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26 Feb 2003
Yesterday, the Securities & Exchange Commission launched a formal probe into Fleming, the biggest wholesale grocer distributor in the US, which, like Ahold, is also audited by Deloitte & Touche.
A primary focus of the probe will be on vendor allowances - the accounting of rebates and discounts received from suppliers, believed to be the main source of problems at Ahold's own food distributor, US Food Service Unit.
According to reports, the probe into Fleming and the Ahold fiasco could reheat the debate about accounting for vendor allowances, an issue recently examined by the US standard setter, the Financial Accounting Standards Board.
Fleming says it will fully cooperate with the SEC inquiry.
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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. 
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