According to the memo, the sale of the junk bonds to Mr Pinault led to an accounting problem.
The key accounting problem lies in the "discounting" assumptions used by public plans.
At the least, says one senior official, there is an awkward accounting problem.
Although PwC approved a March 26, 2002, press release explaining the accounting problem, it insisted that its name be deleted from the release, the suit says.
When Amerco wanted to disclose to investors PwC's role in the accounting problem, PwC threatened to yank its audit opinion on Amerco's SEC filings, which would have had crippled the company financially, the suit says.
Yep, that's a straight-up network neutrality issue, but the carriers are framing it like it's an accounting problem -- and they're not being shy about wanting more cash to even out the books as they invest in next-gen networks.
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In the private sector, thanks to a change in accounting rules, the problem was swiftly recognised.
Public accounting has this woman problem.
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And, of course, the problem of accounting for unknown adverse effects has never been more acute for the drug industry, with intense and costly political controversies over the safety profile of drugs like Vioxx and Avandia leading to panic among patients, outrage among politicians, and the inevitable endgame of costly withdrawals and lawsuits.
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In 1999, Ms. Adams discovered there was a problem with payroll tax accounting and payments with respect to GTI.
Complex accounting rules have thus made the problem worse.
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In the early stage there is a particularly pernicious problem to be faced in public accounting.
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While it was bad that their accounting controls were not sufficient to catch the problem sooner, it did not have the feel of a little Enron.
Perhaps the biggest problem facing IT today is that its accounting practices are substantially immature.
The problem is that official (GAAP) accounting rules allow companies to obfuscate their true operating earnings.
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The problem, says Howard Schilit, an accounting expert at Financial Shenanigans Detection Group in Key Biscayne, Fla.
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Diana: We focus on a number of technical skills at Deloitte University (DU), to make sure that our professionals can solve any business problem our clients may face, including accounting regulations, tax codes, and technical implementations.
And the problem is that the pain and time of tax accounting, tax preparation, is entirely unaccounted for in the deliberations of those who design the tax system.
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The problem is that GAAP and the income tax basis of accounting have a lot of differences.
The SEC, it seems, is taking its accounting-related enforcement cue from what companies and their auditors decide is a problem.
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In addition, new accounting rules would make it easier to get an overview of the scale of the banks' bad debt problem, according to the draft.
Not to replace the finance, accounting, marketing and operations skills necessary to run a successful business, but to complement them with the creative problem solving skills necessary to invent a new one.
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