Articles about Accounting

Fuji Xerox's chairman resigns over 'improper accounting'

FujiXerox has apologised for what it calls “improper accounting” that saw its Australian and New Zealand operations book sales earlier than was usual, resulting in inflated sales figures. The company's apology says, after machine translation, that an independent committee has examined the books of the two subsidiaries and …
Simon Sharwood, 14 Jun 2017
Mr Freeze

Sage advice: Avoid the Windows 10 Anniversary Update – it knackers our accounting app

Accounting software developer Sage has warned that the Windows 10 Anniversary Edition may break your Sage 50 installation. In an advisory circulated to customers on Tuesday, Sage says the latest version of Microsoft's operating system can create a conflict that leaves people unable to access their Sage accounts. Essentially, …
Shaun Nichols, 28 Sep 2016
Larry Ellison and Nikita Khan

That didn't take long: Shareholders sue Oracle in 'fake cloud sales' row

Just days after Oracle was sued by an ex-employee, who accused the IT giant of making up its cloud sales figures, its shareholders are now hauling the company into court. A complaint [PDF] filed on behalf of Oracle stockholders by investor Grover Klarfeld alleges that the database goliath put their investments in the company …
Shaun Nichols, 6 Jun 2016

Scandal-hit Toshiba faces investor sueball over accounting woes

Ailing Japanese corporation Toshiba is the target of a lawsuit from embittered shareholders over the stock price crash that resulted from a multi-billion dollar accounting debacle. Some fifty individuals have sued the organisation as well as with three former CEOs and two ex-CFOs for 301.99 million yen (£1.62m) in damages, …
Paul Kunert, 7 Dec 2015
stock_ticker_board_648

Top watchdog probes IBM over 'transactions in US, UK, Ireland'

IBM's stock price has taken a hit after the tech titan revealed it is under investigation by the US Securities and Exchange Commission (SEC). Big Blue said in its latest 10-Q filing that for the past two months, the financial watchdog has been looking into its accounting practices. "In August 2015, IBM learned that the SEC is …
Shaun Nichols, 27 Oct 2015
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
Toshiba

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

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, 6 May 2015
Man wrinkles his eyes in an expression of pain, annoyance or dsicomfort

Restatements HURT. Just ask global mega distie Tech Data how it's going for them

The world's second-largest wholesale distributor of technology products, services and solutions, Tech Data, was not the first firm to restate its financial results – and it may not be the last. But in a post-Enron world, with the associated heavy controls and accounting rules introduced after that massive accounts fraud …
Felipe Costa, 14 Aug 2014

Tech Data: We need ethics, and we've found the right man

It comes to something when a corporation is forced to appoint a chief ethics and compliance officer but that is exactly what distributor Tech Data has done, weeks after completing its costly accounting investigation. Fourteen-year company veteran Jean-Paul Durand – who most recently served as TD's vice president, assistant …
Paul Kunert, 18 Feb 2014

HP: Autonomy overstated 2010 profits, cuts them by 81 PER CENT

HP has filed at the UK's Companies House the results of an audit of the 2010 financial results of two of Autonomy's eight divisions, which says that the UK software firm's revenues were actually just 54 per cent of its initially stated figure, and that their profit figure for the year needs to be cut by a whopping 81 per cent …
Iain Thomson, 4 Feb 2014

Sage 50 activation blackout: Shops sent back to paper age

New and existing retail customers of the Sage 50 online accounting service were left in the lurch following a “massive” server outage last week. Shops installing new versions of the Sage 50 accounts software or upgrading their existing accounts were unable to register their serial numbers or activation keys for the new systems …
Gavin Clarke, 2 Sep 2013
sea_hp_sink

HP: Autonomy had us believing in a false IDOL

HP has laid out the "accounting improprieties and misrepresentations" allegedly used by Autonomy to inflate its value just before HP bought the British biz. Hapless Hewlett-Packard yesterday took an $8.8bn bath on the acquisition following the findings of an internal probe. It said a senior member of Autonomy's leadership team …
Paul Kunert, 21 Nov 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, 3 Sep 2012
The Register breaking news

Groupon appoints ace financial duo to its board

Groupon has added two financial experts to its board in a bid to do its accounting right, although investors don't seem too cheered yet. The daily deals site has had a string of embarrassing accounting issues, the latest of which was a restating of its fourth quarter results after what looked like someone not being able to do …
The Register breaking news

Dell proposes settlement with SEC

Computer maker Dell said this morning that it has put forth a settlement proposal with the Securities and Exchange Commission to end a probe into Dell's accounting practices that has been underway since September 2006. Back then, Dell delayed filing its 10-Q quarterly report for the second fiscal quarter report and slammed the …
channel

Coda wafts accounting software onto Salesforce.com's cloud

Veteran accounting software outfit Coda has made a jump into the cloud by pooling its online offering with Salesforce.com. The companies become joint owners of Financialforce.com. This will have headquarters in Silicon Valley and Yorkshire, and will encompass the existing Coda 2go operation, running on Salesforce.com's force. …
Joe Fay, 30 Sep 2009
Handcuffs

Former Brocade boss gets 21 months in prison

Gregory Reyes, the former chief of Brocade, today was sentenced to 21 months in prison and fined $15m for masterminding a securities scheme using backdated options. Reyes was the first executive in the US who went to trial over the improper dating of stock-option awards. Altering the date of stock options records so they …
Austin Modine, 16 Jan 2008

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