Note: This post has been updated to reflect a correction of an error. The total disclosed amount of indefinitely reinvested foreign earnings – which are not subject to US corporate income tax – continues to increase. From about $1.1 trillion … Continue reading
Monthly Archives: April 2015
2014 Financial Restatements Review
Latest Results Show Continuing Positive Restatement Trends For the sixth consecutive year, Revision Restatements, or those that do not undermine reliance on past financials, rose to 76% of all Restatements reported. On the flip side, Reissuance Restatements, which require disclosure in Item 4.02 of … Continue reading
Audit Committee Webcast
Audit Analytics and the Center for Audit Quality were recently invited to participate in a webcast on the topic of audit committee disclosures and activities. Hosted by Compliance Week, the webcast centered on trends and emerging issues concerning the audit … Continue reading
2013 COSO Framework Implementation: First Glance
In May 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released an updated Framework for companies to use in evaluating their Internal Controls over Financial Reporting (ICFR). The 1992 Framework entered a transitional period that ended on December 15, 2014, … Continue reading
GNC: Non-GAAP a Snapshot of Challenges
Interest in non-GAAP disclosure is on the rise among sophisticated investors and analysts. While everyone looks at non-GAAP in their own specific way, there are certain aspects of non-GAAP disclosures that most people could agree on. First and foremost, there is nothing inherently … Continue reading
Exploring the Disclosure of Cybersecurity
The SEC has been concerned with cybersecurity disclosures for many years. In 2011, guidance was issued to clarify public companies’ responsibility to disclose cybersecurity issues. The guidance requires public companies to disclose cybersecurity as a Risk Factor for companies that … Continue reading
The Problem With Pledging, Part II
We recently wrote about the perils of directors and officers pledging shares in their own company. We highlighted some examples and discussed possible ramifications. In this post, we will take a deeper dive into some of the data we’ve compiled with respect … Continue reading