SEC: Nothing Rotten About Apple

Four months after opening its review of Apple’s finances, the Securities and Exchange Commission has closed it, having found nothing untoward about the company’s handling of its overseas cash and related tax policies. In a September letter to Apple, released late last week, the SEC said it had completed its review of the company’s fiscal 2012 annual report, and would take no action against it at this time. Evidently, there’s no need to, as the agency has found Apple’s disclosures to be sufficient, particularly now that it has agreed to provide investors with more information about its foreign cash, tax policies, and plans for reinvestment of foreign earnings. In the SEC’s eyes, Apple accounts for taxes in accordance with generally accepted accounting principles. [AllThingsD]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

large dollar signs in a field

Big 4 Firms Are Fighting Engineers Over the Right to Bill Clients For Climate Disclosure Audits

Interesting piece over at the Wall Street Journal this morning about environmental disclosures or, more significantly, who gets to charge clients for auditing this data under SEC climate disclosure rules proposed in March. Read: Firms that verify businesses’ climate data are at odds over who is qualified to perform the work, a pivotal and potentially […]

CPAs: Make Direct Indexing Your Estate Planning Secret Weapon

Traditionally, the role of accounting professionals in estate planning has been tertiary at best, with clients consulting CPAs only on the tax implications of select decisions—or simply leaving them out of the process altogether.  As you’re certainly sick of hearing by now, however, today’s most successful CPAs are taking on more advisory functions, with one […]