Thursday, October 9, 2014
Tesco's Accounting Irregularities Are Mind Blowing
Sure the company stumbled in its U.S. expansion. Fresh & Easy has never succeeded in finding the customer base it was seeking, even though by many accounts, the store had a great product assortment. Still, no one saw something like this coming.
So how did it come to this? The Wall Street Journal appears to have been first out of the gate in announcing that the company has issued a new profit warning and suspended four senior executives due to serious accounting irregularities. The cause has been identified as early bookings of “Commercial Income” and delayed booking of costs.
To read full article, click here.
Source: Paula Rosenblum (www.forbes.com)
Creative Financial Staffing (CFS) is the nation’s largest, privately-held accounting and financial staffing firm. We provide qualified accounting and finance professionals on a temporary and permanent basis across a broad range of industries.
Visit our website: http://www.cfstaffing.com/