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Accounting
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1973 |
The Financial Accounting Standards Board (FASB) was founded as a private, not-for-profit organization, whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public's interest. Links: USA, Accounting 
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1989 1992 |
Susan McDougal worked as a bookkeeper and personal assistant for conductor Zubin Mehta and his wife. McDougal was later charged with embezzlement of $150,000 and tax fraud. Her trial began in 1998. She was acquitted. Links: USA, Accounting, Fraud
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1997 Mar 31 |
It was reported from Los Angeles that Yasuyoshi Kato was caught after having embezzled 85-95 [$62 mil] million from Day-Lee Foods, a Japanese firm for which he worked as an accountant [chief financial officer]. He was sentenced to 5 years in prison. Links: California, Accounting, Scam
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1997 Apr 30 |
The US GAO announced that problem disbursements from May 1996 amounted to some $43 billion. Checks were cut without bookkeeping entries showing authorization. Links: USA, Accounting
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1997 Jul 1 |
Thailand let its currency, the baht, float and it devalued about 20%. This event marked the beginning of the Asian economic crises. In 1999 Thailand sought to extradite Rakesh Saxena, a currency trader, from Canada for his role in an alleged fraud that drained over $2 billion from the Bangkok Bank of Commerce, which led to the devaluation of the baht. Pin Chakkaphak was blamed for the collapse of the currency and fled Asia. He was ordered back from Britain in 2001 to face accounting and theft charges. In 2009 Saxena (57) arrived in Thailand after his extradition from Canada to face charges he embezzled $88 million from the Bangkok Bank of Commerce, which collapsed in 1995. Saxena was also implicated in backing the attempted 1997 coup in Sierra Leone. Links: Thailand, Money, Accounting, Fraud
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1997 Sep 18 |
Coopers & Lybrand and Price Waterhouse agreed to merge to create the world's biggest accounting firm. Links: Accounting, M&A
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1999 Mar 1 |
The US General Accounting Office released an audit of the Internal Revenue Service which found chronic problems in the agency's record-keeping. Links: USA, Accounting, IRS
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2001 May |
Arthur Anderson & Co. agreed to pay $110 million to settle shareholder suits arising from an accounting scandal at Sunbeam. Links: Accounting, Corp. Scandal
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2001 Nov 29 |
The SEC investigation of Enron Corp. was expanded to include the Anderson Accounting firm. Links: USA, Accounting, Enron, SEC, Corp. Scandal
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2002 Feb |
Arthur Anderson & Co. agreed to pay $10.3 million to settle shareholder suits arising from the Boston Market bankruptcy. Links: Accounting, Bankruptcy
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2002 Jun 28 |
Xerox Corporation announced it had improperly reported $1.9 billion in revenue over the previous five years and would restate those financial results. Links: USA, Accounting
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2002 Jul 10 |
A unified US Senate approved harsh new penalties for corporate fraud and document-shredding as part of an accounting oversight bill. The House approved, 310-113, a measure to allow pilots to carry guns in the cockpit to defend their planes against terrorists. President George W. Bush later signed the measure into law. Links: USA, Aviation, Guns, Accounting, BushGW, Fraud
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2002 Jul 15 |
The US Senate voted 97-0 for a bill to crack down on corporate accounting abuses. Links: USA, Accounting, Corp. Scandal
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2002 Jul 24 |
In Russia PM Mikhail Kasyanov ordered all businesses to adopt international accounting standards by 2004. Links: Russia, Accounting
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2002 Aug 8 |
Bankrupt telecommunications firm WorldCom said it had uncovered another $3.3 billion in bogus accounting, adding to the $3.85 billion fraud it revealed in June. Links: Accounting, Telecom, Bankruptcy, Corp. Scandal, Fraud
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2003 Apr 29 |
Tyco Corp. reported some $1.2 billion in fresh accounting problems on top of some $265-325 million reported in March. [See Sep 29] Links: USA, Accounting
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2003 Nov 4 |
Richard M. Scrushy, former chairman of HealthSouth Corp., was indicted for participating in a nearly $3 billion accounting fraud. Links: Accounting, Lawsuit, Stock Scandal, Fraud
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2004 Mar |
Jamie Olis, former tax-planning executive at Dynegy, was sentenced to 24 years in jail for his role in Project Alpha, an accounting fraud that inflated the Texas energy company’s cashflow by $300 million. In 2005 an appeals court upheld the conviction, but threw out the sentence. Links: USA, Accounting, Texas, Fraud
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2005 Jan 1 |
Europe’s 7,000 listed companies adopted int’l. financial reporting standards (IFRS), replacing the mishmash of 25 local accounting regimes with one set of rules. Over 90 countries began switching to a new int’l. accounting standards. Links: EU, Money, Accounting
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2005 Nov |
China decided to implement int’l. accounting standards. Rules to this end went into effect in January 2007. Links: China, Accounting
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2007 Jan |
China’s government began requiring all companies listed on the Shenzhen and Shanghai stock markets to prepare their accounts according to Int’l. Financial Reporting Standards (IFRS). Links: China, Accounting
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