This section is my thoughts on some areas in the accounting arena.
On November 10,1494, the first book about double entry systems was published by the Italian mathematician, Lua Pacioli, also known as the father of accounting. In his honor the day is celebrated as the International Accountants Day! To all fellow accountants, keep up the great work.Read More
Italy's Antitrust authority fined the big 4 (Ernst & Young, Deloitte, KPMG and PWC) a total of 23 million euros for allegedly conspiring and colluding to divvy up large public consultancy contracts. Looks like the Big 4 need to revise their Ethics class!Read More
Two more corporate shareholders filed a legal claim against Toshiba, linked to the the 2015 accounting scandal, seeking $5.08 million in compensation for damages. This brings the total damages sought to $1.2 billion!
Accounting Fraud Accounting Frauds accounting restatement Accounting Scandal Accoun ting scandals Accounting Scandals Accounting Standards ASC 830 Auditors Balance Sheet fraud bankruptcy bankruptcy accounting Big 4 bill and hold sales channel stuffing contingent sales Convergence cookie jar accounting Covergence Credit- lined note Digimarc Expense Recognition Falsification of Financial Statements FAS 52 FASB Financial Crisis Fresh State Accounting Gloablization Globalization IASB IFRS Inflated Revenues Internal Control Internal Controls Inventory Adjustment KPMG lease material weaknesses Misappropriation of funds Repo 105 revenue recognition Standard Convergence US GAAP Whistleblower XBRL