SEC Fines GM $1M Over Accounting for Recall
A defect in GM's internal controls allegedly prevented its accountants from learning about a safety issue for 18 months.
Non-GAAP metrics help tell the story of a company’s performance. But is their increasing prevalence rendering the official earnings numbers less relevant?
Renewed Focus on Non-GAAP Measures: How to Comply
Now that more than 150 comment letters on non-GAAP measures from the SEC filings review staff have become public, here’s what CFOs need to know.
FASB Requires Timelier Recording of Credit Losses
The big change is being referred to as the institution of 'Day 1 Loss' reporting, according to board member Hal Schroeder.
Cabela’s Fined $1M for Inflating Profit Metric
The SEC said the firm's CFO erred in failing to eliminate the impact of an intercompany promotions fee on its merchandise gross margin percentage.
Stock Option Rules Simplify Reporting, FASB Says
Putting all stock option tax reporting on the income statement is a big change, a standard setter says.
KPMG Withdraws Audit Opinions on Regulator
The firm says the CFTC understated its lease obligations by about $212 million in 2014 and $194 million in 2015 because of an accounting error.
Blockbuster Tax Trade: Less Complexity for More Transparency
With fewer disclosures and less complexity in the tax code, firms could report timelier, more transparent financials, says Haskell & White's Rick Smetanka.
SEC’s Chief Accountant Signals End to Convergence Efforts
“There is virtually no support to have the SEC mandate IFRS for all registrants,” James Schnurr tells accountants.
The Struggle to Simplify Accounting
Companies just don’t want to give up the flexibility to manage financial reporting that's provided by the complexity of accounting standards.
Chief SEC Accountant Revives IFRS Debate
New to the job, James Schnurr suggests that a U.S. switch to global accounting rules is still not out of the question.