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Financial Accounting

Mitratech Holdings, Inc

One of the Millions Impacted in the USDoD Social Security Data Breach? Here’s What to Do Next.

Millions of individuals could be at the mercy of cybercriminals after a hacking group launched a large-scale data breach impacting 2.9 billion records, including Social Security numbers and other sensitive information. The...more

Latham & Watkins LLP

Recent Developments for Directors - August Edition

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Last month, the SEC announced another enforcement action emphasizing the need for early disclosure of cybersecurity events. In the recent action, the company had taken three weeks to act on internal alerts of malware on its...more

Miller Canfield

Be Wary of Relying on Recent Tax Decisions for Recent Transactions

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At issue in Continuing Life Thousand Oaks, LLC. v. Commissioner, affirmed May 21, 2024, was the year of inclusion in gross income of an income item. The disputed years were 2008, 2009, and 2010 -- taxable years that preceded...more

Fox Rothschild LLP

Navigating the CDK Global Ransomware Attack: Practical Guidance for Auto Dealerships

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CDK Global, a key provider of cloud-based software for auto dealerships, suffered a severe ransomware attack this week, disrupting operations for thousands of dealerships across North America. The attack has crippled vital...more

Mayer Brown

Restructuring Downloaded: Episode 3

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In this episode Sheena Frazer and Amy Jacks discuss issues dealing with European assets post Brexit....more

Holland & Knight LLP

Called to Account: SEC's Latest Internal Accounting Controls Action Reignites Debate

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Several years ago, the U.S. Securities and Exchange Commission (SEC) issued an order against a public company that raised more than a few eyebrows. In that order, the company settled to violations of Section 13(b)(2)(B) of...more

WilmerHale

SEC Chief Accountant Shines a Spotlight on ICFR and Risk Assessments

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On Friday, SEC Chief Accountant Paul Munter released a public statement in which he expressed concerns about the risk assessment process of both auditors and management. As a possible harbinger of things to come, the...more

Morgan Lewis

New FASB Standards Mandate Disclosure of Reverse Factoring Programs

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Due to new standards issued by the Financial Accounting Standards Board (FASB) in late 2022, companies with supply chain financing are now required to comply with additional disclosures intended to monitor and understand the...more

Mayer Brown Free Writings + Perspectives

SEC Accounting Standard Setting Statement

The SEC’s Chief Accountant Paul Munter, released a statement “Accounting Standard Setting in a Rapidly Evolving Business Environment: A Focus on the Timely Delivery of Investor Priorities,” discussing improvements to...more

Opportune LLP

Connecting The Disconnect Between Trading & Accounting

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Trading and accounting departments look at the origination-to-settlement lifecycle differently and this can often lead to disconnects and miscommunication that manifest late in the timeline of ETRM system implementations,...more

BCLP

Banking Bites - June 2022

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New High Court case considers nature and scope of the Quincecare duty - In June, the Court of Appeal expanded the scope of a bank’s duty of care to protect its customers from fraud to encompass instructions by those other...more

Opportune LLP

Accounting Considerations For Bridge Loans

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Startup companies progress through various stages of raising outside capital as they grow. This often starts with seed funding from founders and/or angel investors, progresses into various rounds of equity financing rounds...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: May 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

McDermott Will & Emery

Proposed New Code Sec. 163(n) and Removal of Expense Allocation to GILTI

This column describes new proposed Code Sec. 163(n) and the proposed general removal of expense allocation to GILTI in the Build Back Better Act (the “BBBA”). This column focuses on the version of the BBBA proposed on...more

WilmerHale

SEC Adopts SAB 120 to Address Spring-Loaded Compensation Awards

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Last week, the SEC announced the adoption of Staff Accounting Bulletin No. 120 (SAB 120), which provides guidance for companies as to how they should recognize and disclose the cost of providing “spring-loaded” awards to...more

Opportune LLP

Providing Clarity Around SEC Statement On SPAC Warrant Accounting

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Find out why the recent guidance from the SEC on how SPAC warrants are classified requires careful consideration of the specific facts and circumstances for each entity and each contract....more

Tarter Krinsky & Drogin LLP

Naming Beneficiaries On Financial Accounts: Advantages And Disadvantages

More and more, people are being advised to add “transfer on death” designations to their non-IRA brokerage assets. This increasingly popular tool has both benefits as well as detractions and is best used only in certain...more

Gray Reed

My Operator is Making Money … Part 2, The Operator’s Response

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The threat: You, the operator, are operating unprofitable wells where monthly costs exceed or barely equal revenues, making money on the fixed COPAS overhead charges. Your non-operators are going into the economic hole and...more

Opportune LLP

LIBOR Replacement & Hedge Accounting

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The clock is ticking for the ultimate end of LIBOR. Here’s what companies should consider now for their hedge designations....more

Fenwick & West LLP

IPO and Direct Listing Planning Checklist

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Executing a successful IPO or direct listing in the United States requires a significant amount of work. Much of this work has to be done well in advance of the anticipated date of the company’s organizational meeting with...more

Opportune LLP

The Top 4 Times to Outsource Oil and Gas Accounting

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Oil and gas accounting is a vital part of sustaining an oil and gas company.  Oil and gas consultants are experts in the industry, and they understand the complexities of oil and gas accounting.  Oil and gas outsourcing is a...more

Opportune LLP

Making the Case for Outsourcing Midstream Accounting

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Outsourcing or in-house? For many midstream oil and gas companies, this is a burning question in today’s market amid lower commodity pricing and cost-conscious operations....more

Eversheds Sutherland (US) LLP

Long-awaited proposed regulations on Section 451(c) largely adopt Rev. Proc. 2004-34 guidance while providing minimal additional...

On September 5, 2019, the Internal Revenue Service (Service) and the Department of Treasury (Treasury) issued proposed regulations for Section 451(c) of the Internal Revenue Code (Code). Section 451(c) was added to the Code...more

Stinson - Corporate & Securities Law Blog

FASB Proposal Addresses Classification of Debt

FASB has issued a proposed Accounting Standards Update, or ASU, intended to improve guidance used to determine whether debt should be classified as a current or noncurrent liability in a classified balance sheet....more

Mayer Brown Free Writings + Perspectives

Bipartisan Legislation to Strengthen Disclosure Requirements for Foreign Companies Listed on U.S. Exchanges

Recently, a bipartisan bill was introduced in Congress that would require that U.S. listed foreign companies provide U.S. regulators access to accounting records tied to audit reports....more

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