Home » Tag Archives: Accounting Profession News (page 40)

Tag Archives: Accounting Profession News

Andersen Worldwide to Settle Enron Suits

>Andersen Worldwide, the network of foreign accounting firms once linked to Arthur Andersen, will pay $40 million to resolve lawsuits stemming from Enron Corp.'s collapse two years ago, according to court papers. Under the settlement, Enron shareholders and workers will split $25 million, court papers say. An arbitrator will decide how the money is divided. The remaining $15 million will ...

Read More »

PwC: Foreign investors in India may be crucial for setting up ARCs

Foreign investors in India may be crucial to set up effective asset reconstruction companies (ARC) and give teeth to the Securitisation Act 2002 not only to provide much of the $5 billion (Rs 24,000 crore) needed initially, but to help domestic institutions shed their conservative outlook. However, it might not be easy attracting such investors who have their hands full ...

Read More »

First IFRS is published

An international reporting milestone has been passed by the publishing of the first standard developed wholly by the International Accounting Standards Body (IASB). International Financial Reporting Standard (IFRS)1 “First-time adoption of financial reporting standards” applies when an entity adopts international standards for the first time with an explicit statement of compliance with IFRSs. IFRS 1 replaces SIC-8 “First-time application of ...

Read More »

Deloitte loses £15m Vodafone work

Deloitte & Touche, the UK’s second biggest accountancy firm, is set to lose up to £15 million in consultancy fees from Vodafone. It follows Deloitte’s decision not to hive off its consulting arm from its consultancy division. The mobile phone multinational said that the Sarbanes-Oxley Act, introduced in the US after the Enron accounting scandals, had forced it to choose ...

Read More »

Accounting Firms Settle Enron Suit

In the first settlement of a lawsuit resulting from the collapse of the Enron Corporation two years ago, the network of foreign accounting firms once linked to Enron's auditor, Arthur Andersen, will pay $40 million, according to court papers. The affiliated firms, collectively known as Andersen Worldwide Société Coopérative, are seeking to resolve suits filed by Enron investors and workers ...

Read More »

EU to press for more bank-friendly accounting rules

The European Union will turn up the heat on experts drafting global accounting standards to prevent the rules from damaging its banks and insurers, finance ministers agreed on Tuesday following French pressure. The EU is to ditch national rules in favour of International Accounting Standards (IAS) in 2005 to improve the quality of financial reports at its 7,000 listed firms ...

Read More »

Big Four accountants' lose £200m in UK

The top UK accounting firms have lost more than £200m a year in fees from major corporate clients on the back of the Enron scandal. A global clampdown on the add-on services audit firms can sell to their clients has seen the Big Four accounting giants lose lucrative consulting contracts on a massive scale. That, plus a collapse in mergers ...

Read More »

Ambitious Firms Must Have Systems To Check Malfeasance: PwC Official

If Indian companies are to partner with the best in the world, and aspire to become true Indian multinationals (MNCs), they need to have in place systems to detect and report economic crimes. Senior management too need to come clean and encourage whistle-blowing. These sentiments have been expressed by PricewaterCoopers (PwC) India partner (corporate finance and recovery) Ashwani Puri on ...

Read More »

Sun, Deloitte Team on IT Consolidation

Sun Microsystems Inc. and Deloitte Consulting are offering enterprises looking to consolidate their IT infrastructures integrated services that bring together both business process and implementation help. Speaking at an event on Sun's campus here on Wednesday, officials from both companies—which already had an existing partnership—said they found that customers were looking for a single face when seeking consulting help on ...

Read More »

Court rules PwC must pay £1.6m in damages

The High Court in England has ruled that PricewaterhouseCoopers must pay £1.6m in damages for negligent advice it gave to Keele University. The Daily Telegraph reports that an error made by the accounting firm resulted in a profit-related pay scheme being cancelled at enormous cost to the university. Keele had wanted to save around £800,000 a year in tax through ...

Read More »