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FASB Unveils Plan to Simplify Inventory, Extraordinary Items
July 18th, 2014
In its quest to simplify accounting standards, the Financial Accounting Standards Board has issued two new proposals — one to make it easier to measure inventory and another to eliminate requirements around extraordinary items. To make inventory measurement simpler, ...
MPs grill HMRC over accounts and new powers
July 18th, 2014
HMRC’s chief executive, Lin Homer, has told MPs that it will let the National Audit Office check its forecasts for tax collection after it miscalculated figures by £1.9bn a year. Homer and other HMRC board directors also told MPs ...
U.S. Oil Trade Imbalance With Canada Shrinking
July 18th, 2014
Thanks in large part to its energy-rich oil sands, Canada exports 10 times more oil to the United States than the United States exports to Canada, but that balance has begun to shrink, primarily because of the recent U.S. ...
Alibaba Plans IPO for After Labor Day
July 18th, 2014
Investors will have to wait a little longer for a chance to buy into the year’s most-anticipated initial public offering. Alibaba Group Holding Ltd. on Thursday decided to push back its IPO—which could raise more than $20 billion—until after ...
Implementing the new European accounting directive
July 17th, 2014
In implementing the New European Accounting Directive, the Member States have choices which give them the chance to improve accounting in their country and those choices should be more evidence-based. This was the main conclusion of a roundtable facilitated ...
Hedge-Fund Boutiques Show Dubai Nurturing Oasis Trading: Cities
July 16th, 2014
When Ahmad Zuaiter started a frontier-markets hedge fund, the former Soros Fund Management LLC money manager chose Dubai over New York and London. Zuaiter’s Jadara Capital Partners LP and VY Capital Management Co. Ltd. opened in the emirate in ...
SEBI bars Satyam’s B Ramalinga Raju, 4 others from capital markets for 14 years
July 16th, 2014
The Securities and Exchange Board of India on Tuesday barred former Satyam Computer Services, founder-chairman B Ramalinga Raju and four others from the market for 14 years for perpetuating the biggest accounting fraud in the country. The capital market ...
Ernst & Young settles SEC accusations for $4 million
July 15th, 2014
Ernst & Young agreed to pay $4 million to settle charges that it compromised its independence. Ernst & Young has agreed to pay $4 million to settle charges by the Securities and Exchange Commission that its auditors illegally lobbied ...
Samsung suspends China supplier over child labor
July 14th, 2014
Samsung Electronics Co. said it has suspended business ties with a Chinese supplier that allegedly hired children. The South Korean company, which is the world’s biggest smartphone maker, said in its blog Monday that it had found possible evidence ...
PwC must face $1 billion lawsuit over MF Global collapse
July 11th, 2014
A federal judge on Wednesday rejected PricewaterhouseCoopers’ request to dismiss a $1 billion lawsuit accusing the auditor of providing bad accounting advice that contributed to the October 2011 collapse of MF Global Holdings Ltd, a brokerage run by former ...
