News & Analysis as of

Financial Accounting

Is your Bookkeeper the Right One?

by Foodman CPAs & Advisors on

Bookkeepers are by practical definition business multi-taskers. They keep financial records, post debits and credits, prepare reports, execute banking transactions, act as collectors for overdue accounts, work with clients...more

Effective Compliance and the Importance of Accounts Payable Function

by Michael Volkov on

As the compliance function has matured, Chief Compliance Officers have built important relationships with related functions that are critical to the compliance function. Over the last few years, we have seen the Justice...more

Eight Thousand Clients Affected by Data Breach at Two Massachusetts Accounting Firms

Two Massachusetts accounting firms separately recently notified the Office of the Massachusetts Attorney General and the Office of Consumer Affairs and Business Regulation of data breach incidents at their firms, resulting in...more

Choosing an Accountant? Choose Wisely and You Could Avoid Shareholder Dispute Litigation!

When you find yourself involved in a minority shareholder dispute, whether you are the Company (majority), or the minority owners, the role of the company accountant is often somewhat unclear. The more experience your...more

Steps a Company Can Take to Inoculate Itself Against Shareholder Dispute Litigation

As discussed many times on this blog, shareholder dispute litigation can be extremely costly and terribly disruptive to company operations. From the company’s point of view, it should be avoided if at all possible. Once an...more

SEC continues to focus on internal control failures

by DLA Piper on

The SEC has settled charges against Texas-based oil company Magnum Hunter Resources Corporation (MHR) and several individuals. The list of individuals implicated in this proceeding includes MHR’s Chief Financial Officer,...more

Retaining neutral accounting experts in M&A working capital disputes

by Dentons on

A typical provision in a purchase and sale agreement requires the buyer, post-closing, to provide a “true-up” of the target's net working capital agreed upon by the parties at closing. If the seller disagrees with the...more

DOJ’s Disdain for “Paper” Compliance Programs

by Michael Volkov on

As we come to the close of the Obama Administration, the Justice Department will certainly be able to point to its record of aggressive white-collar enforcement in a variety of areas. One glaring claim omission from that list...more

FASB Defers Effective Date of New Revenue Recognition Standard

Audit committees, CFOs and accountants everywhere are cheering as the FASB has deferred the effective date of its new revenue recognition standard. As a result, public business entities, certain not-for-profit entities, and...more

Crossing a New Bridge: Compliance Officers and Financial Controls

by Michael Volkov on

Compliance officers face plenty of challenges. The list of close allies always includes the General Counsel, Internal Audit, Human Resources and Procurement officials. In two recent surveys, CCOs reported that they do not...more

Blog: Post-Incorporation Checklist: 10 Next Steps to Consider

by Cooley LLP on

You’ve taken the plunge and formed your business as a Delaware corporation. What do you need to do next? This post, along with the companion piece 8 Legal To-Dos Before Your First Investment, is intended to help you identify...more

Bank, CFO Settle Accounting Charges with SEC

by Dorsey & Whitney LLP on

The SEC filed settled accounting actions with a financial institution and its CFO, keyed to a restatement. The accounting issue focused on deferred tax assets and the failure to have the related reserve. In the Matter of...more

Holding AGM s and tabling of accounts – what do I need to know?

by DLA Piper on

It is not uncommon for Hong Kong companies to overlook certain procedural requirements regarding the holding of annual general meetings (AGM s) and the tabling of audited accounts at those meetings. This may happen where,...more

SEC Will No Longer Require an Acquired Entity to Use “Pushdown” Accounting upon a Change in Control

by Morgan Lewis on

On November 18, the SEC’s Division of Corporation Finance and the Office of the Chief Accountant (the Staff) rescinded Topic 5.J. of the Staff Accounting Bulletin Series. Topic 5.J. required an SEC registrant that became...more

FASB Revises Going Concern Evaluations and Disclosure

Generally accepted accounting principles, or GAAP, presumes continuation of a reporting entity as a going concern as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent....more

T&E Litigation Newsletter – August 2014 #1

by Goulston & Storrs PC on

After a quiet start to the summer for probate litigation cases, the Supreme Judicial Court recently issued its much-anticipated decision in The Woodward School for Girls, Inc. v. City of Quincy, Case No. SJC-11390, 2014 Mass....more

SEC Task Force Scrutinizing Non-GAAP Measurements

by Ballard Spahr LLP on

A new Financial Reporting and Audit Task Force formed by the Securities and Exchange Commission is scrutinizing companies’ use of measurements that do not comply with generally accepted accounting practices (GAAP), according...more

Focus On Ontario - Not-For-Profit Corporations Act, March 2013: Transitioning To The ONCA

by Dentons on

In This Issue: - Transitioning to the ONCA - Excerpt from Transitioning to the ONCA: The Ontario Not-for-Profit Corporations Act, 2010 (“ONCA”) is targeted to come into effect on July 1, 2013. The new Act...more

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