All Financial Reporting articles – Page 2
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Article
Heightened scrutiny, increased documentation & a harsh new normal for internal controls
As auditors require more information from companies, and companies push back against what they feel are excessive demands for details, a consensus that works for everybody remains elusive. Tammy Whitehouse has more.
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Article
The relentless growth of non-GAAP reporting is a problem
The use of non-GAAP reporting has ebbed and flowed over the years, but a recent increase in the practice is starting to raise questions as to whether or not the SEC will have to get involved before things get out of hand. Tammy Whitehouse reports.
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Blog
In defense of auditors
Companies do a lot of complaining about auditors, but it seems like the auditor is in a no-win situation. In an attempt to get auditor and client on the same page, CW’s Scott Taub covers a few of the most common complaints about auditors, along with a few thoughts on ...
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Article
Footnotes of the future: reflections from the Disclosure Initiative
The IASB hears from investors all the time: Financial statement disclosures are too complicated, with too much insignificant detail; unorganized footnotes; and language that reads like a checklist. Seems the board has been listening. Inside, IASB member Gary Kabureck discusses some of the actions the board is taking to improve ...
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Blog
The pros and cons of quarterly reporting
Image: A common criticism of the requirement for U.S. public companies to report quarterly is that it engenders too much short termism. The debate over the pros and cons of quarterly reporting has raged for decades, with no end in sight. But what if there was a way to retain ...
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Blog
The U.S. Financial Reporting System, Circa 2015: Are We OK?
Not long ago a foreign student in financial reporting put a question to columnist Robert Herz: Why is the United States falling behind in financial reporting? The questioner cited three points—accounting standards, expanded audit reports, and sustainability reporting—as reason for his position. This week, Herz re-examines U.S. performance on those ...
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Article
SEC Accounting Enforcement: Bigger and Badder
Image: Perhaps some public companies haven’t yet taken to heart the (numerous) signals from regulators to button up their internal controls. A recent legal analysis of accounting-related enforcement actions from the SEC should do the trick. Sanctions are happening more frequently, and penalties are bigger. “The SEC is effectively ...
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Blog
Compliance Week 2016: First Sessions Announced
Image: We hold the Compliance Week annual conference every May, so our 2016 event might still seem a long way off to many. Around here, however, we’ve already been working on speakers and ideas for months. This week we want to give you a peek at what’s on drawing board ...
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Article
More Questions, and Evidence, on Undisclosed Control Weaknesses
Image: Fresh data from the PCAOB is raising awkward questions about whether companies and audit firms really are disclosing all the weaknesses in internal control over financial reporting that the Sarbanes-Oxley Act requires. PCAOB board member Jeanette Franzel presented the data in a recent speech that should prompt some soul-searching ...
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Article
Hertz Restatement Drives Home Top-Level Control Issues
Image: Car rental kingpin Hertz Corp. is nearly finished with its sweeping restatement of several years’ worth of financial statements, and it’s giving compliance and audit executives plenty of cautionary tales to read. Its latest annual report outlines—in frank detail—more than a dozen failures, most of them in senior leadership. ...
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Blog
Podcast: Getting a Grip on Legal Entity Compliance
Not only is identifying every party to a financial transaction complex, regulators are paying closer attention to the topic, known as legal entity management. In this week’s podcast, we talk to Ron Jordan, chief data officer for the Depository Trust and Clearing Corp., a post-trade financial services company, about improving ...
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ArticleSEC Searching for Rules Violations in Piles of Data.
One of the more significant trends in enforcement actions by the Securities and Exchange Commission recently may not be immediately obvious.Last month, an enforcement sweep resulted in charges and fines against 28 officers, directors, and other shareholders for failing to promptly report required information about their holdings and transactions in ...
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