Retailer Ollie’s Bargain Outlet Holdings, Inc. [OLLI] recently drew the SEC’s attention when the company said it would eliminate all of its critical accounting estimates. The SEC requires companies to make critical accounting disclosures when a firm must make judgment … Continue reading
Author Archives: Derryck Coleman
SEC Registrants with Poor Cyber Controls
On October 16, 2018, the SEC’s Division of Enforcement issued an investigative report regarding cyber-related fraud’s effect on public company internal controls. The report reviewed nine cases in which public companies’ electronic communications were used to perpetrate fraudulent payments. All … Continue reading
Five Years of Restatements Following Internal Investigation for MiMedx Group, Inc.
On June 7, 2018, MiMedx Group, Inc. [MDXG], a biopharmaceutical company, announced that the Company is going to restate previously filed financial statements for years 2012 through 2016, and the first three quarters of 2017. A financial restatement of this … Continue reading
What You Should Know About General Electric’s Revenue Recognition Announcement
Note: This post has been updated to include the full, unabridged FactSet article made available on November 12, 2018. General Electric Co [GE] released an update on April 13, which among other things, clarified issues related to the adoption of … Continue reading
ASC 606 Adoption Progress – Q4 Update
We’re beginning to see large U.S. public companies with December year ends completing implementation of the new revenue recognition standard. At the time of our Q2 progress update, many companies were still behind, despite the December deadline for companies who … Continue reading
New Tax Cut Law Is Complicating Fourth Quarter Earnings Data
The Tax Cut & Jobs Act law (TCJA) passed in a rush late last year is complicating how companies release their fourth quarter earnings data. The sweeping changes will significantly affect most large companies, and many of them took different … Continue reading
What are Companies Really Seeing, Revenue Growth or Accounting Adjustments?
With the new ASC 606 rule now in effect and earnings season in full swing, we are beginning to see how different companies changed the way they account for revenue. For some, it will improve fiscal 2018 financial results. If … Continue reading