NY AG Investigating Exxon Mobil's Accounting Practices: Reports

(RTTNews) - New York Attorney General Eric Schneiderman has reportedly launched an investigation on Exxon Mobil Corp. (XOM) because the oil giant has not written down the value of its assets even two years after a plunge in oil prices.

Almost all major oil companies worldwide were forced to write down value of their oil assets after crude prices plunged over 60 percent, however, Exxon has not shown any difference in its asset value.

Schneiderman's office is probing the company's accounting practices, according to people familiar with the matter.

According to a WSJ report, an Exxon spokesman said that the company follows all rules and regulations in accordance with the accounting and reporting standards of the SEC and FASB.