|
|
08 Sep 2008
The US Securities and Exchange Commission (SEC) has issued a warning to General Electric (GE) over certain elements of its accounting practices.
According to a report in The Daily Telegraph, the SEC has issued a 'Wells notice' against the company, inferring it has the potential to bring 'a civil injunctive action against GE for possible violations of the securities laws'.
The investigation is said to focus on the manner in which GE has accounted for how it has hedged interest rate risk in relation to derivatives.
In addition, the way the company has previously presented its cash flows and recognised revenues is also under the SEC microscope.
GE has confirmed receipt of the written notice, and disagrees with the SEC's issuing of the Wells notice.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment