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Accounting News 10/2014 (Page 5)



Tesco suppliers call in audit teams over accounting scandal
Accounting firm Deloitte had completed an investigation into the scandal for the Tesco. Tesco has declined to comment on its findings, apart from confirming the shortfall was £263m and that the practices at the heart of the scandal had been going on ...

Accounting Firms' Anti-Hong Kong Protest Stance Prompted by Pressure
HONG KONG—Pro-Beijing entities encouraged affiliates of the Big Four accounting firms here to take out advertisements against Hong Kong's protest movement in June, before the demonstrations led to confrontations with police, said people with knowledge ...

Accounting Firms Came Out Against Protests Under Pressure from Beijing
Pro-Beijing entities encouraged local affiliates of the Big Four accounting firms to take out advertisements against Hong Kong's protest movement in June, before the demonstrations got underway, according to people with knowledge of the situation. As ...

ARCP Says Accounting Errors Were Intentionally Not Fixed
American Realty Capital Properties Inc. (ARCP), the biggest U.S. owner of single-tenant properties, said its financial statements are inaccurate and replaced its chief financial officer and chief accounting officer. ARCP will reduce its adjusted funds ...

SFO to probe Tesco accounting errors - Sky News
LONDON (Reuters) - Britain's Serious Fraud Office (SFO) is to launch a formal criminal probe into accounting errors at troubled supermarket Tesco, Sky News reported on Wednesday. Britain's biggest retailer, which has suffered a string of recent profit ...

SEC to Open Inquiry Into American Realty Capital Properties' Accounting
One of the largest U.S. real-estate empires was battered Wednesday by its disclosure of an accounting mistake and subsequent coverup that forced the resignations of two top executives, slashed its flagship company's stock-market value by 19% and ...

Schorsch's American Realty Capital discloses serious accounting errors; CFO out
American Realty Capital Properties Inc. (ARCP), the biggest U.S. owner of single-tenant properties, said its financial statements are inaccurate and replaced its chief financial officer and chief accounting officer. ARCP will reduce its adjusted funds ...

Criminal investigation launched into Tesco's accounting
Deloitte concluded that supplier payments had been pulled forward or deferred in a manner that was contrary to Tesco's accounting policies. It also found there had been similar practices in prior reporting periods and that the sums pulled forward grew ...

ARCP discovers accounting issues, shares sink
NEW YORK — American Realty Capital Properties Inc. said Wednesday that it replaced its chief financial officer and chief accounting officer after it discovered that key parts of its financial statements were incorrect. Its shares sunk as much as 37 ...

ARCP Stock Tumbles Amid Unveiling of Accounting Errors
In a notice filed with securities regulators Wednesday, ARCP said the accounting errors occurred in the first and second quarters of 2014. The AFFO errors were “identified but intentionally not corrected and other AFFO and financial statement errors ...

Tesco Accounting Scandal Draws Scrutiny of Serious Fraud Office in Britain
LONDON — The Serious Fraud Office in Britain has started a criminal investigation into accounting irregularities at Tesco, it said Wednesday, adding to the woes of the country's largest retailer. Tesco was already under investigation by the Financial ...

American Realty Capital Properties Inc Down After Accounting Errors
Following the disclosure, the stock price of American Realty Properties Inc (NASDAQ:ARCP) plummeted more than 31% to $8.45 per share at the time of this writing around 11:57 A.M. in New York. “The accounting issues are unacceptable and we are taking ...

UPDATE 3-Britain's Fraud Office launches probe into Tesco accounting scandal
LONDON Oct 29 (Reuters) - Britain's Serious Fraud Office (SFO) has opened a formal criminal investigation into accounting errors at Tesco, raising the stakes in a scandal that has hammered the reputation of the country's biggest grocer. Already ...

UNO expected to get $1.8 million for engineering, computer science and ... - The Times-Picayune
UNO expected to get $1.8 million for engineering, computer science and ...

Mayor: Harrisburg achieves balanced budget despite inherited $4 million ...
Mayor: Harrisburg achieves balanced budget despite inherited $4 million ...

PSC investigating accounting issues at United Water
In documents provided to the commission, United Water said its revenues in Rockland and Tuxedo were overstated by $2.5 million in 2010 and the accounting problems continued until 2014, when the figure grew to $2.9 million. It also acknowledged smaller ...

Merger to make Greenville's Elliott Davis a top 30 accounting firm
Greenville is set to be the home base for one of the nation's top 30 accounting firms now that homegrown Elliott Davis plans to merge with Decosimo of Chattanooga, Tenn. Rick Davis, managing shareholder of Elliott Davis and leader of the combined ...

A NY REIT tumbles 30% on accounting ills
"Reading between the lines, our suspicion is that the two top accounting officers saw the error in the earnings and let it go," said Jeff Block, a lawyer at Block & Levitan, based in Boston. "You have a very profound drop in value any time you have ...

Thomson Reuters posts revenue rise on legal and tax & accounting
Oct 30 (Reuters) - Thomson Reuters Corp on Thursday reported a 1 percent rise in revenue because of growth in its Legal and Tax & Accounting businesses. The news and information company said third-quarter revenue from ongoing businesses was $3.1 ...

Schorsch's empire jolted by $23M accounting mishap
Nicholas Schorsch downplayed the impact a $23 million accounting error will have on his REIT empire in a conference call with 300 broker-dealer executives Tuesday. Earlier in the day, Mr. Schorsch's flagship REIT, American Realty Capital Properties, ...

Merger will mean expansion for one of Cincinnati's largest accounting firms
Decosimo, based in Chattanooga, Tenn., and Elliott Davis, a Greenville, S.C.-based accounting firm that doesn't have any local operations, said Wednesday that they'll merge effective Jan. 1. The deal will create a firm that will be one of the nation's ...

We Need an Accounting of America's Innocent Prisoners
A recent study found that wrongful death row convictions are higher than previously thought, with a conservative estimate that 4 percent of the roughly 3,000 prisoners languishing on death row across America -- at least 120 people -- are innocent. And ...

SEC probes Great Florida Bank's accounting accuracy
... in the case of an acquired bank the SEC investigators are probably looking into the individuals who were responsible for the bank's financial reporting and were aware about the accounting issues surrounding the repossessed building. Sallah said the ...

Bob Barnes, accounting firm founder, dies
"To me, he was a partner, a mentor and almost like a father to me," Cloppert said. Barnes Dennig is Cincinnati's fifth-largest accounting firm, with 62 local CPAs, according to the most recent Courier research. Bob Barnes had never been in the hospital ...

American Realty Declines for Second Day to a Record Low
American Realty Chief Executive Officer David Kay said yesterday that the accounting missteps came after a mistake in first-quarter results that wasn't intended to inflate adjusted funds from operations, a measure of REIT cash flow. The company changed ...

Ratings Agencies Review ARCP Accounting Errors, SEC Expected to Investigate
Shares in American Realty Capital Properties continued dropping Thursday one day after the REIT admitted there were accounting errors that were intentionally covered up in its recent financial statements leading to the resignation of two top executives ...

American Realty's Accounting Woes Spark 2 NY Class Actions
Law360, New York (October 30, 2014, 7:01 PM ET) -- A day after American Realty Capital Properties Inc. revealed accounting irregularities in recent earnings reports, the real estate investment trust was hit with two securities class actions in New York ...

Investors sue REIT that covered up accounting mistake
Investors in American Realty Capital Properties have launched a suit against the company in New York Supreme Court after the publicly traded real estate trust announced Wednesday that it may have committed accounting fraud and misstated its earnings ...

Elliott Davis to merge with Tennessee accounting firm
Elliott Davis will soon be going through another name change, following its merger announcement with Decosimo, a Tennessee-based accounting firm. Elliott Davis and Decosimo expect to merge effective Jan. 1, after a recent unanimous vote by ...

Accounting firm expands to Boca Raton
Yip Associates is expanding its forensic accounting, expert witness and consulting firm to Boca Raton. The Miami-based firm signed a 2,300-square-foot lease at 1001 Yamato Road and has hired six employees there. It hired Hylton Wynick and Robert Bueso ...

Bramwell's Lunch Beat: ARCP's Accounting Horror Story
The company determined there was no intent to overstate the accounting measure for the first quarter, but that the second-quarter number was based on a calculation made “in order to conceal the error from the first quarter,” Chief Executive David S ...

Atsushi Kato of IESBA Works on Code of Ethics for Accountants
Atsushi Kato, a former partner at PwC Japan and a public member of the International Ethics Standards Board for Accountants, recently shared his insights on why ethics and accountability are crucial in the wake of recent accounting scandals and what it ...

US governmental accounting board takes on tax abatement programs
WASHINGTON (Reuters) - U.S. state and local governments would have to disclose how much revenue they stand to lose through tax breaks for economic development projects under requirements the Governmental Accounting Standards Board is ...

Caterpillar Calls Its Accounting on Bucyrus Purchase 'Appropriate'
Earlier Friday, the Peoria, Ill.-based maker of heavy equipment disclosed in a securities filing that the Securities and Exchange Commission is investigating the company's accounting practices related to the $8.8 billion acquisition of Bucyrus, a maker ...

Exclusive: American Realty Capital facing criminal probe over accounting ...
Exclusive: American Realty Capital facing criminal probe over accounting ...

Great Park consultant files complaint, says accounting firm hurt its reputation
In a complaint filed this week with the California Board of Accountancy, San Diego-based consultant Gafcon alleges that the audit, performed by accounting firm Hagen, Streiff, Newton and Oshiro, contained false information about the company's work ...