Tesco’s Accounting Woes Highlight Life Without a CFO - Wall Street Journal


"As it turns out, CFOs come in handy."

U.K. supermarket operator Tesco PLC said it has uncovered a “serious” accounting issue involving the early booking of revenue and delayed booking of costs. Tesco is investigating why it overstated its most recent profit forecast by more than $400 million. Tesco is currently without a CFO.

Ouch.

If this is happening at large, sophisticated, public companies, imagine the challenges facing fast-moving, fast-growing tech startups and other private companies here in the San Francisco Bay Area and Silicon Valley.

Read the full post:

http://blogs.wsj.com/cfo/2014/09/22/the-morning-ledger-tescos-accounting-woes-highlight-life-without-a-cfo/

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