Electric has restated its accounts to the tune of $343m (£174m)
after overstating its profits.
The restatement follows a Securities & Exchange Commission investigation
into the company’s derivatives and interest-rate swaps accounting.
It affects the company’s accounts from 2001 to 2005, but has not changed its
Keith Sherin, senior vice-president and CFO of GE, said: ‘Our commercial
paper hedge positions were consistent with our risk management policies and
‘While we are disappointed that our program did not meet the technical
requirements of SFAS 133, we are committed to the highest standards of
controllership and transparency and ensuring appropriate application of SFAS
133. We have corrected our commercial paper hedge policies and documentation,
and related internal controls, as of January 1, 2007.’
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live