Articles about Accounting


Toshiba CEO and execs quit over $1.2bn six-year accounting scandal

Toshiba CEO Hisao Tanaka and seven other bigwigs have quit after a probe concluded profit figures had been inflated beyond their real values. The Japanese electronics giant said in a brief statement [PDF] today that $1.2bn (£770m, 151.8bn yen) was incorrectly added to Toshiba's income-before-tax figures in the 2008 to 2014 …
Shaun Nichols, 21 Jul 2015

NHS supplier Trustmarque seeks backers after accounting change

The future of major NHS supplier Trustmarque looks less certain after private equity backer Dunedin confirmed that a change in the way revenue is recognised has created a “funding gap”. The venture capitalist was the vital cog in the £43m management buy-out at York-headquartered Trustmarque, a top table Microsoft partner that …
Paul Kunert, 02 Sep 2014

Trustmarque: £2m profits evaporated after accounting change

A change in revenue recognition wiped £2m off Trustmarque’s profits according to the firm’s strategic and financial report, which also provides more details on its near-collapse and subsequent sale to Liberata. As revealed, the York-based enterprise software licensing biz ran into cash flow difficulties last month after changing …
Paul Kunert, 09 Oct 2014

Tech Data: UK accounting errors cost us $27m

Tech Data (TD) has turned to "external experts" to beef up fraud detection measures after it emerged that righting accounting wrongs at its UK sub had wiped $27m (£16.55m) off net profits for the last three years. The restatement equates to three per cent of income made during fiscal '11, '12 and '13, the periods that forensic …
Paul Kunert, 05 Feb 2014
HP Autonomy homepage screen

US Air Force turns up dubious Autonomy accounting in reseller contracts probe

An investigation by the US Air Force into alleged accounting irregularities at Micro Technologies has unexpectedly dragged all that nasty business between HP and Autonomy back into the limelight. The USAF has been looking into MicroTech, which does a lot of business with government agencies – and, crucially, resells Autonomy …

Tech Data to close lid on accounting nightmare TOMORROW

Tech Data is about to wake up from the restatement nightmare that has troubled senior execs for nearly 11 months when it reports delayed fiscal '13 numbers tomorrow. The world's second largest tech wholesaler revealed in March that it discovered errors in vendor accounting which could wipe up to $33m off its bottom line for …
Paul Kunert, 04 Feb 2014
The Register breaking news

UK fraud office hauls Olympus into court over accounting scandal

Japanese camera firm Olympus will be prosecuted by the UK's Serious Fraud Office along with its British subsidiary Gyrus Group following a £1bn accounting scandal at the company. The SFO has been investigating both companies after three of Olympus' former execs admitted to falsifying financial statements, overstating net assets …

Danwood axes 200 after discovering 'accounting weaknesses'

Top brass at print consultancy the Danwood Group axed 200 staff as part of an operational review following the discovery of systemic accounting errors relating to services contracts. The details of the job cuts were laid bare in a Companies House filing today for the Lincoln-based HP, Xerox and Canon sales biz, covering results …
Paul Kunert, 28 May 2013
The Register breaking news

US, UK probe HP claims of accounting mischief at Autonomy

The US Department of Justice is investigating Hewlett Packard's allegations that British software company Autonomy cooked its books before it was bought up by HP. Hewlett Packard claimed accounting irregularities and financial misrepresentation at Autonomy led to HP's $8.8bn loss in the fourth quarter of 2012. HP paid $11bn for …
Anna Leach, 31 Dec 2012
Red pen

Phoenix IT Group fesses up to 'accounting irregularities'

Phoenix IT Group has suspended a business manager amid a probe into accounting irregularities that the firm reckons will result in £14m being wiped from net assets. The listed IT services group revealed in a statement to the London Stock Exchange this morning that it has named PwC and Nabarro LLP to "carry out independent …
Paul Kunert, 03 Sep 2012

Phoenix IT Group injects fresh blood, hopes to heal from accounting boo-boos

Troubled Northampton-based player Phoenix IT Services has quietly introduced new blood to the organisation. The IT services specialist recently posted numbers for the halfway (30 September) point in fiscal 2013, with sales diving £7m to £124m and operating profits falling to £9.9m from £14m (restated) in the previous year. This …
Paul Kunert, 11 Dec 2012
Toshiba MQ03ABB300

Is Toshiba mulling asset sales? HDD, TV businesses in the frame

Comment Toshiba is in trouble and could be about to exit the PC and disk drive businesses. The company is still suffering badly from a massive accounting scam, which overstated profits for seven years, and it has just reported a lousy quarter with losses of $91m. Masashi Muromachi became Toshiba’s new president (chief executive) in …
Chris Mellor, 14 Sep 2015

Ex-Autonomy CEO Mike Lynch sues HP for $150m+

Autonomy founder and ex-CEO Mike Lynch is suing HP for at least $150m (£100m) in damages over its assertion that he helped cook the books to inflate the price it paid for the software firm. Back in the summer of 2011, HP forked out $10.7bn to acquire Autonomy. Little over a year later, the US giant accused Lynch of …
Paul Kunert, 01 Oct 2015
Job cuts jpeg

Toshiba CEO: Yeah, we MAY need to chop some heads

Toshiba is looking to take “urgent action” across its PC and TV business that may well involve cutting jobs, according to the chief executive. The scandal-hit Japanese corporation last month reported declining sales and widening losses in its Lifestyle Products and Services division that houses clients devices. This followed …
Paul Kunert, 01 Oct 2015

HP lifts lid on Autonomy lawsuit claims, but Lynch cries BOLLOCKS

On Tuesday, HP made public the details of the lawsuit it has filed against former Autonomy executives Mike Lynch and Sushovan Hussain in the UK, in what is just the latest round in litigation that is only likely to get uglier as the suit progresses. "HP confirmed today that Particulars of Claim against Lynch and Hussain were …
Neil McAllister, 06 May 2015

Sage boosts profit but that means NOTHING without the CLOUD

Sales rose 6.5 per cent to £699m during accounts-ware biz Sage's half-year results, despite the company's poor cloudy progress. Pre-tax profits increased 4.9 per cent to £173m, compared with the first half of its previous financial year. Stephen Kelly, chief executive officer, said the company is in the process of overhauling …
Kat Hall, 06 May 2015

Danwood CEO Francis exits stage left

The CEO brought in by Danwood’s backers to extinguish the financial flames that resulted from half a decade of systemic mismanagement and dodgy bookkeeping practises, has exited. Steve Francis, the self-proclaimed serial turnaround expert has left the building in far better shape than he found it in October 2012 when the print …
Paul Kunert, 01 Sep 2015

US feds save billions through data center consolidation

America's biggest federal agencies carved out $3.6bn in IT cost savings between 2011-2014 - compared with government "cut and reinvest" guidance of $7.6bn and an annual IT budget of $80bn-plus. Data centre consolidation and optimization efforts produced about half the IT procurement savings. The OMB has set out three main …
Team Register, 16 Sep 2015
management regulation6

Kelway new owner CDW tells staff to rest easy. Job cuts? Nah

The great unwashed at Kelway could be forgiven for checking their backs after CDW acquired the reseller yesterday, but job cuts or office closures are not part of early integration plans, or so say the new bosses. The world’s largest tech reseller – CDW won 3,000 new punters in Q2 alone compared with the 4,600 in total that …
Paul Kunert, 04 Aug 2015
iMoney iOS app icon

iMoney Accounting

iOS App of the Week It must be a sign of the times, but I’m definitely seeing more personal finance apps coming my way recently. Of course, there’s already no shortage of apps for keeping track of your daily spending, but iMoney Accounting caught my eye as it’s free and also has an online reporting function that could be useful for people who need …
Cliff Joseph, 13 Oct 2011

Trustmarque: 2014 was a helluva year – for all the wrong reasons

Trustmarque swung to a loss in a challenging 2014 caused by a write-down of acquired Opin Systems, the correction of overstated profits in the prior year and commercial uncertainty leading up to its sale to Liberata. The licensing specialist turned over £135.4m in the twelve months, £99m of which was based on Microsoft …
Paul Kunert, 02 Oct 2015
management regulation1

HP's shareholder settlement deal over Autonomy merger DENIED – again

A US district judge has thrown out a proposed settlement deal of a sueball lobbed at HP by some of the company's shareholders, after it bought Blighty software outfit Autonomy for $10.7bn in 2011. "The shareholders appear to be relinquishing a whole universe of potential claims regarding HP governance and practices with no …
Kelly Fiveash, 20 Dec 2014

SAUCY INCEST and brutal VIOLENCE boosts UK space sector

Blighty's space industry received a fillip today, with Sky TV reporting bumper results for its full year – Sky accounting for more than half of the UK government's "look, Britain has a thriving space industry" narrative. Group revenue for 2015 increased by five per cent to £11.2bn, with operating profits up 19 per cent year-on …
Kat Hall, 25 Sep 2015
Apple iPhone 6 and 6 Plus

MONSTROUS iPhone sales are CANNIBALIZING iPads, gabbles Apple CEO

Apple countered soaring iPhone and Mac sales with yet another doleful quarter for the iPad in its second quarter of fiscal year 2015. The Cupertino giant logged Q2 revenues of US$58bn (£38bn, AU$73.9bn), up 27 per cent over US$45.6bn in the same period last year. Earnings per share (non-GAAP diluted) of US$2.33 beat analyst …
Shaun Nichols, 27 Apr 2015

US tech titan CSC slapped with $190m penalty

IT giant CSC has been slapped with a $190m (£122m) penalty by US regulator the Securities and Exchange Commission following a probe into the firm's accounting practices. The investigation was opened in 2011, mainly into the firm's European outsourcing unit - including revenue from its troubled NHS contract negotiations between …
Kat Hall, 30 Dec 2014

Ubiquiti stung US$46.7 million in e-mail spoofing fraud

Ubiquiti Networks has been defrauded of more than US$46 million by scammers who spoofed its communications. The heist was revealed in an SEC Form 8-K filing. Apart from the financial information, details are scant. The San Jose company says: “The incident involved employee impersonation and fraudulent requests from an outside …

Metasploit maker Rapid7 gobbles web app security testing firm

Metasploit firm Rapid7 has snapped up web and mobile application security testing company NT OBJECTives (NTO). Financial terms of the deal, announced Monday, were undisclosed. Rapid7 has folded NTO’s application security testing product, renamed as Rapid7 AppSpider, into its security data and analytics platform to give customers …
John Leyden, 05 May 2015
Kim Jong-un

Sony blames NORK The Interview cyber strike for delayed Q3 report

Sony plans to delay its third-quarter financial results and has blamed North Korea’s crippling cyber attack on Sony Pictures Entertainment’s business systems. The media giant has asked Japan’s Financial Services Agency to extend its deadline by a month so it can compile the period’s results. Sony needs the extension so its film …
Gavin Clarke, 23 Jan 2015

Ailing AMD battered by goodwill, inventory charges

AMD emerged from a bloody fourth quarter of its fiscal 2014 on Tuesday, reporting revenues down and profits sapped by painful one-time accounting charges. The chipmaker's total revenues for the three months ending on December 27, 2014 were US$1.24bn, a 22 per cent year-on-year decline. And the figure for the full year was better …
Neil McAllister, 21 Jan 2015

Smart Meter biz case still there, insists tragically optimistic UK govt

The Department of Energy and Climate Change has denied the total cost of Smart Meters has now outstripped the projected savings, making the hated scheme even more pointless. The department had previously said the scheme would save £17bn. However, a report by the Major Projects Authority has pegged the total lifetime casts as £ …
Kat Hall, 07 Jul 2015
Apple iPad Air

PEAK FONDLESLAB: Fewer people will use tablets next year – claim

The number of people using touchscreen tablets will decline in the coming year. This according to analysts at ABI Research, who say that the tablet sector is running out of new buyers, and will soon face its first ever decline in use. "The global installed base of branded tablets will peak around 373 million units at the …
Shaun Nichols, 24 Sep 2015
Toshiba MQ03ABB300

Toshiba shares go over a cliff after probe into hidden losses

Toshiba's shares have dived 22 per cent in a week after the company commenced a probe into accounting irregularities, rescinded previous profit guidance and cancelled a planned dividend payment. Toshiba's Notice Regarding Establishment of Independent Investigation Comittee (PDF) explains that some projects went pear-shaped, but …
Simon Sharwood, 12 May 2015

Outbreak! Fake Amazon voucher offer seeds mobile malware attack

Spoofed Amazon vouchers are being used to spearhead a campaign to contaminate Android mobiles with malware, messaging security firm AdaptiveMobile warns. The attack, dubbed "Gazon", sends messages to victims’ mobile phone contacts linking to supposed offers for (non-existent) Amazon vouchers fictitiously promising a gift of $200 …
John Leyden, 04 Mar 2015

Brace yourselves: Public cloud is coming. When? Er... soon, possibly

Spending on Platform-as-a-Service and Infrastructure-as-as-Service is rapidly increasing, but will still add up to less than 10 per cent of the overall infrastructure services market by 2018, research from analyst firm TechMarketView has concluded. Widespread uptake of the public cloud is not happening anytime soon, despite …
Kat Hall, 17 Jun 2015

Feds count Cryptowall cost: $18 million says FBI

Cryptowall authors have wrought some US$18 million in damages on US users and businesses alone, according to the FBI. The Cryptolocker-imitation ransomware family has etched itself as one of the most prolific and capable since it was first detected in April 2014. Global damage reported to the US agency are likely considerably …
Darren Pauli, 24 Jun 2015
Oliver Twist

Not in the Budget: Spooks beg for £111m brown envelope

Blighty's intelligence agencies have held out the begging bowl to Parliament for a handout of £111m before April. In a written ministerial statement today Cabinet Office minister and Paymaster General Francis Maude sought Parliamentary approval for the additional funds. He said the money reflects a number of "in-year budgetary …
Kat Hall, 18 Mar 2015
Selection of Australian banknotes

Australian biz will have MERE DAYS to patch for FY15/16 tax changes

It looks like the conveyor belt's broken at the Australian Taxation Office, because vendors of accounting and HR software are releasing their new financial year compliance patches rather late. Oracle's just released its FY 15/16 compliance patch, which will ensure Australian users of Oracle's Payroll wares are up to date with …
Simon Sharwood, 17 Jun 2015
Speedometer by Nathan E Photography, Flickr under CC2.0

Australia leads Asia Pac in mobile broadband speeds

The most recent Akamai State of the Internet report has found Australia has the fastest mobile download speeds in the Asia Pacific region, peaking at an astonishing 149.3 Mbps. A pity that the peak, which probably happened because someone was standing next to a brand-new base station and was the only user handy, didn't reflect …

HP coughs up $100 MEEELLION to settle Autonomy lawsuit

HP has coughed up $100m (£65m) to settle its legal dispute with a Dutch pension fund over its massive $8.8bn (£5.6bn) Autonomy write-down. HP confirmed today that it has entered into a settlement agreement with PGGM Vermogensbeheer, the lead plaintiff in the securities class action arising from the impairment charge taken by HP …
Kat Hall, 09 Jun 2015
TalkTalk YouView set top box launch

TalkTalk eyes up Blinkbox for advanced FOURPLAY – report

Budget telco TalkTalk is reportedly pursuing a buyout of video-streaming service Blinkbox from Tesco. In the manoeuvrings to provide mobile, internet, TV and fixed phone services, Blinkbox had looked to be a good move for Britain's biggest supermarket, but while Tesco Mobile has been successful for the retail giant, BlinkBox …
Simon Rockman, 30 Dec 2014

Exertis parent DCC swallows Computers Unlimited for £24m

DCC Technology has acquired consumer tech distie Computers Unlimited for £24m, the Ireland-headquartered group confirmed today. The buy adds roughly 2,000 trading accounts, offices in London, Paris and Barcelona that employ roughly 200 staff and hardware/software from 70 vendors including Adobe, Epson and WD. CU operates four …
Paul Kunert, 19 May 2015

Smart meters set to cost Blighty as much as replacing Trident

Smart meters will cost as much as the Trident nuclear deterrent to implement, with the full cost of the scheme rising to £19bn, according to a government report. Total lifetime costs of the programme have now risen by £2bn since 2013, according to a report by the Major Projects Authority. In contrast, the Trident replacement …
Kat Hall, 29 Jun 2015

LinkedIn reveals invitation-only bourgeois bug bounty

LinkedIn has revealed the closed-door bug bounty program it has run for the last eight months, paying out $65,000 in vulnerability rewards along the way. But the company is keeping the door to the scheme firmly closed. The if-you-need-to-ask-you'll-never-know bounty is designed to cut you the noise from the signal so that only …
Darren Pauli, 19 Jun 2015

Vodafone 'fesses up to hack of journalist's phone, denies 'improper behaviour'

The Australian division of mobile giant Vodafone has admitted that one of its employees illegally accessed the phone records of a journalist to try to uncover her sources, following publication of a negative story. However, Vodafone – which first investigated allegations of a privacy breach four years ago – has strongly denied …
Kelly Fiveash, 13 Sep 2015

Facebook's mobile ad bonanza brought it record returns in 2014

Facebook finished the best quarter and the best year of its history on December 31, with its latest earnings report showing record annual revenues of $12.47bn for its fiscal 2014, up 58 per cent from 2013's haul. Revenues for the fourth quarter were $3.85bn, a 49 per cent increase over the same period a year ago. That figure …
Neil McAllister, 29 Jan 2015
Plug, image via Shutterstock

Dell CEO: Very few will survive the PC bloodbath

Texan Mick, founder and CEO at Dell – the PC company which took his surname – reckons in five to seven years it will be game over for most of the stragglers currently selling computers. The three biggest shifters of such tin – Lenovo, HP and Dell – already account for more than 50 per cent of shipments globally, but that will …
Paul Kunert, 08 Sep 2015

Welcome the world's new Most Phished Country: Australia

Move over Brazil: Australia has become the most phished country on Earth, accounting for a quarter of all targeted malicious emails sent globally. Down Under has worked hard at the title, according to Kasperksy, more than doubling its share of phishing attacks received. This despite that a mere 23 million people inhabit the …
Darren Pauli, 26 Sep 2014
management strategy2

Former Misco exec rocks up at Tech Data

Vendor vet Gary Withington has landed at distribuor Tech Data months after he was let go by tin peddler Misco as part of a cost purge. The man spent the best part of two decades at Sun Microsystems and Dell in various roles before rocking up as Misco UK MD, a job that lasted for two and a half years until October ’14. He was …
Paul Kunert, 24 Mar 2015
Example of tidy cabling

Cloud market spins up a cyclone of sales

Happy days, hardware-sellers, box-peering-abacus-wielder IDC says sales of cloudy kit surged by a whopping 25 per cent in 2015's first quarter. The analyst outfit's Worldwide Quarterly Cloud IT Infrastructure Tracker found that sales of infrastructure-grade servers, storage and ethernet switches grew by 25.1% year over year to …
Simon Sharwood, 03 Jul 2015
Openstack log

Fujitsu: We're flinging all our internal gumble onto OpenStack

Fujitsu is going to migrate its internal IT to an OpenStack cloud platform to save 35 billion yen and get world-leading creds for OpenStack expertise and commitment. The new group-wide cloud platform will involve about 640 large-scale and complex systems across 13,000 servers globally. The staged transition starts this month and …
Chris Mellor, 18 Feb 2015