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Tag >> Accounting
Jun 30
2010

Bad governance at root of crisis

Posted by Ron F in RiskRegulationfinancial reformfinancial market reformfinancial crisisexecutive compensationderivativescorporate culturecompliancecompensationBanksbanking industryBankingbank failuresauditorsAccounting

Ron F

Anyone counting on regulation alone to prevent the world from falling into another financial black hole will be sorely disappointed, a group of experts warned in an article published yesterday by the International Federation of Accountants.

The experts say that all key parties to the financial disaster--from regulators to managers and investors--share the blame and that tighter regulation alone can therefore go only so far to prevent another crisis from materializing. 

Jun 30
2010

Bad governance at root of crisis

Posted by Ron F in RiskRegulationfinancial reformfinancial market reformfinancial crisisexecutive compensationderivativescorporate culturecompliancecompensationBanksbanking industryBankingbank failuresauditorsAccounting

Ron F

Anyone counting on regulation alone to prevent the world from falling into another financial black hole will be sorely disappointed, a group of experts warned in an article published yesterday by the International Federation of Accountants.

The experts say that all key parties to the financial disaster--from regulators to managers and investors--share the blame and that tighter regulation alone can therefore go only so far to prevent another crisis from materializing. 

Jun 30
2010

Auditors may have missed Overstock accounting issue

Posted by Going Concern in PricewaterhouseCoopersOverstock.comGrant ThorntonGAAPcomplianceauditorsauditingAccounting

Going Concern

Submitted by Caleb Newquist,  republished from Going Concern, Accounting News for Accountants and CFOs.

Yesterday we briefly picked up the Overstock beat as Sam Antar pointed out that everyone's favorite Salt Lake City resident got a little confused about when they knew their gain contingency existed that resulted in some contradictory disclosures.

Jun 29
2010

Court decision undermines PCAOB's independence

Posted by Ron F in Supreme CourtSecurities and Exchange CommissionSection 404Sarbanes-OxleyPublic Company Accounting Oversight BoardPCAOBFASBcomplianceauditorsauditingAccountingaccountants

Ron F

We're not quite as sure as others are that yesterday's Supreme Court decision regarding SarbOx is so utterly meaningless regarding the future of the Public Company Accounting Oversight Board.

Sure, the court said the law is still fully in effect, blah, blah, blah.

Jun 24
2010

BDO wins new trial in case involving Banco Espirito Santo

Posted by Going Concern in complianceBanksBankingauditorsauditingauditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

In what amounts to a huge win for BDO, the Florida 3rd District Court of Appeal in Miami has ordered a new trial in the case between BDO and Banco Espirito Santo:

Jun 12
2010

PwC's UK affiliate in hot water over JP Morgan mess

Posted by Going Concern in PwCPricewaterhouseCoopersJPMorgan ChaseJP Morgan ChaseCPAscompliancebanking industryauditorsauditingauditAccounting

Going Concern

Submitted by Adrienne Gonzalez, republished from Going Concern, Accounting News for Accountants and CFOs.

Now £15.7 billion may not seem like much to you if you are, say, Bill Gates or Ben Bernanke but for PricewaterhouseCoopers UK, it may be the magic number that gets the firm into a whole steaming pile of trouble.

Jun 10
2010

Two ex-Lucent execs settle SEC accounting charges

Posted by Stephen Taub in securities fraudSecurities and Exchange CommissionseccomplianceAccounting

Stephen Taub

Remember Lucent Technologies?

The SEC certainly has. The regulator Wednesday announced it settled with two additional people stemming from a 10-year old accounting scandal.

Jun 08
2010

KPMG loses a client over loan accounting

Posted by Going Concern in SEC filingsKPMGGAAPcomplianceAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

KPMG has been kicked to the curb by Enterprise Financial according to an 8-K that was filed on Friday by the company. The ubiquitous claim of "no disagreements with [insert firm]" was there along with a mention of a material weakness that was related to the restatements issued for both 2008 and 2007 but that couldn't possibly have anything to do with the dismissal of the auditors:

Jun 04
2010

SEC doesn't mind latest delay in global accounting rules

Posted by Going Concern in Securities and Exchange CommissionMary SchapiroIFRSIASBGAAPFASBconvergencecomplianceAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Earlier in the week we heard the devastating news that the FASB and IASB's convergence efforts, despite a good hustle, would not meet the G20's deadline of June 2011.

Jun 03
2010

SEC charges Diebold finance execs with accounting fraud

Posted by Stephen Taub in Section 304Sarbanes OxleyfraudcomplianceAccounting

Stephen Taub

The Securities and Exchange Commission Wednesday charged Diebold and three former financial executives for engaging in a fraudulent accounting scheme to inflate the company's earnings.

The SEC also filed an enforcement action against Diebold's former CEO seeking reimbursement of certain financial benefits that he received while Diebold was committing accounting fraud under the clawback provision of Sarbanes-Oxley.

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