Earlier this year, the European Union said that Ireland had given Apple unfair treatment and that the company owed 13 billion euros. Bloomberg has a good article on what happened behind the scenes, focusing on the work of the EU's "Maxforce," the group behind the investigation. "You’d think it might have earned the name by applying maximum force while investigating alleged financial shenanigans. It didn’t. It’s just led by a guy named Max."
Adventures in non-GAAP accounting
Compliance Week reports on a new study from Audit Analytics that found lots of companies changing how they displayed their non-GAAP metrics in communications with investors. Prior to the update from the SEC in May, over 200 companies gave more prominence to non-GAAP measurements over the GAAP ones. After the new rules were issued, only 28 companies didn't get the hint.
How's Weatherford International doing?
ICYMI: PCAOB budget edition
Previously, on Going Concern…
In other news:
- Overstock Begins Trading Its Shares Via the Bitcoin Blockchain
- Japan Dethrones China as Top U.S. Foreign Creditor
- Hacked Yahoo Data Is for Sale on Dark Web
- "What a year for the gang here at Spotify! Finally figured out the algorithm for Phish and the Dead: They mix, but they don’t exactly match."
- Cuba offers rum to pay off $276m Czech debt
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