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ArticleFASB proposal seeks to clarify fair value standard
The Financial Accounting Standards Board issued a proposed update to Topic 820 that seeks to establish that a contractual restriction on the sale of an equity security should not be considered in measuring fair value.
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GameStop CECO named interim general counsel
Mark Robinson, GameStop’s chief ethics and compliance officer, has been promoted to serve as the company’s interim general counsel.
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MassMutual $4M fine a lesson in trader conduct oversight
A subsidiary of Massachusetts Mutual Life Insurance agreed to pay $4 million after apparently missing nearly two years’ worth of red flags by one of its broker-dealers that turned out to be a driving force behind the GameStop stock trading craze.
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How ContourGlobal, Osprey have established effective ESG programs
Crafting an effective environmental, social, and governance program is not an easy feat. At CW’s “Everything ESG” virtual event, compliance/sustainability leaders from ContourGlobal and Osprey shared how they are successfully working to meet their goals.
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FTC withdraws 2020 vertical merger guidelines. Will DOJ follow suit?
The Federal Trade Commission voted to withdraw 2020 guidelines for vertical mergers for including what three Democratic commissioners described as “unsound economic theories that are unsupported by the law or market realities.”
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German AML deficiencies in spotlight ahead of election
A recent raid by German prosecutors of the country’s finance and justice ministries has once again put a spotlight on Germany’s apparent failings in tackling financial crime.
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The dos and don’ts of building a DEI program
NABCRMP Founder Jennifer Newton shared how to create a sustainable diversity, equity, and inclusion program that aligns with an organization’s mission during CW’s “Everything ESG” virtual event.
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SEC whistleblower awards surpass $1B with $110M payout
The Securities and Exchange Commission surpassed $1 billion in whistleblower awards with the announcement of a $110 million payout to a whistleblower whose independent analysis led to two successful enforcement actions against a company.
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App Annie to pay $10M in landmark SEC action
The Securities and Exchange Commission charged App Annie with securities fraud—the agency’s first enforcement action against an alternative data provider.
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Elizabeth Warren urges Fed break up ‘ungovernable’ Wells Fargo
Sen. Elizabeth Warren has called for federal banking regulators to break up Wells Fargo, saying “every new report of scandal and ongoing noncompliance” proves the bank is “ungovernable.”
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KPMG Australia fined $450K over training test cheating
The Public Company Accounting Oversight Board announced a $450,000 fine against KPMG’s Australian subsidiary to resolve allegations of widespread cheating on personnel training tests at the firm.
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Message to compliance on ESG: ‘Step up and lead’
Regardless of situation, one thing all companies should have in common is a compliance presence as part of ESG decision-making, said Jim Massey during a fireside chat at CW’s “Everything ESG” virtual event.
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CAQ report: Climate-related risk considerations in audited financial statements
A recent Center for Audit Quality report aims to provide an understanding of how company management and their auditors apply current U.S. accounting and auditing requirements for financial statements related to climate-related risks.
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Own your ESG materiality strategy, advises SASB founder
Jean Rogers advised companies not to rely on regulators and organization frameworks over internal expertise when it comes to determining ESG materiality as part of her keynote at CW’s “Everything ESG” virtual event.
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Biden nominates 3 to CFTC, including Rostin Behnam as chair
President Joe Biden announced the nomination of three individuals to serve as commissioners at the Commodity Futures Trading Commission, including the naming of Rostin Behnam as the agency’s full-time chair.
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NLRB to enhance enforcement of unfair labor practices
National Labor Relations Board General Counsel Jennifer Abruzzo issued a memo signaling the agency will broadly be expanding the remedies it seeks against companies that engage in unfair labor practices.
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Bank of America names compliance head amid leadership shakeup
As part of a host of senior management changes, Bank of America has named Amy Littman to be its new head of global compliance and operational risk.
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ODP Corp. chief accounting officer to depart
ODP Corp., parent company of OfficeMax and other business services providers, announced Senior Vice President and Chief Accounting Officer Richard Haas will leave the company, effective April 1, 2022.
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With SEC rulemaking imminent, ESG disclosure prep takes center stage
A deluge of SEC rulemaking on ESG matters could begin as early as next month, prompting Davis Polk’s Betty Moy Huber to kick off CW’s “Everything ESG” virtual event with an overarching message on the importance of preparation.
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ESG matters have financial reporting implications now
While the possibility of SEC regulation mandating additional ESG disclosures remains a hot topic, the potential effects of ESG matters on a company’s financial accounting and reporting are not a future consideration.
