Compliance
-
UK CFOs' advantage over US counterparts: Wage help
The $2.1T stimulus encourages companies to retain employees, but assistance isn't explicitly geared to that end.
By Robert Freedman • April 01, 2020 -
Retrieved from U.S. Congress.
The $2.1T stimulus: What's in it for business?
The law includes $500 billion for large businesses that can be leveraged into several trillion dollars in loans. Another $350 billion is set aside for forgivable loans to small businesses.
By Robert Freedman • March 30, 2020 -
Stimulus bill includes favorable treatment of net operating losses
Restored advantageous tax carrybacks will help abate the liquidity crunch facing CFOs.
By Robert Freedman • March 29, 2020 -
Get to the core of coronavirus impacts in your reporting, AICPA specialist says
Accounting standards provide flexibility to work around coronavirus challenges, AICPA director Bob Durak said.
By Ted Knutson • March 26, 2020 -
Courtesy of FDIC
FDIC chair asks FASB to waive credit-loss rule
Banks dealing with credit market upheavals as a result of the pandemic shouldn't have to adjust to sweeping changes in loss allowances right now, the regulator says.
By Robert Freedman • March 24, 2020 -
Wall Street goes remote as NYC becomes COVID-19 epicenter
While many companies shift to remote work, Wall Street has two large roadblocks: compliance and security.
By Jane Thier • March 23, 2020 -
Tax Day postponement to July 15 'welcome news' for small business
The U.S. Treasury Secretary announced that, amid the coronavirus' economic impact, Tax Day would be postponed to July 15. But where does that leave small businesses?
By Jane Thier • March 20, 2020 -
PCAOB chair: focus is on preventing bad audits
The regulator is making a push for audit reviews to include a meeting with company audit committees, agency chair William Duhnke said.
By Ted Knutson • March 11, 2020 -
10-K filings to reflect uncertainty of new accounting rules
New ways to account for leases and expected credit losses may pose a reporting test for companies.
By Robert Freedman • March 07, 2020 -
SEC gives companies extra 45 days for reporting amid coronavirus uncertainty
By the end of April, companies must summarize why the outbreak is keeping them from filing public disclosures.
By Robert Freedman • March 05, 2020 -
SEC hits Cardinal Health with accounting violations
The company didn't have controls in place to detect improper payments by a former Chinese subsidiary, the SEC says.
By Robert Freedman • March 03, 2020 -
Fotolia
Former CFO of fabrication company charged with fraud
Joseph Nader allegedly misrepresented financial information to make it appear the company was generating more revenue than it was, a U.S. attorney says.
By Robert Freedman • March 01, 2020 -
How to use external obsolescence to reduce property taxes
Technology and other forms of disruption that have impacted your business model open the door to a property tax appeal, tax specialists say.
By Robert Freedman • March 01, 2020 -
As XBRL in financial reporting matures, focus is on accuracy
The ability to increase financial transparency with machine-readable tags is improving, but few means are in place to ensure data quality.
By Ted Knutson • Feb. 25, 2020 -
Can a CFO restore his reputation after SEC fraud allegation?
After a long legal battle, the SEC dropped fraud charges against former Osiris Therapeutics CFO Gregory Law, but his professional standing may never recover.
By Robert Freedman • Feb. 24, 2020 -
Public domain
More scrutiny in store for CECL bank credit-loss standard
Rep. Brad Sherman, D-Calif., the new chair of a House investor protection subcommittee, hopes to shine more light on FASB and PCAOB's roles in accounting and auditing.
By Robert Freedman • Feb. 23, 2020 -
Catching rogue staff before they cost your enterprise a bundle
You can expect a cash leakage of up to 5% of revenue if your security system is built around little more than periodic audits, a security specialist says.
By Robert Freedman • Feb. 20, 2020 -
Proposal to fold audit watchdog into SEC sparks pushback
The independent board overseeing the quality of audits of publicly traded companies would become a function of the SEC in the FY21 federal budget request.
By Robert Freedman • Feb. 18, 2020 -
Global group again warns about splitting up audit firms
Firms that provide both audit and non-audit services develop extensive in-house talent that lets them provide higher quality audits, an international accounting group says.
By Robert Freedman • Feb. 13, 2020 -
Whistle Sports
CFOs less likely to blow whistle on fraud when under financial pressure
CFOs with accounting backgrounds are more likely to express fraud concerns to external resources than CFOs with banking or finance backgrounds, a study of Italian companies from the Journal of Business Ethics found.
By Jane Thier • Feb. 10, 2020 -
Fotolia
Making the most of new rules on goodwill impairment
New FASB rules for SEC-regulated companies only require one test to be met, but begin impairment calculations early to ensure accurate reporting.
By Suzanne Northington • Feb. 03, 2020 -
Largest Boeing supplier CFO out amid compliance review
The CFO and the controller at Spirit AeroSystems have resigned and their replacements have been hired, the company says.
By Jane Thier • Feb. 02, 2020 -
New credit loss accounting standard expected to pummel retail income
FASB's CECL standard took effect for public banks at the beginning of this year. Analysts at Morgan Stanley say it's going to hit some retailers hard.
By Robert Freedman • Jan. 27, 2020 -
IRS to consider repatriation double taxation relief
The agency is looking for instances in which the same earnings and foreign corporate profits are taxed twice: as dividends and as repatriated income under section 965 of the Tax Code.
By Robert Freedman • Jan. 17, 2020 -
Ex-CFO of 1 Global Capital gets 5-year fraud sentence
Alan Heide pleaded guilty last August to misrepresenting how revenue was being used at the short-term cash advance company.
By Robert Freedman • Jan. 16, 2020
