The SEC in late 2009 charged General Electric with accounting fraud,specifically for reporting their finances using the new IFRS instead of the old GAAP.

Question

Quizplus · Accepted Answer

The SEC did charge General Electric with accounting fraud in late 2009, but it was not specifically for reporting their finances using IFRS instead of GAAP. The charges were related to the company's use of "cookie jar" accounting to smooth out earnings and mislead investors about its financial health.

The SEC in Late 2009 Charged General Electric with Accounting