Tesco Probe Widens into Criminal Investigation
UK-based retailer Tesco, which has spent the last few weeks embroiled in an accounting £250 million (or roughly $402 million), can add a criminal investigation from the government's Serious Fraud...
View ArticleSenator Concerned New Rev. Rec. Standard Opens Door to Abuse
Senator Carl Levin (D-Michigan) wrote to the Financial Accounting Standards Board (FASB) warning that the new revenue recognition standard, which collapses the various transaction-specific standards...
View ArticleChicago Think Tank to Unveil Report Targeting Federal Accounting Practices
Nonprofit Chicago think tank Truth in Accounting (TIA) will soon release its federal project analyzing the 2013 federal budget, according to an op-ed published by the organization’s founder and CEO,...
View ArticleCredit Suisse Ordered to Pay $1.8 Billion to U.S. DOJ by Next Week
Years of investigation into Credit Suisse has resulted in a win for the Department for Justice, according to Forbes. read more
View ArticlePope Francis Addresses the Accounting Community
His Holiness Pope Francis was the featured speaker at the World Congress of Accountants in Rome, where he called upon the profession to go above and beyond in applying its creativity and intelligence...
View ArticleGreek Crisis Shows Bad Accounting All Around
An opinion piece in the New York Times argues that Greece's debt crisis may simultaneously be both much worse and much better than it appears, all due to how the various nations entangled in it have...
View ArticleSEC Stepping Up Accounting Investigations
The Securities and Exchange Commission has been conducting many more investigations into accounting matters than in years past, said the Wall Street Journal. Data has shown that accounting fraud...
View ArticleStudy: Human Error Rampant in Fin. Reporting
While it might be tempting to blame the technology, a survey of accounting and tax leaders has found that the most common mistakes in financial reporting come down to simple human error, according to...
View ArticleInsurance Company Admits to $44 Million Accounting Error
Genworth Financial, a publicly traded insurer, took a beating in the stock market after admitting it had made a $44 million miscalculation when in its long-term care reserves, according to Bloomberg....
View ArticleHurt by the Target Hack? You Could Get $10,000
If you were one of the 70 million people whose personal information was stolen in a massive hack of Target's payment system, then you might be able to get $10,000 as part of the settlement of a class...
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