Olympus admits covering up huge losses
After several weeks of denying financial irregularities, optical instrument manufacturer Olympus has admitted hiding investment losses that began in the 1990s.
In 2001, Japan introduced revised accounting standards, requiring companies to report their securities and other financial assets at the market value at the time of their account settlement. Some financial observers say the change may have been what led Olympus to begin transferring losses to foreign funds. Critics wonder why auditing and corporate governance didn't catch the problem.
Other News:
- Prime Minister Noda says Japan will consult with participants of the Trans-Pacific Partnership free trade talks before committing to fully joining the negotiations.
- Evolving humanoid robot ASIMO learns new skills: lifting a canteen lid to pour juice into a glass, and stepping aside to avoid running into an approaching person.
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