All Compliance Week articles in Web Issue – Page 695
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Blog
Bill to Require SEC Disclosures on Human Trafficking
U.S. Reps. Carolyn Maloney (D-N.Y.) and Chris Smith (D-N.J.) have introduced the Business Supply Chain Transparency on Trafficking and Slavery Act of 2015. The bill would require large public companies to disclose measures to prevent human trafficking, slavery, and child labor in their supply chains as part of annual ...
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Blog
U.S. Asks Supreme Court to Review 'Erroneous' Newman Decision
Facing an August 3 deadline to appeal the Second Circuit's Newman decision, the United States today filed a petition for a writ of certiorari with the U.S Supreme Court. The U.S. argued that the Second Circuit's decision "erroneously departed" from the Supreme Court’s decision in Dirks v. SEC.
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Blog
Alliant Energy Names Durian Chief Accounting Officer, Controller
Robert Durian has been named as vice president, chief accounting officer, and controller for Alliant Energy. He has been with the company since 1992 and held several leadership roles in the financial reporting area of the company, including assistant controller, director of financial reporting, and a manager for internal reporting.
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Blog
Hawke, Chief of SEC’s Market Abuse Unit, to Leave Agency
The Securities and Exchange Commission has announced that Daniel Hawke, chief of the Division of Enforcement’s Market Abuse Unit and former Director of the Philadelphia Regional Office, is leaving the agency after 16 years of service. He will step down in August to return to the private sector.
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Blog
SEC Sets Aug. 5 Date for Considering Final Pay Ratio Rule
The wait is over. On Aug. 5, the Securities and Exchange Commission will consider whether to adopt a rule requiring public companies to disclose the ratio of the annual total compensation of the chief executive officer to the median of the annual total compensation of the company’s employees. The proposed ...
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Blog
CyrusOne Appoints Amitabh Rai as Chief Accounting Officer
CyrusOne, a provider of data center properties, has announced the appointment of Amitabh Rai to its leadership team as senior vice president and chief accounting officer. He will be responsible for managing the company’s corporate accounting and financial reporting functions and will report to Kimberly Sheehy, chief financial and administrative ...
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Resource
Google EU User Consent Policy: Are You Compliant?
Google recently announced it will be implementing a new user consent policy. Essentially, this new policy requires all websites serving EU visitors, including those not based in the European Union, to comply with the EU Cookie Directive.The EU Cookie Directive has led to a concerted effort by regulators to set ...
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Blog
IASB Proposes Updates on Revenue Standard
The International Accounting Standards Board has floated a few ideas to help clarify the new revenue recognition standard, and is asking for public comment on the proposals. All three clarifications address performance obligations under the new standard and seek to clarify questions such as who is a principal or agent, ...
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Blog
SEC's Dan Hawke, Chief of Market Abuse Unit, Departing Agency
The SEC's Dan Hawke, Chief of the Division of Enforcement’s Market Abuse Unit, will be leaving the agency after 16 years of service.
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Blog
FASB Finalizes Simpler Way to Measure Some Inventory
The Financial Accounting Standards Board has finished its simplification of the accounting requirements around measuring inventory, although the simplification is not as broad-based as first intended. The update says when performing subsequent measurements of inventory under either the first-in, first-out, or the average costs methods, companies should measure inventory at ...
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Blog
Banks Need to Manage Risks Better, U.K. Regulator Says
Image: A review by the U.K. Financial Conduct Authority found that banks need to take the risks associated with benchmark rates more seriously. FCA believes that financial institutions should learn from the recent scandals that rocked the industry and ensure that such misconduct does not happen again. The watchdog says ...
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Blog
Europe Faces Growing Criticism Over Sacked CEOs
The movement of executives at top financial institutions is back in the spotlight but this time the action is in Europe. Following the 2008-09 financial crisis banks were losing their chief executives faster than many expected. Now with post-meltdown regulatory reforms in full force, the turnover rate among executives has ...
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Blog
Conducting a Practical Compliance Risk Assessment
Risk assessment is standard fare for a mature compliance program. The challenge for compliance officers is to ensure that their assessment works well, finding the right risks and generating information they can use to improve their program. This week, columnist Jose Tabuena identifies steps for conducting a meaningful compliance risk ...
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Blog
10 More Things Related to Revenue Recognition
One year ago, CW columnist Scott Taub offered 10 initial thoughts on the then-brand new standard for revenue recognition. After working with companies to implement the standard and participating in FASB’s Joint Transaction Resource Group, Taub says he remains optimistic about revenue recognition. Now he has 10 more thoughts on ...
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Blog
Podcast: Spain’s New Corporate Compliance Defense
Image: Spain has been receiving a lot of attention for its corporate compliance defense. Not only did the country adopt new requirements to help root out corruption; it goes further than other nations have gone by mandating specific features that compliance programs must contain to qualify. In this podcast, Aaron ...
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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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Article
Four Years On, Firms Still Struggle With CFPB Compliance
What have we learned in the four years the Consumer Financial Protection Bureau has been on the beat? For starters, it’s aggressive, returning $10 billion so far to consumers through enforcement actions. A solid understanding of the CFPB’s compliance program expectations remains elusive, and the mood among firms in the ...
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Article
How Comment Letters Could Shape the Pay Ratio Rule
When the SEC proposed its pay ratio disclosure rule in 2013, it included a list of nearly 60 questions for public comment. The response: 287,547 letters and counting, with plenty of ideas about dealing with foreign workforces, seasonal workers, employee exclusions, and Sarbanes-Oxley certification risks. As the final rule slouches ...
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Article
University Compliance Programs Taking Shape
Image: Big compliance changes are afoot in higher education, as more universities hire their first enterprise-wide compliance officer—a trend that took flight in 2013 and keeps on going. “[A]cademic medical centers aside, a central compliance function is a newer concept than in the corporate world,” says Robert Roach, CCO of ...
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Podcast
Podcast: Spain’s New Corporate Compliance Defense
Spain has been receiving a lot of attention recently for its corporate compliance defense. Not only did the country adopt new requirements to help root out corruption but it goes further than other countries have gone by mandating specific features that compliance programs must contain in order to qualify. In ...