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Opinions and views from expert CFOZone members.

Tag >> financial statements
Aug 18

American Apparel coming apart at the seams?

Posted by Going Concern in SEC filings, financial 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."

Jul 13

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 12

Toyota turns profit even with tarnished reputation

Posted by dbedell in Toyotareputationglobal economyfinancial statementsCash


In the wake of an announcement this week by the US National Highway Traffic Safety Administration that it is opening a new investigation into the timeliness of disclosure of steering defects in some US models, carmaker Toyota  has announced a somewhat surprising return to profitability for the year ending in March – beating its own forecasts from February.

The carmaker saw net profits rise to Y209.5 billion ($2.3 billion) in fiscal 2009 – up from a net loss of Y436.9 billion the previous year. In its February forecast, the firm estimated profits of Y80 billion.

May 06

Girls, girls, girls!

Posted by Ron F in Repo 105Regulation, Lehman Brothers, financial 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.

Mar 11

SEC brings rare Reg FD case

Posted by Stephen Taub in Wells NoticeSecurities and Exchange Commission, SEC filings, secRegulation FD, investor relations, financial statementsfinanacial reportingdelayed filingcomplianceAccounting

Stephen Taub

The Securities and Exchange Commission filed a rare Reg FD case earlier this week.

The regulator brought this action against Presstek, a maker and distributor of digital imaging equipment and its former chief executive officer, Edward J. Marino. The SEC's complaint alleges that on September 28, 2006, while acting on behalf of Presstek, Marino selectively disclosed material non-public information regarding Presstek's financial performance during the third quarter of 2006 to a managing partner of a registered investment adviser. The SEC also alleges that within minutes of receiving the information from Marino, the partner decided to sell his firm's entire Presstek stake. According to the complaint, Presstek did not simultaneously disclose to the public the information provided by Marino to the partner.

Presstek agreed to pay a civil penalty of $400,000 as part of its deal to settle the Commission's charges, without admitting or denying the allegations. The Commission said it took into account certain remedial measures taken by Presstek, including revising its corporate communications policies and corporate governance principles, replacing its management team and appointing new independent board members, and creating a whistleblower's hotline.

Feb 01

Accounting errors way down: good or bad news?

Posted by Stephen Taub in sox 404Sarbanes-Oxleyrestatementsmaterial weaknessfinancial statementscomplianceBig FourAccounting

Stephen Taub

Are companies making fewer accounting errors, or are executives and auditors failing to find and report them? This is the over-riding question Glass Lewis is asking in its newly issued analysis of restatements in 2009.

The governance research firm, which has been crunching this data for a number of years, found that last year, 75 companies filed 78 financial restatements to correct accounting errors. This was down 58 percent from 2008. The restatement rate literally halved to 2.5 percent in 2009 from 5 percent a year earlier.

Jan 07

“Spate of restatements may reignite Sarbox compliance war”

Posted by Stephen Taub in sox 404shareholderssecrestatements, investor, financial statementsfinancial reportingdisclosureCongresscomplianceAccounting

Stephen Taub

The recent restatements from three puny companies-one of which faces possible delisting from Nasdaq-could reignite the debate over whether microcap companies should be required to comply with a key provision of the Sarbanes-Oxley Act as well as highlight a showdown between the SEC and the White House and Congress.

We're talking about Section 404b of the sweeping 2002 governance legislation, which requires companies to report to the public about the effectiveness of their internal control over financial reporting. The smallest public companies with a public float below $75 million have been given four extensions to design, implement and document these internal controls before their auditors are required to attest to the effectiveness of these controls. Opponents had been whining that complying with Section 404b would be too costly for the smallest companies and drive many of them to list their shares overseas.  Alas, this never happened.

Oct 23

CFOs agree: financial statements too complex for investors

Posted by MQuinn in Regulationfinancial statementsfinancial reportingcompliance


A recent survey of U.S. CFOs and senior comptrollers by Grant Thornton found that nearly three-quarters (73 percent) believe financial statements are too complex to be used by the average investor.

They also nearly unanimously agreed that the complexity is out of step with what should be the purpose of financial statements, with 82 percent saying they should be prepared to meet the needs of the average investor rather than those of the most sophisticated users.

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