Global Crossing is accused of using creative accounting steps that appear to increase revenues on paper without actually increasing cash flow, which would fool investors.
In a letter to the company’s CEO John Legere, the US House Energy and Commerce Committee confirmed investigations into omitted materials ‘necessary for investors to understand Global Crossing’s true financial position’.
In particular, the group seeks further information on a $400m contract to build an intranet for the US Defense Department.
Global Crossing’s accountant is Andersen.
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