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Tag >> financial reporting
Dec 15
2010

Want to attract investors? Improve capital management reporting

Posted by dbedell in investorsfinancial reportingcomplianceCashcapital management

dbedell

A new study out by the UK's Accounting Standards Board (ASB) holds insights on analyzing and explaining internal corporate capital that could prove useful to US and global companies.

The study, which evaluated the quality of capital management disclosures at companies reporting to the ASB, found that although some firms offered thorough analysis of their capital resources, the majority of companies were missing some or most of the information that would "convey meaningfully how they assess capital and how they manage it over the medium to long term."

Nov 04
2010

Detecting and deterring fraud

Posted by Karen1 in fraudfinancial reportingCAQaudit

Karen1

Over the past few years, a number of high-profile companies, from AIG to Qwest, have been caught issuing financial statements that were, to put it mildly, less than accurate. How can other CFOs ensure that their firms are not part of this group?

A recent study by the Center for Audit Quality (CAQ) sheds some light on the factors that can lead to fraud, as well as the attributes that need to be in place to minimize the risk of fraud. The study, "Deterring and Detecting Financial Reporting Fraud: A Platform for Action," incorporates the input gained from more than 100 participants in five roundtable discussions that occurred in both the US and the UK over the past year. Among the participants were corporate executives, members of boards of directors, internal and external auditors, investors, regulators, academics and others.

Aug 18
2010

American Apparel coming apart at the seams?

Posted by Going Concern in SEC filingsfinancial statementsfinancial reportingDeloittecomplianceauditorsauditingauditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

American Apparel's downward spiral continues as Bloomberg reports that the company has been subpoenaed by the U.S. Attorney for the SDNY over the company's "change in accounting firms."

Aug 17
2010

Punish shareholders for managers' sins? By all means

Posted by Ron F in Securities and Exchange CommissionSarbanes-OxleyRegulationfraudfinancial reportingfinancial crisisEnroncomplianceCitigroupAccounting

Ron F

Barry Ritholtz today usefully repeats a point he made earlier this month in connection with an Andrew Ross Sorkin column about the SEC's proposed settlement with Citigroup and the court's refusal to go along with it.

And that is that shareholders of companies run by corrupt management are supposed to be punished.

Jul 26
2010

Sunrise, two ex-finance execs settle with SEC

Posted by Stephen Taub in Securities and Exchange Commissionfraudfinancial reportingcompliance

Stephen Taub

Sunrise Senior Living and its two former top finance executives agreed to settle civil charges with the Securities and Exchange Commission in connection with an alleged financial reporting fraud.

Chief Financial Officer Larry E. Hulse, without admitting or denying the allegations in the complaint, agreed to pay $164,993 and to a three-year suspension as an accountant.

Jul 13
2010

Angeion CFO fired for mysterious reasons

Posted by Going Concern in financial statementsfinancial reportingCFOsCFO resignationsCareers/ManagementC-level executives

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Anyone that is in St. Paul/Minneapolis (ideally Baker Tilly Virchow Krause employees) should get in touch with us because this reeks of bad behavior that we absolutely must know about:

May 06
2010

Girls, girls, girls!

Posted by Ron F in Repo 105RegulationLehman Brothersfinancial statementsfinancial reportingfinancial crisisCPAsCareers/ManagementC-level executivesaccrual methodAccounting

Ron F

At the risk of setting off a corporate war between the sexes, I feel compelled to report the findings of a new study that shows women are more trustworthy than men in reporting companies' financial results.

Come to think of it, the findings are in line with the general impression I've gotten that the distaff sex is better than its counterpart at financial regulation.

Apr 30
2010

Dow Chemical making life difficult for analysts

Posted by MQuinn in financial reportingearningscompliancecareer/management

MQuinn

By remaking itself through acquisitions and divestitures, Dow Chemical hasn't made life easy for those inside its finance department. And so, apparently, they've decided to share the pain with investors and analysts following the chemical manufacturing giant.

Apr 09
2010

How the heck is PwC still AIG’s auditor?

Posted by Going Concern in PricewaterhouseCoopersfinancial reportingcomplianceauditAIGAccounting

Going Concern

Submitted by Francine McKenna, republished from Going Concern, Accounting News for Accountants and CFOs.

The US Federal government has been propping up AIG with hundreds of billions of dollars and AIG has been, in turn, protecting its auditor, PricewaterhouseCoopers (PwC).

PwC continues to be AIG's auditor.

Unfortunately for all of them, former AIG Financial Products head, Joe Cassano, is off the reservation and worried more about his own scalp. After two years of negotiations with the Department of Justice, it looks like he won't be criminally prosecuted for hiding risks from investors or lying at a December 2007 investor conference.

Apr 02
2010

Fuzzy numbers a ‘certainty’ with IFRS, says accounting prof

Posted by Going Concern in IFRSglobal standardsfinancial reportingcomplianceCFOsAccounting

Going Concern

Submitted by Adrienne Gonzalez, republished from Going Concern, Accounting News for Accountants and CFOs.

Ed. Note: This is the second installment of Going Concern's dialogue with experts on International Financial Reporting Standards. See their first post with IFAC President Bob Bunting here and if you are an IFRS expert interested in joining the discussion, please contact them at tips@goingconcern.com

It's appropriate to disclaim that The Summa's Professor David Albrecht is a friend of Going Concern and for the most part he and I share similar views on the US conversion to IFRS. If you have not read any of our previous rants on the subject, you're too far behind to catch up but I might suggest this?

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