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International Accounting Probe Finds Elaborate Cover-up at "Rotten" Olympus A panel probing an accounting scandal at Japan's Olympus Corp. said Tuesday an elaborate scheme to cover up $1.5 billion of investment losses was orchestrated by a group of top executives who were "rotten to the core." Read more Olympus coverage below.   Quick Links:  Return to Accounting Homepage Weekly Newsletter Online CPE updated 12/15

News & Insights

This Week in the SmartPros News & Insights Newsletter Companies Worry About SEC's Advice to Disclose Cyberthreats ... Part II: 2011 Annual Report Preview ... CPE: Cyber Terror and Cyber Risk: What You Need To Know ... Book Pick: Auditing Cloud Computing: A Security and Privacy Guide 8 Ex-Siemens Executives Charged in Bribery Scheme Eight former Siemens senior executives and agents have been charged in a $100 million foreign bribery scheme. GASB Proposes Financial Projections for Assessing Economic Condition of Governments The Governmental Accounting Standards Board (GASB) today proposed that state and local governments should present five-year projections of cash inflows, cash outflows, and financial obligations that would accompany their financial statements as required supplementary information. Whistle-blowing Ex-CEO Resigns from Olympus Board The whistle-blowing former chief executive of Japan's Olympus Corp. resigned as a director of the camera maker Thursday and vowed to work with shareholders to replace the company's board. Barclays Bank Criticizes 'Fair Value' Accounting The finance director of Barclays Bank has called for the abolition of an accounting rule that he believes distorts the profitability of banks. Olympus Delays Results Amid Probe, Faces Delisting Olympus Corp. said Thursday it is postponing an earnings announcement set for next week amid an accounting scandal that has wiped out about four- fifths of its stock price and tarnished Japan's corporate image. Olympus Admits Hiding Losses in Widening Scandal Olympus Corp. admitted Tuesday that it used a series of acquisitions to hide massive losses, reversing earlier denials of any wrongdoing as one of the largest accounting frauds in Japanese history rocks the nation's corporate image. U.S. Tax Office Seeks Info on Credit Suisse Clients Credit Suisse said Tuesday that U.S. tax authorities have demanded details on some of the bank's American clients, indicating that Washington is prepared to use existing treaties to pursue suspected tax cheats in Switzerland. OP/ED: Argentina an Example for Restoring Healthy Economy The United States should learn a lesson from Argentina about reforming an economy to serve the people.

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SmartPros Today

Introducing SmartPros Legal Professional Education SmartPros Legal features the Cognistar CLE library highlighting over 150 course titles in areas such as litigation, IP, corporate/securities law, tax, labor/employment law, bankruptcy, ethics, professionalism, substance abuse, bias, and many more.