In the trial of former Enron CEOs Ken Lay and Jeff Skilling, a former
treasurer has testified how Lay asked him to find out how large the firm’s
accounting write-downs could be before it would be downgraded by credit rating
Ben Gilson testified that such an approach was ‘backwards’.
‘What should occur is we should take the charges that we needed to take and
then deal with the consequences.’
He said at the time Enron was facing multibillion-dollar losses and
writedowns on assets that either performed poorly or were overvalued.
Both Lay and Skilling deny any wrongdoing in the collapse of the energy
company at the end of 2001.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements