Sox First

With the FBI now investigating the bankruptcy of MF Global, something I blogged about during the week, and regulators probing how customers' money was used to prop up the firm's books, it…

Accounting scandals always have a way of spinning out of control, and taking on a life of their own. No one, for example, would have predicted that Enron would have ended up destroying Arthur Anders…

Auditors are learning that businesses in China are lying about their profits.A report from China's National Audit Office reveals that 17 state owned enterprises (SOEs) were overstating earnings,…

So the Lloyds Banking Group, which is 41% owned by the state, now admits it will not be paying any corporations tax, despite reporting a pre-tax profit of £2.2bn for 2010, its first annual profit s…

Can any accountant here please explain to me what the hell a "negative liability" is? It's just a little piece of accounting trickery that the Federal Reserve, with its enormous bond …

Accounting rules never get the attention they deserve. Accounting rules affect the profitability of companies and their value to shareholders. And now a new study shows that the background of the s…

Companies are going to be hit hard with proposals from the International Accounting Standards Board and the US Financial Accounting Standards Board effectively forcing them to recognize leases as l…

Companies around the world will soon have to comply with accounting standards requiring them to disclose the impact their operations have on the environment.The Guardian reports that the Internatio…

Disturbing report in the Financial Times about how JPMorgan Chase was using the same accounting trick as Lehman Brothers, declaring trades as sales. According to the FT, JPMorgan ended the practice…

First there was Andersen, now it's Ernst & Young. The Enronisation of Lehman Brothers continues with the New York Times reporting that Lehman Brothers' auditors Ernst & Young could …