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January 27, 2023

Accounting News Roundup: Deloitte’s 2014 PCAOB Report; Clawbacks for Restatements; Death Star Accountants | 06.03.15

Regulator Finds Deficiencies in 11 Audits Done by Deloitte & Touche [WSJ]
Out of 53 audits inspected, or 21%. This is down from 28% in the 2013 report. 

Investors: Filings Are For Searching, Not Reading [CFOJ]
It's almost like mushroom hunting! Except not really: "Investors and analysts 'aren’t necessarily printing them [filings] out and reading them,' said Sandra Peters, head of the financial reporting policy group for the CFA Institute, which represents securities analysts. Analysts, tend to focus on comparing year-over-year changes in filings and are more likely to retrieve financial numbers from earnings releases and market data providers she said. Investors also like to see companies spend the time on unique disclosures, rather than legally-motivated details that vary little between companies, Ms. Peters said."

SEC Eyes Broadened ‘Clawback’ Restrictions [WSJ]
Those restatements could start hitting wallets: "The Securities and Exchange Commission will soon propose long-awaited rules forcing companies to claw back, or revoke, some of their top officials’ incentive pay if they have to restate the financial results that led to it, according to people familiar with the agency’s internal deliberations. Unlike existing rules, in which clawbacks are triggered only in a narrow set of circumstances involving misconduct at companies that restate earnings, the SEC’s proposal would apply to all manner of restatements—including those issued because of mistakes."

Accounting Rule to Force U.S. Cities to Report Health-Care Bills [Bloomberg]
A November '14 report from S&P found that states have $529.8 billion in unfunded liabilities for healthcare and other benefits. "As a result of rules approved Tuesday by the Governmental Accounting Standards Board, municipalities and states will have to record the cost of health insurance and other benefits besides pensions in financial statements, the board said in a statement. Such costs are currently disclosed only in footnotes."

What would being an accountant on the Death Star be like? [r/accounting]
You can bet that The Empire would be shoving some galactic version of IFRS down your throat.

How to Hide the "Get Windows 10" Icon from Your Taskbar [Lifehacker]
If you just can't stand it any longer.

Cops: Pennsylvania man ran fake DUI checkpoint while drunk [AP]
This "man" was 19 and set up road flares, parked his car diagonally across a state highway, and, "[w]hen real troopers arrived, police say [Logan] Shaulis tried to hand a BB pistol to the car's passenger and said, 'I can't get caught with this.' "  

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