A UAB student was recognized as the Public Company Accounting Oversight Board Scholar for the 2020-2021 academic year. Written by: Tehreem Khan Media contact: Yvonne Taunton Hannah MarcelinoHannah Marcelino, a University of Alabama at Birmingham Collat School of Business student, was named a Public Company Accounting Oversight Board Scholar and […]
Accounting
German Lawmakers Agree to Corporate Accounting Reforms After Wirecard Scandal
Germany’s coalition parties have agreed a package of reforms to financial and accounting rules aimed at avoiding another Wirecard scandal, a document seen by Reuters shows. Lawmakers launched a parliamentary inquiry in an effort to force the government to reveal more about a failure to avert Germany’s biggest post-war corporate […]
GE’s Accounting Issues Just Won’t Go Away
Receiving a “Wells notice” from the Securities and Exchange Commission is never deemed to be comforting news for shareholders. In the case of General Electric Company (NYSE: GE), there seem to be many ongoing questions from operations and accounting that just refuse to go away. These issues are not new, […]
General Electric Gets SEC Wells Notice Amid Accounting Probe
General Electric (GE) – Get Report shares edged higher Wednesday, largely in-line with broader market gains, as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices. GE said Tuesday that it had received a so-called Wells Notice from […]
The 3Q20 IPO Rankings for the Big Four Accounting Firms
The 3Q20 was a record-breaking quarter for IPO activity, with 81 IPOs raising $28.5 billion. Soaring peer multiples and IPO enthusiasm caused activity to increase significantly from the 3Q19, when 39 IPOs raised $10.8 billion. Healthcare was the most active sector, as larger health services providers joined the steady stream […]
Takeaways from FASB leases roundtable | Article
Participants in the roundtable included financial statement preparers and users, auditors, and representatives from industry. A full discussion of the roundtable topics, along with the list of participants, is available on FASB’s Website. In June, FASB deferred the effective date of Topic 842 (Leases) for one year for entities other […]
Georgia Accounting Firms Raised Over 1.1 Million Meals for Georgia’s Food Banks
The Georgia Society of CPAs (GSCPA) and the Georgia Food Bank Association (GFBA) are pleased to announce the results of the seventh annual Georgia Accounting Food Fight, which took place August 10 – 21. During the friendly two-week competition, accounting professionals statewide competed to raise funds for nine food banks […]
Hedge Accounting Definition
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What Is Hedge Accounting? Hedge accounting is a method of accounting where entries to adjust the fair value of a security and its opposing hedge are treated as one. Hedge accounting attempts to reduce the volatility created by the repeated adjustment to a financial instrument’s value, known as fair value […]
GE Says SEC May Bring Enforcement Action Over Accounting
Law360 (October 6, 2020, 8:28 PM EDT) — The U.S. Securities and Exchange Commission issued a so-called Wells notice advising General Electric Co. of a potential civil action against it for possible violations of securities laws, GE said in a regulatory filing Tuesday. The Sept. 30 notice stated that SEC […]
Ex-Accounting Clerk For Prairie Farms Admits To Fraud Scheme
Tuesday, October 6, 2020 ST. LOUIS, MO –Stephanie Baker, 48, of O’Fallon, Missouri, pleaded guilty to three counts of mail fraud related to her former position in the accounting department of Prairie Farms Dairy Supply Company. Baker appeared, today, before United States District Henry Autrey who accepted her pleas and […]
Tipalti valued at $2B+ after raising $150M for its accounting automation platform
Startup Tipalti Inc. today said that it has raised $150 million to widen the adoption of its namesake cloud service, which helps companies perform accounting tasks with less manual work. The round values San Mateo, California-based Tipalti at more than $2 billion. It was led by Durable Capital Partners with […]
GE may face SEC sanction tied to accounting investigation
The Securities and Exchange Commission has warned General Electric that it faces legal action in connection with its troubled insurance business, according to a regulatory filing published Tuesday. The SEC issued what’s known as a “Wells notice” on Sept. 30 to alert the conglomerate that it considering civil action for […]
New Climate Accounting Capability Platform Launched to Help Companies Measure Greenhouse Gas Emissions
(Credit: Pixabay) KPMG announced a patent-pending blockchain-based capability, which is intended to help organizations more accurately measure, mitigate, report, and offset their greenhouse gas emissions. Termed “Climate Accounting Infrastructure (CAI),” the platform will help organizations secure transparent and reliable reporting of emissions data. In 2020, organizations globally are expected to report […]
Former St. Louis accounting clerk pleads guilty to defrauding company
An O’Fallon, Missouri woman has pleaded guilty to three counts of mail fraud related to her former job at Prairie Farms Dairy Supply Company. © Provided by KSDK-TV St. Louis Stephanie Baker, 48, appeared in court on Tuesday where a judge accepted her pleas and set sentencing for Jan. […]
SEC Warns GE of Possible Securities Violations in Its Insurance Accounting
General Electric said on Tuesday it has received a notice from U.S. Securities and Exchange Commission staff, warning that the company could face a civil action for possible violations of securities laws related to accounting practices for some of its insurance holdings. In a regulatory filing, the U.S. industrial conglomerate […]
General Electric Warns SEC Could Take Action Over Company’s Accounting Issues
General Electric (NYSE:GE) said Tuesday it has been advised the Securities and Exchange Commission (SEC) is considering bringing a civil injunctive action against it for possible violations of security law. The SEC has been investigating GE’s accounting practices since the company’s January 2018 announcement that it was taking a massive […]
How small businesses and MSMEs can adopt digital accounting solutions
The number of MSMEs in India is one of the largest in the world. According to official estimates, India’s MSME sector comprises 633.88 lakh units that create employment opportunities for around 1109.09 lakh people. Even though these businesses are the backbone of the Indian economy contributing to 37.54 percent of […]
KPMG To Offer New Climate Accounting Capability To Help Clients Measure Greenhouse Gas Emissions
NEW YORK, Oct. 6, 2020 /PRNewswire/ — KPMG LLP (KPMG) announced a new patent-pending blockchain-based capability, Climate Accounting Infrastructure (CAI), which is intended to help organizations more accurately measure, mitigate, report and offset their greenhouse gas emissions. In 2020, organizations globally are expected to report sustainability practices and results to meet […]
Regulators may take action against GE over faulty accounting
NEW YORK — Federal regulators may take action against General Electric for possible violations of securities laws, the company said Tuesday, signaling a new phase in ongoing federal investigations into the company’s accounting practices. In a federal filing, GE revealed it received a notice Sept. 30 that said staff at […]
GE Says It Has Received ‘Wells Notice’ From SEC Relating to Accounting Investigation
Federal securities regulators have warned General Electric Co. of a civil-enforcement action over its accounting for a legacy insurance business, adding a fresh hurdle to efforts to turn around the once-mighty manufacturer. The industrial giant said in a securities filing Tuesday that it received the so-called Wells notice on Sept. […]