Financial Accounting

News & Analysis as of

Bank, CFO Settle Accounting Charges with SEC

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?

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

On November 18, the SEC’s Division of Corporation Finance and the Office of the Chief Accountant (the Staff) rescinded Topic 5.J. of the Staff Accounting Bulletin Series.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

Disregarded Entity May Select Different Accounting Method than its Owner

In a recent Chief Counsel Advice (“CCA”), the IRS determined that a disregarded entity for federal income tax purposes (the “LLC”) operated a separate and distinct trade or business from that of its owner (the “Company”) and...more

How will the 11th edition of the Uniform System affect your management agreement?

Hotel Lawyer: New Uniform System of Accounts will affect your hotel management and franchise agreements. Are you ready? Commencing January 1, 2015, the hotel industry will have a new, significantly revised set of...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

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

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

Restatements Resurrected?: Accounting Fraud By The Numbers

Several months ago, I raised the question of why the large-scale accounting fraud cases of the type that had been so prevalent in the early 2000s were no longer a staple for either federal prosecutors or the SEC. In so doing,...more

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

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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