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GE warned over accounting practices
Judith Tydd,
Accountancy Age 08 Sep 2008
A member of the world's top ten global companies is being investigated by the
SEC
The US Securities and Exchange Commission (SEC) has issued a warning to
General Electric (GE) over certain elements of its accounting practices.
According to a report in
The
Daily Telegraph, the SEC has issued a 'Wells notice' against the
company, inferring it has the potential to bring 'a civil injunctive action
against GE for possible violations of the securities laws'.
The investigation is said to focus on the manner in which GE has accounted
for how it has hedged interest rate risk in relation to derivatives.
In addition, the way the company has previously presented its cash flows and
recognised revenues is also under the SEC microscope.
GE has confirmed receipt of the written notice, and disagrees with the SEC's
issuing of the Wells notice.
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