Financial Reporting

Financial Reporting

Tandy Leather Fined for Faulty Inventory Tracking

The SEC says the limitations in Tandy's tracking system resulted in inaccurate information being included in its financial statements going back to 2016.

Matthew Heller
July 21, 2021
Financial Reporting

Two More SPACs to Restate Financial Results

The restatements follow new SEC guidance on how SPACs should account for the warrants that they typically issue as part of initial public offerings.
Management Accounting

Producing Management Reports Faster: Metric of the Month

Roll up your sleeves and get elbow to elbow with your finance team for a faster cycle time.
Legal

Interface, ex-CFO Fined $5M for Inflating Earnings

The SEC says the carpet maker adjusted its accounting when its forecasts indicated it would likely fall far short of analysts' earnings estimates.
Financial Performance

GE Beats Revenue Estimates, Reports Q2 Loss

Revenues were mainly driven by sales in the power and renewable energy divisions.
Financial Reporting

Hamilton Beach to Restate Two Years of Results

The home appliance firm said employees of its Mexican unit engaged in unauthorized transactions that resulted in recording of unrealizable assets.
Financial Performance

AMC Reports Losses, Raises Doubt on Staying in Business

‘We are generating effectively no revenue,’ the world’s largest theater chain said.
Regulation

Super Micro Fined $17M for Improper Accounting

Former CFO Howard Hideshima allegedly pressured employees to maximize revenue at the end of quarters, typically sending them dozens of emails.
Accounting

Buffett Rebuffed

The Berkshire chairman decried the FASB mandate on new reporting for unrealized gains and losses. His airline holdings proved him wrong.
Financial Reporting

SoftBank Posts Record $12.7B Operating Loss in 2019-20

The company’s tech fund reported a loss of $17.7 billion.
Regulation

Fluor Shares Dive on News of 10-Q Delay

The engineering firm is facing investigations into its accounting by the SEC and Department of Justice.
Financial Performance

HSBC Sets Aside $3B for Virus Loan Losses

“We are anticipating deep, severe recession events in western Europe and the U.S. in the second quarter."
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