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Accounting for Concern
Can auditors be sure a firm will survive the next 12 months?
November 21, 2008
A few months before XL Leisure Group, Britain's third-largest tour operator, filed for bankruptcy in September, leaving thousands of holidaymakers stranded, it issued a set of accounts, signed off by its auditors, that gave no hint it was about to go bust. Such experiences haunt auditors as they grapple with year-end accounts in the cruellest economic climate most have ever experienced. "Companies and their auditors have got to get used to the idea that nothing is as it used to be," comments Will Rainey, a partner at Ernst & Young, one of the big-four accounting firms. Read more...
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More Restructuring Articles
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Centers of Attention
Companies may still have too many heads at headquarters. November 14, 2008
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More Rabbits From the Hat
As Hank Paulson buries one attempt to solve the financial crisis, he and regulators unveil two more. November 13, 2008
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Going, Going, Gone
Lehman's bankruptcy could be the tip of an iceberg of big-company Chapter 11 filings. November 1, 2008
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Just in Case: FASB to Clarify Bankruptcy Issues
Amid the credit crunch, FASB releases new exposure drafts on "going concern" and "subsequent event" to clarify the issues. October 20, 2008
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No Bailout? So What? Lehman Finds Buyers
Barclays deal refined by bankruptcy court, and Japan's Nomura targets Lehman's Asia and Europe operations. September 22, 2008
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Fannie, Freddie Get Tax Pass, Too
A special IRS rule written just for the beleaguered mortgage lenders will squelch their tax bill for years to come. September 8, 2008
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Miracle Postponed
Silvio Berlusconi is struggling to put together an Italian solution for Alitalia. August 14, 2008
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Frontier Prefers Second DIP Offer
A trio of unsecured creditors make an offer that the airline couldn't refuse. August 5, 2008
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In a State of Shock
An economic call to arms to offset staggering budget shortfalls. August 4, 2008
Print Edition
FASB and the SEC remind companies that they still can use management assumptions in fair-value analyses.
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