Buffett’s Annual Letter: What He Said About Accounting

At 28 pages long, America’s most eagerly anticipated annual letter has plenty of meat in it for Berkshire aficionados. Warren Buffett didn’t disappoint: He covered just about everything the Berkshire Hathaway fans could ask for: The stock market. Hedge funds, investment management and “the bet.” Stock repurchases and intrinsic value. Acquisitions and insurance. Immigration (tangentially)….

SEC Comment Letters: Early Returns

Note: This post is a collaboration with our friends at Audit Analytics. Together, we reviewed the first batch of the SEC’s Division of Corporation Finance non-GAAP comments. The blog below is the result, which is also posted on their blog. The SEC’s Division of Corporation Finance (DCF) released its newest guidance on the “do’s and don’ts”…

The Non-Discussion About IFRS

Last week, I attended the AICPA’s annual “SEC & PCAOB Current Events Conference” – like hundreds of other CPAs needing their annual fix of information, gossip and camaraderie, though not necessarily in that order. I’ve been a steady attendee for a long time (since 1988), so I notice differences emerging from the conferences over the…

FMC’s PTO Pranks

Yesterday, the SEC announced a $2.5 million penalty to settle charges against two former officers of Houston-based FMC Technologies. The pair had manipulated accruals of personal time off – PTO – liabilities to improve the appearance of performance at one of the company’s segments, among other flawed accounting practices. According to the Accounting & Auditing…

The SEC Sends A Message To Auditors

And the message is: Our patience has been tested enough. Yesterday, the SEC Enforcement Division announced an $11.8 million settlement with Ernst & Young over flawed audits of Weatherford International over a four-year period. Two partners have been suspended from public practice. What’s unsettling: according to the Accounting and Auditing Enforcement Release, Ernst & Young…

What Do You Want In Your Financial Reporting? FASB Wants To Know

In August, the FASB issued an Invitation to Comment on their agenda. Of course, anyone can comment on their agenda at any time – but this Invitation to Comment is structured into four different subtopics. The Board has finally finished its “mega-projects” like leasing, financial instrument credit impairment, and revenue recognition. It’s looking for other…

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