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Big 4 fill gap in GAAP on accounting for digital currency
With no explicit guidance in GAAP on how to account for business done in digital currency, Big 4 firms are starting to arrive at conclusions of their own.
Google fined €4.34 billion for breaching EU antitrust rules
The European Commission has fined Google €4.34 billion (U.S. $5.05 billion) for breaching EU antitrust rules.
U.K. businesses poke holes in Brexit plan
The U.K. government’s blueprint on how it thinks Brexit should pan out was hardly going to please everyone, and in that regard it has lived up to expectations.
Companies plan to automate internal controls, poll says
Companies are migrating toward automating their internal control over financial reporting, according to a recent survey by Financial Executives Research Foundation.
SEC charges BGC Financial for failure to maintain accurate books and records
New York-based broker-dealer BGC Financial has agreed to pay a $1.25 million penalty to settle charges that it failed to preserve audio files sought by the SEC and inaccurately recorded travel, entertainment, and other expenses.
SEC charges former Energy XXI CEO with hiding personal loans
The SEC charged the former CEO of Energy XXI with hiding more than $10 million in personal loans that he obtained from company vendors and a candidate for Energy XXI’s board.
Senate Democrats demand that CFPB reinstate advisory board
A coalition of Senate Democrats is demanding that Office of Management and Budget Director Mick Mulvaney, who also heads the CFPB, detail how the latter agency will reassemble its recently disbanded Consumer Advisory Board.
Revised U.K. governance code gives workers more of a voice
The U.K.’s corporate governance regulator on Monday announced a series of changes to improve public trust in large companies following criticism that boards are still too interested in fat-cat pay deals and short-term goals, and investors are too sleepy or timid to exert proper influence.
New standard triples revenue disclosures, Deloitte finds
Public companies are roughly tripling their revenue-related disclosures to comply with the new revenue recognition standard, according to a new analysis.
Charles Schwab settles with SEC for failing to file SARs
Charles Schwab on July 2 agreed to pay the Securities and Exchange Commission a civil penalty of $2.8 million for failing to file suspicious activity reports on questionable transactions by its investment advisers.
CFTC: First award issued to a foreign whistleblower
The Commodity Futures Trading Commission (CFTC) on Monday announced an award of more than $70,000 to a whistleblower who “significantly” contributed to an ongoing CFTC investigation and led the CFTC to a successful settlement.
Theresa May outlines her vision for Brexit
Two years after U.K. citizens voted for the country to withdraw from the European Union, Prime Minister Theresa May at last unveiled her vision of Brexit.
Former Tesla employee files whistleblower tip to SEC
A former Tesla employee, currently being sued by the company for allegedly hacking into proprietary systems, has made a formal whistleblower report to the SEC. Among the issues that may arise in the Commission’s consideration of the case are matters related to potential retaliation and pretaliation.
SFO issues arrest warrant for Eurasian Resources Group CEO
The U.K. Serious Fraud Office announced that a warrant for the arrest of the CEO of Luxembourg-based Eurasian Resources Group has been issued over his failure to appear for questioning in an ongoing corruption investigation.