Journalist covering the world of audit, accounting and financial reporting for Bloomberg @Tax & Accounting.
Northern Virginia
Joined June 2010
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ICYMI: #Crypto accounting guidance the #SEC released last year, aka the SAB heard around the world, is subject to congressional review, according to a federal agency watchdog. But the GAO verdict may do little to dislodge the #accounting guidance.
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SEC says it'll pursue enforcement cases in federal court while a Supreme Court challenge to its in-house judges plays out. “We need to hold folks accountable now.” More from @nicola_m_white
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Rite Aid issued its going concern warning to investors that it might not survive the coming year just days after filing for bankruptcy. Great reporting from @nicola_m_white
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And check out here story from earlier this week about the lack of flags in its prior filing.
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As bankruptcies rise, will going concern warnings climb too. #Accounting #audit
Good Morning Everyone! Rite Aid has filed for bankruptcy with $4 billion debt load and soaring interest costs.
After years of cheap debt – some of America’s best-known brands are going bankrupt.
Bed Bath & Beyond, VICE, Party City, Pyrex, etc
Companies are filing for bankruptcy at the fastest pace since 2020.
Total distressed debt in the U.S. has surged to +$242 billion, up 400% since 2021.
More trouble ahead – stores will be closed, jobs will be lost.
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Investors press oversight board for more details from auditors to help them interpret corporate accounts and they've got a list of ideas to prompt more robust disclosures. #audit #accounting
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Trump's accountant tells court he was missing documents related to asset valuations and wouldn’t have signed off on the organization’s financial statements had he known. #accounting #audit More from our BN colleagues here:
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Our past coverage of Mazar's disavowal of a decade’s worth of Trump Organization financial statements: news.bloomberglaw.com/financ…
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SEC taps the PCAOB's director of inspections George Botic to fill the #audit board seat soon to be vacated by Duane DesParte #CPA
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Forvis, the 9th-largest US accounting firm, is aggressively growing while its larger competitors have been cutting jobs. CEO Tom Watson: “We have just scratched the surface of our potential as a Top 10 firm.” More:
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More companies are flagging regulatory risks stemming from their ESG reporting in their SEC filings even as enforcement cases have hit a lull. “It’s often better to have said something….than to have said nothing at all.” More from @andrewramonas
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NABA weighs in on yesterday's Supreme Court ruling rejecting affirmative action policies in college admissions.
Removing affirmative action perpetuates existing disparities and hinders progress toward achieving racial equality.
Read NABA's full response to the Supreme Court's recent ruling on Affirmative Action here: bit.ly/3JEFHFb.
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SEC drops enforcement cases tied to KPMG's cheating scandal and a pair of cases that led to SCOTUS rulings due to server access glitch news.bloombergtax.com/financ…
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New #audit rules in Japan are pressuring small and mid-sized firms to consider mergers or withdraw from auditing listed companies news.bloombergtax.com/financ…
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Accounting's largest professional group unveils a plan to reignite interest in accounting and refill the CPA pipeline:
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First KPMG, then Accenture and now EY is cutting jobs as the consulting sector contends with easing demand and too many consultants on staff news.bloombergtax.com/financ…
Expect banks to cram more details about their long-term holdings, interest rates and depositors in upcoming Q1 reports, reports @nicola_m_white news.bloombergtax.com/financ…
Great analysis from @nicola_m_white who found that Silicon Valley Bank booked 43% of its holdings as long-term assets, masking just how much risk it faced from rising interest rates. That’s almost double the average of other Russell 3000 banks. news.bloombergtax.com/financ…
Senators push for more action from the PCAOB on crypto, saying this week’s proof of reserves warning is not enough. More from @nicola_m_white on that investor advisory here: news.bloombergtax.com/financ…
.@RonWyden and I called on @PCAOB_News to hold auditors accountable for sham crypto audits and I'm glad they're taking this step to protect investors.
But let's be clear: there's more PCAOB needs to do so consumers aren't left holding the bag when shady crypto firms collapse.
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EY will forge ahead with plans to break up the $45 billion firm, even as it reconsiders how to carve up its tax practice following pushback from US leaders. The latest here:
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Senate Dems renewed their push for large multinationals to report more details about their taxes, profits and certain assets on a country-by-country basis even as new #accounting rules are in the works. More from @nicola_m_white & @ReporterCioffi
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Bitcoin miner Marathon Digital to restate several quarters worth of its financials to correct how it calculated digital asset impairment costs after the SEC flagged its #accounting. More from @nicola_m_white and @DavidPan_1 news.bloombergtax.com/financ…
