 2015 audits for its hedge funds, which are being liquidated.

  • NEW YORK, July 21- Accounting firm KPMG has resigned as the auditor for Visium Asset Management, according to a letter sent to investors of the embattled hedge fund firm this week. Jacob Gottlieb, Visium's managing partner, noted that it hired accountants PKF O'Connor Davies LLP to perform 2015 audits for its hedge funds, which are being liquidated.

  • According to the SEC, from 2007 to 2013 roughly 19 workers at Johnson Controls' Chinese marine subsidiary used sham vendors to make roughly $4.9 million of improper payments. The SEC said Johnson Controls improperly recorded the payments on its books and lacked sufficient controls to detect the payments. Without admitting wrongdoing, Johnson Controls...

  • The SEC, which confirmed the verdict on Friday, said the jury after several days of deliberation had been unable to reach unanimous verdicts on its fraud or lying to auditor claims. The SEC sued Goldstone, Simmons and former Thornburg chief accounting officer Jane Starrett in 2012, alleging they hid the company's fast-deteriorating financial condition at...

  • TOKYO, June 30- Japan's anti-monopoly regulator has approved Canon Inc's acquisition of Toshiba Corp's medical equipment unit, but issued a warning over the way they carried out the deal, which antitrust experts have called questionable. Toshiba, hurt by an accounting scandal and in a hurry to raise cash before closing its books for the business year that ended...

  • *Regulator to warn against deal structure- report. TOKYO, June 30- Japan's anti-monopoly regulator is set to approve Canon Inc's acquisition of Toshiba Corp's medical equipment unit, the Nikkei newspaper said, although it added that the regulator would prohibit further use of the deal's unusual structure. Toshiba, hurt by an accounting scandal and in a hurry to...

  • HOUSTON, June 21- A quarter of private equity firms plan acquisitions in the oil and gas industry by the end of the year, sensing an opportunity after low crude prices eroded the sector's profitability, according to a survey released on Tuesday from EY, the accounting firm. The survey found that, globally, PE firms have nearly $1 trillion sitting on the sidelines,...

  • NEW YORK, June 15- A U.S. accounting regulator plans to release new rules on Thursday that will change how banks set aside money for bad loans, raising fresh questions about the role of forecasts in their financial reports. The Financial Accounting Standards Board's goal in setting up the new framework for loan-loss reserves is simple: it wants to reduce the...

  • NEW YORK, June 15- A U.S. accounting regulator plans to release new rules on Thursday that will change how banks set aside money for bad loans, raising fresh questions about the role of forecasts in their financial reports. The Financial Accounting Standards Board's goal in setting up the new framework for loan-loss reserves is simple: it wants to reduce the...

  • SAN FRANCISCO, June 6- A whistleblower lawsuit filed against Oracle Corp over its accounting practices underscores the pressures established computer companies face to show that they are growing in the fast-moving business known as the cloud. The lawsuit, filed on Wednesday in U.S. District Court in San Francisco by former Oracle senior finance manager...

  • In the interview with China's official Securities Times, Ma said the investigation does not mean Alibaba has problems but that the SEC is just performing its duties. The SEC focused on the accounting for affiliated logistics firm Cainiao Network, accounting practices applicable to related-party transactions in general, and operating data from its annual "...

  • *Chairman Richard Elman to step down within 12 mths. SINGAPORE, June 3- Noble Group is raising $500 million in a rights issue and its chairman plans to step down within 12 months- the latest in unexpected measures this week as Asia's largest commodity trader struggles with the fallout from an accounting dispute and weak markets. The resignation plans by Chairman...

  • SINGAPORE, June 3- Noble Group is raising $500 million in a fully underwritten rights issue and its chairman and biggest shareholder Richard Elman will step down within 12 months, as the company struggles with weak markets and the fallout from an accounting dispute. The rights issue will be supported by Elman and China Investment Corp, an existing investor.

  • SINGAPORE, June 3- Noble Group said it is raising $500 million in a fully underwritten rights issue and its chairman and biggest shareholder Richard Elman will step down within 12 months, as the company struggles with weak markets and the fallout from an accounting dispute. "The rights issue has been proposed to form part of the company's ongoing and prudent...

  • May 26- Valeant Pharmaceuticals International Inc said it appointed Sam Eldessouky corporate controller, the latest in a series of management changes at the company as it works to rebuild its reputation amid criticism of its accounting methods. Valeant said in March that "improper conduct" by former Chief Financial Officer Howard Schiller and former...

  • May 26- Embattled drugmaker Valeant Pharmaceuticals International Inc appointed Sam Eldessouky senior vice president and corporate controller, effective May 31. Eldessouky joins from security systems maker Tyco International Plc, where he has worked since 2004, most recently as senior vice president, controller and chief accounting officer.

  • The SEC focused on the accounting for logistics firm Cainiao Network, which Alibaba owns with several courier companies in China, as well as operating data from its Singles' Day, an annual sale that accounts for more than the combined sales of the Black Friday and Cyber Monday shopping events in the United States, according to Alibaba's annual report filed on...

  • The trade on BABA

    Gil Luria, Wedbush Securities analyst, discusses the play on Alibaba's stock after an investigation into Alibaba's accounting practices was confirmed.

  • SEC investigating Alibaba

    Jacob Frenkel, former SEC enforcement attorney, provides perspective on the investigation into Alibaba's accounting practices.

  • Alibaba confirms SEC probe

    Chinese e-commerce giant Alibaba confirmed the SEC is investigating its accounting practices, with Donn Vickrey, Pacific Square.