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December 6, 2022

Accounting News Roundup: Disclosing Non-disclosure; Going Into Business with Friends; AgFeed Settles | 09.16.14

Relaxed Rules for Small-Company IPOs Raise Concerns [CFOJ]
Companies that disclose that they're not disclosing even admit that it's a risk: "Emerging growth companies themselves are admitting in their [Securities and Exchange Commission] filings that taking advantage of JOBS Act provisions is a risk factor that may cause investors to view such companies less favorably," said Sen. Jack Reed. (D., R.I.) who voted against the JOBS Act. "That in and of itself should cause some concern."

The Problem With Going Into Business With a Friend [You're the Boss/NYT]
Careful: "Of all the dramas that entrepreneurs discuss with one another over drinks — often several drinks — I find that the merging of personal relationships with business seems to cause the most pain."

AgFeed Agrees to Pay $18 Million to Settle SEC Accounting Fraud Case [WSJ]
For making up some numbers: "AgFeed Industries Inc. inflated its revenue by $239 million by creating fake invoices for the sale of feed and purported sales of hogs that didn't actually exist, among other methods, the SEC said when it filed suit against the company in March. The moves boosted the company's annual revenue over a 3 ½-year period by amounts ranging from 71% to 103%, according to the SEC."

SEC Yields on One Aspect of Revenue Recognition Adoption [CFO]
Don't say they never do anything for you.

Sigh. This is worse than the counters on McDonald's signs.

Smoking Is Cool Again In New York [Gawker]
Taxes of $4.35 notwithstanding.

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