Compliance: Page 36

  • Clawbacks appear to cause more harm than good, study finds

    Executives are more likely to engage in aggressive tax strategies than managing accruals if they face potential loss of their bonuses, researchers say.

    By Robert Freedman • Dec. 16, 2019

  • CFO, CEO of solar panel company charged with misusing investor funds

    The CFO, Michael Sweaney, identified himself on company communications as Michael Hatton, allegedly to hide a prior securities fraud conviction, the SEC says. 

    By Robert Freedman • Dec. 12, 2019
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    Trendline

    Top 5 stories from CFO Dive

    The promises and traps of generative AI, revamped modern finance teams and stark geopolitical risks are among the top forces CFOs are grappling with this year.

    By CFO Dive staff

  • Ex-trucking CFO, CEO charged with accounting fraud

    The CFO signed misleading reports on how prices were set on trucks the company bought and sold, the SEC alleges. 

    By Robert Freedman • Dec. 10, 2019
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    Transformation of GE's closing process aims to improve finance jobs, CFO says

    The company created a data lake to help organize a system that includes thousands of legal entities, many of which use their own ERP software.

    By Robert Freedman • Dec. 9, 2019

  • SEC charges CFO, other former Iconix executives with fraud

    Former CFO Warren Clamen failed to recognize losses from the company's failing licensees, among other violations of reporting laws. 

    By Robert Freedman • Dec. 8, 2019

  • Ex-CFO, others charged in biotech accounting scheme

    The CFO is accused of ignoring concerns raised by the company's controller over payment arrangements made with some suppliers. 

    By Robert Freedman • Dec. 2, 2019

  • Ex-CFO, others at healthcare ad company charged with $487M fraud

    Among other offenses, CFO Brad Purdy "did nothing to correct the financial statements before he provided them to investors," the SEC alleges. 

    By Robert Freedman • Nov. 26, 2019
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    Managing a smooth transition to ASC 606 revenue recognition

    Decisions made by legal, sales, and other teams can affect how you recognize money coming in and going out. Collaboration is key to staying on the right side of the 700 pages of guidelines.

    By Robert Freedman • Nov. 25, 2019
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    FLSA joint employment, regular rate regs coming in December

    The agency also announced plans to fast-track updates to its FMLA regulations.

    By Kate Tornone • Nov. 20, 2019
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    Lower awards will mean fewer SEC whistleblowers, critics say

    Several people alerting the SEC to public companies' potential violations have been awarded hundreds of millions of dollars over the years. The agency wants to limit those awards. 

    By Robert Freedman • Nov. 19, 2019
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    Understated income tax expense at center of Mattel accounting error

    The company is revising its 2018 10-K and has acknowledged material weakness in its internal controls.

    By Robert Freedman • Nov. 6, 2019

  • Shareholder proxy adviser sues SEC for treating it like a solicitor

    Institutional Shareholder Services slammed the SEC for changing its policy on proxy advisers in a way it says will hurt investors.

    By Robert Freedman • Nov. 4, 2019

  • Under Armour accounting reportedly under SEC scrutiny

    Investigators are learning whether the athletic wear giant smoothed out its revenue over quarters to improve its financial appearance, The Wall Street Journal reported.

    By Robert Freedman • Nov. 4, 2019
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    Audit quality improves when former partners sit on audit committee

    When an affiliated partner serves on the audit committee, its financial reporting quality objectives align with the audit firm, an academic analysis found.

    By Robert Freedman • Oct. 31, 2019
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    FASB extends lease accounting standards until January 2021

    Private companies and nonprofits get a one-year reprieve on new standards for showing lease obligations in their financials. 

    By Robert Freedman • Oct. 17, 2019

  • Since Enron, most countries have adopted accounting standards

    The next phase is to gain widespread adoption of investigation and discipline standards — in short, give standards more teeth.

    By Robert Freedman • Oct. 14, 2019
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    Digital coin offering effectively an unregistered IPO, SEC says

    The Telegram Group's $1.7 billion sale of its digital coin offering is based on investor expectations they'll benefit from the company's open network, but the SEC argues otherwise.

    By Robert Freedman • Oct. 14, 2019
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    Stopping travel and expense 'leakage' before it becomes a big loss

    Employees typically submit $10,150 a year in reimbursements. Make sure your T&E policy provides tools for reining in unnecessary expenses.

    By Robert Freedman • Oct. 8, 2019
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    Look at evidence before splitting up audit firms, accounting coalition says

    The International Federation of Accountants and other global accounting associations say firms that combine audit and non-audit work tend to perform better than those that only perform audits. 

    By Robert Freedman • Oct. 3, 2019
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    Former auto group CFO faces $50M fine, 20 years for financing fraud

    The finance executive of the now-bankrupt auto dealer contrived fake sales that cost Ford Motor Credit millions of dollars. 

    By Robert Freedman • Oct. 1, 2019
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    Fiat Chrysler to pay $40M over misleading investors on sales

    The company touted uninterrupted sales growth between 2012 and 2016. In months when the streak would have ended, it reported old sales as though they had just occurred, the SEC said.

    By Robert Freedman • Sept. 29, 2019
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    PwC settles with SEC for $7.9M over audit violations, improper conduct

    The firm exercised decision-making authority on behalf of some public clients, violating audit independence rules.

    By Robert Freedman • Sept. 23, 2019
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    Former Viking Energy CEO charged with lying about CFO

    The company operated without a finance chief despite a CFO signature appearing on annual and quarterly reports.  

    By Robert Freedman • Sept. 18, 2019
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    Deep Dive

    How to meet states' new economic nexus tax collection obligation

    As of last year, companies may be required to collect sales and use tax, even without physical nexus in a state, if it conducts a certain amount of business there.

    By Robert Freedman • Sept. 18, 2019

  • SEC fines Marvell Technology $5.5M in revenue manipulation scheme

    The company's use of pull-in sales masked a substantial decline in customer demand, a loss of market share and reduced future sales, the agency said. 

    By Robert Freedman • Sept. 16, 2019