US government-backed mortgage company Fannie May says it will restate its
2004 earnings by the end of the year.
The company claimed a massive review of its accounting has uncovered all of
the errors, adding that multibillion-dollar correction could be less than
Fannie May finances one out of every five home loans in the United States.
It had been accused by federal regulators of serious accounting problems and
earnings manipulation to meet Wall Street targets, with the Securities and
Exchange Commission ordered the company to restate earnings back to 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