Board gives final approval to new rule on derivatives

Article Abstract:

The US' accounting rulemakers announced that they had approved a new regulation that would compel firms to record their derivative values in their financial statements. The banking industry and other groups immediately criticized the rule. The complaints have become so contentious that a bill has been submitted to reduce the power of the Financial Accounting Standards Board, the private rule-making entity.

Comment:

Accounting rulemakers approve of a new rule that would compel firms to record derivative values in their financial statements

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For Sony, too little information proved to be a dangerous thing

Article Abstract:

Sony Corp. has been charged by the Securities and Exchange Commission (SEC) that it misled shareholders by not disclosing the disappointing performance of its movie studios. The company pointed with pride to such productions as "Sleepless in Seattle" and "Philadelphia", and downplayed such bombs as "Last Action Hero", "Geronimo:An American Legend" and "I'll Do Anything". The SEC fined Sony $1 million.

Comment:

Has been charged by the Securities and Exchange Commission (SEC) that it misled shareholders

Motion Picture Production, Motion Picture and Video Production, Sony Corp., Movie production

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U.S. censures a major firm on its auditing

Article Abstract:

PricewaterhouseCoopers has been censured by the SEC for investing in firms that it audits, 70 such firms. The world's largest auditing firm will pay a $2.5 million fee to an educational fund and tighten its rules and regulations. It will also keep track of each partner's and manager's stock portfolio to ensure that no more improper investments are made.

Comment:

Improper investments by auditors violates basic regulations

Accounting, auditing, & bookkeeping, Investigations, Abstract, United States. Securities and Exchange Commission, Conflict of interests (Agency), Auditors, PricewaterhouseCoopers L.L.P. (New York, New York), Conflicts of interest

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