It expects to write off goodwill by a total of £24bn and also conceded that its physical assets are worth $10.8bn less than was implied on the company balance sheet.
Qwest has long been struggling to overcome an accounting scandal with Anderson which forced its chief executive to resign. KPMG took over the role as auditors and advised the company to defer $531m of revenue recognised in previous years. The restatement comes just two days before the company is due to report its earnings.
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