GE picks apart new whistleblower allegations of $38 billion accounting fraud. “Market manipulation—pure and simple,” says Chairman and CEO Larry Culp.
Tammy Whitehouse
Posted inAccounting & Auditing
Fed study minimizes lending, volatility concerns of CECL
A new analysis out of the Federal Reserve suggests concerns over the expected economic effects of CECL, the new rule on credit losses, may be overstated.
Posted inAccounting & Auditing
FASB formally proposes accounting change delays, including CECL
FASB is formally proposing major changes to effective dates for several significant accounting standards, including a CECL delay for smaller reporting companies.
Posted inAccounting & Auditing
Market punishes auditors who flag control issues, study says
Auditors walk a fine line in reporting adverse internal controls, straddling regulators when they fail to flag weaknesses but punished in the market when they do.
Posted inAccounting & Auditing
Former KPMG, PCAOB leader gets prison time in inspections scandal
A former audit inspector and executive director at KPMG was sentenced to eight months in prison after entering a guilty plea related to a scheme to steal inspection plans.
Posted inAccounting & Auditing
Both investors, companies unhappy with FASB’s tax disclosure proposal
Accounting rulemakers have their work cut out for them trying to determine how to meet investors’ needs for information about corporate tax risks without breaking preparers’ backs.
Posted inAccounting & Auditing
Still more work ahead on leases, says new survey
Midway through the first year of complying with new lease accounting rules, only a little more than half of public companies said they completed their transition.
Posted inAccounting & Auditing
PCAOB fines PwC Mexico over auditor independence
U.S. audit regulators have fined PwC’s affiliate in Mexico for a seemingly brazen failure to observe auditor independence rules.
Posted inAccounting & Auditing
Deloitte names, describes two CAMs at Microsoft
Among the first to disclose critical audit matters, Microsoft’s auditor, Deloitte, identifies revenue recognition and uncertain tax positions as CAMs.
Posted inAccounting & Auditing
Fraud in non-GAAP: DOJ, SEC pursue parallel charges
The U.S. Department of Justice and the Securities and Exchange Commission are pursuing fraud charges over manipulation of a non-GAAP metric at a publicly traded real estate investment trust.