FASB Wraps Up 2020 with FASB Roundtable Discussions

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According to Accounting Today, the Financial Standards Accounting Board’s recent roundtable discussions centered on new guidance about lease implementation for public and nonpublic organizations, and what we can expect for non-public implementation next year. Questions: Why didn’t participants at the Sep. 2020 FASB Roundtable want sweeping changes to lease guidance? According to the article, why… Read more »

A lookback at 2020

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One of the most read articles by the BV Wire in 2020 was one summarizing the thoughts on the impact of the crisis on valuations by the Business Valuation Update Editorial Advisory Board, in both the U.S. and around the globe. Questions: Edwina Tam, partner at Deloitte in Hong Kong, suggested that issues to be considered… Read more »

Watch this FDIC development

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According to Bloomberg, Amazon, Facebook, Walmart and other corporate giants may soon give Wall Street a run for its money as a key U.S. regulator smooths the path for nonbanks to get into lending. Questions: Why is the banking industry against this? List at least two reasons. What is the loophole that the article talks… Read more »

China’s New Tough Stance on Tech

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According to the New York Times, despite the fact that Jack Ma and other entrepreneurs have prospered under Beijing’s laissez-faire attitude toward the business side of the internet, new investigations by China’s authoritarian government indicate that the dynamic is shifting as the companies have grown in power. Questions: What is the investigation into Alibaba about?… Read more »

COVID Disclosures

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According to a new KPMG report, audit committees will have fuller plates than usual in the coming year as a result of managing agendas packed with new risk management responsibilities amid the fallout from the coronavirus pandemic and other crises of 2020 Questions How many issues has KPMG identified that audit committees will have to… Read more »

GE owes $200 Million fine

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According to Accounting today, General Electric Co. was fined $200 million for allegedly misleading investors about the finances of its gas-power unit, as well as a run-off insurance business. Questions: According to the article, what did GE fail to explain to its shareholders? What is GE required to report for the first year to the… Read more »

SEC goes after COVID disclosures

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According to Accounting Today, the U.S. Securities and Exchange Commission (SEC) said it has settled charges against Cheesecake Factory Inc. over “materially false and misleading” statements after the restaurant chain failed to disclose the financial impact of the coronavirus pandemic earlier this year. Questions: What was the penalty? According to SEC’s order, how much was… Read more »

Next Time Wear a Cold Water Wetsuit

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According to CBS, Sacramento, a fleeing Ponzi scheme suspect is now in custody after a daring escape on a submersible scooter from FBI agents. Questions Who is the subject and what is alleged? Where did this take place? How long had the subject been under FBI surveillance? What is the sentence that the subject faces?… Read more »

Sometimes Things Don’t End Up the Way they are Planned

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According to the New York Times, Delta Airline’s foray into oil refining in 2012 illustrates some of the reasons that the business was in trouble even before the pandemic. Questions: What was the bold experiment that Delta Air tried? What were the flaws in Delta’s strategy? What is the most immediate concern of the refinery… Read more »

KPMG Turns the Page

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According to Accounting Today, KPMG is appointing new leaders to its U.S. audit, tax and advisory businesses, as well as a new leader in charge of growth & strategy, in an effort to boost its reputation after a number of scandals. Questions: What was the scandal involving PCAOB inspections of the firm? What were the… Read more »