Companies just don’t want to give up the flexibility to manage financial reporting that's provided by the complexity of accounting standards.
“To ensure the integrity of our financial reporting system, firms cannot play the roles of auditor and preparer at the same time,” said an SEC…
Former CFO and CEO directed staff to falsify occupancy rates of senior residences to avoid violating the covenants of a lease agreement, says the SEC.
FASB struggles with changes that would make private company financial reporting easier – but only if the company remains private.
The accounting standards setter tries to clear up the issue of pushdown accounting and when it can be used.
Accounting standard setters may push back the effective date of new revenue recognition rules, says a FASB assistant director.
Executives say they will have to make changes to internal controls and put more effort toward disclosures regarding revenue.
The “Oracle of Omaha” structures an acquisition so that he avoids capital gains taxes on stock that has appreciated.
An audit committee review shows the rental car company overstated GAAP net income for three years.
And the amount of tax data companies report changes in response.