Large multinational companies generate revenue from multiple regions, and have assets and employees throughout the world. Recently, there has been an uptick in the number of U.S.-based companies reincorporating abroad in ‘domiciles of convenience’ to benefit from various tax and … Continue reading
Monthly Archives: November 2014
SEC Questions Internal Controls at Citigroup
On August 1, 2014 Citigroup Inc [C] received a comment letter from the SEC. One of the comments referred to a $235 million after-tax charge resulting from a fraud discovered at its Banco Nacional de Mexico (Banamex) subsidiary, which was recorded during the … Continue reading
When Will Hertz Finally File?
On November 10th Hertz (HTZ) filed yet another regulatory form, indicating for the third straight quarter that the company would be forced to delay the release of its financial statements. This is their third non-timely filing in a row since May … Continue reading
Foreign Filers and XBRL Reporting Requirements
As part of an effort to increase the accessibility of financial information for investors and the business community at large, the SEC in recent years has been in the process of incorporating XBRL (eXtensible Business Reporting Language) into its filing … Continue reading
Non-GAAP Measures and One-Time Adjustments
This October, PwC released a study on the use of non-GAAP metrics (NGMs) in IPO prospectus filings. According to the study, almost 60% of over 400 companies used at least one NGM. Out of those, at least 65% used EBITDA and/or Adjusted … Continue reading