Compliance: Page 45
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Managing a smooth transition to ASC 606 revenue recognition
Decisions made by legal, sales, and other teams can affect how you recognize money coming in and going out. Collaboration is key to staying on the right side of the 700 pages of guidelines.
By Robert Freedman • Nov. 25, 2019 -
FLSA joint employment, regular rate regs coming in December
The agency also announced plans to fast-track updates to its FMLA regulations.
By Kate Tornone • Nov. 20, 2019 -
Trendline
Financial reporting enters a new age
Finance leaders are increasingly relying on metrics including churn, net promoter score and customer growth to reveal company performance in a way traditional GAAP measures cannot.
By CFO Dive staff -
Lower awards will mean fewer SEC whistleblowers, critics say
Several people alerting the SEC to public companies' potential violations have been awarded hundreds of millions of dollars over the years. The agency wants to limit those awards.
By Robert Freedman • Nov. 19, 2019 -
Understated income tax expense at center of Mattel accounting error
The company is revising its 2018 10-K and has acknowledged material weakness in its internal controls.
By Robert Freedman • Nov. 6, 2019 -
Shareholder proxy adviser sues SEC for treating it like a solicitor
Institutional Shareholder Services slammed the SEC for changing its policy on proxy advisers in a way it says will hurt investors.
By Robert Freedman • Nov. 4, 2019 -
Under Armour accounting reportedly under SEC scrutiny
Investigators are learning whether the athletic wear giant smoothed out its revenue over quarters to improve its financial appearance, The Wall Street Journal reported.
By Robert Freedman • Nov. 4, 2019 -
Audit quality improves when former partners sit on audit committee
When an affiliated partner serves on the audit committee, its financial reporting quality objectives align with the audit firm, an academic analysis found.
By Robert Freedman • Oct. 31, 2019 -
FASB extends lease accounting standards until January 2021
Private companies and nonprofits get a one-year reprieve on new standards for showing lease obligations in their financials.
By Robert Freedman • Oct. 17, 2019 -
Since Enron, most countries have adopted accounting standards
The next phase is to gain widespread adoption of investigation and discipline standards — in short, give standards more teeth.
By Robert Freedman • Oct. 14, 2019 -
Digital coin offering effectively an unregistered IPO, SEC says
The Telegram Group's $1.7 billion sale of its digital coin offering is based on investor expectations they'll benefit from the company's open network, but the SEC argues otherwise.
By Robert Freedman • Oct. 14, 2019 -
Stopping travel and expense 'leakage' before it becomes a big loss
Employees typically submit $10,150 a year in reimbursements. Make sure your T&E policy provides tools for reining in unnecessary expenses.
By Robert Freedman • Oct. 8, 2019 -
Look at evidence before splitting up audit firms, accounting coalition says
The International Federation of Accountants and other global accounting associations say firms that combine audit and non-audit work tend to perform better than those that only perform audits.
By Robert Freedman • Oct. 3, 2019 -
Former auto group CFO faces $50M fine, 20 years for financing fraud
The finance executive of the now-bankrupt auto dealer contrived fake sales that cost Ford Motor Credit millions of dollars.
By Robert Freedman • Oct. 1, 2019 -
Fiat Chrysler to pay $40M over misleading investors on sales
The company touted uninterrupted sales growth between 2012 and 2016. In months when the streak would have ended, it reported old sales as though they had just occurred, the SEC said.
By Robert Freedman • Sept. 29, 2019 -
PwC settles with SEC for $7.9M over audit violations, improper conduct
The firm exercised decision-making authority on behalf of some public clients, violating audit independence rules.
By Robert Freedman • Sept. 23, 2019 -
Former Viking Energy CEO charged with lying about CFO
The company operated without a finance chief despite a CFO signature appearing on annual and quarterly reports.
By Robert Freedman • Sept. 18, 2019 -
Deep Dive
How to meet states' new economic nexus tax collection obligation
As of last year, companies may be required to collect sales and use tax, even without physical nexus in a state, if it conducts a certain amount of business there.
By Robert Freedman • Sept. 18, 2019 -
SEC fines Marvell Technology $5.5M in revenue manipulation scheme
The company's use of pull-in sales masked a substantial decline in customer demand, a loss of market share and reduced future sales, the agency said.
By Robert Freedman • Sept. 16, 2019 -
Deep Dive
Living with GILT(I): How to apply the new tax on intangible overseas assets
The Global Intangible Low-Taxed Income (GILTI) calculation is designed to prevent tax base erosion resulting from the transfer of intangible assets to foreign subsidiaries in low-tax countries.
By Ed McCarthy • Sept. 15, 2019 -
Former KPMG audit chief receives prison sentence for 'steal-the-exam' role
A former 30-year KPMG executive was found guilty earlier this year of trying to give auditors a head's-up on which audits were to be reviewed by a federal regulator.
By Robert Freedman • Sept. 12, 2019 -
Auditors' ears are always listening, consultant says
Risk management encompasses all aspects of an operation, from the tone coming out of the C-suite to what finance staff say to auditors at dinner.
By Robert Freedman • Sept. 11, 2019 -
SEC charges former CEO, CFO with fraudulent bond scheme
Executives inflated the value of bonds their lenders used to collateralize loans to the company.
By Robert Freedman • Sept. 2, 2019 -
RSM US fined $950K for auditor independence violations
Affiliates of the accounting firm provided services to affiliates of companies it was auditing, the SEC said.
By Robert Freedman • Aug. 27, 2019 -
SAExploration names interim CFO amid SEC probe, restatement of financials
Restating past earnings, along with being costly to a company's bottom line, erodes customer loyalty, and an executive board's new leadership must show substantial, good-faith efforts to restore the trading public's trust.
By Jane Thier • Aug. 22, 2019 -
Kraft Heinz blasts commissioners' comments after $16M settlement
The CFTC alleged the company manipulated the wheat futures market, but the company filed a complaint after individual commissioners spoke about the case.
By Robert Freedman • Aug. 19, 2019
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