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
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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016