Compliance


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    Companies need to align efforts at disclosure, cybersecurity: SEC attorney

    The SEC aims to protect investors from cyber-related risks by cracking down on companies that release misleading disclosures about cyberattacks, according to the top attorney in the agency’s Crypto Assets and Cyber Unit.

    By May 13, 2022
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    U.S. regulators see 'endgame' to LIBOR phaseout

    Winding down LIBOR has reached the final stage as businesses increasingly borrow using an alternative reference rate, U.S. regulators said.

    By May 12, 2022
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    Trendline

    Mastering revenue recognition

    Improper revenue recognition is companies' No. 1 reporting violation, according to the SEC, underscoring the importance of sound compliance practices.    

    By CFO Dive staff
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    FASB shifts to prioritize 'rapidly evolving' crypto assets

    The board is getting serious about improving accounting standards for digital assets even as a crypto market slump is hammering valuations.   

    By May 12, 2022
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    General counsel face heightened liability risk as SEC seeks to drop SPAC safe harbor

    Projections to attract shareholders could trigger lawsuits as plaintiffs’ attorneys take advantage of what amounts to a shift in the burden of proof to operating companies.

    By Robert Freedman • May 12, 2022
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    SEC fines NVIDIA $5.5M for failing to disclose cryptomining impact

    NVIDIA rode the rush into crypto assets as customers used its gaming devices for cryptomining. The SEC penalized the company for allegedly not disclosing how it gained from the crypto boom.

    By May 11, 2022
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    Moderna CFO exits abruptly amid probe at former company

    Jorge Gomez's departure came just one day after he took the reins as CFO of Moderna, which has become a household name due to the rapid development and success of its coronavirus vaccine. 

    By May 11, 2022
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    Opinion

    With SEC's proposed climate rules, CFOs should listen to investors

    A stakeholder-influenced materiality assessment will help business leaders comply with the SEC's proposed disclosure rules and focus their sustainability efforts.

    By Donavan Hornsby • May 9, 2022
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    Courtesy of Wells Fargo multimedia resources

    Judge dismisses class action against Wells Fargo, former CEO, ex-CFO

    Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

    By Robin Bradley • May 9, 2022
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    Appointment of women to Fortune 500 boards hits record high

    Boards have made strides toward greater diversity but still do not sufficiently represent some racial and ethnic groups, Heidrick & Struggles said.

    By May 6, 2022
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    FASB homes in on cryptocurrency

    FASB has generally been cautious about moving to standardize accounting for bitcoin and other digital asset investments but its stance appears to be shifting. 

    By May 6, 2022
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    Global ESG standard-setting gains speed

    CFOs seeking to provide shareholders with more sustainability data must choose from a patchwork of inconsistent measurement frameworks. Regulators and other standard setters worldwide are now building a consensus behind uniform rules for gauging sustainability.

    By May 4, 2022
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    Chip Somodevilla via Getty Images

    SEC to nearly double crypto enforcement unit

    The agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to the team that currently has 30 dedicated positions. 

    By Robin Bradley • May 3, 2022
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    Global minimum tax compliance to take 'significant' company resources

    Forty percent of businesses surveyed by EY have considered adding headcount, outsourcing tax department operations and investing in new technology to meet BEPS 2.0 requirements.

    By May 2, 2022
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    Chip Somodevilla via Getty Images

    SEC sues Brazilian mining firm, alleging false ESG claims

    The agency that supervises Wall Street, seeking to ensure accurate sustainability disclosures, sued a Brazilian company for allegedly misleading investors about safety before a dam collapse killed scores of nearby residents.

    By April 28, 2022
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    Most executives admit to ESG 'greenwashing': survey

    Companies overstate their commitment to sustainability as investors, regulators, lawmakers and other stakeholders push for adherence to environmental, social and governance best practices.

    By April 27, 2022
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    Chip Somodevilla via Getty Images

    SEC penalizes pizza accountant $2M for alleged insider trading

    The agency tasked with keeping an eye on Wall Street is increasingly using data analytics to uncover accounting fraud and other wrongdoing.

    By April 26, 2022
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    IRS 'outgunned' by non-compliant businesses, Rettig says

    The IRS lacks the enforcement clout needed to audit many big companies that may dodge their tax obligations.

    By April 21, 2022
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    FASB steps closer to LIBOR accounting relief extension

    The U.S. accounting standards setter will likely affirm the proposed two-year extension of LIBOR-related accounting relief unless it gets new feedback during the public comment period, according to a FASB spokesperson.

    By April 21, 2022
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    Most companies unable to gauge whether suppliers meet ESG goals: survey

    Companies that collect data about their suppliers can gain insights needed to influence suppliers’ behavior on carbon emissions and other sustainability goals.

    By April 20, 2022
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    Chip Somodevilla via Getty Images

    SEC alleges Brazilian ex-CFO planted false Berkshire Hathaway story

    Fernando Passos used a fabricated shareholder list and a fake email as part of a scheme to bolster his false Berkshire Hathaway claim and pump up IRB's flagging stock, according to the complaint.   

    By April 20, 2022
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    SEC swats pest control company with $8M penalty for accounting flaws

    Rollins Inc., a global exterminator company, adjusted its accounting reserves in order to increase its EPS by 1 cent and meet quarterly forecasts.

    By April 19, 2022
  • Accounting-related class actions plunge

    Settlements, and settlement amounts, were also down, possibly in part because companies are restating financials less, Cornerstone Research finds.

    By Robert Freedman • April 13, 2022
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    Republican lawmakers slam SEC climate-risk disclosure proposal

    SEC Chair Gary Gensler says that a new regime of disclosure standards would answer the demand from investors for detailed information about climate risks faced by publicly traded companies.

    By April 13, 2022
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    SEC issues guidance on crypto-asset accounting, disclosure

    As theft of crypto-assets rises, the SEC is pushing companies to publicly report on the potential costs from such crimes and efforts to curb hacking risks.

    By April 11, 2022
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    Carol Highsmith. (2005). "Apex Bldg." [Photo]. Retrieved from Wikimedia Commons.

    FTC orders fixes at Dun & Bradstreet, citing report errors

    Dun & Bradstreet must overhaul how it gathers credit information and provide refunds to subscribers of its CreditBuilder product, the FTC said. 

    By April 8, 2022