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

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

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

FASB rule simplifies accounting for convertible instruments

The new rule is expected to improve financial reporting associated with accounting for convertible instruments and contracts in an entity's own equity.

By Robert Freedman • Aug. 6, 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

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

Pandemic to heighten internal reporting challenges

As staff work remotely, finance leaders are paying an even higher price in opportunity costs to release recurring reports, a reporting software executive says.   

By Robert Freedman • July 31, 2020

CFOs: FP&A and accounting must speak the same language

Poor coordination between backward-looking and forward-looking finance functions eats up time and resources better spent elsewhere. 

By Robert Freedman • July 30, 2020

Chipotle CFO: Restaurant closures have had 'no impact' on sales

Digital sales are up 200% from last year, helping to keep Chipotle on top, CFO Jack Hartung said.

By Jane Thier • July 26, 2020

Ally Financial CFO: Q2 performance 'stronger than anticipated' after 58% earnings drop

Despite unknowns in the current economic environment, "stimuli support programs and proactive customer engagement actions have driven encouraging trends," CFO Jennifer LaClair said.

By Jane Thier • July 20, 2020

Domino's CFO to retire as pizza chain records strong Q2

The Ann Arbor, Michigan-based pizza delivery chain shared surging sales and the retirement of its 20-year CFO on its earnings call Thursday. 

By Jane Thier • July 16, 2020

Your financial controls probably don't work under today's conditions

With staff remote, executives in survival mode, and hundreds of billions in assistance pouring into the economy, the chances of mistakes and abuse getting past safeguards are heightened, accounting specialists say.

By Robert Freedman • July 14, 2020

Alexion pharma settles SEC false books charges

Subsidiaries of the company allegedly paid foreign government officials to provide favorable regulatory treatment for, and falsified records about, one of its drugs. 

By Robert Freedman • July 5, 2020

What's your COVID-19 story?

When discussing 2020 plans with investors, Eric Knachel, Deloitte senior consultation partner, recommends figuring out your company's story to connect with stakeholders.

By Jane Thier • June 30, 2020

Trading platform equips SaaS companies to sell subscriptions to investors

L.A.-based start-up Pipe says it provides software firms with an alternative to equity and debt by treating annualized customer contracts as tradable assets.

By Robert Freedman • June 30, 2020

How COVID-19 is changing conversations about going concern

CFOs should expect more — and more targeted — questions as auditors try to get a picture of how well their organization is positioned to survive the downturn. 

By Bob Dohrer • June 30, 2020

Novartis to pay $112M fine for bad accounting controls

Company subsidiaries used improper payments to boost business in some countries. 

By Robert Freedman • June 26, 2020

CFOs can access extra cash in move to new lease accounting rules

FASB is delaying the move to ASC 842 but, if you need money, the transition could provide it in some of the lease terms.   

By Robert Freedman • June 22, 2020

Comcast CFO expects continued losses in 2nd quarter

CFO Mike Cavanagh told investors to expect continued losses for the parent company of NBC Universal and Xfinity, as digital subscriber numbers plummet and theme parks and movie theaters remain shuttered.

By Jane Thier • June 18, 2020

How companies can account for PPP loans under FASB ASC 470

FASB hasn't explained how for-profit businesses should recognize forgivable loans and other government assistance, but other standards are available.

By Robert Freedman • June 15, 2020

Wells Fargo CFO predicts drop in net interest income, layoffs in 2020

In an appearance at Morgan Stanley Virtual U.S. Financials Conference Wednesday, CFO John Shrewsberry discussed the bank's second quarter earnings and plans for maintaining profitability throughout 2020.

By Jane Thier • June 14, 2020