SEC hits BMW with $18M fine for false sales disclosures

 Investors who purchased some $18 billion in company bond offerings were misinformed about the pace of the company's U.S. sales.  

By Robert Freedman • Sept. 27, 2020

Revolution Lighting hit with SEC accounting violations

The company is alleged to have inflated its reported revenues over a four-year period. The former CEO and CFOs of the company's largest division are among executives charged with falsifying information. 

By Robert Freedman • Sept. 24, 2020

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Modern accounting and the CFO

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By CFO Dive staff

AICPA makes PPP loan forgiveness tool available

Finance leaders for any entity that's received a federal PPP loan can access the tool for free to apply for forgiveness. 

By Robert Freedman • Sept. 23, 2020

IRS finalizes 100% bonus depreciation rules

Under changes enacted in 2017, machinery, equipment, computers, appliances and furniture are generally eligible for depreciation in the year they're put in service. 

By Robert Freedman • Sept. 22, 2020

Many banks not yet accepting PPP forgiveness applications

Lenders are awaiting more guidance from the federal government as well as potential legislative action on the Paycheck Protection Program.

By Jennifer Goodman • Sept. 15, 2020

Employers face administrative burden under payroll tax deferral

Questions remain unanswered on how to account for 6.2% employee payroll tax holiday when tax filings come due next year.

By Robert Freedman • Sept. 9, 2020

Hedge fund chief tried manipulating Neiman Marcus bankruptcy auction, SEC says

The founder of Marble Ridge Capital is said to have prevented a rival bidder from offering more for an online asset of the retailer. 

By Robert Freedman • Sept. 9, 2020

CFOs face a new way of disclosing risk under SEC Regulation S-K changes

New requirements are less prescriptive and more principles-based, which could mean a less consistent approach to enforcement.

By Ted Knutson • Sept. 3, 2020

Employers face liability under payroll tax deferral guidance

Many employers could opt out of President Trump's pandemic relief order on concerns they could be left holding the bag for back taxes.   

By Robert Freedman • Aug. 31, 2020

PPP loan forgiveness could result in big tax bills

Unless Congress intervenes, the IRS will not allow businesses to write off wages and rent paid for with Paycheck Protection Program funds.

By Jennifer Goodman , Joe Bousquin • Aug. 31, 2020

SEC charges Herbalife with foreign accounting violations

The multi-level marketing company will pay $123 million to settle charges the Securities and Exchange Commission, Department of Justice and the U.S. Attorneys Office for the Southern District of New York brought against it.  

By Robert Freedman • Aug. 28, 2020

BorgWarner materially misstated its financial statements: SEC

In a settlement over its accounting for asbestos-related liability, the motor vehicle parts manufacturer agreed to pay a $950,000 penalty.   

By Robert Freedman • Aug. 27, 2020

Super Micro Computer, CFO charged with speeding up revenue recognition

In the settlement, the company will pay $17.5 million, the CFO will pay $350,000, and the CEO will have $2.1 million in stock profits clawed back.  

By Robert Freedman • Aug. 26, 2020

CFOs must grapple with pandemic-related payroll tax nexus

With employees working remotely, often in another state from the office, payroll tax and other calculations are complicated by economic nexus issues. 

By Ed McCarthy • Aug. 24, 2020

Wall nonprofit said to have used shell entities to pass donations to officers

We Build the Wall is charged with using a shell nonprofit, a veiled corporation and two anonymous associates as part of an effort to pass payments to officers.

By Robert Freedman • Aug. 24, 2020

Improper revenue recognition tops SEC fraud cases

Attorneys who work with SEC whistleblowers walk through the 10 most common types of fraud in an Accounting Today analysis.  

By Robert Freedman • Aug. 20, 2020

3 tips for CFOs looking to migrate to a subscription pricing model

Tip one: Resist moving revenue recognition outside of your ERP, otherwise you decrease visibility into the success of your subscription model and create reporting, tracking and compliance problems. 

By Katrina Gosek • Aug. 19, 2020

SEC charges Hertz's former CEO with aiding financial reporting violations

Mark Frissora has agreed to settle the charges and repay Hertz nearly $2 million in incentive-based compensation.

By Robert Freedman • Aug. 18, 2020

Interactive Brokers fined $38M for suspicious activity lapses

The company repeatedly failed to flag transactions suspected of involving fraud or lacking an apparent lawful business purpose. 

By Robert Freedman • Aug. 12, 2020

Financial irregularities at heart of lawsuit to dissolve NRA

Whistleblowers within the organization's finance department helped shed light on practices targeted by a New York Attorney General's lawsuit.

By Robert Freedman • Aug. 10, 2020

Pharma, former executives charged with misleading financial disclosures

Quebec, Canada-based Valeant Pharmaceuticals misstated revenue transactions and included erroneous revenue allocations, the Securities and Exchange Commission said. 

By Robert Freedman • Aug. 5, 2020

CFOs urged not to wait on devising LIBOR transition plan

Companies face both legal and reputational risk by failing to deal with contracts using the soon-to-be-obsolete benchmark. 

By Ted Knutson • Aug. 5, 2020

HeadSpin said to be returning $95M after review finds irregularities

The app-testing startup was on pace to have $15 million in annual recurring revenue, not $100 million it had told investors, according to The Information.

By Robert Freedman • Aug. 4, 2020

SEC charges aircraft parts leasing company, CEO with fraud

Integrity Aviation & Leasing raised $14 million from investors, little of which went towards purchasing engines and other aircraft parts for leasing to major airlines as promised, the SEC said.  

By Robert Freedman • Aug. 2, 2020

Audits helped identify embedded leases, survey finds

Companies' first audits since transitioning to ASC 842 lease accounting standards led to control and efficiency improvements.

By Robert Freedman • July 28, 2020