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Accounting News Roundup: Theranos’s Fraud and Busy Season Self-Control | 03.15.18

SEC Charges Theranos CEO Elizabeth Holmes With Fraud [WSJ]
Ms. Holmes and Theranos’s former president, the SEC said, perpetrated ” an elaborate, yearslong fraud in which they exaggerated or made false statements about the company’s technology, business and financial performance.” As part of the settlement, Holmes gives up control of the company she founded in 2003 and is banned from being an officer or director of a public company for ten years. A criminal investigation is ongoing.

During busy season you need to work less. Do it by getting paid more. [Thriveal]
Our resident artist Greg Kyte writes over at Thriveal’s blog about the dropoff in productivity, but other stuff too. “We have a certain amount of self-control and it gets used up as we go through the day. By forcing yourself to stay at work for 11 or 12 hours, you gobble up your self control. That’s why you eat like crap from February through April.”

Finance Teams Face Budget Cuts Amid Digital Transformation [WSJ]
A study by the Hackett Group reported that finance departments expect budgets to be cut a smidge, 1.3 percent in 2018. This is down from reductions of 3.4 and 4.0 percent in 2017 and 2016, but CFOs “are unable to fully implement the digital tools needed to further streamline operations without more resources.”

Senate passes rollback of banking rules enacted after financial crisis [WaPo]
The bill allows banks with less than $250 billion in assets to be exempt from certain Dodd-Frank provisions, among other things. It heads to the House where lawmakers want to weaken the oversight of the Consumer Financial Protection Bureau.

Previously, on Going Concern…

Greg Kyte’s Exposure Drafts cartoon addresses dating and the CPA exam.

I noted that off-balance sheet liabilities are still successfully hiding the ugly.

From the archives: CPAs Acting Out a Scene from the Empire Strikes Back

In other news:

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Image: Brian Robert Marshall/Wikimedia Commons